Douglas McAnally

Today is August 10th and the $8,000 tax credit has certainly helped create opportunities for home sales. The current program as I read it says that in order to take advantage of this program you have to close on the home by December 1st, 2009. I have heard rumors that extending the program or making it available for more people, and raising the benefits are being talked around congress but for now we have a deadline. This brings up the issue of how many more people qualify for the program but have yet to take advantage of it. Why would anyone not take advantage would be a better question. The government says if you are a first time home buyer that they will give you up to $8,000 back once you purchase a home. It does snot have to be paid back and an application will get the process started. It would be my suggestion for all first time home buyers to get started as time is slipping away. If you plan to buy in the next year you need to make sure that now is not better than next year.

You can visit www.realtorsforlifeteam.com and start your free search today or contact us and we can discuss what is best for yoru individual situation. The decision is yours but $8,000 is waiting on you.

Brought to you by: Doug McAnally at www.realtorsforlifeteam.com.

Are there signs of the foreclosure market getting back to normal

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Foreclosures have had a stronghold on the market for the past year in the Birmingham AL. area. Coupled with the media hype that you buy one for less than 50 cents on the dollar and the paid advertisements on TV that lure you in to buy their lists it has made selling a traditional resale tough. Everyone including myself wants a deal and I will tell you that on occasion, you can find one. The truth however is that what is really a deal? Foreclosures carry with them addendums that no 2 lawyers would probably never have the same opinion on the meaning, most have repairs that must be done before they are to be lived in which limits the financing available to purchase them, and last the former owners were forced out of their home which makes you wonder just how much care was given to the home those past few months. If the home is move in ready, which is rare, the banks know that also and list the price close to market value. Lets remember also that most foreclosures have very little equity in them which forces the bank to lose money at market value after legal fees to foreclose, no payment over the past 6 months, and fees associated with getting the home sold. As a member of the Realtors For Life Team we believe that sharing the truth about what is a deal and what is not is the way to go. If you need to know what we feel is a good deal and what is not contact us at www.realtorsforlifeteam.com and we will be happy to answer them. We have top of the line technology and want to share it.

Listed below are some statistics gathered from the Birmingham MLS. The are deemed reliable but not guaranteed by the MLS or us as I rely on their info. I am sure however it gives us a good indication of the foreclosure market in the area.

Foreclosures represent 33.2% of the homes sold in Metro Birmingham this year.

Foreclosures represent 8.2% of the active homes in the area.

There are currently 2.56 months of foreclosure inventory on the ground which means that if no new foreclosures come on the market it would take us roughly 2.5 months to sell out of inventory.

There are currently 14.3 months of resale and new inventory on the ground in the Birmingham Metro area.

This is one of many reports we are able to send out. Please contact us for your specialized report or if you would like to know what your home might be worth in this new age of home sales.

Doug McAnally

www.RealtorsForLifeTeam.com

Short sales are becoming more and more prevalent today as job losses rise, lay offs increase and work in general is just slowing down. The Realtors For Life Team is dedicated to bringing the public information concerning changing times and ways to minimize an already trying event in one's life.

A short sale is a transaction in which the lender or lender's agree to accept less than the actual mortgage on a home. The difference in the amount the home is sold for and the amount remaining owed can either be forgiven by the lender or arrangements can be made to satisfy the difference. This option is sometimes a good one when the the owner of the home is upside down on the mortgage and can no longer make their payments. There is a possibility that this could be less damaging to one's credit than foreclosure but situations do vary. From the lender perspective it is sometimes good for them to accept a short sale in lieu of foreclosure due to reducing potential costs of securing and selling due to foreclosure.

The drawbacks currently faced in a short sale is one of not knowing what the lender will accept when the home is listed. Offers have to be submitted and the bank then chooses to accept or counter. While this is similar to to traditional sales the difference is knowing where to start with a listing price. Every situation is different of course but this seems to be one of the biggest issues faced when doing a short sale. Another drawback is the length of time it takes to work through a deal as more than the owners eyes have to see it. One last drawback is unresponsive lenders. All these drag the process out but even with this a short sale is a alternative to foreclosure. If you would like to know more about short sales visit www.realtorsforlifeteam.com and contact us.

Doug McAnally

www.realtorsforlifeteam.com

205-267-8390

Shelby County Alabama Monthly Home Statistics

Here is a report the RealtorsForLifeTeam will start generating each month so that you can follow whats truly happening in Shelby County where home sales are concerned. These are the true facts reported by the MLS and there is no fluff. If you would like this same report for your local subdivision, I will be happy to send it to you. Just contact me at www.realtorsforlifeteam.com and let me know.

June This year

Total Homes Sold 270 1298

Median Price for June $185,500 $173,700

Average list Price to Sold 95.22% 96.04%

Days on Market 107 112

Average Days to Close 40 38

Active Homes 2533

Total sales were down 24.64% first half this year over first half last year which is not encouraging. Another indicator that the market is not rebounding is the fact that the list price to sold price continues to drop. Homes on the market are the worst this year. On a positive note days on market declined, June was a better month for sales, and the median price sold increased.

This is reality and a Realtor who tells it like it is. If you are buying or selling and want the truth, research, and loyalty you deserve, contact me at www.realtorsforllifeteam.com and lets talk.

All stats are deem reliable but not guaranteed. They are taken from the MLS reports and were generated from information received from members.

The simple answer to this is yes. You can succeed and you are in complete control of the outcome. It is very easy to say I will succeed. It is also very easy to say yes. I get a kick out of all the agents today who are cutting back, giving less service, and constantly dreading the worst as opposed to thinking positive and doing something about it. When I had a very lucrative corporate position we always taught the same principle. It doesn't matter how the market is, It matters how much you believe in yourself and how badly you want to succeed. There are more listings today than ever before. Do you have yoru share? Are you making your listings stand out? Are you putting them in front of agents daily. 3 years ago the sales came to realtors. Today and in the future the realtors will have to go to the sales. It is a sales and service business now and those with business backgrounds and strong sales backgrounds will flourish. The ones that prospect daily, the ones that go the extra mile, the ones that believe they will succeed and have a strong business plan will succeed. Those that plan daily and finish every day, those that set up a great website and have a strong internet presence, those that get outside the box, and finally those that decide that each day has a new foundation in the way business is conducted will make it through the next 5 years. The others, well Rome fell.