Tag Archives: Homes for Sale

Home Buying in 6 Steps

Six Steps

Click image to enlarge or download (PDF: 144 KB)

1) Get Ready for Home Ownership

  • Build a good credit history
  • Get mortgage pre-approval
  • Find out what type of mortgages you quality for
  • Consider hiring an attorney to review all contracts and agreements associated with the home buying process
  • Save up for a down payment (typically 10-20% of property’s value; if FHA-qualified, then possibly less)
    • Consider closing costs which can include taxes, attorney’s fees, and transfer fees
    • Consider utilities and monthly bills, such as homeowner’s assessments

2) Find a Real Estate Professional

  • Get a referral from friends, family, and work colleagues, or search realtor.com® and look for real estate yard signs and advertisements
  • Ask the real estate professionals you interview about buyer’s representation contracts and agreements; make sure you understand the terms
  • Explain your needs and expectations to the real estate professional you choose to work with

3) Find the Right Property

  • Determine what is important to you, such as particular schools, neighborhood amenities, monthly mortgage payment, public transportation, walkability, etc.
  • Make sure you include home owner’s assessments, utilities, and taxes when calculating the monthly mortgage payment

4) Finance the Property

  • Contact your mortgage broker or lender
  • The lender or attorney will run a title search to ensure there are no clouds on the title
  • Make sure you understand the financing terms—ask the lender for clarification, if needed

5) Make an Offer

  • Ensure the property is inspected by a licensed home inspector
  • Acquire title insurance
  • Make sure the title is clear, or make your offer contingent upon title clearance
  • Read all contracts before signing—make sure you understand all of the terms, ask questions
  • Place a competitive bid and be prepared to make a counter-offer
  • Keep your credit score stable and in-check by waiting to purchase any big-ticket items until long after the closing
  • Only one offer will result in a sale, so be prepared to move on if your offer is not accepted

6) Closing and Life After the Big Purchase

  • Protect your new asset by obtaining insurance such as homeowner’s, flood, disaster, and fire
  • Weatherproof your new home
  • Maintain files—digital or print—for all warranties, insurance documents, contracts, etc.
  • Keep original closing documents in a safe place, preferably outside the home (such as a safety deposit box)
  • Set up utilities bills in your name, maintain files
  • Implement desired aesthetic changes such as painting, minor construction, and re-flooring
  • Set a move date and hire movers or plan a move party with your friends
  • Get to know your neighbors and explore your new neighborhood
  • If you’re happy with the work of your real estate professional, be sure to recommend her/him to friends and family

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Alabama residential median sales price continues to improve in August

Click here to view or print the entire August report compliments of the ACRE Corporate Cabinet.

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View full size Alabama home sales in August slipped 2.1 percent compared to last August. YTD sales up 1.2%. August sales are now up 38% from its August bottom in 2010. Infograph courtesy of ACRE. All rights reserved.

Alabama residential sales totaled 4,139 units in August, a decrease in sales growth of 2.1 percent from the same period a year earlier and 210 units shy of our monthly forecast. Nationally, sales were off 5.3 percent in August from the prior year. See more details of how Alabama compares to the broader US market here.

The YTD Alabama sales forecast through August projected 31,414 closed transactions while the actual sales were 30,212 units, a 3.8 percent cumulative variance. YTD sales through August have been sluggish in most markets across the State but remain 1.3 percent above the 2013. Sales were up 2.3 percent in the second quarter compared to 2013.

Across Alabama, 64 percent of local markets reported positive sales growth compared to last August. It was 48 percent in July. This figure also remains at 64 percent when taking into account total YTD sales compared to 2013.

Pricing: The lead story in 2014 relates to pricing. The Center shared in earlier reports that pricing represents the primary indicator that still had the greatest upside in the future. At least through August, this has come to fruition as prices are up in 16 of 25 or 64 percent of local markets. While this is good news for the market, as prices increase, sales (the typical lead story) attributable to investors bargain hunting will diminish the ability of this “buyer profile” to push the sales growth needle in the future. Distressed sales continue to significantly diminish as a percentage of total sales across the US, a trend most market watchers content will continue in the future.

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View full size Alabama median home sales price in August 2014 improved 12.8% from prior year and now up 21% from the month of August price bottom in 2004. Infoigraph courtesy of ACRE. All rights reserved.

The median sales price improved by approximately 12.8 percent over last August and 6.3 percent when comparing the year-to-date (Jan-August) average for a broader perspective. Still, Alabama remains below the nation’s recent pace of appreciation but the Center prefers gradual increases in pricing over spikes seen in many parts of the country (typically in markets hardest hit by the recession). Keep in mind that pricing can fluctuate from month-to-month due to sampling size of data and seasonal buying patterns. The median price increased 1.7 percent from the prior month. This direction contrast with historical data (09-13) that reflects that the August sales price traditionally decrease from the month of July by 1.1 percent.

Supply: The statewide housing inventory in August was 33,561 units, a decrease of .6 percent from August 2013 and 20.4 percent below the month of August peak in 2007 (42,149 units). There was 8.1 months of housing supply (7 months considered equilibrium during month of August) in August 2014 versus 8.0 months of supply in August 2013, a 1.5 percent unfavorable increase. August inventory also decreased by 1.5 percent from the prior month. This direction contrast with historical data that indicates August inventory on average (09-13) traditionally increases from the month of July by 4.5 percent.

Demand: As anticipated, August statewide residential sales declined 5.4 percent from the prior month. This direction is consistent with seasonal trends & recent historical data that indicates August sales, on average (09-13), decrease from the month of July by 1.1 percent.

The fact that there are fewer distressed properties (attracting bargain hunting investors – typically cash buyers) changing hands when compared to last year has also narrowed the favorable percentage change associated with sales growth.

Seeking Balance: Six or 24 percent of local markets are considered near or in balance where buyer and seller enjoy equal bargaining power. More markets are inching closer so this is encouraging news.

In contrast to reports of lack of inventory at the national level, Alabama still has above the needed levels of supply in most local markets (13 of 25 markets or 52 percent still have 10+ months of supply) but the supply of “quality” inventory is limiting sales according to local professionals with boots on the ground. Only 12 of 25 or 48 percent of local markets have single-digit months of housing supply so this is an area where more reduction would be welcome news. Last month this figure stood at 44 percent. With that offered, metro markets representing 70 percent of statewide transactions, are edging closer and closer to equilibrium with 7.2 months of supply.

Industry Perspective: “The August National Housing Survey results lend support to our forecast that 2015 will likely not be a breakout year for housing,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The deterioration in consumer attitudes about the current home buying environment reflects a shift away from record home purchase affordability without enough momentum in consumer personal financial sentiment to compensate for it. To date, this year’s labor market strength has not translated into sufficient income gains to inspire confidence among consumers to purchase a home, even in the current favorable interest rate environment. Our third quarter Mortgage Lender Sentiment Survey results, to be released later this month, are expected to show whether mortgage demand from the lender perspective is in line with consumer housing sentiment.” For full report, go HERE.

This monthly report is provided compliments of the ACRE Corporate Cabinet. 

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Heritage Brook by Legacy Homes

Located on Old Railroad Bed Road just a mile north of Hwy 72 (University Drive) in Madison, Heritage Brook provides the best of both worlds. The private wooded lots, raised foundations and gently rolling topography provide an established neighborhood feel with brand new homes. This unique combination combined with the convenient proximity to Redstone Arsenal, Madison Hospital and The Shops of Madison; make Heritage Brook a natural choice for your new home.

Looking for a new home? I work with every builder in every new community and school district in Madison county.

Buy your new home with me and I’ll sell your current home for FREE!

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Kelly Cove Community by Woodland Homes

What Is Your Idea of Refuge, A Resort Or Home?
At Kelly Cove, We Say… Both!

This magnificent community features all of the amenities that have made Woodland Homes so popular with North Alabama home buyers.

Located in the heart of Monrovia, you will find the diamond we call Kelly Cove.  Part of the original Kelly Farm, Kelly Cove was master-planned to enhance the living experience from the moment you pass between the infinity waterfalls and begin to ride through the tree lined streets.  Featuring both side-sidewalks, underground utilities, public sewer and soft light lamp post, Kelly Cove “feels” like home.  Our new Amenity package featuring a Clubhouse with fireplace and full kitchen, workout facility with elliptical machines and LED TV’s on the walls, Outdoor grilling area, HUGE in-ground pool with Sprinkler Park for the children to enjoy will be opening 2nd Quarter 2015.  Kelly Cove also features a private stocked lake for our residents to enjoy a relaxing day of fishing.  Kelly Cove has it all…Great Location, Great Schools and Great Homes.  Stop by for a visit today and see why Kelly Cove is the fastest selling community in Monrovia.  Homes starting from the $290’s.

Looking for a new home? I work with every builder in every new community and school district in Madison county.

Buy your new home with me and I’ll sell your current home for FREE!

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River Ridge Community by Jeff Benton Homes

Located in Big Cove, River Ridge is one of those special communities that offers nature at your doorstep and convenience right down the road. The homes of River Ridge have access to many great amenities including a pool, clubhouse, pavilion, water play features, playground, two community lakes, and much more!

Looking for a new home? I work with every builder in every new community and school district in Madison county.

Buy your new home with me and I’ll sell your current home for FREE!

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Madison planners OK layout of Villages of Oakland Springs; first Traditional Neighborhood District

Developers for the new neighborhood center project anticipate earth grading for the 349-lot subdivision to begin in two to three months after getting their layout plat approved by the Madison Planning Commission on Thursday.

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At this point, the focus is on working out the technical details of the project’s infrastructure and then following up with getting the single-family homes built, said Ron Roberts, one of the partners developing 157 acres on Huntsville Browns Ferry Road into what’s being called Villages of Oakland Springs.

About 15 acres of that property is dedicated for commercial use, which will be constructed in the same manner as Village of Providence in Northwest Huntsville.

There’s nothing to announce yet on what’s coming on the commercial side of the project because those designs are still being planned, he said.

Roberts’ partner, Todd Slyman, said it could take years to fully develop the retail and office aspect of Oakland Springs, because ultimately, it will be determined by the growth of eastern Limestone County.

“You have to have the population growth in order to get some of those things that happened over in Providence, he said. “But sure, the goal is to have another neighborhood center. The goal is to end up with a similar product.

“Now, is it going to have all the same elements, I don’t know yet. Depends on how things develop out there and how things go. Demand will determine what the retail becomes. As that area grows, we’ll have a better idea of what to bring in there and make that work,” Slyman said.

Asked whether he learned any valuable lessons from developing Providence that might benefit Oakland Springs, Slyman said he couldn’t pinpoint anything specific other than learning the right ways to execute plans, because for the most part, Providence played out as planned.

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“We really haven’t varied from the original plans from the way we originally designed it,” he said. “It’s come together really well. It’s kind of the vision we had from the beginning.”

One popular element of Providence that is already incorporated into layout plat for Oakland Springs is a park-like “common area” in the middle of the subdivision. Providence has used its common area for outdoor concerts and movies. Plans for the common area in Oakland Springs call for green space next to a small lake.

The location is in the middle of cotton fields along an old farm to market road, and it’s about a 1.5 miles from the closest residential subdivision. Still, the location is prime for growth, Slyman said, because it’s minutes away from what families need, such as James Clemens High School, Madison Hospital and Publix.

One of the access points into the subdivision is directly across from where Holladay Road ends at Huntsville Browns Ferry Road

“Holladay Road is a great addition,” Slyman said of the five-lane roadway that begins at U.S. 72. “It’s basically coming right into the project. It’s a five-lane driveway.”

Oakland Springs also is less than two miles from County Line Road to the east and a straight 6.5 miles from the interchange at Interstate 65 to the west.

The planning commission discussed the challenge ahead of providing sufficient roadways for the rapidly growing area of western Madison. The existing county roads are not built for high volume of daily commuters. As part of the Oakland Springs project, the city is asking for 120 feet of right of way for the future widening of Huntsville Browns Ferry Road.

Madison planners OK layout of Villages of Oakland Springs; first Traditional Neighborhood District months away from construction | AL.com.

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Huntsville/Madison County residential median sales price establishes new peak

Click here to view or print the full quarterly report compliments of the ACRE Corporate Cabinet.

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View full sizeHuntsville/Madison County median sales price up 8% from 2nd Quarter 2013. Infograph courtesy of North Al MLS & ACRE. All rights reserved.

Pricing: According to the North Alabama Multiple Listing Service (MLS), the median sales price in the Huntsville/Madison County reached a new peak during the 2nd quarter at $175,633 which is also 8.0 percent from the same quarter in 2013. Historical data indicates that second quarter median price in 2014 increased by 4.9 percent from the most recent 3-year average and 4.0 percent from the 5-year quarterly average (’09-’13).

Supply: The housing inventory average during the second quarter was 3,215 units, an increase of 4.8 percent from the same period in 2013 and .8 percent below the second quarter peak in 2010 (3,240 units). There was 7.1 months of housing supply (6 months considered equilibrium during 2nd quarter) in the second quarter 2014 versus 6.6 months of supply last year, an increase of 7.1 percent. Historical data indicates that the second quarter inventory-to-sales ratio in 2014 decreased 1.4 percent from the 5-year average (7.2 months – best market performance in Alabama during this window) and decreased 2.8 percent from the 3-year average.

Demand: Residential sales during the second quarter by Huntsville standards can only be described as sluggish, a small slip of 2.4 percent compared to the same period a year earlier. The second quarter sales remain 28.7 percent off the peak experienced in 2003 when 1,912 units were sold. Historical data indicates that second quarter sales in 2014 increased by 6.6 percent from the most recent 3-year average (’11-’13) and 5.5 percent from the 5-year quarterly average (’09-’13).

The Huntsville/Madison Residential Quarterly Report is provided compliments of the ACRE Corporate Cabinet.

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The Huntsville/Madison County Residential Quarterly Report is work product developed in conjunction with the Huntsville Area Association of REALTORS to better serve North Alabama consumers. The ACRE monthly report is provided to illustrate the “general” market direction & trends when comparing prior periods with the most current available data. Real estate is local and statistics will fluctuate between areas within a city including subdivisions. ACRE recommends that you consult a local real estate professional for “specific” advice associated with your market.

About ACRE. ACRE was founded in 1996 by the Alabama Real Estate Commissionthe Alabama Association of REALTORS and the Office of the Dean, UA Culverhouse College of Commerce. ACRE is not a state-funded entity, rather its operates in part because of the goodwill & generosity of our statewide ACRE Partners.

Alabama real estate resources & news, please visit our website and our ACRE blog. You can also follow ACRE from our facebook page, just “like” http://www.facebook.com/acreua and/or follow on twitter at @uaacre.

 Huntsville/Madison County Residential Quarterly Report: “2nd quarter median sales price establishes new peak” | AL.com.

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