Now that the Home Buyer Credit Act has been extended and qualifying income levels have been raised, this is an ideal time to purchase a house. Generally advertised as a tax credit for first-time buyers, the new legislation actually benefits many current homeowners, also. Originally slated to end in November 2009, the credit deadline has been extended to April 30, 2010. If you have a binding, signed contract and settle on a home before June 30, 2010, you are also eligible.
First-time buyers are those who have not owned a home in the last three years. They are eligible for a credit of 10% of the purchase price up to $8000. Ownership of a vacation home or rental property not used as a primary residence does not disqualify a buyer as a first-timer. Repeat buyers, or those who have owned and lived in a principal residence for at least 5 consecutive years of the last 8, may qualify for a credit of up to $6500. Income levels have been increased to $125,000 for individuals and $225,000 for couples.
The current Huntsville market, with an abundance of inventory and moderate prices, is ideal for taking advantage of these tax credits. Take a look at how Huntsville real estate in 2009 compared to 2008.
Huntsville/Madison County Market Statistics
Huntsville and Madison County saw a decrease of 6% in sold listings when compared to 2008. The average sales price decreased by 4% to $191,946. The average price per square foot decreased by 2% when compared with 2008. And the average list price decreased by 4%, while homes were on the market an average of 12 days less than 2008.
Date
Sold Listings
Average List Price
Average Sale Price
Percent SP/LP
Average DOM
Average Price Sqft
2009
4,719
$196,799
$191,946
98.13%
79
$84
2008
5,024
$204,185
$199,782
97.94%
91
$86
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
To begin searching Huntsville AL homes, please use my complimentary MLS search.
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed