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Montgomery AL Real Estate Sales Statistics - May 2009

Friday, June 19, 2009
by The Hat Team
Record low mortgage interest rates boosted pending home sales for the third consecutive month, with some benefit now from the first-time buyer tax credit, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in April, rose 6.7 percent to 90.3 from a reading of 84.6 in March, and is 3.2 percent above April 2008 when it was 87.5.

Lawrence Yun, NAR chief economist, said buyers are responding to very favorable market conditions. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market,” he said. “Since first-time buyers must finalize their purchase by November 30 to get the credit, we expect greater activity in the months ahead, and that should spark more sales by repeat buyers.”

Let’s take a look at the May sales statistics to see how the Montgomery AL real estate market looks: 

Montgomery AL real estate sales statistics for May show pending sales increased by 2% in 2009 compared to May 2008. The average sales price decreased by 25% to $112,384 while sold listings were down 13% from 2008.  Market times showed a increase of 1 day or 1% from 2008.

 

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

May 2009

42

33

87

$112,384

May 2008

41

38

86

$150,966

 

The decline in Midtown's average sales price reflects the continued absorption of many inexpensive foreclosure properties.  Investors in our market have decided now is the time to buy, and they are grabbing up the low-priced houses and rehabbing them for resale.

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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Montgomery AL Foreclosure Statistics - April 2009

Friday, May 29, 2009
by The Hat Team

Montgomery AL foreclosure homes continued to rise during the first quarter of 2009 with 211 new Montgomery AL foreclosure filings in April compared to 201 filings in March, according to RealtyTrac.com.

Montgomery AL Foreclosure Activity and Home Price Index

Montgomery AL 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 AL Foreclosure Geographical Comparison

The Montgomery AL foreclosure rate is .06% lower than the National rate, but .10% higher than the state of Alabama's rate.

montgomery foreclosure

Montgomery AL Foreclosure Rate Month-By-Month

Montgomery AL pre-foreclosure activity for March and April is an indication that the foreclosure crisis in Montgomery AL is not over with many more Montgomery families in distress situations.

montgomery al foreclosure

Are you or someone you know behind on your mortgage payments and facing a Montgomery AL foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. Give us a call for a private consultation.

Get the value of your Montgomey AL home.

 

 

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Montgomery AL Real Estate Sales Statistics - April 2009

Thursday, May 21, 2009
by The Hat Team

Pending home sales rose with many first-time buyers taking advantage of historically good housing affordability conditions, according to the National Association of Realtors®

 

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, increased 3.2 percent to 84.6 from a level of 82.0 in February, and is 1.1 percent higher than March 2008 when it was 83.7.

Lawrence Yun, NAR chief economist, said it should take a few months for the market to gain momentum. “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a downpayment,” he said. “We need several months of sustained growth to demonstrate a recovery in housing, which is necessary for the overall economy to turn around.”
 
Let’s take a look at the March sales statistics to see how the Montgomery AL real estate market looks: 

Montgomery AL real estate sales statistics for April show pending sales increased by 12% in 2009 compared to April 2008, the average sales price increased by 1% to $124,291 while sold listings were up 6% from 2008.  Market times showed a decrease of 2 days or 2% from 2008.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

Apr 2009

59

34

94

$124,291

Apr 2008

52

32

96

$122,842

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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Montgomery Ranks As Great Place to Retire

Thursday, April 23, 2009
by The Hat Team
U.S. News and World Report has ranked Montgomery #5 in its top 10 affordable places to retire The rankings are bases on cost of living, housing affordability, taxes, access to arts, culture and sports, and health facilities. All top 10 cities have median home prices below $150,000.

montgomeryBinghamton NY claimed the #1 spot followed by Chattanooga TN, Cocoa FL, Eau Claire WS, Montgomery AL, Omaha NE, Pittsburgh PA, Rosewell NM, San Antonio TX, and South Bend IN.

Montgomery has been recognized for the following:

Cultural Attractions
This state capital is home to the Alabama Shakespeare Festival, the fifth largest Shakespeare festival in the world.
Economy
The city's role as a regional trade center is firmly established, serving as a wholesaling and distribution gateway to the 22-county central Alabama area, as well as to the southeastern United States.

Geography
Montgomery has a generally central location, not only within Alabama but within the United States; approximately one third of the nation's population lives within a 600-mile radius.

Historical
During the Civil War, Montgomery served as the first Confederate government office and still has the first White House of the Confederacy. Years later in 1955, Martin Luther King, Jr., joined Rosa Parks in the Montgomery Bus Boycott.

Recreation
The Montgomery Biscuits, a minor-league affiliate of the Tampay Bay Devil Rays, provides a favorite outing for local baseball enthusiasts. 

Thinking of retiring? Learn about Montgomery real estate at HatTeam.com.

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Why Its A Good Time For Montgomery Home Buyers To Buy In 2009

Thursday, April 16, 2009
by The Hat Team
One man’s loss is another man’s gain and right now buyer’s have everything to gain. It was only a few short years ago that sellers controlled the market and were calling the shots. In order to buy a home, buyers were paying over the asking price, foregoing home inspections and paying all their own closing costs. Montgomery home buyers were jumping through any and all hoops.
 
Now the market has shifted. The strong sellers’ market is a thing of the past and it is the sellers who are jumping through hoops. Buyers are calling the shots with offers that include home inspections; requests that closing costs, homeowner association fees and inspection fees be paid by the seller; decorating allowances; home improvement; and prices far below the asking price.
 
So why are Montgomery home buyers hesitating? Fear of a tanking economy, falling home prices and job instability are concerns for many potential home buyers. But if you are financially stable and plan to stay in a home for at least five years, there are 5 top reasons to buy a Montgomery home in 2009:
 
1. Homes are affordable.
According to the National Association of Realtors' housing affordability index, homes were more affordable in December than at any other point since the group started the index in 1970. The affordability index is a measure of the relationship between home prices, mortgage interest rates and family income.

A recent report from Moody's Economy.com predicted that house prices will stabilize by the end of this year. The Office of Federal Housing Enterprise Oversight's Web site has a house price calculator that can help. Visit the calculator.
 
2. There are lots of homes to choose from.
The slow down in the housing market has caused homes to stay on the market longer, creating a huge inventory. There was a 9.6-month supply of unsold existing homes in January given that month's sales pace, according to NAR.
 
A large inventory gives buyers more selection, driving down prices. As buyers start to jump back into the market, the inventory will shrink and cause prices to start going back up. The time to get the best deal is before most buyers buy.
 
3. Builders are offering perks.
New home builders are offering price reductions, free upgrades and other perks such as free appliances, homeowners’ fees being paid, lower interest rates decorating allowances. Once their inventory shrinks, these perks will go away.
 
4. Interest rates are at historical lows.
Lenders are not lending as freely, but if you have good credit and the needed down payment, mortgage interest rates are historically low and hovering around 5 percent.
 
5. There is an $8000 tax credit

If you are a first-time Montgomery home buyer, you will qualify for an $8000 federal tax credit if you buy before December 1, 2009. Unlike the previous tax credit offered in 2008, this does not have to be repaid. Extra money comes in handy when buying a home.
 
Trying to decide if buying a Montgomery home in 2009 is right for you. Visit HatTeam.com or give me a call. I’m glad to review your situation with you.

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8 Low Cost Fixes To Getting Your Montgomery Home Sold

Saturday, April 11, 2009
by The Hat Team
If you have a home that only you can love, you will benefit for these 8 low cost fixes to getting your Montgomery home sold quickly. We don’t live in a house the way we sell a house. Buyers aren’t interested in seeing dirty socks lying around or dirty dishes in the sink. Below are a list inexpensive things, from Realtor Magazine, that you can do to make buyers fall in love with your Montgomery home.

1. Move it.
Simply rearranging the furniture can reenergize a room. Add and remove furniture, lamps, rugs, and accessories from other parts of the house to create a whole new look. Mirrors are particularly useful when it comes to updating a room. Try one out in different rooms to see where it fits best. Even just moving a mirror to a different wall can create a more welcoming feel.

 2. Plant it.
Houseplants are a generally undervalued design component that can add texture, warmth, and color to any room. Just drop plants in their store containers into decorative planters. Small plants can be moved easily and regrouped to change a room's look, while larger ones make a statement on their own. 

Group plants together of differing heights, fullness, and color for the most dramatic effect. It's important to have plants that are well maintained and in tip-top condition.

 3. Paint it.
Paint is one of the easiest and most cost-effective ways to make a substantial change. Use dramatic colors in powder rooms and dining rooms, and more neutral colors in living spaces. When selecting colors, "be sure to ask, 'What am I trying to do? How do I want this to feel?'" And always, always do a test before you paint the whole room. 

 4. Organize it. 
Clutter just happens. So neaten up! A variety of organizing tools can make a space feel polished while maintaining utility. Hooks and shelves inside the door give people a place to hang coats and keys, while canvas bins or natural baskets help contain magazines and mail. Just a row of hooks pre-attached on a board is so easy to install. And shelves are a great way to neatly display collectibles. 

5. Hide it.
Have a banged-up wall? It may be easy to camouflage. Paintable wallpaper will smooth out an uneven wall or hide minor dents and dings. Adventurous home owners can even try a simple two-step painting process for a more complex finish. A apply a solid base coat, then a glaze. 

Your intent should never be to mislead buyers; be sure to disclose flaws that would affect home value. 

6. Replace it.
Cabinet handles, switch plates, and other small pieces of housing hardware can update a home for just a few dollars a piece. Scan each room to see what looks worn or outdated and then replacing it. Inexpensive quick-connect faucets can make upgrading the look of your bathroom a snap. Just be sure to measure before you go to the hardware store. Some sinks are drilled for an eight-inch spread. Others require just four inches. 

And don't forget the toilet seat. Fresh towels and a new toilet seat go a long way toward making a bathroom feel clean and new. 

7. Light it.
Lighting can have a major impact on a home's look and feel. Whether a room seems dark or too bright and harsh, try "layering" the lighting by adding accent pendants and lamps. Make sure they have independent controls, so that you can turn them on and off at will. 
Light is such a mood setter. You can create a cozy feel just by turning down the lights. Add dimmers in the dining room, bathrooms, kitchen, and even the hallways for less than $4 each. Then adjust the lighting to create the mood you want.

 8. Clean it.
Turn a critical eye to the flooring to make sure it's up to snuff. Scrub grout and seal natural stone. Rub out scratches and nicks on wood floors with scratch cover. Get down on your hands and knees and detail the floors. It takes a little elbow grease, but the results are well worth it. Vinyl flooring is a bit harder to spruce up but usually can be replaced easily and inexpensively.

Interested in selling your Montgomery home? Give me a call, I’m glad to help!

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Montgomery Keeps Getting Better

Thursday, April 2, 2009
by The Hat Team

Montgomery just keeps getting better! In Forbes Magazine’s 11th annual ranking of the Best Places for Business and Careers, Montgomery ranked 49, up from 102 last year and 120 in 2007.  Fueling Montgomery’s rise in the rankings is the “Projected Job Growth” for the Montgomery Metro – rising from 57 in 2008 to 17 this year. In fact all of Alabama’s metros are in the top 20 metros, out of 200 metros.

The rankings are determined by a series of metrics established by Forbes ranking factors including local colleges, educational attainment of residents, and quality of life offerings.

With 651,000 jobs in February and 4.4 million since the recession began in December 2007, this is quite an accomplishment for Montgomery. Kudos to all!! 

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Montgomery Homeownership 2008 Tax Deductions

Friday, March 27, 2009
by The Hat Team
Montgomery homeowners can get an income tax deduction on the mortgage interest they pay. But there are other tax deductions you can take on your principal residence or second home, such as property taxes, and in some cases, for Private Mortgage Insurance. Read 2008 guideline from Turbo Tax:
You can deduct:
  • Your property taxes.
  • Property taxes for taxpayers who don't itemize. New for tax year 2008, if you do not itemize deductions for 2008, you can increase your standard deduction by up to $500 of real estate taxes paid in 2008 if you file as a single person, or by up to $1,000 of property taxes paid if you file jointly.
  • The mortgage interest on your primary residence, as well as any secondary residence you own. (There are limits, but relatively few taxpayers are affected.)
  • The interest on up to $100,000 borrowed on a home-equity loan or home-equity line of credit, regardless of the reason for the loan.
  • Points that you paid when you purchased the house (or those that you convinced the seller to pay for you).
  • The premiums paid for Private Mortgage Insurance (PMI) in 2008, but only for policies issued after 2006. (The right to this deduction disappears as Adjusted Gross Income rises from $100,000 to $110,000 on a joint return, and from $50,000 to $55,000 on a single return.)
  • Home improvements required for medical care.
How much can I save?
 
The actual amount of money you save on your annual income tax bill depends on a variety of factors:
  • Your filing status (single, head of household, married filing jointly, married filing separately)
  • Your standard deduction amount
  • Your other itemized deductions
  • Your taxable income
Your home-related deductions, plus your other itemized deductions must add up to more than the standard deduction (increased by the amount of property taxes noted earlier that are allowed to non-itemizers), or they won't save you any money.
 
What can't I deduct? 
  • You can't deduct the following payments for your primary residence:
  • Dues to a homeowners association
  • Insurance on your home
  • Appraisal fees for your home
  • The cost of improvements to your home. (But keep those receipts. They may help you reduce your taxes when you sell your home.)

Interested in becoming a Montgomery homeowner and taking advantage of the available tax deductions? Visit HatTeam.com or give us a call for more personal service.

Search all Montgomery homes for sale.

 And if you bought the home in 2008, you may be able to deduct more than you think. Don’t forget to include real estate taxes you reimbursed the seller for – taxes the seller had already paid for the time you actually owned the place after your purchase. That amount will be shown on the settlement sheet.
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Montgomery Homes For Sale: 3554 Bankhead Avenue

Monday, March 23, 2009
by The Hat Team
Montgomery Homes For Sale: 
 
3554 Bankhead Avenue, Montgomery AL 36111
MLS# 262854  

Fashionable Bankhead Avenue! Not your traditional ranch...this spacious brick home has a bright open feel. Large living/family room with fireplace has gorgeous views of the expansive back yard. Updated kitchen opens to "morning" room with 3 sets of double closet pantries giving more than plenty storage for all your "stuff." Got kids, the bonus room/den off the kitchen is a perfect playroom/hangout and has its own half bath. Two of the three spacious bedrooms have walk-in closets. If you enjoy outdoor living, you'll never want to leave the private screened porch that overlooks the beautiful backyard.

Learn more about 3554 Bankhead Avenue and other Montgomery homes by visiting HatTeam.com. 

Search all Montgomery homes for sale.

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Montgomery Real Estate Sales Statistics - February 2009

Thursday, March 19, 2009
by The Hat Team
Pending homes sales continued their decline as potential buyers waited for clarity on the housing stimulus bill and the weakening economy according to the National Association of Realtors®.
 
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, and is 6.4 percent below January 2008 when it was 85.9. The index is at the lowest level since tracking began in 2001, when the index value was set at 100.
 
Lawrence Yun, NAR chief economist, said the downturn in the economy also weighed heavily on the data. “Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales,” he said. “We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit.”
 
Let’s take a look at the Midtown Montgomery real estate sales statistics for February to see how the market looks:

Montgomery AL real estate sales statistics for February show pending sales decreased by 36% in 2009 compared to February 2008, the average sales price increased by 31% to $190,729 while sold listings were down 4% from 2008.  Market times showed an increase of 2 days or 2% from 2008.

While February pending sales this year were down 36% compared to 2008, the average sale price of closed sales in the same month was up 31% to $190,729.  This is a clear indicator that last year's statistics were heavily affected by foreclosure sale activity in Montgomerys' least expensive market areas.  Unit sales held steady with only a decrease of one homesale February 2009 vs 2008. 
 
Active inventory continues to decline, with the number of homes on the market for sale down over 10% in February 2009 vs 2008.  Declining inventories are one of the earliest signs of a market recovery.  And we expect a big spike in first-time buyer sales this spring as Montgomerians realize they can acquire a home with very little cash outlay and get back as much as $8,000-10,000 at tax time.

Midtown
Montgomery

Pending
Sales

Sold
Listings

Average
Market Times

Average
Sales Price

 Feb 2009

34

21

110

$190,729

Feb 2008

53

22

108

$131,682

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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