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Why Montgomery Home Owners Should Move Up in This Down Market

by The Hat Team

Many Montgomery home owners have delayed moving into larger, more luxurious quarters because they "are waiting for the market to come back."  Is this a wise strategy?

 

I decided to have a look at the numbers, and the answer is a resounding NO!  Here's why:

The typical "family home" (2000-2500 sq ft) in the Montgomery area has declined in price about 10% in the past two years.  But the luxury home (3500 sq ft plus) is down in value 18%.  In dollars, it would look like this: 

Typical Montgomery area family home

Montgomery area luxury home
Value 2007:     $298,999 Value 2007:             $461,295
Value 2009:     $266,939 Value 2007:             $461,295
Loss on sale:   $  32,060 Saved on purchase:   $ 82,405


Would you give up $32,060 to get $82,405?  I sure would!

And while they're considering that move up, I'd also encourage buyers to give serious thought to making their move to Midtown.  Luxury homes in Midtown are down in value only 7%, not the 18% decline across the entire market. Since 2005, Midtown luxury homes have held their value far better those in other areas.  As a result, a Midtown luxury home today costs just about the same as the market average. 

So just think:  Folks can live in Midtown, come home to lunch, walk to shopping and entertainment in many neighborhoods AND anticipate that the value of their homes will hold up even better than elsewhere.

 

Search all Midtown homes for sale.

Midtown Montgomery Real Estate Sales Statistics - August 2008

by The Hat Team
Midtown Montgomery Real Estate Market Report
The level of home sales is expected to show little movement in the months ahead, according to the latest projections by the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, fell 3.2 percent to 86.5 from an upwardly revised reading of 89.4 in June, which had risen 5.8 percent from May. The July index remains 6.8 percent below July 2007 when it stood at 92.8.

Lawrence Yun, NAR chief economist, said home sales continue to edge up and down. “Pending home sales are oscillating month-to-month, with the long-term trend essentially flat,” he said. “Overly stringent lending criteria imposed by Fannie Mae and Freddie Mac in the past month no doubt held back contract signings.”

Let’s take a look at the Midtown Montgomery sales statistics for August 2008 to see how the Montgomery AL real estate market looks:

In Midtown Montgomery, pending sales decreased 24% in August 2008, compared against August 2007.  Likewise, the number of sold listings dropped 22%.  The average sales price decreased 11% to $162,606, and homes remained on the market for an average of 14 days longer this August.

Midtown
Montgomery
Pending
Sales
Sold
Listings
Average
Market Times
Average
Sales Price
August 2008
38
36
110
$162,606
August 2007
50
46
96
$183,598

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

 

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

Midtown Montgomery Real Estate Sales Statistics - July 2008

by The Hat Team

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.

In the second quarter, 35 out of 150 metropolitan statistical areas1 showed gains in median existing single-family home prices from the second quarter of last year, while 115 had price declines. NAR’s track of metro area home prices dates back to 1979.
NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

Let’s take a look at the sales statistics for July 2008 to see how the Montgomery AL real estate market looks:

In Midtown Montgomery, pending sales decreased 18% in June 2008, compared against June 2007.  Likewise, the number of sold listings dropped 21%.  The average sales price decreased 9% to $131,446, and homes remained on the market for an average of 7 fewer days this June.

Midtown
Montgomery
Pending
Sales
Sold
Listings
Average
Market Times
Average
Sales Price
July 2008
38
37
104
$142,820
July 2007
72
56
133
$149,412

Again, as Gaylord said and as these statistics show, real estate prices are declining in some areas, even within the same city For the latest Midtown Montgomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.
 
I
nformation is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed. 

Montgomery AL Real Estate For Sale: 2440 Price Street

by The Hat Team

2440 Price Street, Montgomery AL 36111
MLS#  253257

Fourplex with huge modern apartments and covered parking in McGehee Estates...a Midtown Montgomery rarity! Each has its own washer-dryer connections, too. And if you wanted to be able to advertise "gated" to enhance market appeal, all you'd need would be a fence and gate across the front courtyard. A real moneymaker in one of the most desired locations.

For more information on this home or other Montgomery AL real estate, visit HatTeam.com or give us a call for more persoanla service, 800-428-5239. Search all Montgomery real estate homes for sale and get the current market value of your home.

 

Garden District Gem For Sale - Montgomery AL

by The Hat Team

1608 S. Perry Street, Montgomery AL 36104

With 4400 square feet, 5 bedrooms, and 4 baths, space will never again be a challenge! This totally renovated Midtown Montogomery Garden District gem boasts grand entry foyer, elegant staircase, huge rooms, high ceilings, pocket doors, and working transoms. Don't miss the spacious gourmet kitchen with cherry cabinets and granite counters. 25'x15' family room off kitchen plus 2nd floor stair landing area big enough for media center! Large laundry/utility/ work rooms on main level. Master bath and walk in closet to die for!! Don't let this one pass you by...call us today.

For more information on this beautiful home or other Montgomery real estate, visit my website or for more personal service, give me a call at 800-428-5239. I am glad to help!!

Upturn In Sales Predicted

by The Hat Team

"Home sales are projected to move in a relatively narrow range with a gradual
upturn becoming more pronounced by the end of the year according to the latest
forecast by the National Association of Realtors. Overall housing levels are
historically strong, but sales remain sluggish compared to the recent boom."
 

However, May statistics show the Midtown Montgomery real estate market
to be holding its own, but with soft prices.
 
 
The number of single family homes 
in Midtown Montgomery (Midtown consists of neighborhoods south of I-85 between
Exits 1 and 6) that sold in May, increased by 1 home or 2 percent.  At the same
time, the number of pending listings decreased by only 20 homes or 20 percent. 

Market times in May 2007 rose with market times of 127 days vs. 106 days in 
May 2006.  The average sales price decreased $7,665 or 5 percent compared
to May 2006.

Midtown
Montgomery

Pending
Listings

Sold
Listings

Average
Market Times

Average
Sales Price

May 2007

79

66

127

$148,076

May 2006

99

65

106

$155,741

The slight moderation of prices is good news for buyers, making this a great time
to buy or sell real estate in Midtown Montgomery! Buyers do need to keep in mind
buying a home is a long-term investment, which will build a nest egg over time.

Are you thinking of buying a home in Montgomery? You can have new listings
e-mailed to you as they hit the market by visiting
EmailMontgomeryAlabamaHomes.com

 

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

Midtown Living Newsletter, May-June

by The Hat Team

It is our pleasure to bring you the May-June edition of the Midtown Living newsletter, for people who live, work, worship and play in Midtown Montgomery. This month's edition includes:

  • Midtown Neighborhoods Offer Qualities People Want
  • Midtown's Future Enriched by its Diversity
  • Midtown Events
  • Old Is New Again

Happy reading!!

Be sure to visit our website, HatTeam.com or give us a call at 800-428-5239 for all your Montgomery real estate needs.

Midtown Living Newsletter

by The Hat Team

It is our pleasure to bring you the latest edition of the Midtown Living newsletter, for people who live, work, worship and play in Midtown Montgomery. This month's edition includes:

  • Midtown Education Options
  • Fixing Schools Is A Community Effort
  • Midtown Events
  • Preservation In Recycling

Enjoy!

Old Cloverdale Christmas Celebration

by The Hat Team

The Old Cloverdale Christmas Celebration is a joint effort of Sandra Nickel, REALTORS and the Cloverdale Business Coalition, Old Cloverdale Christmas has been an annual tradition since 1999. Midtowners are invited to enjoy a free family-friendly movie at the historic Capri theatre, visit with Santa and whatever help he has with him, enjoy free refreshments and exceptional buys on unique gifts.

 

Also this year, attendees brought food for the Montgomery Area Food Bank and had the opportunity to adopt a kitten or puppy from local animal shelters. One puppy and one kitten found a new home, nearly 100 adults and children enjoyed seeing "Hans Christian Andersen."

The 2006 event saw beautiful weather--a real blessing since Joy Love Bubble the Christmas Fairy joined Santa to enchant all comers and help them to appreciate the true meaning of Christmas: love and giving. A "new favorite feature" is our gingerbread house decorating contest! Cafe Louisa sells the kits; and entrants can either buy and use a kit or do their own thing. A good time was had by all!



 

 

 

 

 

 

 

 

Displaying blog entries 71-79 of 79

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