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Midtown Montgomery Real Estate Sales Statistics - January 2010

Friday, February 19, 2010
by The Hat Team

Home sales surged in the fourth quarter of 2009 with many areas seeing double digit gains according to the National Association of Realtors. Total existing-home sales (single-family and condo) jumped 13.9 percent above the third quarter and 27.2 percent above the fourth quarter of 2008. Distressed property sales accounted for 32 percent of the fourth quarter transactions, down from 37 percent from 2008.

Lawrence Yun , NAR chief economist, said the first-time home buyer tax credit, combined with record low interest rates, played a dominant role in fourth quarter sales. Yun went on to say, “With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices.”

Let's look at January real estate sales to see how the housing recovery is progressing in Midtown Montgomery.

Midtown Montgomery Real Estate Sales Statistics - January 2010

Midtown Montgomery real estate sales statistics for January show pending sales have increased by 21% in 2010 compared to January 2009. The average sales price increased by 25% to $104,275 while sold listings were up by 23% from 2009.  Market times were 9 days less than 2009.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

Jan 2010

43

31

85

$104,275

Jan 2009

34

24

94

$78,109

For the latest Midtown Montggomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.

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What's So Great About Home Buyer Tax Credit Anyway?

Monday, February 8, 2010
by The Hat Team

April 30th seems like a long way off, but for prospective Montgomery home buyers who are on the fence about making a home purchase, the next few months represent a countdown of sorts as huge tax credits are about to expire. Here are important details for you to know:

montgomery homeTax Credit for First-Time Home buyers
First-time home buyers may be eligible for the tax credit. The credit is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Tax Credit for Current Homeowners
The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What Are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the time lines available.

What's So Great About a "Tax Credit"?
The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction", or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time home buyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a Montgomery home with a maximum sales price of $800,000.

It's also important to note another upcoming deadline as the Federal Reserve winds down a program that has been keeping home loan rates artificially low. The fact is that the lowest rates of 2009 were driven down to their attractive levels because of the Fed's Mortgage Backed Securities (MBS) purchase program, which the Fed once again emphasized in its January 27, 2010 Rate and Policy Statement will end on March 31, 2010. As the Fed's program winds down and ends, rates could rise over time since MBS will have less support from the Fed.

If you have any questions regarding the tax credit, pick up the phone and call me. I'm here to help you take advantage of one of the greatest opportunities Montgomery home buyers may ever have.

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The Montgomery Real Estate Podcast - February 2010

Friday, February 5, 2010
by The Hat Team

Sandra Nickel of The Hat Team presents:



montgomery real estate, podcastThis month's edition covers Montgomery real estate market activity and then we'll offer three top tips to make sure you get the most of today’s opportunity!

Features special guest Terri Murphy of US Learning.


Program length: approximately 8 minutes

 

download podcast mp3 file | subscribe to podcast feed
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Montgomery Real Estate For Sale: 3347 Narrow Lane Road, Montgomery AL 36111

Tuesday, February 2, 2010
by The Hat Team

  Montgomery Real Estate For Sale: 3347 Narrow Lane Rd Montgomery,AL 36111

  MLS#271392

  

This wonderfully updated Cape Cod home is perfect for a growing family. Oversized formal living room features fireplace and great bay window overlooking courtyard style front yard. Sunroom off living room makes great playroom or private getaway for the adults. Marvelously updated eat-in kitchen features tile and granite perfect for the chef in your family. Study downstairs with built in bookshelves can also be 4th bedroom if needed. The master suite offers two original closets PLUS a super sized walk-in closet addition and master bath with his/hers vanities and big walk in shower. Upstairs are two more large bedrooms with additional "play" space. Extras include a detached garage with work space and 1/2 bath plus a large bonus area that could be a studio, workshop, play space, or just great storage. Beautifully landscaped back yard has brick patio that wraps around the side of the house and connects with an exit from the sunroom.

Learn more about 3347 Narrow Lane Road and other Montgomery Real Estate by visiting HatTeam.com.

Search all Montgomery Real Estate and homes for sale.

 

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Montgomery AL Real Estate Sales Statistics - December 2009

Thursday, January 28, 2010
by The Hat Team

According to the National Association of Realtors®, pending home sales nationally are comfortably above year-ago levels, although the Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell from October levels. Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. "We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

Let's look at December real estate sales to see how the housing recovery is progressing in Montgomery AL. 

Montgomery AL Real Estate Sales Statistics - December 2009

Montgomery AL real estate sales statistics for December show pending sales have increased by 5% in 2009 compared to December 2008. The average sales price increased by 32% to $140,690 while sold listings were up by 7% from 2008.  Market times were 58 days more than 2008.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

Dec 2009 

37

30

123

$140,690

Dec 2008

35

28

65

$95,446

For the latest Montgomery AL real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.

Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.  

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Help for Montgomery Home Owners to Avoid Foreclosure

Wednesday, January 20, 2010
by The Hat Team

We are proud to announce Sandra Nickel Hat Team REALTORS, Montgomery real estate specialists, have developed a marketing strategy and website that is focused on assisting distressed homeowners find information and investigate options to avoid the foreclosure process.

montgomery foreclosureA short sale is a real estate transaction option that banks will consider instead of foreclosure with specific guidelines. As a Certified Distressed Property Expert (CDPE) we are determined to provide essential knowledge to homeowners in Montgomery facing this unfortunate circumstance. 

Visitors to AvoidForeclosureMontgomeryAL.com will find information regarding the process of foreclosure, what effects foreclosure has on a homeowner, and ways to prevent the foreclosure process from continuing. The website features easy-to-understand informational tools such as a list of frequently asked questions, a glossary of terms and free reports as well as resources that allow the homeowner to get their questions addressed in a confidential manner. In addition, the website offers the homeowner information regarding short sales, often a viable solution to foreclosure that can save a distressed homeowner from the damaging effects foreclosure has on their credit. 

It is important in today’s economic conditions for homeowners to know that they have options other than the foreclosure route. Statistics show that 50% of homeowners facing this stressful situation often ignore the issue and that doesn’t have to be. There are options such as a short sale, especially if the homeowner works with an experienced REALTOR® to provide them assistance in showing the lender the hardship situation and other real estate documentation.” 

Our new website provides visitors with a description of how the short sale process works, how it compares to a foreclosure, and how a homeowner may be able to qualify for a short sale. 

For more information about foreclosures and short sales in Montgomery, please feel free to visit the website at AvoidForeclosureMontgomeryAL.com, or to contact us directly at 334-834-1500 and by emailing [email protected].

cdpe

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Tips For Montgomery First-time Home Buyers

Friday, January 15, 2010
by The Hat Team

Low listing prices, reasonable interest rates, and an abundant variety of homes to choose from are among a few of the reasons now is the perfect time for buyers to make a move in today’s real estate market. Current market trends and other factors have made conditions even more favorable for first-time homebuyers. Though becoming a homeowner comes with huge responsibilities and financial commitments, first-time home buyers should take advantage of the market over flowing with opportunities. The following tips will help ease the mind when considering the smart purchase of your first Montgomery homemontgomery home. 

1. Become familiar with the new first-time homebuyer federal tax credit.  

People who are considering the purchase of their first home, or have not been home owners for at least the past three years can gain great benefits from the first-time homebuyer tax credit. According to FederalHousingTaxCredit.com, qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before May 1, 2010 will receive a tax credit of up to $8,000. Unlike past tax credits from 2008, the money received does not have to be repaid, unless the homebuyer sells the property with in three years. 

2. Determine what is reasonably affordable.  

Prior to beginning the hunt for the perfect home, it is important to find an affordable price range. Many factors such as money available for a down payment, eligibility for a loan, and monthly mortgage payments, all play a role in determining what the buyer can comfortably afford. Total monthly mortgage payments should be, on average, approximately 30 percent of one’s gross monthly income. Affordability or loan calculators found on the internet can give a good idea of what is affordable. Before seriously inquiring the purchase of your first Montgomery home it is important to have a consultation with a knowledgeable financial advisor.

3. Deciding where and what  

Once an affordable price range is determined, it is time to decide where you want to live and what you are looking for in a home. Whether staying with in the same general area, or looking for a new location, it is crucial to do a fair amount of research on the area and its demographics. For example crime rates, school districts, shopping, medical facilities, and travel, are all important factors have to be considered since they could affect your everyday life. It is also essential to know what you are looking for in a home. Separate lists of essential needs and wants should be carefully thought out towards the beginning of the home search. The list of basic needs should include things such as minimum square footage, number of bedrooms and bathrooms, location, and price. The want list should be compiled of things that would be nice to have, such as pools, big yards, and gated communities.  

4. Find a knowledgeable Real Estate professional 

Finding and purchasing a home is a complicated, overwhelming experience, which should be nothing but exciting. Working with an experienced real estate agent can make the process run smoothly and be more successful. The chances of finding the perfect Montgomery home are significantly increased when put in to the hands of the right real estate professional. 

Learn more about how we can help you purchase a Montgomery home by visiting HatTeam.com or give us a call for more personal service.

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Heating Tips For Cold Montgomery Moring

Monday, January 11, 2010
by The Hat Team

Baby, it’s cold outside! January has started out to be among the coldest on record. Below are tips for keeping warm and saving energy recommended by the U.S. Department of Energy's Energy Savers Consumer Tips Web site and their Energy Savers booklet PDF.

montgomeryUse Furnaces and Heaters Wisely

  • Set your thermostat as low as it is comfortable. Each degree you lower your thermostat can cut your heating costs between one and three percent. A common strategy is to lower thermostat settings to 68 degrees. The lower you set it, the more you'll save.
  • Turn your thermostat down 10 to 15 degrees during your sleeping hours or while you’re away, to save even more on your heating bill.
  • Use a programmable thermostat with your furnace to adjust the setting while you sleep or no one is home.
  • Clean or replace filters on furnaces once a month, or as needed.
  • Clean warm-air registers, baseboard heaters, and radiators as needed; make sure they’re not blocked by furniture, carpeting, or drapes.
  • Place heat-resistant radiator reflectors between exterior walls and the radiators.
  • Bleed trapped air from hot-water radiators once or twice a season. If in doubt about how to perform this task, call a professional.

Weatherize - air leaks waste energy dollars year-round

  • Caulking and weatherstripping keeps warm air in during the winter.
  • Add insulation around heat ducts when they are located in unconditioned spaces such as attics, crawl spaces, and garages.
  • If you see holes or separated joints in your ducts, hire a professional to repair them.
  • Check to see that your fireplace damper is tightly closed, when it is not in use.
  • During the heating season, keep draperies and shades on south-facing windows open during the day to allow sunlight to enter your home, and close them at night to reduce the chill from cold windows.

For Long Term Savings:

  • If your furnace is old, the new energy efficient models can help you save on heating bills. Your contractor should be able to give you energy fact sheets for different types, models,
    and designs to help you compare energy usage. Look for the ENERGY STAR®.
  • Adding insulation and sealing air leaks help your energy performance in the wintertime by keeping the warm air inside.

Everyday Tips to To Save Energy
These no-cost or low-cost tips are easy ways to save energy and money all year round.

  • Replace incandescent bulbs with compact fluorescent lights.
  • Air-dry dishes instead of using your dishwasher’s drying cycle.
  • Use a microwave oven instead of a conventional electric range or oven.
  • Turn off your computer and monitor when not in use.
  • Plug home electronics, such as TVs and VCRs, into power strips and turn power strips off when equipment is not in use.
  • Lower the thermostat on your hot water heater; 115° is comfortable for most uses.
  • Wash only full loads of dishes and clothes.

Many of these same tips are also applicable to savings on summer cooling costs.

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Montgomery Real Estate Podcast - December 2009

Thursday, January 7, 2010
by The Hat Team

Sandra Nickel of The Hat Team presents:




This month's edition covers Montgomery real estate market activity and then we'll share why buyers and sellers have some big reasons to celebrate!

Features special guest Terri Murphy of US Learning.

Program length: approximately 7 1/2 minutes
download podcast mp3 file | subscribe to podcast feed
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Montgomery Foreclosure Statistics - November 2009

Wednesday, December 30, 2009
by The Hat Team

There are 1,207 Montgomery foreclosure homes for sale with 180 new foreclosures in November 2009. The average selling price of a Montgomery home is $179,504 and the average foreclosure selling price is $116,951, a $62,553 savings, according to RealtyTrac.com.

Montgomery Foreclosure Activity and Home Price Index

montgomery foreclosure

Montgomery foreclosure activity is based on the total number of properties that receive foreclosure filings - default notice, foreclosure auction notice or repossession notice - each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Montgomery Foreclosure Geographical Comparison

Montgomery foreclosure activity is 0.05% lower than national statistics and 0.07% higher than Alabama statistics.

montgomery foreclosure

Montgomery Foreclosure Activity by Month

The number of Bank-Owned properties increased from 74 in October to 79 in November. The number of Auctions decreased from 127 to 79. The 6-month trend reflects an increase in Montgomery foreclosures.

montgomery foreclosure

Are you or someone you know behind on mortgage payments and facing a Montgomery foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. I am a Certified Distressed Property Expert (CDPE) with specialized training in helping families avoid foreclosure. Give me a call for a private consultation.

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