Midtown Montgomery Housing Market Expected to Rise in 2007

"After bottoming in the fourth quarter of 2006, existing-home sales are expected to rise through 2007 and into 2008, while new home sales should turnaround by summer, according to the latest forecast by the National Association of Realtors." Is this an accurate forecast for Midtown Montgomery? Let's take a look.

The number of sold single family homes in Midtown Montgomery (Midtown consists of neighborhoods south of I-85 between Exits1 and 6) in December was down 25 percent compared to December 2005. The number of pending listings remained unchanged. December 2005 saw market times of 83 days compared to this December's 103 days, a 24 percent increase.

The average sales price in December increased 16 percent to a price of $148,942.

Now, let's take a look at the year end statistics for Midtown. Sales in 2006 were down from 2005 by 10 percent. A better stat than December's 25 percent, indicating the fourth quarter was not as strong as the beginning of the year.

Market times actually decreased in 2006 from 100 days on the market to 83 days on the market. This is a dramatic and very positive difference from the December figure.
2006 appreciation is 16 percent (same as December), with the average price being $151,018 compared to $129,851 in 2005.


Montgomery remains a strong market and avoided the price decreases experienced throughout much of the country. Based on buyer activity early in January (calls, walk-ins, open house attendance, etc.), 2007 will be a very strong year.

Wondering what prices are doing in your neighborhood? Visit MontgomeryHomeInfo.com. A market evaluation will be emailed to you.

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

Published by the Montgomery Advertiser

The Montgomery Advertiser has published my article, "Vacant Lots, Buildings Disappear with Infill Housing" which addresses development in Midtown Montgomery. The article was originally written for our monthly newsletter, Midtown Living, which was referenced is the previous post.

Are you interested in buying Midtown Montgomery real estate? If so, you can sign up for a FREE email home search at EmailMontgomeryAlabamaHomes.com. It's fast, easy, convenient, no obligation and most of all FREE!

CNNMoney.com Reports Increase In New Home Sales

New homes sales increased, unexpectedly, in November according to CNNMoney.com. November sales did not compare to the to the red hot market of 2005, but came in 7 percent higher than July sales which were the lowest this year. It looks as though sales have bottomed out and are on the rise again. Read the full story...

Midtown Montgomery Housing Report

David Lereah, National Association of Realtors chief economist, said a fairly steady pace of home sales can be expected for the next two months. "It's important to focus on where the housing market is now - it appears to be stabilizing, and comparisons with an unsustainable boom mask the fact that home sales remain historically high - they'll stay that way through 2007." he said. "In addition, a temporary correction in prices distracts from the fact that it is primarily the number of homes sales that affects the economy, and the number for this year will be the third highest on record." How do local home sales stack up to this prediction?

The number of sold single family homes in Midtown Montgomery (Midtown consists of neighborhoods south of I-85 between Exits1 and 6) for November is down 11 percent compared to November 2005. The number of pending listings are, also, down by 29 percent. November 2005 saw market times of 115 days compared to this November's 85 days, a 26 percent decrease. A decrease in market times is very unusual in a slower market and is an indication the Midtown market will remain strong. The average sales price has decreased by $1,390 or 1 percent.

When thinking about selling your home, be sure to give us a call. We have the market knowledge and expertise needed to help you price your home correctly thus assuring a successful sale and putting the most money in your pocket.

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

Interest Rates Continue To Fall

Freddie Mac's Primary Mortgage Market Survey reports the average interest rate on a 30-year fixed rate mortgage to be 6.08 percent for the week ending Dec. 7. This is down from the previous week's 6.14 percent and the lowest rate this year since mid-January.

"Continued signs of slowing in the housing market and weakness in the manufacturing sector helped keep mortgage rates down this week," said Frank Nothaft, Freddie Mac vice president and chief economist.

Is a new home on your wish list this holiday season? The falling interest rates can help make your wish a reality. Visit MontgomeryAlabamaHomeSearch to view all Montgomery real estate listings. And give us a call. We have the expertise, knowledge and experience to make your new home a reality!

Tips For Selling A Home In A Buyers Market

For the past few years, sellers have been in control of the real estate market, calling on the shots. All buyers could do is say, "How high?" With the current transition to a buyers market, homes are staying on the market longer and buyers have regained some of their negotiating power.

BankRate.com has a great article for seller's with tips on how to sell in a buyer's market. The tips include:
1. Prepare yourself mentally for what you're about to go through.
2. Get ready for picky buyers.
3. Educate yourself about your neighborhood's real estate market.
4. Hire an inspector.
5. Consider paying the buyer's discount points.

If you are thinking about selling your home, the article is worth a full read! Then visit my website or give me a call. I'm here to help with all your real estate needs.

Midtown Montgomery Home Sales Coast Into 2007?

Existing home sales are expected to coast into 2007 at roughly the same level as 2006, according to the National Association of Realtors®. Even though existing home sales are expected to fall 8.6 percent this year, 2006 remains the third-best year on record. What are Midtown Montgomery sales doing?

The number of sold single family homes in Midtown Montgomery (Midtown consists of neighborhoods south of I-85 between Exits1 and 6) for October is down 19 percent compared to October 2005. The number of pending listings are, also, down by 7 percent. October 2005 saw market times of 98 days compared to this October's 72 days, a 27 percent decrease. A decrease in market times is very unusual in a slower market and is an indication the Midtown market will remain strong. The average sales price has increased by $7,892 or 6 percent.

Home prices are continuing to rise, which is good news for Midtown sellers. But, there is more competition for ready, willing and able buyers. Homes must be priced right and in excellent condition to attract today's buyer. Give us a call if you are thinking of selling your home. We have the knowledge, experience and expertise needed to get sellers the highest possible price for their homes.

If you would like to view all Midtown real estate listings, visit MontgomeryAlabamaHomeSearch.

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

Learn About Mold Inspections

Join us for the Montgomery Real Estate Podcast. This month's edition covers Montgomery Real Estate market trends and information buyers need to know concerning mold inspections and air quality.

Features special guest Terri Murphy of US Learning.

Download podcast mp3 file subscribe to podcast feed.

Give us a call if you are interested in selling your home or visit our website, www.HatTeam.com.

Should You Try to Sell Your Home During the Holiday Season?

A common misconception is that trying to sell a home during the holidays is a bad idea. If you are serious about selling, it can be an excellent time to list. During the holidays buyers are more serious. They have a different motivation like using vacation time to search for property. They're doing that because they have to buy, rather than want to buy. Remember Thanksgiving and Christmas is one day a piece not two months.

10 reasons why you should list your home during the holidays

1. Most November and December buyers are particularly serious and very likely facing some sort of deadline.
2. January is the biggest transfer month of the year and job transferees use the holidays to house hunt.
3. Many people want to buy before the end of the year for financial and tax reasons. Investors usually want to close escrow by year-end for tax purposes.
4. Most sellers wait until spring or summer to list their home. This means that during the winter months your property will have far less competition versus any other time of the year.
5. Homes show well when decorated for the holidays creating a sense of family and people are much more emotionally drawn to the house, emotion sells.
6. Many people take vacation around the holidays allowing more time to look for a home.
7. Remodeling, decorating, appliance installation and other services are more available and at less of a premium.
8. There is plenty of mortgage money available for buyers.
9. Lenders aren't as busy and can process loans faster.
10. Showings will be fewer and less intrusive, but more likely to be fruitful with motivated, qualified buyers.

Give us a call if you are interested in selling your home or visit our website, www.HatTeam.com.

10 Mistakes To Avoid When Flipping Property

Your goal may be to build wealth quickly by buying and selling properties. But the reality is that flipping properties is a tough business. Here are 10 mistakes that could turn a flip into a flop.

1. Liar loans. "Lying on a mortgage application is a federal crime," says Joseph Falk of the National Association of Mortgage Brokers. "It includes bank fraud, wire fraud and mail fraud and potentially a host of state offenses. This can result in jail time."

2. Overpaying. No matter how promising the property, the bottom line is trump.

3. Lacking cash. Desperation makes investors do crazy things. When you act in haste, you're more likely to make poor decisions.

4. Quitting your day job. A steady source of cash staves off desperation.

5. Hiring unlicensed contractors. Not only do they present an insurance risk, but worse yet, often they don’t get the job done.

6. Buying sight unseen. You can bet it will be uglier than the seller said it was.

7. Buying property far, far away. Even the tiniest repair can mushroom into a crisis.

8. Buying too many properties too fast. Too much money, too little time.

9. Underestimating remodeling costs. There’s no such thing as a cheap and easy fix.

10. Having a poor exit strategy. Running out of cash and living on credit cards doesn’t work.
Source: USA Today, Noelle Knox (10/23/2006)

If you are thinking of buying Montgomery investment property, visit our website, InvestInMontgomeryAlabama.com.

Letter To The Advertiser

Wanted you to be aware of a letter I have today sent to Ken Hare at the ADVERTISER.
________________________________
Last month, Volkert Engineers under contract with the Alabama Department of Transportation presented a comprehensive presentation about the proposed I-85 extension that would connect Montgomery to Meridian Miss.

What bothers me most is the lack of attendance and public awareness of the opportunity for the public to see and participate in the planning process, point out concerns and make suggestions as to the proposed route. I understand that packed houses attended similar presentations in Selma and Demopolis, yet the one held in Montgomery was the least attended. In spite of the fact that the ramifications of a decision will have lasting impact on the city's future direction, our local media did not even cover it in advance or during the event.

On the eastern end of the project, two alternatives are proposed. One would go south of Montgomery, through Lowndes County, the other would go north of the city through northern Autauga County.

Without doubt, there are some legitimate concerns to the proposed I-85 extension, but I cannot understand the public apathy when this decision will impact our region's economy and growth patterns for a century.

Thankfully, much time remains for those with concerns to seek answers and express reservations.

The firm charged with the I-85 corridor study seems genuinely interested in doing this the right way. They know what elected officials know that this Interstate is meant for the benefit of this region of the state, not it's detriment. So it is a reasonably safe assumption that they will seek to choose the most acceptable route for this longterm project.

Surely, any of the proposed routes will upset some. That is the inevitable by-product of progress. While it may be easy for us to say such when we have no property to be lost in the project or personal gain to be made by its location, we have a responsibility to express our views and insure accountability for the decisions ahead.

Nonetheless, there are great benefits in the I-85 extension project. Not only will it provide access to jobs for some of the state's poorest counties, it will open a new east west route across the US from the port of Savannah to the West Coast. It will lower mileage costs to truckers, and it will open up Montgomery as an even better distribution center. Plus, it will make leisure travel much easier and shorter, not to mention providing a new evacuation route from the Gulf Coast.

As a member of the Montgomery Chamber's I-65 Corridor Committee and a champion of Montgomery and the River Region, I encourage all citizens to educate themselves about this project and become involved in future public hearings, the next of which will be held in February 2007. This project may take years to finish, but the work being done now holds great ramifications for future decisions. Officials hope that this fast track planning will permit fast track completion of this important project.

For those who did not attend the public meeting, there is a public web site at www.I85extension.com where citizens have an opportunity to see what is proposed and to express an opinion. They may also call toll free at 1-866-485-7623.

This may be the most important economic decision of the century, and we should all feel a responsibility to be involved. After all, they asked for our input up front, not after decisions are made.

Sandra Nickel
1200 S. Lawrence
Montgomery 36104
834-1500