Alabama Home Sales Rise for the First Time in 6 Years

February 9th, 2012

The National Association of Realtors reported this week that for the first time since 2005, Alabama's home sales experienced the first year-over-year increase in sales, snapping 5 years of dropping sales figures. Alabama's sales in 2011 grew 2% over 2010, and even bested the national market by 1.7%.

The outlook for Alabama's home sales in 2012 remains positive as it looks like the worst of the market is certainly behind us. 2012 and 2011 also will not have federal tax credit data interfering with true trends (as did 2009-2010), which only heightens the anticipation and expectations for the upcoming year.

For more information on home sales data, visit the Alabama Center for Real Estate here!

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Mortgage Rates Drop Again – This Time to 3.87%

February 7th, 2012

Nope, 3.87% is not a typo, you read it right. Last week the 30-year fixed mortgage rate fell to a new low average of 3.87%, while the 15-year fixed hit 3.14%.  According to CNNMoney, this marks the lowest rates have been in 40 years of the Freddie Mac Primary Mortgage Market Survey.

This news came on the heels of the President's plans to help make refinancing available to more homeowners. The time has never been better to purchase a new home. Just one year ago the 30-year rate was averaging slightly under 5%. At this rate on a $250,000 refinance or purchase loan, the average borrower would save over $1600 a year compared to today's rates. On the same loan amount, the 7% rates of just a few years back would have cost borrowers over $6000 per year more than what the same loan amount would cost today.

Could rates go lower? Maybe. But keep in mind that mortgage rates are determined by several economic (and federal) factors. What this means is that with the dropping unemployment rate and shrinking foreclosure market, the 7% rates of yesteryear could return sooner than we realize . The time to purchase has never been better and buyers are certainly encouraged to take advantage of this opportunity before these record rates start their inevitable climb back upward.

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New Homes Alabama

2012 Forecast Says Birmingham Home Sales to Increase 7%

January 24th, 2012

The Birmingham News reported last week that forecasts from local real estate analysts expect Birmingham's home sales to rise over 7% in 2012. This comes on the heels of other positive real estate news as the National Association of Realtors also reported that nationwide home sales have increased for the 3rd straight month.

Tom Brander, the local real estate analyst who made these initial forecasts, did note that a 7% increase would be a considerable jump over the 2% increase from 2010 to 2011. One factor, he mentions, for the rise in 2012 should be the increased availability of new homes. Builders slowed their projects during 2010 and 2011, but as the foreclosure inventory eventually shrank the basics of supply and demand kicked in. Nearing the end of 2011 builders started taking on more projects again as demand steadily increased. As builders continue with new units the disappearing foreclosure market should help boost both sales and prices, making for a very interesting year.

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Home Sales Improve For 3rd Straight Month

January 23rd, 2012

stk119186rkeDecember marks the third straight month of positive home sales growth nationwide.

According to the National Association of Realtors, nationwide home sales for the year are up nearly 2%, while December alone saw a 5% bump over November. December 2011 also had a 3.6% increase over December 2010. Current mortgage rates,home prices, and a growing job market have finally tempted potential buyers into taking action before the opportunity is missed.

Other signs of the improving market are inventory and homebuilder traffic. Builders have reported more customer traffic and project contracts in the last few months. Available inventory is quickly shrinking as well, down to 2005 levels, which drives up demand and pricing for many communities.

Needless to say, realtors and builders are very excited over the outlook for the 2012 real estate market.

For more information on the new homes for sale at Ross Bridge, contact our friendly sales team today.

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New Homes Alabama

Kiplinger Names Birmingham to Great Retirement Cities List

January 5th, 2012

 

The online business publication, Kiplinger, recently has named Birmingham Alabama to its short list of the nation's great retirement cities!. The site listed one of Birmingham's biggest draws as being the "big city living with a Deep South discount."

With income-tax exemptions for social security benefits, military pensions, and other qualified pensions, Birmingham certainly is friendly for those drawing on their retirement plans. The article also mentions that the state's  taxes per capita beat the national average by $700, and on top of that older homeowners are not required to pay property tax. The financial benefits for retirees are undeniable. 

Warm weather, great golf courses, and a lot of that Southern Charm have also helped solidify Birmingham as a fantastic city to retire.

To read more about Birmingham and to view the entire list, visit the Kiplinger article here!

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New Homes Alabama

NEW Interactive Site Map

December 20th, 2011

 

Check out our new interactive site map and stop in to the Welcome Center to learn all about our newest Neighborhood at Ross Bridge – North Hampton!

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New Homes Alabama

Birmingham’s October Sales Jump in 2011 over 2010

November 13th, 2011

 

The Birmingham Association of Realtors reported late last week that residential sales totaled 803 in this past October, a significant 43% increase over October 2010. Inventory continues to shrink as well, down to 8,778 in October, a big improvement over the 10,422 units available during the same time last year.

Foreclosure sales still make up a large portion of the data, however this marks the 3rd straight month of increasing sales for the region.

At Ross Bridge we have plenty of new homes for sale, all set within our gorgeous and amenity-packed community. Contact us today to speak with our friendly team about the homes available at Ross Bridge!

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New Homes Alabama

Birmingham Sales Up 25% This Year

November 8th, 2011

 

The Alabama Center for Real Estate (ACRE) at the University of Alabama released a report on residential sales data in the Birmingham area, comparing 2010 YTD to 2011. Although area sales arent yet back to their 2006 peaks, activity has grown and data has improved considerably in the last year.

Through September this year  residential sales have risen to 905, an incredible 25% improvement over the same period last year. Birmingham also lead the major metro markets in average home price, increasing over 2% YTD to $173,541.

Finally, the report showed that the Days on Market (DOM) have continued to improve in Birmingham month to month as well, dropping 4.5% down to 105 days from August 2011 to September.

To read more about the report click here, and to speak to our team about our Birmingham homes for sale contact us here!

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Ross Bridge Named to Best North American Golf Resorts

October 24th, 2011

Earlier this week Golf Digest magazine ranked Ross Bridge to its list of 75 of the Best North American Golf Resorts. Over 1,000 panelists picked the Renaissance Ross Bridge Golf Resort & Spa to join the exclusive list alongside of names like Ritz-Carlton, Four Seasons and Pebble Beach.

As one of Alabama’s hottest selling new homes communities, Ross Bridge and its residents are honored to be part of such a prestigious list. The four-diamond resort and golf course, which is part of the famed Robert Trent Jones trail, is a perfect complement to the gorgeous community and a popular amenity. The 8,191 yard course draws golf lovers from around the world while the resort’s European spa exceeds the highest standards in luxury.

Click here to read more about Golf Digest’s list and the reasons why Ross Bridge was selected. To speak with our friendly team to about the beautiful new homes for sale at Ross Bridge, contact us here!

 

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New Homes Alabama

September 2011 Home Sales Up 25%

October 14th, 2011

 

As reported this week by the Birmingham Association of Realtors, Birmingham's home sales are up 25% in September 2011 compared to the same month last year. Throughout the region sales in Jefferson, St Clair, Blount, and Shelby counties rose from 723 sales in September 2010 to 905 sales this past month. The report also mentioned that Birmingham's inventory of homes has dropped 13%, down to 9212, this September, further enforcing the market improvement.

Over the last few months the strengthening rental market in Alabama has attracted several new investors. This is good news to the real estate market as a whole since vacant homes that are converted into rental units help decrease available inventory… crucial to balancing supply and demand while improving the value of the remaining homes. In short, the booming rental market in the Birmingham area may help spur even stronger months for the rest of real estate over the coming year.

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