The Huntsville real estate housing market has never been better for many potential buyers. In fact, more often than not, it is less expensive to own your own home rather than rent.
The National Low Income Housing Coalition reports that in 57 out of the 100 most populated metro areas, renting a three-bedroom home is more expensive than monthly costs on a six percent mortgage for a typical low-priced house in the same area.
With all the news these days concerning the economic crunch and these tumultuous economic times, you might think I'm crazy saying it is a good time to buy a Huntsville home. Of course, home buyers with strong credit are best positioned to take advantage of today's opportunities. A high credit score will yield a lower interest rate and increase the likelihood that a loan application will be approved.
For example, a home buyer with a 6 percent mortgage will pay a third less per month than a buyer who has a loan at 8 percent. This difference can be hundreds of dollars per month.
FHA loans, VA loans and government backed first-time buyer loans are all available to qualified buyers. With the current low interest rates and affordable home prices, it is a great time to buy your Huntsville home.
It is also a time to keep in mind that buying Huntsville real estate is a long term investment and an investment you and your family can enjoy for many years!
Let's take a look at the sales statistics for October 2008 to see how the Huntsville real estate market looks:
Huntsville/Madison County Market Statistics
Huntsville and Madison County saw a 6% decrease in average sales price over October 2007. There was a 23% decline in home sales this October, when compared against October 2007. The average list price has seen an decrease of 5% over last year. Likewise, the sales price to list price ratio remained constant. The average price per square foot saw a 1% decrease. Homes average days on the market were the same as last year.
Date
|
Sold
Listings
|
Average
List Price
|
Average
Sale Price
|
Percent
SP/LP
|
Average
DOM
|
Average
Price
SqFt
|
Oct 2008
|
375
|
$191,753
|
$186,440
|
97.23%
|
80
|
$88
|
Oct 2007
|
486
|
$202,347
|
$199,332
|
98.51%
|
80
|
$89
|
There are lots of good things happening in Huntsville and Madison County. I encourage you to take advantage of these opportunities.
For the latest Huntsville real estate market conditions in your area, please call me at 256-508-0211 or visit MoveToHuntsville.com.
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.