About Montgomery County, AL

Months of Inventory is a measuring tool to determine the current demand for Montgomery real estate. The general rule of thumb is when inventory levels are between 5 & 7 months, the real estate market is stable. Prices remain steady or may rise slightly. When inventory levels exceed 7 months, the demand for real estate is low and prices are likely to fall. This is referred to as a Buyers Market.

When inventory levels fall below 5 months, sellers have more control over price and terms, often resulting in rising pricesor a Sellers Market.

Months of Inventory for Midtown Montgomery Real Estate

The chart below reflects the Months of Inventory for Midtown Montgomery Real Estate comparing 2008 to 2009. As you can see Midtown Montgomery real estate continues to be a Buyers Market with inventories above the 7 month level.

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As we enter the height of the Atlantic Hurricane season, the U.S. Small Business Administration is reminding small businesses, homeowners and renters nationwide to write down their emergency preparedness plan before disaster hits. Regardless of where you live, it's a good idea to be ready for any kind of crisis.

"Every threat, from wind storms, floods and wildfires, to power outages and computer system failures, reminds us to be proactive when it comes to building strategies to survive a disaster and recover quickly," said SBA Administrator Karen G. Mills. "The catastrophic events of the last few years demonstrate the need for preparedness at the individual level, to diminish the risk to life and property."

In the aftermath of last year's Midwest Floods, and Hurricanes Gustav and Ike-which pounded parts of Louisiana, Mississippi and Texas last summer-the SBA approved more than 23,000 disaster loans for a total of $1.2 billion.

Disaster preparedness for homes and businesses should include:

- A solid emergency response plan. Find evacuation routes from your home or business and establish meeting places. Make sure everyone understands the plan beforehand. Keep emergency phone numbers handy. Business owners should designate a contact person to communicate with other employees, customers and vendors. Ask an out-of-state friend or family member to be your "post-disaster" point of contact-a person to call to provide information on your safety and whereabouts.

- Adequate insurance. Disaster preparedness begins with having adequate insurance coverage-at least enough to rebuild your home or business. Homeowners and business owners should review their policies to see what is not covered. Businesses should consider "business interruption insurance," which helps cover operating costs during the post-disaster shutdown period. Flood insurance is essential. To find out more about the National Flood Insurance Program, visit www.floodsmart.gov.

- Making copies of important records. It's a good idea to back up vital records and information saved on computer hard drives, and store those items at a distant offsite location. Computer data should be backed up routinely. Copies of important documents and CDs should be kept in fire-proof safe deposit boxes.

- A "Disaster Survival Kit." The kit should include a flashlight, a portable radio, extra batteries, a first-aid kit, non-perishable packaged and canned food, bottled water, a basic tool kit, plastic bags, cash, and a disposable camera to take pictures of the property damage after the storm. For more preparedness tips for businesses, homeowners and renters, visit www.sba.gov/disasterassistance

Cheryl Ashurst, Realtor
334-323-1124 or Toll Free 800-475-2243 ext 124
Certified Residential Specialist (CRS) & Broker Associate
Helping You Move Team with RE/MAX of Montgomery

Article printed from RISMedia: http://rismedia.com

Contract activity for pending home sales has risen for six straight months, a pattern not seen in the history of the index since it began in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in July, increased 3.2 percent to 97.6 from a reading of 94.6 in June, and is 12.0 percent higher than July 2008 when it was 87.1. The index is at the highest level since June 2007 when it was 100.7.

Lawrence Yun, NAR chief economist, said the housing market momentum has clearly turned for the better. "The recovery is broad-based across many parts of the country. Housing affordability has been at record highs this year with the added stimulus of a first-time buyer tax credit," he said. "Other buyers are taking advantage of low home values before prices turn higher. Nationally, the typical mortgage payment now takes less than 25 percent of a middle-income family's monthly income to buy a median priced home, with payment percentages so far in 2009 being the lowest on record dating back to 1970. As long as home buyers stay within their budget, mortgage payments will be very manageable," Yun said.

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

Montgomery AL real estate sales statistics for August show pending sales increased by 41% in 2009 compared to August 2008. The average sales price decreased by 16% to $136,850 while sold listings were up 14% from 2008. Market times showed a decrease of 2 days or 2% from 2008.

Remember, the clock is ticking on the $8000 first-time home buyer tax credit. Give us a call to make your dream home a reality!

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.

Sometimes people have to sacrifice purchasing their dream home for a less perfect home in a better location. The buyer and family's quality of life can be affected by their surroundings and features a neighborhood has to offer. Choosing the best neighborhood is just as important as finding the perfect home. Neighborhoods have numerous characteristics to consider when trying to make the right choice.

One of the most important things to look in to is the quality of schools in the area. Compare various public schools within a school system; some may be better than others. In order to keep all options open, also take a look at private schools in the area. Even if you do not have kids that will attend school, it is still a good idea to pick an area with good schools to help with reselling Montgomery real estate.

Another crucial characteristic of a neighborhood to research is the crime. Contact the local police office to find out crime trends, types, and rates. Go online to find out if there are any sex offenders living near by. Do not judge a book by its cover, just because a neighborhood looks well kept and charming does not mean there are not any crime related issues.

For financial reasons, check in to the property values of homes in the neighborhood. Find out if the Montgomery real estate values in various areas have been increasing or decreasing. If the neighborhood is in an up and coming area the value of the property is likely to go up. Where as, if the area is going down under, the property value will probably follow. See if there are any future construction and development projects to take place. Alterations to the surrounding area could drastically change the property value.

Next thing to take into consideration is the neighborhood's proximity. Make sure the location is a reasonable distance to work, school, and other frequented destinations. Convenience always makes life a little easier. Having grocery stores, pharmacies, hospitals, and other places of interest and importance easily accessible will make a big difference in every day life.

Other things to consider when choosing a neighborhood relate directly to the neighborhood it's self. Just as buyers have preferences in things they are looking for in a house, there are also preferred characteristics to look for in neighborhoods. Neighborhoods could have numerous features to offer such as, gated communities, nice sidewalks, large lots, parks, restaurants, safe roads, trees, landscaping, community recreational facilities, civic leagues, and golf courses. Keep in mind that a neighborhood may have neighborhood fees as part of a home owner's association. Be sure to pick neighborhood features that best fit the lifestyle of you and your family.

Choosing a neighborhood can be just as difficult as finding the right piece of Montgomery real estate. Finding the perfect home in the right neighborhood may be even more of a challenge. Do your homework, research the area and prioritize features that are most important to you and your family.

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If you are thinking of buying Montgomery real estate and making it a rental property, there are a number of things to consider when choosing the property.

Choosing Montgomery Real Estate to Rent

1. Location

If you will be renting to a year ‘round tenant, look for a property convenient to major employers, schools, shopping facilities, transportation.

2. Price

If you hope the rental income will be more than the cost of the monthly mortgage, insurance and taxes on the home, you should be careful to invest no more per month than the local rental market can bear. If your goal for rental income is to "break even" or even to have a negative cash flow, price becomes somewhat less important.

3. Resale

Consider the long-term resale value of the property. If you buy in a fast growing area, the resale value will be greater further down the road. If you buy is a slow growth area, your resale value will be less, but there may be a better rental market.

4. Neighboring homes

Are the neighboring homes well-maintained? If not, they will drive down your property values.

5. Solid construction

Look for solid construction. Tenants tend to put more wear and tear on a home than owners. Find a low-maintenance property suitable for renters. For example, white carpeting will have a much shorter life than something more neutral.

6. Do it yourself

If you live nearby, it can be relatively simple to stay in touch with tenants, and to keep an eye on your investment. If you lack the time, or your property is some distance away, you may wish to work with a property management firm.

Learn more about investing in Montgomery real estate by visiting HatTeam.com.