Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Alabama > Huntsville-Madison-Decatur area
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-23-2008, 10:14 AM
 
1,178 posts, read 2,821,151 times
Reputation: 509

Advertisements

isellhuntsville,
can you give me the comps for say mid 300's to mid 400's? Seems to me that there are alot of those new and resale sitting a long time without price reductions as we have seen in the Atlanta area.
Reply With Quote Quick reply to this message

 
Old 10-23-2008, 11:07 AM
 
Location: Madison, Alabama
956 posts, read 2,488,962 times
Reputation: 278
Mawoods:
Here are the numbers for areas 3&4 in Huntsville:
$350,000-400,000- 10.25 month supply....OUCH (buyers market)
$400,001-450,000-6.02 month supply (level supply)

Numbers for Madsion (area 5)
$350,000-400,000-8.50 months supply (buyers market)
$400001-450,000-12.03 months supply Ouch again. (buyers market)

Hope this helps! If you'd like more, just let me know! I'll check in later
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 12:26 PM
 
369 posts, read 1,140,394 times
Reputation: 106
Quote:
Originally Posted by isellhuntsville View Post
FYI when reading the figures: The National Association of Realtors considers 6 months or less a buyers market, and those figures hold true nationwide, typically.
I assume you mean 6 months or more is buyer's market.
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 02:25 PM
 
Location: Madison, Alabama
956 posts, read 2,488,962 times
Reputation: 278
mm42: yes, that is what I meant. 6 months or less: Sellers market , over 6, Buyers market. My fingers were working faster than my brain. No surprise there. Thanks for pointing that out!
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 03:41 PM
 
1,178 posts, read 2,821,151 times
Reputation: 509
So why are builders and sellers in these categories not willing to give a little? Not even the real estate people are saying it is a buyer's market!! All I hear is Huntsville is doing great and we should pay full price and thank them for allowing us to do so.Sorry if I am cynical but I am not impressed right now with the market here. The rest of the economy will be an influence and Huntsville area is not totaly immune from what happens in other areas.
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 04:19 PM
 
369 posts, read 1,140,394 times
Reputation: 106
Quote:
Originally Posted by Mawoods View Post
So why are builders and sellers in these categories not willing to give a little? Not even the real estate people are saying it is a buyer's market!! All I hear is Huntsville is doing great and we should pay full price and thank them for allowing us to do so.Sorry if I am cynical but I am not impressed right now with the market here. The rest of the economy will be an influence and Huntsville area is not totaly immune from what happens in other areas.
I think quite a bit of "give" is going on in the market, especially for properties that have been sitting a while.

You hear the "98% of list" figure tossed around a lot, but many times that is after the price has been reduced to a reasonable level.

I've seen a lot of price reduction going on. A lot of sellers have been asking prices too high for the market to bear.

When we bought our house in June, we ended up at about 93% of list, and that was after the property had been reduced in price and upgrades made to the interior. A house down the street sold for 90% of list. This is a desireable neighborhood in Jones Valley.
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 06:36 PM
 
Location: Madison, Alabama
956 posts, read 2,488,962 times
Reputation: 278
Mawoods-I sure could not agree with you more. I relocated here last year, from the Nashville area. We were in a declining market, and I suppose I learned the hard way then. We (all the Realtors) were so spoiled with an upswing in the market, that it hit us like a ton of bricks when the market crashed. It honestly took the majority of us a few months to "get" what was going on. When I moved here, I suppose I was ready and all "practiced" up, from a declining market, lol.

While I do agree that for the most part, Huntsville is stable, there certainly are areas that need to reduce inventory. I have seen several price reductions and have agents calling after I show their listings asking to "just make an offer". I sure don't tell my clients to offer full price. Granted, I pull numbers, absorption rates, etc., so we can make an educated offer, but at least try to get something. IF it is a buyers market price range, go for the kill and pray for the best, I say. My saying is "If they take your first offer, you are paying too much"...In a sellers market, of course it is a different story, no doubt. I have had a few buyers in a popular price range that lost the home due to multiple offers, within the past 4 months. Below 250,000, Madison.

It's always best to have statistics, (inventory rates, etc.) so you will know how to position yourself when making an offer, make an educated offer and leave emotions at home If you don't get the first home you love, there is always a reason. Something better is waiting for you around the corner!
Reply With Quote Quick reply to this message
 
Old 10-23-2008, 09:26 PM
 
1,178 posts, read 2,821,151 times
Reputation: 509
Thanks ISELLHUNTSVILLE!!!!!!! I feel better. I am not crazy and we are doing EXACTLY what you said. Leaving our emotions alone and making offers. UNFORTUNATELY, we haven't gotten 3 houses even though we were not unreasonable. We are now just going to cool it and lay off looking and try after the elections in November. Never had so much trouble finding a house. Granted I am picky - not willing to pay money to look at the back of Publix and not one stick of trees in the yard. LOL!!!!!!!!!!!!!
Reply With Quote Quick reply to this message
 
Old 10-24-2008, 07:54 AM
 
86 posts, read 185,708 times
Reputation: 24
Maywoods, I think you are in the catbird's seat. We have not seen what impact, if any, the recent financial crisis will have on the Huntsville real estate market. We are also heading into the slower real estate season.

True there are some sellers/builders that are in a position to just wait it out, they know there is pent up demand in the Huntsville market due to BRAC and many people relocating here are just waiting on their previous home to sell before they enter the market in a serious way.

Other sellers/builders are not in such a position and need to sell. Nonetheless, they will all feel the pressure of the slower seasonal trend over the next three months and if you continue to be patient you are likely to not only find the home of your choice but buy it at a price that will likely appreciate rapidly when the bulk of the BRAC moves occur in the 2010 - 2011 time frame.

Kind Regards,

Tim
Reply With Quote Quick reply to this message
 
Old 10-24-2008, 10:00 AM
 
1,178 posts, read 2,821,151 times
Reputation: 509
TimG I appreciate your kind words. I have another thought that many sellers/builders aren't taking seriously enough. MANY of those BRAC people when they FINALLY are able to sell and have taken a big loss will not want the high priced houses that most builders are putting in. We aren't with BRAC but because of the dead market in Atlanta took 8 months to sell and the only reason we did is we slashed the price way down and took a big loss. Fortunately we still have cash equity but because we lost so much of it we are being VERY cautious and unwilling to buy just anything when even here values have to be affected. So because of the economy we are also being cautious. Here we are with credit in the 800 range, cash in the bank and preapproved and can't find a house we like and we think is priced correctly. It is almost a nightmare.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Alabama > Huntsville-Madison-Decatur area
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top