Archive for the ‘Alabama Home Sales’ Category

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Friday, April 19th, 2013

Several reports came out last month with great news for Birmingham—home sales are looking up!  Sales around the Birmingham area continued to rise in March revealing a 6% increase from this time last year and a 7% increase compared to the first quarter of 2012.

Since February 2012, new home sales have grown 24.8% and 18% year-to-date—outperforming the nation which saw an increase of 12.3% in February 2013 from 2012. Across the state, 60% of all Alabama metro areas saw an increase in new home sales this past February, as compared to a year prior in 2012. New home sales in five of the major metro markets represented almost 70% of all statewide new home sales transactions.

Prices also showed signs of positive changes for the Birmingham real estate market. The average sold price in March was up 10% from last year with a 6.4% increase in the median sold price.

Birmingham’s city offerings have lead to an overall growing population. The tight-knit urban neighborhoods offer lots of shopping and entertainment options within walking distance of themselves. Statewide, new construction inventory is up 6% since last February 2012 and home builders in the state are continually increasing production to match demand. New housing starts were up 7.7% in February 2013, compared to the month prior, and 12.4% since 2012.

The number of residents in downtown Birmingham has increased by 23% over the last decade. Since 2012 even office space has increased and various city improvements have been initiated such as the new stadium for minor league baseball team, Birmingham Barons, as well as the green space by the rail corridor.

Sources: Birmingham Association of Realtors, Alabama Center for Real Estate (ACRE), US Census Bureau

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Tuesday, April 9th, 2013

For the seventh month in a row, the National Association of Home Builders Index has reported positive improvement for metropolitan areas as identified in its monthly Home Builders/First American Improving Markets Index (IMI) listing.

This past month, Birmingham made the list as one of the 274 metros newly listed in March. The addition of the 200+ metropolitan areas creates a net gain of 15 markets across all 50 states and DC, from the month prior. In February, Birmingham metro area reported a rise 2.8% increase in residential sales and in January it experienced a 10.5% gain in new home sales. This is a 14.3% increase from new home sales in 2012.

“The Birmingham housing market has experienced a steady increase in the number of new homes under construction with decreasing inventory of finished unoccupied homes. These numbers prove that we have reached a stead recover,” said Matt Morrow, Executive Vice President of the Greater Birmingham Association of Home Builders (GBAHB).

NAHB Chief Economist David Crowe reports that “with just over 75% of the 361 metro covered by the IMI now seen as improving, the housing market is on considerably more solid footing than it was at this time last year.”

This listing is published monthly by the NAHB and features metropolitan areas that have shown improvements in economic health. The IMI tracks housing markets in the country, showing improvements in economic health. The index measure three sets of monthly data, gathered independently, to get a mark on the top improving Metropolitan Statistical Areas.

For more information, visit: nahb.org/imi

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Posted in Alabama Home Sales, Birmingham New Homes, Birmingham News, Buying A Home, Financial News, Housing Market News, Mortgage/Financing News, New Homes Alabama | Comments Off

Wednesday, April 3rd, 2013

Tax season is officially over! To share our excitement with you, we’ve compiled some information on how to prepare for next year’s tax season—after all, it’s never too early to start the planning process.

If you’re selling a home, in order to purchase your new home at Ross Bridge, you can add the price of materials and labor—used for home improvements such as plumbing, wiring or a new roof—to the basis of your home, thus reducing the tax owed on the sale of your home.

Don’t forget about the best tax deduction of all! If you just purchased a wonderful new home here at Ross Bridge, you can deduct your real estate taxes, qualifying mortgage interest, and any mortgage interest premiums.

When you purchased your new home, chance are you are paying some type of Private Mortgage Insurance, if your down payment was less than 20%. As long as your mortgage originated after January 1, 2007, your PMI can be deducted from your tax return, assuming of course that you have a PMI.

If you paid mortgage points on your home purchase or home refinance, those points may be eligible for deduction on your tax return too. These points are generally referred to as origination fees and are charged by the lender to originate the loan. The points are often a percentage-based fee and can usually be deducted in their entirety when paid the same year.

Love working at your desk in your pajamas? If your primary office is your home, you might be able to deduct your home office. It should be calculated as a percentage of your mortgage, utilities and repair bills in proportion to your office space in your home.

For more information, check out Realtor.com and the IRS website for specifics. (IRS LINK: http://www.irs.gov/pub/irs-pdf/p530.pdf)

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Posted in Alabama Home Sales, Birmingham New Homes, Buying A Home, Financial News, Housing Market News, Mortgage/Financing News, New Homes Alabama | Comments Off

Monday, March 25th, 2013

We firmly believe that we at Ross Bridge are here to make your life better—whether it’s an element of relaxation that you seek or the simple sense of community. Did you know that your Ross Bridge golf resort community is the perfect location to experience the full bloom of spring?

The new season is all about renewal and rebirth, life and growth. To help ensure you kick off spring the proper way, we’ve prepared a list of ways that our beautiful Birmingham new homes community ensures you fully delight in the joys of the new season.

It starts with renewal

Schedule a session of pampering at our luxury resort spa. Nothing says renewal and relaxation like an afternoon spent with one of our spa treatments or in one of our relaxation lounges and steam rooms. To really prepare for the warm weather, we recommend adding in a refreshing facial, body exfoliation or pedicure.

Embrace the green

What better way to embrace the joys of the new warm weather season then with a round of golf! Get outside and fully rejoice in the blooming buds and spring green trees that make our Robert Trent Jones Golf Trail golf course the ideal place to practice your swing.

Get moving

If you made a pack this New Years to get healthy, then get moving! Take your run from the treadmill to the trails. Looking for something with a little less impact? Embrace our nature trails with a brisk stroll or power walk and breath in the fresh air for a rejuvenating experience that’s sure to keep you on the right course for a healthy and happy 2013.

 

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Friday, March 22nd, 2013

The Alabama Center for Real Estate (ACRE) released its monthly findings this week for residential sales in the state of Alabama, further displaying positive signs of growth for our region. All five major metro areas, including Birmingham, represent 70 percent of Alabama’s positive year-over-year growth rates.

Compared to last February 2012, residential sales this past month improved by 12.6 percent overall in Alabama, outperforming the overall US market which rose 10.2 percent. This growth affirms that a healthy recovery is underway in the housing market, specifically in Alabama.

According to the National Association of REALTORS, February sales were at their highest level since the tax credit period of November 2009. The Alabama metro market has risen 11 percent YTD over last year and statewide residential sales are up 16.4 percent from January with the median selling price for homes rising 8.4 percent from last February.

“Across the nation, most local housing markets have room for sustainable growth, particularly in home construction and sales. As the broader economy heals, expect to see more good news with home prices continuing their recent upward trend, and home sales and housing starts continuing to post strong growth rates,” said Freddie Mac vice president & chief economist, Frank Nothalt.

Sales in the South and West both performed positively in February, compared to February 2012, but all four regions of the US reveal overall annual growth compared to last year. Specifically in the southern regions, sales rose 14.9 percent from February 2012. Of those sales, 22 percent were comprised of nationwide investors, 32 percent represented all-cash sales and 30 percent were made up of first-time home buyers. The average days on market decreased by 5.5 percent in February.

“Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise. Though home prices are rising much faster than rents, historically low mortgage rates are still making home purchases affordable,” said Lawrence Yun, NAR chief economist. “The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive.”

The Alabama Residential Monthly Report is developed in conjunction with the Alabama Association of REALTORS and local associations. For additional information visit, acre.cba.ua.edu.

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Tuesday, March 19th, 2013

2013 is well underway, and with the tax season almost over you may be reevaluating a few financial and personal priorities. Well, if one of your priorities includes making time for life, a golf resort community may be right for you.

Whether you’re looking to start a family, expand your family, or just incorporate a little more leisure into your lifestyle, golf communities are a popular choice for all interests and ages.

Love Golfing?

There are many reasons to consider buying a home in a resort community and if you enjoy golfing than all the more reason to consider buying in Alabama. The Robert Trent Jones Golf Trail is made up of 468 holes of championship golf—the largest golf course construction ever!

Golf resort communities in Alabama, specifically here at Ross Bridge, offer unbeatable access to one of the 11 different Robert Trent Jones Golf Trail sites across the state. The New York Times calls the Trail “some of the best public golf on Earth.”

Golf Not Your Thing?

That’s ok too. Many resort communities boast a variety of social activities and living amenities. Ross Bridge, for instance, provides residents with events year-round, such as Farmers’ Markets and seasonal festivities. You don’t need to be an avid golf enthusiast to enjoy our signature pool, 12,000-square foot European spa and over five miles of activity trails for hikers, cyclists and bird watchers.

Resort communities are great for young families. Between the grassy lawns, playground, clubhouse, and aquatic center with separate baby pools, it’s almost impossible not to love the golf resort-lifestyle!

Everyday or Every Season?

Perhaps you’re looking for your first home, second home, or maybe just considering a regular vacation spot. A golf resort community can offer a variety of real estate options with you in mind. The first time buyer benefits from the security of a community setting, but prides in the independence of a spacious stand-alone home.

Young families can take advantage of the “front porch-friendly” neighborhoods, playgrounds, kiddie pools, seasonal clubhouse gatherings, and plenty of outdoor space. Older families and retired couples can revel in social activities with friends and neighbors and delight in the spa and golf amenities.

Seasonal and weekend “residents” can take full advantage of the resort appeal with familiar faces and reliable features. Golf resort communities truly capture the essence of life and play, while remembering that the vacation isn’t just about the golf. Although, being so close to the Robert Trent Jones Golf Trail, it’s ok if it is!

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Monday, February 18th, 2013

The year 2012 revealed the best performance for home sales in the Birmingham metro area since 2008 with a 10% increase in sales over last year.

The trend continues this year with January home sales beating out January 2012 by a significant margin of 15%, another great indicator that the market in Birmingham is continuing the steady uphill growth observed this past year.

The performance of new home sales in the state received a promising boost in 2012 as Alabama new home sales were up 7.2% over 2011 according to data found by the Alabama Center for Real Estate (ACRE). Out of all the metro areas in the state of Alabama, 80% saw an increase in new home sales in 2012 compared to the sales in 2011.

Alabama new homebuilders continue to increase production to keep up with steadily rising demands of new homebuyers. The ACRE states that the new construction inventory is up by 7.3% in the state from last December.

Another promising sign of new home growth is the 19.3% increase in Alabama building permits from December 2011 to December 2012. Permits overall were up 8.4% in 2012 over 2011 which indicates the confidence builders have in the continued demand of new homes for sale in Alabama.

The entire metro area is seeing increased sales with the strongest markets being in the southern region including Hoover, Alabama homes. The state of Alabama saw a 6% increase in home sales in 2012 over 2011 and the Nation as a whole is predicted to see an 8% increase in home sales.

Out of the 25 local housing markets in the State 18 were reported to have year-over-year sales growths for 2012, which is great news for both consumers and the real estate community in Alabama as demand and value continue to rise. The home inventory for this past December has seen an 8% decrease from a year ago indicating an increase in demand.

After seeing a steady drop in home prices since 2006, when the average price of a home in the Birmingham real estate market was almost at the $200,000 mark, the market is now seeing a steady increase. The average price of a Birmingham home for sale in 2012 was up to $181,797.00. With metrics pointing toward steady growth, many experts are optimistic about the coming year.

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Thursday, January 31st, 2013

The Alabama Real Estate Confidence Index (ARECI) measures the sentiment of real estate professionals and industry affiliates across Alabama on a scale of 0-100, with 50 indicating no change expected.

According to the ARECI, sentiment toward the housing market improved for the real estate community in two important measures- sales indications and price expectations.  The index showed that sales indications improved from 52 to 55 (expansion) and price expectation improved to 50 (neutral sentiment) for the first time in the three years that the survey has been conducted.  The results also showed that participants maintained positive sentiment on the statewide conditions at 53 (same as last quarter).  Inventory expectations declined to 49 from 52 indicating some increases of supply expected.

Coming out of 2012, it must be encouraging for home buyers seeking new homes for sale to see that the real estate community still holds an optimistic outlook toward the 2013 housing market.  Across the state of Alabama, 76% of local hosting market shave shown improvement in 2012 and the Birmingham metro area housing market has specifically had a 16.5% increase in new home sales compared to 2011.  With home prices rising, home values appreciating, and home sales increasing, all indications point toward another positive year for the Alabama housing market.

To read more on this topic, visit the Alabama Real Estate Confidence Index (ARECI)

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Friday, January 25th, 2013

The year of 2012 proved to be one of transition and recovery, from which emerged record low mortgage rates, lowering unemployment, decreasing housing inventory levels, and home prices that began to steadily creep up.  All of these factors could be contributors to why more buyers are choosing to purchase new homes for sale in areas like Birmingham, Alabama.

According to the Alabama Center for Real Estate (ACRE), 80% of Alabama metro areas experienced year-to-date (YTD) increase in new home sales compared to 2011.  Birmingham posted the best results with new home sales up 16.5% compared to the previous year.

This comes as encouraging news to new home communities, such as Ross Bridge, a new golf resort community located in the city of Birmingham.  With new homes priced from the low $200′s, Ross Bridge is very appealing to prospective home buyers searching for new single-family homes for sale.

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Monday, January 14th, 2013

With 2012 over, many prospective home buyers who have been considering purchasing new homes for sale in Birmingham are anxious to know what lies ahead regarding the housing market in 2013.  Recent reports are showing continued positive trends as well as a growing number of local Alabama markets that are displaying substantial signs of improvement.

According to the Alabama Center for Real Estate (ACRE), home sales in Alabama during the month of November were 6.9% higher than the same period in 2011.  Through November, year-to-date (YTD) home sales have increased by 6.4% compared to 2011.

This rise in home sales is consistent with nationwide trends, which posted a 14.5% increase in sales from November 2011, according to the National Association of Realtors.  With lowering inventory levels, record low mortgage rates, and home prices consistently rising on a national level, many potential home buyers have felt a sense of urgency and have chosen to purchase new homes for sale before prices rise higher.

This rise in demand has been felt across the state of Alabama, as 76% of the local Alabama markets are reporting sale growth gains compared to the previous year.  YTD metro area market sales, which are up 9% from last year, have outperformed both midsize and rural areas.

With rising sales, comes rising demand.  With rising demand, comes rising prices.  This trend of rising home prices has also been present in local Alabama markets over the past year.  ACRE reports that the statewide median sold home price in November increased by 7.3% from the previous November.  Now is the time to buy into new golf home communities, like Ross Bridge, as home prices are projected to continue increasing over the course of 2013.

There are five major metro areas that represent 70% of Alabama’s sales, and each has shown positive year-over-year growth rates (except for Tuscaloosa which was down 1%, primarily due to increased demand in 2011).  Prospective buyers who are considering purchasing new homes for sale should find this as encouraging news.  Seeing multiple local markets show considerable improvement over a year’s time is a strong sign that a housing recovery is underway.

According to Global Insight’s latest short-term economic outlook, one of the most important fundamental sectors of the economy, housing, is improving.  They expect 2013 to set the stage for more broad based economic growth and improvement in 2014.

 

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