Janet English Realtor Mobile Alabama's Eastern Shore Suburbs

Patient goes into her doctor's office.

"Doc, not feeling so good," she says with a sniffle.

"Tell me what's going on," the doc says flipping open his chart as he rolls his stool closer.

"Well, .. (sniff) my head's all stuffed up. My nose is running. I've got a hacking cough and my neck hurts."

"Let's take a look," the doc says, and proceeds to go through his examination with his tongue depressor, stethoscope, etc.

Once he finishes, he swings around to his laptop and punches the keys.

He pulls out his prescription pad and rips off a couple of sheets.

---

Realtor goes into her seller's home.

"Need to sell this house and move it quickly," seller says with authority.

"Tell me what's going on," the Realtor says, pulling her note pad.

"Well, I've gotten a new job and I know the real estate market is tough, but I'm not going to give it away."

Realtor takes a look around the house, pulls out her laptop and proceeds to come up with a price for the seller.

----

Next week, patient goes back to her doctor.

"Doc, I'm still not better."

"What's up?" the doctor asks.

"Well, I decided to go the home-remedy route: drink a lot of hot liquids, a hot toddy at night, chicken soup. Mentholated rub. Stuff like that. It's what worked for my grandmother. But I'm not better."

"Did you take your medicine ... what I prescribed?" the doctor asks.

The patient shrugs.

"Okay, let's get you fixed up," the doc says, nodding toward the framed sign on the wall: "Patients who don't take their medicine tend to get sicker."

---

Six months later, Realtor goes to the sellers' house.

"This house needs to sell," the seller says with desperation.

Realtor pulls out her laptop and the comps appear.

"I'm afraid the market has deteriorated," she says. "The house down the street didn't sell because the appraisal was $10,000 less than the contract price and the deal fell through."

The seller wipes his hands over his face.

"I should have listened to you in the beginning."

---

The point here is when you go to the doctor and ask for expert advice, you follow doctor's orders.

Why is it when you go to a Realtor and ask how to price your home, you ignore the professional?

So many sellers believe their house will be the one that beats the odds, the one that will sell for last year's price.

Why risk your financial health when you wouldn't risk your physical health?

Inspired by my broker Paige Thatcher, RE/Max By The Bay

The upcoming expiration of the first-time homebuyer tax credit likely lead to a reduction in home sales in October on the Eastern Shore of the Mobile, Alabama, metro area.

Home sales fell from 87 in September to 59 in October in Spanish Fort, Daphne and Fairhope.

The first-time homebuyer tax credit of $8,000 was set to expire Nov. 30 and buyers apparently wanted to make that deadline with plenty of time to spare. Other buyers may have been waiting to see what would happen next.

At this writing, the U.S. Senate is poised to extend that credit through April 2010 and expand it to people with a $6,500 credit to people who have owned their home at least 5 of the last 8 years (income limits apply). With Senate passage, the bill is expected to be expedited through the house and to President Obama's desk for signing.

Pending sales have improved slightly from 128 at the first of September to 140.

Here are the stats for the Eastern Shore:
Total houses for sale: 1,235
Spanish Fort: 150
Daphne: 400
Fairhope: 560
Lake Forest: 125

Pending sales
Total: 140 (38% new construction)
Spanish Fort: 24 (including 15 new homes)
Daphne: 60 (including 32 new homes)
Fairhope: 37 (including 6 new homes
Lake Forest: 19 (none new)


Closed sales for October 2009
Total: 59
Average sales price: $204,107, down from $233,867 in September and $263,997 in August.
Median sales price: $179,900, down from $184,900in September.
List to sale percentage: 96.82%, an improvement over 96.19% in September
Spanish Fort: 6
Daphne: 21
Fairhope: 24
Lake Forest: 8

(Data from the Baldwin County Multiple Listing Service)

If I can help you with any of your home needs, please feel free to call or email.

Janet English

251 591-2411

The upcoming expiration of the first-time homebuyer tax credit likely lead to a reduction in home sales in October on the Eastern Shore of the Mobile, Alabama, metro area.

Home sales fell from 87 in September to 59 in October in Spanish Fort, Daphne and Fairhope.

The first-time homebuyer tax credit of $8,000 was set to expire Nov. 30 and buyers apparently wanted to make that deadline with plenty of time to spare. Other buyers may have been waiting to see what would happen next.

At this writing, the U.S. Senate is poised to extend that credit through April 2010 and expand it to people with a $6,500 credit to people who have owned their home at least 5 of the last 8 years (income limits apply). With Senate passage, the bill is expected to be expedited through the house and to President Obama's desk for signing.

Pending sales have improved slightly from 128 at the first of September to 140.

Here are the stats for the Eastern Shore:
Total houses for sale: 1,235
Spanish Fort: 150
Daphne: 400
Fairhope: 560
Lake Forest: 125

Pending sales
Total: 140 (38% new construction)
Spanish Fort: 24 (including 15 new homes)
Daphne: 60 (including 32 new homes)
Fairhope: 37 (including 6 new homes
Lake Forest: 19 (none new)


Closed sales for October 2009
Total: 59
Average sales price: $204,107, down from $233,867 in September and $263,997 in August.
Median sales price: $179,900, down from $184,900in September.
List to sale percentage: 96.82%, an improvement over 96.19% in September
Spanish Fort: 6
Daphne: 21
Fairhope: 24
Lake Forest: 8

(Data from the Baldwin County Multiple Listing Service)

If I can help you with any of your home needs, please feel free to call or email.

Janet English

251 591-2411

A year after the 2008 financial meltdown, let's take stock of the correction in home prices on the Eastern Shore.

■ The number of homes sold in the 3rd quarter of 2009 was only 6% behind home sales in the 3rd quarter of 2008.

■ Average sales price this past quarter was $243,176 - 19% lower than the average sales price of $298,947 a year ago.

The first statistic shows that the market is stabilizing in one respect.

A year ago, home sales between Spanish Fort and Point Clear fell off a cliff. Last summer 128 homes sold in June and another 135 in July. Then came August 2008 with only 84 sales, a 40 percent drop in the number of homes sold.

That we are only 6% behind the third quarter of 2008 demonstrates the difficult and momentous shift in attitudes toward home prices. Because home sales involve so many people - lenders, insurers, builders and their suppliers, tradesmen, Realtors, home inspectors, appraisers, movers, furnishers, etc. - they are essential to stable economy, despite the falling prices.

Locally, home prices continue to decline. Nationally, the rate of decline slowed for a sixth straight month, according to the S&P/Case Shiller 20-city home price index. Looking at these 20 major metro markets, the index noted a better-than-expected 13.3% decline compared to a year ago. David M. Blitzer, chairman of the index committee at Standard & Poor's, said: "These figures continue to support an indication of stabilization in national real estate values."

On the Eastern Shore, 569 price reductions were made on homes in the 3rd quarter; there are 1,209 properties listed.

On to the stats:

Overall, the pace of sales continues to improve, from 157 sales in the 1st quarter, to 207 in the 2nd quarter to 248 in the 3rd quarter, including 29 foreclosures or short sales (pre-foreclosures). The average time it took to sell was 179 days, a figured skewed by the fact that many properties had already gone through a previous listing.

Fairhope/Point Clear: 78 homes sold, compared with 98 a year ago this time and 70 during the 2nd quarter 2009. Average sales price was $300,699, down from $359,262 a year ago and but up from $284,033 in the 2nd quarter. (The sales of three homes over $1.7 million helped boost this quarter's average.) Average time it took to sell: 202 days. There are 562 houses on the market here.

Daphne/Montrose: 107 homes sold compared with 105 sales a year ago, and up from 73 sales the 2nd quarter. Average price was $231,746, down from $289,832 a year ago and $243,600 in the 2nd quarter. Average days on market: 167. There are 373 homes for sale.

Lake Forest: 28 homes sold, exactly the same as a year ago and up slightly from the 25 that sold in the 2nd quarter. Average sales price was $150,107, compared to $153,965 a year ago and $145,680 in the 2nd quarter. Average days on market: 137. There are 134 homes for sale here.

Spanish Fort: 36 homes sold, compared with 34 a year ago and 39 in the 2nd quarter. Average price was $224,392 vs. $272,853 a year ago and $255,977 in the 2nd quarter. Market time averaged 178 days. There are 140 homes for sale.

A year after the 2008 financial meltdown, let's take stock of the correction in home prices on the Eastern Shore.

■ The number of homes sold in the 3rd quarter of 2009 was only 6% behind home sales in the 3rd quarter of 2008.

■ Average sales price this past quarter was $243,176 - 19% lower than the average sales price of $298,947 a year ago.

The first statistic shows that the market is stabilizing in one respect.

A year ago, home sales between Spanish Fort and Point Clear fell off a cliff. Last summer 128 homes sold in June and another 135 in July. Then came August 2008 with only 84 sales, a 40 percent drop in the number of homes sold.

That we are only 6% behind the third quarter of 2008 demonstrates the difficult and momentous shift in attitudes toward home prices. Because home sales involve so many people - lenders, insurers, builders and their suppliers, tradesmen, Realtors, home inspectors, appraisers, movers, furnishers, etc. - they are essential to stable economy, despite the falling prices.

Locally, home prices continue to decline. Nationally, the rate of decline slowed for a sixth straight month, according to the S&P/Case Shiller 20-city home price index. Looking at these 20 major metro markets, the index noted a better-than-expected 13.3% decline compared to a year ago. David M. Blitzer, chairman of the index committee at Standard & Poor's, said: "These figures continue to support an indication of stabilization in national real estate values."

On the Eastern Shore, 569 price reductions were made on homes in the 3rd quarter; there are 1,209 properties listed.

On to the stats:

Overall, the pace of sales continues to improve, from 157 sales in the 1st quarter, to 207 in the 2nd quarter to 248 in the 3rd quarter, including 29 foreclosures or short sales (pre-foreclosures). The average time it took to sell was 179 days, a figured skewed by the fact that many properties had already gone through a previous listing.

Fairhope/Point Clear: 78 homes sold, compared with 98 a year ago this time and 70 during the 2nd quarter 2009. Average sales price was $300,699, down from $359,262 a year ago and but up from $284,033 in the 2nd quarter. (The sales of three homes over $1.7 million helped boost this quarter's average.) Average time it took to sell: 202 days. There are 562 houses on the market here.

Daphne/Montrose: 107 homes sold compared with 105 sales a year ago, and up from 73 sales the 2nd quarter. Average price was $231,746, down from $289,832 a year ago and $243,600 in the 2nd quarter. Average days on market: 167. There are 373 homes for sale.

Lake Forest: 28 homes sold, exactly the same as a year ago and up slightly from the 25 that sold in the 2nd quarter. Average sales price was $150,107, compared to $153,965 a year ago and $145,680 in the 2nd quarter. Average days on market: 137. There are 134 homes for sale here.

Spanish Fort: 36 homes sold, compared with 34 a year ago and 39 in the 2nd quarter. Average price was $224,392 vs. $272,853 a year ago and $255,977 in the 2nd quarter. Market time averaged 178 days. There are 140 homes for sale.