The Rocket City Real Estate Source

Market Conditions, Current Issues, and Exciting Events in Real Estate for Huntsville Alabama and Surrounding Areas

Archive for April, 2008

Huntsville Home Buyer Questions: Consumer Real Estate Tips!!

Posted by huntsvillerealestateinfo on April 29, 2008

Huntsville Home Buyer Questions:  Consumer Real Estate Tips!!

Huntsville Real Estate Blog

Whenever I get questions from consumers I always come back and try to share with others.  I had a situation with a potential buyer and a mortgage officer that I wanted to share with you all.  I decided this would be good to share for those interested in buying a home, not only in Huntsville, but any where.  This post will address the subject of debt-to-income ratios.  A common term that many may not be completely familiar with the definition and significance in the home buying process.

Debt-to-Income Ratio

Do you understand the term “debt-to-income ratio”?  Hopefully this will shed more light on this term:

Well, this is a comparison of your gross monthly income (before tax income) with the amount of your monthly debt.  Your monthly costs can include things like your housing, car payments, credit cards, student loans, installment debt, etc.  This total is weighed in ratio with the amount of gross income you receive monthly.  This is a very important aspect of your approval to purchase a new home.  So just in case you’re wondering what’s the big deal?… here is a real life application!

The problem we ran into on a recent transaction was the buyer went to a mortgage professional and got pre-approved for a mortgage for a certain amount.  We look for months for “the perfect house” and we finally find one that seem to fit the bill.  So we go back to the mortgage professional and let them know that we are ready to move forward and make an offer.   To make a long story short, this buyer “forgot” to tell me and the mortgage professional that they went out and got a new car.  However, this showed up on a subsequent credit report that the mortgage professional pulled for the buyers.

Normally I would be really happy for someone to get a new car that they had been wanting… this time the problem is that this new car payment just increased their debt-to-income ratio.  Now they are no longer qualified for this new house that they now love because the car payment raised the debt-to-income ratio to a point that it lowered the amount for which they qualify for the new home. 

The jury is still out on how this situation will end but I think its important to consider the big picture.    The problem is that mortgage guidelines have strict rules that could affect your approval even if you think you are able to afford the car payment and the new house payment.  A home purchase is probably one of the most important decisions that you could make.  It is an asset that could really make a difference in your financial future.  Each situation is different and there is not always an easy answer to this dilemna but I normally advise getting the home purchase out of the way and then make any other purchases as you can afford.  I hope this was helpful. 

If you are considering making some new purchases including a new house, give our team a call and let us help you develop a plan to accomplish your goals.

 

Kimberly Grant
Realtor, Exit Leon Crawford Realty
Search Huntsville Homes for Sale

Posted in Real Estate Blog | Leave a Comment »

Huntsville Home Sales: March 2008

Posted by huntsvillerealestateinfo on April 29, 2008

Huntsville Alabama Real Estate Blog: March 2008 Huntsville Homes Sales

Huntsville Alabama Real Estate

Its been another great month in the Huntsville area in the real estate market.  There were 170 homes sold this month.  Average selling price of homes in the Huntsville area was $204,375.  The median selling price for March 2008 was $149,900.   As of last month, the average days on the market for the Huntsville Alabama real estate market was 114 days!!  That is just FANTASTIC!!!

Below is a breakdown of the home sales in Huntsville for March 2008 by property type.  By far, existing homes were the largest category of sales in the Huntsville area. 

Huntsville Alabama Real Estate

Here you can see the price range of the sales for the Huntsville area.  I think Huntsville is a very unique area in the distribution of prices for homes in our area.  The largest number of sales of Huntsville homes was in the price range of $200,000 and higher.  This was followed closely by the home sales in the range of $99,999 and under.

Huntsville Alabama Homes Sales

Currently there are 1328 homes on the market in the Huntsville area.  These include existing homes, new construction, and condos.  Feel free to use any of our resources if you would like to view our local homes for sale, receive a list of foreclosures in our area, or would like an estimate of how much your home could sale for in our current market.  We would be happy to work with you to buy or sell your next Huntsville home.  We would love to hear from you and we are just a phone call or email away!!

Huntsville Alabama Homes for Sale  Huntsville Alabama Homes for Sale  Huntsville Alabama Real Estate

Huntsville Real Estate Agent 

Kimberly Grant
Realtor, Exit Leon Crawford Realty
Search Huntsville Homes for Sale

Posted in Current Market Conditions | Leave a Comment »

Huntsville Pilgrimage Home Tour

Posted by huntsvillerealestateinfo on April 29, 2008

Huntsville Pilgrimage Home Tour

In case you are looking for a good activity for the weekend coming up, here is one that might interest you.  If you love homes like I do then I might have just the activity for you.  I may be biased but I happen to think that Huntsville has some of the most beautiful homes in the Huntsville Alabama Homesworld.  If you don’t believe me just check out some of those gorgeous homes in the historic district.   

If you have not had a chance to see some of these homes before, NOW’S YOUR CHANCE.  On Saturday May 3, 2008 the Huntsville Home Pilgrimage Home Tour is back.  It will be from 10am to 4pm.  Tickets are $15 and $20.  They can be purchased from places like Belk, Railroad Station Antique Mall, and Harrison Brothers.  Box lunches will also be available at the Church of the Nativity downtown. 

It will be a good chance to view some of the history of Huntsville and see some beautiful old homes at the same time.  If you are worried about the weather, most of the walk will be shaded through the streets where the homes are located.  I invite you to check it out!!  If you go, be sure to send me some great photos and I’ll be sure to include them in my Huntsville Real Estate Blog!!
 

 

Kimberly Grant
Realtor, Exit Leon Crawford Realty
Search Huntsville Homes for Sale

Posted in News and Events in Huntsville AL | Leave a Comment »

Huntsville Alabama Activities & Events

Posted by huntsvillerealestateinfo on April 29, 2008

Huntsville Alabama Activites & Events: Always Plenty to Do!!!

Huntsville/Madison AL Real Estate Blog

Huntsville Alabama Real Estate Blog

Are you looking for fun things to do around the Huntsville area?  I always keep my eyes open for new ideas to share with the readers of my real estate blog.  Yes, sometimes I veer away from topics of Huntsville real estate but I believe that the great city of Huntsville is more than just houses being bought and sold.  Therefore, I try to share things about our city because I have found that to be an important consideration when planning a move to a new city. 

I came across some upcoming Huntsville events and OF COURSE I wanted to share it with you.  One of the great things I love about our city is the diversity of culture and enrichment activities in our area. 

 

Do you want to get your feet moving this week.  If so, the Kinesthetic Cue Dance Club is hosting a FREE Salsa Social.  You can learn with no experience or partner necessary.  It will be held at 8006 Old Madison Pike from 8:00pm to 10:00pm on April 29th.
On May 1st, the Huntsville Museum of Art is hosting the “Art After Hours” event.  It will be held from 5:30pm to 7:30pm.  There will be free refreshments, free wine, an artist’s marketplace, a raffle, and a museum clearance sale.  The event is free to museum members and there is a request of $5.00 donation for guests.

Use those new salsa skills at a party on May 2nd at the Princess Theatre in Decatur.  There will be hors d’oeuvres and wine tasting.  Reservations are $65 and proceeds benefit the cinema.

Huntsville Alabama Real Estate Blog

If you would rather enjoy the weather and beauty of Huntsville, there will be an outdoor concert with the Rocket City Brass on May 2nd.  It begins at 7:00pm at the Huntsville Botanical Garden.

How about a night at the symphony?  The Huntsville Symphony Orchestra has another installment of the Pop Three series entitled Fantasies and Fairy Tales – Star Wars to Disney.  It will be in the Von Braun Center Concert Hall on Saturday May 10th starting at 7:30pm.  Joseph Lee is the conductor and the featured vocalist is soprano Jodi Benson who is known for the voice of Ariel in the Little Mermaid!  This is definitely on my to-do list!

Now that you know about these great events you have no excuse that you have “nothing to do” in the upcoming week.  These should both prove to be wonderful events for family and friends.  As always, if you attend any of these fun events in the Huntsville and Madison County area please come back to my real estate blog to comment or share photos with us all!!

Huntsville Real Estate Agent 

Kimberly Grant
Associate Broker
, Exit Leon Crawford Realty
Search Huntsville Homes for Sale

www.KimberlyGrant.info

Posted in News and Events in Huntsville AL | Tagged: | Leave a Comment »