Huntsville Homes for Sale Market Still Striving

Huntsville and Madison County stand a little apart from the trends that are dogging real estate markets, particularly in California, Florida, Nevada and Arizona. The Huntsville real estate house market, which includes the Rocket City, Madison, and Madison County, has seen home prices rise some over the past year, with about the same number of properties being sold in the first six months of 2006 and 2007, said Betty Hughes, president of the Huntsville Board of Realtors.

Business remains brisk with the expectation of thousands of new residents moving into jobs created by BRAC benefiting Huntsville and Redstone Arsenal in the next few years.

"Huntsville is kind of a world of its own," Hughes said. "People try to lump all real estate in general, but it is all local. With the type of major industries we have here and so many people coming in and out, the economy is stable and there is plenty of growth."

Pressures all over

The Huntsville market includes a number of subprime loans, several sources said.

Ron Sykstus, a bankruptcy lawyer in Huntsville, said he thinks foreclosures are up and said the people he is assisting in bankruptcy claims tend to be facing more than one difficult circumstance at the same time. That can include increased medical bills, reduced income and rising credit debt. Combining those factors with rising mortgage costs spells serious financial trouble.

Hughes said there is a misconception that the borrowers who've gotten in trouble with their subprime loans are all first-time buyers. She said that isn't the case, that she knows of families that took out such a loan to buy a larger house than they could otherwise afford, but then illness or other changes in circumstance such as a divorce made it very difficult to keep up with rising payments.

"They bought homes they couldn't afford," said Leonard Zumpano, professor of finance for the University of Alabama and director of the Alabama Real Estate Research and Education Center.

"Even if it's not subprime, there are people who have gone with interest-only loans and negative amortization loans (loans in which the buyer pays down only a portion of the interest payment each month)," Zumpano said. "It got very easy to borrow."

That ease created a flurry of borrowing that appealed to investors who wanted to put their money into the funds that held these mortgages. The conventional wisdom was that the number of loans becoming bad debt would be offset by the majority of mortgages which get paid.

Kristy L. Smith, retail mortgage production manager for Regions Bank's Huntsville Sales Center, said less than 10 percent of Regions' mortgages are subprime loans, and the default ratio in the Huntsville market is low compared with other markets. Smith said she believes the area's housing market will remain strong, despite what may be happening nationwide.

Zumpano concurred.

Huntsville "is the most affordable large city in Alabama," he said. That, combined with relatively high, white-collar salaries, can buffer the market from the deflation seen elsewhere.

Last week, Federal Reserve Chairman Ben Bernanke told lawmakers that regulators are considering changes to mortgage lending rules.

If that happens, Zumpano said, some homeowners may find themselves with an unaffordable mortgage that they can't refinance.

More houses on the way

Huntsville home building chugs on, with more houses on the way. Dr. Niles Schoening, an economist with the University of Alabama in Huntsville, said he heard bankers worry in the mid 1990s here that perhaps the city was being overbuilt. Instead it anticipated the next boom, he said.

Schoening said that after Huntsville was hit quite hard by the recession in 1990-1991, there was a surplus of houses on the market and it took a few years for the inventory to be pared down. He said a byproduct of that period was local banks becoming more and more savvy about obtaining market information. Schoening said today that virtually every usable lot or possible building site is recognized by area lenders.

Huntsville's real estate market has another dynamic that is keeping things moving, Hughes said. Out-of-state buyers looking for real estate investments have begun to target Huntsville, with its growth and relatively low prices, for properties purchased to rent or to "flip," buying the house with the immediate intention of selling it for a profit.

Hughes said that ownership class, with investors from California, Florida and places such as Seattle, exploded in number last year and continues to be a presence here.

"They've come in busloads; companies put tours together for them," Hughes said.

Your home purchase can also shelter your income

For The Times htimes@bellsouth.net
Tax deductions also help you buy property to rent

Most people buy a house because they like the kitchen or number of bedrooms, or it just feels right, but you should also consider how this investment can help build your personal wealth.

"Most people buying homes to live in will purchase for their present needs or for the near future, with the hope that the property will increase in value," says Tom Hale, Realtor with Distinctive GMC in Huntsville. "But a home purchase is usually the largest single-priced item that someone usually buys. By definition this qualifies as an investment. A car purchase is also an investment, but usually a pretty bad one, since almost always cars go down in value with time."

With this prospect in mind, let's start helping you make the most of what is likely your biggest investment.

Do homework

Firstly, when it comes to building wealth, you've got to do your homework, says Craig Lamar, broker with Coldwell Banker Premier in Huntsville. Work with a professional to identify goals and determine how you want to build your net worth.

"It's pretty simple. If you want a net worth of $1 million then you set out the perimeters in stock, cash and real estate in 10 to 15 years," Lamar says. "For us, the safe investment has been property."

In buying property, Lamar advises, "You've got two to three things working for you. Protecting your income against taxes because you're writing off the interest, depreciation value over time and, over time, there's nothing else that can provide that kind of return on your investment. And if you use that investment property as a rental, then it builds wealth by protecting your cur Huntsville rent income, and when the investment houses are paid off they also generate income for you."

Hale adds, "Real estate can increase in value with a growing economy as the demand increases. Also, if the property is financed, each payment will increase equity in the property as the amount of the payment going to the principal increases each month."

Lamar says a key advantage to your home ownership is that you can deduct it from your taxes. Investing in property also offers what he calls "income protection" to home buyers, because you can deduct interest on your mortgage.

"For first-time buyers," he says, "they've been paying the full taxes on their income, but then buying a home helps ease that tax burden, because after that first year they can start deducting the interest from taxes and that will increase their monthly take-home pay."

Hale adds that some closing costs may also be tax deductable.

Leasing property

If you've got an entrepreneurial spirit, Lamar says you may also want to pursue the opportunity to invest in properties to lease out. The depreciation on these properties creates another form of income protection because you're setting it up as a business and, hopefully, can expect a profit.

One of the most appealing aspects of owning property, whether you're an investor or home owner, is that you can also anticipate the added benefit of your property increasing in value. The good news is the Huntsville area's consistent growth has boosted values over the past 15 years. Lamar says it isn't unrealistic to anticipate property you bought for $150,000 today to eventually be worth $250,000 some 10 to 15 years later.

The projected growth for the area is so good that Lamar is encouraging people to buy now. An anticipated 60,000 to 90,000 people are expected to come to the area in the near future, but that is a mixed blessing as they make property more valuable and more costly. Lamar says rising interest rates (which just climbed from 5.87 percent to 6.26 percent) are another reason to buy now.

While Lamar and Tom Hale agree that there are no investments that are totally safe, buying a house is typically a sound investment.

"You've got to look at what's reasonable," Lamar says. "Anyone looking for a get-rich-quick scenario isn't going to find that in real estate. It takes time."

Lamar says he encourages his investors and clients look at the time value when considering property.

"You could buy stocks, but the stocks generally over time will not provide the same rate of return as in real estate," he says. "With real estate, you've always got a product you can sell and if you buy well you'll have a 2 to 3 percent rate of increase over time and you can't always say that about other investments."

While he's observed stock prices plummet, Lamar says he hasn't seen that happen in real estate in his 17 years in the business.

"There are only safe investments," Lamar advises, "no guarantees, and that's where I put my money."

As with any house purchase, you'll want to consider its potential appreciation before buying. You or your agent can determine happenings in the surrounding area, and how much value could rise in the market over the next 36 months. If you make the purchase, then you'll want to take care of it to ensure it appreciates.

"Maintenance and tasteful upgrades are probably the most important factors in maintaining an appreciating asset," Hale adds.

Of course, anyone who wants to buy real estate also wants to know if it's a good time to buy. Lamar says that in the Huntsville area's growing market, there is no bad time to buy.

"If you're working with an agent or broker, it'd be really hard to make a mistake," Lamar says, "but you need to have a real grasp on your goals."

homes for rent in Huntsville

al.com Real Estate Driving Home Sales in Alabama

Visit al.com's new real estate section for your Alabama Real Estate needs. al.com/realestate can provide you with a customized map of homes for sale, as well as tools and information to help you find houses for rent and new homes in Alabama. The Driving Tour is the perfect tool for home buyers. It is an excellent example of the way we continually upgrade our site to satisfy the needs of the local market

Birmingham, AL (PRWEB) July 24, 2007 -- The Alabama real estate market has a new driving force. This weekend when house hunters set out to look at homes for sale or rent, they'll be armed with a customized route map. A quick visit to al.com/realestate provides all the tools and information a potential buyer or renter needs to locate available homes and plan a road trip to see them.

Sophisticated technology and a smart user interface are changing the way home seekers find houses, apartments, lenders as well as Alabama Real Estate Agents and Brokers. By providing all the tools in one place, the upgraded site gives everyone in the market for a home a one-source destination. al.com/realestate even helps with decision making. The first time home buyer might use the site to select an agent or broker. Empty nesters can weigh the options: downsize, buy a condo or rent an apartment.

The centerpiece of the upgraded Alabama Real Estate site is the Advance Mapping Tool and Driving Tour functionality. Front and center at the new al.com/realestate is an intuitive interactive map. When visitors search Alabama homes for sale or houses for rent in Alabama, they enter their choices including location, number of bedrooms, price range and listing type (Advanced Search offers even more options). Select SEARCH and the map becomes a one-of-a-kind annotated guide showing all the selections. When the visitor is finished, the map and driving directions are printed out and the tour begins!

al.com is already a first choice destination for Alabama local news, information and classified ads. Home buyers often start with a visit to the site because they expect, and get, comprehensive local Alabama real estate news and listings. According to Cindy Martin, President of al.com, "al.com is already a first-stop for many in the real estate market. With the new tools and easier access to everything an Alabama home buyer or renter needs, we expect to see a significant increase in traffic."

Unlike many other sites, visitors to al.com/realestate come from every stage of the real estate decision-making cycle. Some are deciding whether to rent or buy; others are debating the benefits of a new home vs. an older home or comparing one Alabama town to another. For each of them, there is much more than the Driving Tour. A quick scroll down the page reveals many more options. For those who are "just looking" tools and resources are a quick link away. Learn about recent home sales, mortgage rates or foreclosures. Watch videos of local Alabama real estate brokers. Select an agent. The sophisticated buyer of residential or commercial real estate will turn to al.com/realestate again and again to check current information and listings.

al.com focuses on the local market. Local Alabama real estate news is accessed directly from al.com/realestate. Since al.com is affiliated with The Birmingham News, The Huntsville Times and the Press-Register, the news is current and comprehensive. All home seekers have the tools, resources and information they need, all available at one site.

The new al.com/realestate is an example of the unique approach that the site uses - combining smart, technological tools and comprehensive local information to deliver the everyday information local residents and visitors need and want. "The Driving Tour is the perfect tool for home buyers. It is an excellent example of the way we continually upgrade our site to satisfy the needs of the local market," states Cindy Martin.

al.com, based in Birmingham, AL, is an affiliate of Advance Internet, Inc. ( http://www.advanceinternet.com  ), a leading creator of highly interactive, online community-based news and information web sites created in alliance with over 37 newspapers owned and operated by Advance Publications Inc., and its subsidiaries, including The Birmingham News, The Huntsville Times and the Press-Register. In addition to al.com, Advance Internet, Inc. develops and manages nine other local web sites including cleveland.com; MassLive.com; MLive.com; NJ.com; NOLA.com; OregonLive.com; PennLive.com; SILive.com; Syracuse.com and two specialty web sites, gulflive.com and MardiGras.com.

 

HUNTSVILLE, ALABAMA - SMALL TOWN WITH BIG CHARM

Huntsville is a small city that's big on charm. The people are friendly, the tea is sweet, and the city is welcoming to newcomers. Downtown, boutiques and cafés line the streets, Big Spring Park hosts arts and music festivals, and Cook Avenue has a farmers' market. And in the summer, the 110-acre Huntsville Botanical Garden hosts concerts.

Home to NASAUs Marshall Space Flight Center, Huntsville has a growing creative economy that's technology-centered, with a focus on aerospace and defense. Boeing and Raytheon are joined by tech giants Northrop Grumman and LG Electronics. The city is home to the second-largest research-and-technology park in the U.S. and has the highest per-capita ratio of engineers in the country.

Job opportunities are plentiful. And with a cost of living 8% below the national average, setting up shop won't break the bank. Housing costs alone could draw professionals from across the country -- mortgage payments here rival rents in larger metro areas. -- Jessica L. Anderson
http://www.kiplinger.com

New strategies for paying off the mortgage

Thursday, June 21, 2007 Huntsville Times

There is no blanket answer to the age-old question "Is it better to invest or pay off debt?" But this issue can be looked at several ways, especially when the debt is a mortgage.

Is 15-year or 30-year financing a better option?

The choice between a 15-year mortgage at 5 percent and a 30-year mortgage at 5.5 percent seems clear-cut on a $100,000 loan, for example.

The monthly payment on the 15-year mortgage will be about $800, while the interest paid over the life of the note is about $42,000. Because that interest is deductible, in an average 25 percent tax bracket, this makes the actual interest cost closer to $32,000.

With the same assumptions on a 30-year note, the monthly payment calculates to about $225 less, but the interest over the life of the note will cost about $46,000 more after tax.

Consider the flexibility of the 30-year mortgage. If the homeowner was to invest the $225 per month into common stocks that returned 6 percent after tax for 15 years, the balance would be more than $65,000. The balance due on the 30-year mortgage after 15 years is about $70,000.

Within the next eight months, the homeowner actually will have more saved than the balance due on the mortgage. The key to this strategy is the homeowner actually must save each and every month. If not, he may have been better off with the "forced savings" imposed by the 15-year mortgage.

Investing involves risk, and you may incur a profit or a loss. The examples provided are hypothetical and do not suggest or guarantee particular rates of return for any investment. The examples do not include transaction costs and tax considerations that would reduce an investor's return.

Is paying extra better?

How about making 13 payments every year, starting in the first year, but taking the longer 30-year mortgage? The extra $570 reduces the after-tax interest cost about double that of the 15-year option (to $63,000) but gets the mortgage paid off about five years ahead of schedule.

Or, sending a flat amount of extra money along with each month's mortgage payment may be a worthwhile strategy. An extra $100 per month would pay off the mortgage about eight years early. Of course, investing the $100 per month could net the homeowner even more, as seen in our earlier example.

Each of these alternatives requires discipline. If one does not have the discipline to actually send the mortgage lender the additional money, then the forced savings of the 15-year mortgage might be the best bet. Likewise, if you have the risk tolerance to invest the money, and send it systematically, perhaps investing is the best alternative along with the 30-year mortgage. It just goes to show that there is no one right answer to the question - it depends on your personal situation and feelings.

And remember, before implementing any significant tax or financial planning strategy, contact your financial planner, attorney or tax adviser.

Shari Burnum, CFP, is president of Investor's Resource and branch manager with Raymond James Financial Services, member NASD/SIPC, in Madison. She is past president of the Huntsville Estate and Financial Planning Council. For contact information and past columns, visit www.invresource.com. 

700 homes set for northwest Huntsville

Saturday, June 16, 2007By JOHN PECKTimes Staff Writer john.peck@htimes.com
Area residents oppose rezoning for smaller houses

For years, northwest Huntsville has been largely bypassed by home builders. City planning records for 2000-2006 show only 74 building permits for single-family houses in census tracts roughly between Mastin Lake Road and Bob Wade Lane.

The snub has had the trickle-down effect of discouraging retailers and other neighborhood conveniences.

Now, the area seems poised for growth fueled by annexations and pending completion of a northern bypass following mostly Bob Wade Lane. Leading the rebirth could be a subdivision with as many as 700 homes.

The city Planning Commission will consider a rezoning request June 26 that would turn the 189-acre field west of Memorial Parkway and south of Bob Wade into the largest new subdivision for northwest Huntsville in years.

Not everybody is happy about the development plans. Residents from the nearby Mount Charron neighborhood are up in arms over the rezoning request that would allow high-density housing.

A neighborhood meeting is scheduled Monday at 6 p.m. at the Church of the Nazarene, where Meridian Street intersects North Parkway.

Ron Williams, president of the Mount Charron Homeowners Association, said although residents worry about traffic with all the new homes, the neighborhood isn't against development per se.

Williams said opponents just don't like the proposed Residence 1-B zoning, which allows about half the minimum 15,000-square-foot lot size required for R-1 districts such as Mount Charron.

Stores High on in Huntsville

Friday, June 01, 2007
By MARIAN ACCARDI
Times Business Writer marian.accardi@htimes.com
McLain gets 'a lot of bites' for project at retail convention

Just back from his 22nd trip to the International Council of Shopping Centers annual spring convention, Huntsville commercial developer Scott McLain is optimistic about the local retail scene.

"We're well-positioned and well-recognized in the region as a profitable and prosperous retail market," said McLain. "Retailers have discovered the Huntsville market and are very interested in investing here.

"We're clearly on the map."

That's good news for McLain, who's searching for retail tenants for a planned $150 million development at the old Market Square site near downtown Huntsville. The proposed Constellation complex is to include two hotels, restaurants, shops, a condominium or apartment tower, offices and parking.

McLain spoke Thursday at the first North Alabama Real Estate Market Symposium, which drew nearly 200 bankers and lenders and real estate appraisal, development, brokerage and management professionals.

For the Huntsville retail market, "the infill (development of underused space) and specialty markets hold the most promise," McLain said. The city already has a regional mall and neighborhood mall - Madison Square Mall and Parkway Place - and two "power" shopping centers - Valley Bend at Jones Farm and Westside Centre on University Drive, McLain said, and eight Wal-Marts in the area.

As for the grocery store market, "the holes are huge," McLain said. Though Target and Wal-Mart have entered the grocery business, "only Publix and sometimes Kroger are the only players," he said.

McLain believes that his Constellation project will be successful because Marriott Courtyard and Springhill Suites are lined up for the project and 160,000 cars a day on Memorial Parkway pass the site. The location also has a 40-year shopping history.

At the shopping center convention in Las Vegas, "the project was very well-received," McLain said. "I got a lot of bites."

The local commercial office market is dynamic, said Kyle Collins, senior vice president of Colonial Properties Trust.

Figures show some 13.5 million square feet of office space in downtown Huntsville, the emerging Madison and Jetplex Industrial Park area and Cummings Research Park.

In Research Park alone, Collins said, 1.5 million square feet of office space is under development or has been developed in the last 18 months, he said.

The overall occupancy rate in Huntsville for Class A and Class B office space is 94 percent to 95 percent, Collins said.

Spike in vacancies

"Anything above 90 percent is healthy," he said. "There's been a spike in vacancies," but Collins believes that's a result of companies consolidating here.

"I don't think we're overbuilding today," he said.

In the industrial market, the vacancy rate is running about 4.8 percent in the Huntsville area, said Jeff Wilke, vice president of Graham & Company Southeast LLC.

That company tracks the market for buildings of 20,000 square feet and more.

More than 350,000 square feet of speculative - no tenants signed - industrial space is being built or soon will be under construction, he told the group.

That development is in Jetplex Industrial Park and Jetplex Supplier Park, part of the Port of Huntsville. Graham & Company is developing a 208,000-square-foot spec distribution center in the northern part of the industrial park, and Huntsville-based Triad Acquisitions Group is developing a 146,000-square-foot spec warehouse distribution center and a two-story office building in Jetplex North.

In Jetplex Supplier Park, Industrial Properties of the South is building a 42,000-square-foot warehouse distribution building.

The symposium was sponsored by the Alabama CCIM (Certified Commercial Investment Member) Chapter, the Alabama Institute of Real Estate Management and the North Alabama Commercial Realtors.

Real Estate on Target In Huntsville Alabama

Huntsville, Alabama is a thriving city with projected land development of 38% by 2010. Considering that the population of this area has doubled over the past 20-years, this is obviously not a fluke. Whether you are an investor or homeowner, Huntsville can deliver promising job opportunities, first-rate education, affordable costs of living and a stable real estate marketplace.

Huntsville, AL (PRWEB) February 9, 2007 -- Recent announcements from the Fed regarding a stall on short-term interest rates came as no surprise to most. Five and one quarter percent is where the interest rate has remained since last June. With an eye toward inflation, Fed Chairman Ben Bernanke recites a familiar statement blaming slowed growth partially on the "substantial cooling of the housing market."

While housing may be cool in other areas, nothing could be farther from the truth in the Huntsville, Alabama real estate market. In fact, as the rest of the country has suffered a decline of 19% in housing starts, Huntsville's real estate sales have remained stable.

"The number of properties sold in December 2006 was up by 16 homes compared to December 2005. The market remains strong and year-end figures should be excellent," according to real estate sales professional, Mike Manosky of Re/Max Huntsville (online at http://www.MoveToHuntsville.com).

Growth In Many Areas

One reason for the growth in Huntsville's real estate market is the tremendous growth this city has experienced in other areas over the last 10-years. BizJournals.com recently echoed what had been stated repeatedly by others when it named Huntsville, Alabama as Number One on its Top 10 Hotspots list. The award was based on Huntsville's blend of comfortable lifestyle, warm weather, population and other factors.

Expansion in the area's high-tech business base continues, which contributes to stronger economic growth in both the business and private sectors. This accounts, in part, for stability and increased development in the Huntsville real estate market as well. Other factors that drive growth include:

 

A wide array of professional and management positions available
Favorable decisions with regard to base realignment and closings (BRAC)
Expectancy of large population growth over the next three- to four-years due to BRAC
High concentration of college-educated adults
A rise in per capita income levels above 20% in the past six-years

No Bursting of Bubbles

While housing bubbles in other cities such as Phoenix, Arizona have burst, investors in Huntsville currently stand little chance of facing diverse conditions. With a steady stream of homes moving in and out of the real estate listings, there is a better chance to sell more quickly in this area than in some others that have stalled.

Huntsville, Alabama is a thriving city with projected land development of 38% by 2010. Considering that the population of this area has doubled over the past 20-years, this is obviously not a fluke. Whether you are an investor or homeowner, Huntsville can deliver promising job opportunities, first-rate education, affordable costs of living and a stable real estate marketplace.

For additional information or media interviews, please contact Mike Manosky at (256) 508-0211 or on the web at http://www.MoveToHuntsville.com.

Huntsville, Alabama: An Award-Winning Place To Live

 

The year 2006 has certainly been a banner year for Huntsville, AL. Real estate markets in and around Huntsville are booming, businesses are thriving, communities are growing and achievements are being made. It’s showing, too. Every month (sometimes multiple times per month) Huntsville, Alabama is honored with yet another award. These are not obscure presentations by organizations nobody has ever heard of. These are prestigious recognitions from magazines such as Forbes, Inc. and Entrepreneur.

Huntsville: One of America’s 50 Hottest Cities

The year started with Expansion Magazine naming Huntsville as one of America’s 50 Hottest Cities. Expansion reports, “The consultants, whose identities remain confidential, were asked to list their top city choices for relocating and expanding manufacturing companies, taking into consideration such factors as the business climate, work force quality, operating costs, incentive programs, and the ease of working with local political and economic development officials.” Positioned at #22, you’ll find Huntsville. Real estate development and market conditions are likely to also play an important role in Expansion’s decisions because cost of living and the current condition of the real estate market is so closely related.

Top 10 Green City, Huntsville, Alabama

In April 2006, Huntsville was named one of the Top 10 Green Cities in the U.S. by the Green Guide. Because of our energy-efficiency, our less polluting practices and our healthy living spaces, we were recognized with this prestigious honor.

Huntsville Recognized As A “Best Place” To Raise A Family or Operate A Business

May brought about three outstanding awards for Huntsville. “Best Place to Raise A Family” from Sperling’s Best Places was granted to Huntsville. Real estate, cost of living, schools and other factors contributed to Huntsville receiving this honor.

In addition, both Inc. and Forbes magazines awarded Huntsville with recognition as one of the Country’s Hottest Midsize Cities and one of the nation’s Leading Cities for Business and Career. Because of Huntsville’s attractiveness to national and international science, manufacturing and other businesses, and because of Huntsville’s real estate market, schools, crime rate and other factors, we were recognized as a superlative city.

Best Value for Salaries and Cost of Living and Military Community of Excellence

The summer also brought additional awards to be proud of. The first was Salary.com who named Huntsville as a Best Value for Salaries and Cost of Living this past June. The following August, Expansion Magazine, in a special issue, named Huntsville a “Military Community of Excellence.” Considering the onslaught of new civilian and military personnel brought in by the Base Realignment and Closures (BRAC), Huntsville should take great pride in the fact that she is not only keeping pace, but thriving.

Entrepreneurs Love Huntsville

September came with the announcement that Huntsville was named a Top Entrepreneur Hot Spot by Entrepreneur magazine. No surprise, considering everything you’ve read about our town thus far.

Huntsville has been an outstanding town for years. However, as of late, she has truly grown into her own. As more businesses and military and civilian families move into our area, the prosperity is sure to continue. Dedicated to education, family and community, Huntsville will certainly remain an award-winning city for decades to come.

 

About the Author:
Mike Manosky has over 15-years experience in Huntsville, Alabama real estate. If you're thinking of moving to Huntsville, real estate listings that match your criteria can be sent to you immediately. Contact Mike today to get started. http://www.movetohuntsville.com.

Undervalued Property Prices Make Huntsville Real Estate A Bargain

A recent study by Housing Market Analysis conducted by National City Corp reveals there are many real estate markets nationwide with drastically inflated housing prices. One of the worst cases is Naples, Florida, which boasts prices that are 84% higher than they should be, according to CNNMoney.com. "National City arrives at its estimates of what the typical house in these markets should cost by examining the town's population densities, local interest rates, and income levels. It also factors in historical premiums and discounts for each area," states the CNNMoney.com site.

However, not all markets fall into this same category. In fact, numerous others are right in line or even undervalued. It's those undervalued cities that offer some of the best bargains in real estate. One such area is Huntsville. Real estate in this Alabama town is reportedly 11% below average market rates. To put that in real dollars, a home that might cost $100,000 in Albuquerque, New Mexico could only cost $89,000 in Huntsville.

Real estate, however, is not the only advantage to buying in Huntsville. Employment is a big advantage. With an unemployment rate of nearly half the national average, Huntsville has plenty of opportunities for those in real estate, construction, professional & technical services, and government. Adding to the mix is the Base Realignments and Closures (BRAC), which is opening civilian and government jobs as those from closed or restructured bases move into the Huntsville area.

In addition, employment needs will increase from the residual affects of thousands of added citizens. Childcare and real estate are two areas that will find particular needs. As more people flood into Huntsville, the need for childcare will grow tremendously. This will make those with professional childcare experience extremely valuable. Likewise, the new infusion of people will also create a housing boom spinning off jobs due to rising demand. New positions including construction worker, architect, real estate agent, rental agent and more are expected to become available.

Lastly, a lower cost of living makes Huntsville appealing. With the cost of living and salary adjustments, someone moving from Stamford, Connecticut to Huntsville Alabama making $35,000 per year would typically see an increase in disposable income of $7,988 per year, according to Salary.com. Considering the 11% lower property valuation mentioned earlier, this means housing dollars can be stretched to buy homes significantly larger and nicer than in other areas of the country.

Before considering a move to other cities, be sure to assess every aspect to determine the town's true value. Jobs, cost of living and real estate prices all come together to develop a true picture of a city and what type of lifestyle you can expect to achieve. Don't settle when you have an opportunity to have it all!

Mike Manosky has over 15-years experience serving the needs of those who wish to buy Huntsville real estate. If you're thinking of moving to Huntsville, real estate listings that match your criteria can be sent to you immediately. Contact Mike today to get started. http://www.movetohuntsville.com.  © 2007, All Rights Reserved

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Small City Real Estate

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Little City Real Estate

Pulaski homes
Homes in Pulaski TN, VA, WI, NY