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        <title>Huntsville, Al Real Estate Blog</title>
        <link>https://www.mattcurtisrealestate.com/HuntsvilleAlRealEstateBlog/2024-09/</link>
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    <guid>https://www.mattcurtisrealestate.com/HuntsvilleAlRealEstateBlog/huntsville-al-housing-market-report--august-2024.html</guid>
    <link>https://www.mattcurtisrealestate.com/HuntsvilleAlRealEstateBlog/huntsville-al-housing-market-report--august-2024.html</link>
        <author>info@mattcurtisrealestate.com (Matt Curtis)</author>
        <title>Huntsville, AL Housing Market Report | August 2024</title>
    <description> <![CDATA[ 
Huntsville Housing Market Report | August 2024








The latest housing market data for August 2024 provides key insights into affordability, inventory levels, and the overall balance of supply and demand. Housing affordability in North Alabama has improved, with the median household income now aligning closely with the median home price. Inventory levels have seen a substantial rise, returning to 2018 figures, creating more options for buyers and signaling a shift towards a balanced market. The Huntsville, Athens, and Morgan County submarkets all exhibit unique trends, with some areas experiencing a noticeable uptick in sales and others providing more affordable opportunities for homebuyers. Understanding these trends is essential for both buyers and sellers as they navigate the evolving real estate landscape in North Alabama.


 


Key Takeaways from the August 2024 Housing Market Report


Housing affordability is now near balance, with a score of 98. This means the median household income can largely afford the median-priced home. This is significant, as we had been hovering in the low 90s, slightly outside the ideal affordability range in the Huntsville market. Affordability has improved thanks to a combination of dropping interest rates and slightly lower home prices compared to their summer highs. This is great news, especially for first-time buyers entering the market in Q4 and into 2025.


I expect some of the best homebuying opportunities to emerge over the next couple of months. This is partly due to the current climate of fear and uncertainty, influenced by the upcoming election and potential recession. This window might be short, though, as rates are falling quickly, and the Fed is signaling further cuts, which will likely increase demand in 2025. With the current uncertainty and dropping interest rates, this period presents a strong opportunity for seasoned investors and savvy first-time buyers looking to enter the market.


Good news for buyers: inventory levels have returned to 2018 levels, thanks to a 35.7 year-over-year increase in homes on the market. We're officially in a balanced market, with 4.1 months' worth of supply. A balanced market is typically defined as having 4 to 6 months of inventory.


If you're considering a townhome, they are currently a great deal. Townhome supply has surged by 157.2, putting the market in a buyer’s zone with 6.6 months of inventory. A buyer’s market is defined by anything above six months of supply. I've spoken with local developers, and some are starting to pull back on future townhome projects due to the reduced demand. Townhomes were once considered an affordable option, but they haven't been well-received by buyers as prices increased. Developers are withdrawing, creating a unique opportunity to strike a deal on new construction townhomes now.


Huntsville, AL Housing Market Report


Let's take a look at the Huntsville submarket. The average sales price in Huntsville continues to rise, increasing by $9,000 year-over-year to $381,000. This is down from the summer peak of $390,000, but the overall trend is still upward. Home sales remain relatively flat, with 644 homes sold compared to 630 last year, marking only a 2.2 increase. This trend of flat sales is consistent not only across Alabama but throughout the U.S. as well.


Both 2023 and 2024 have been slow years in terms of sales volume, largely due to higher interest rates. To put things in perspective, the U.S. housing market peaked during the pandemic with over 6 million homes sold, while 5 million is considered more typical. Currently, the national figure is in the low 4 million range, indicating a continued downtrend in the number of homes sold.


The good news for buyers is the significant increase in available homes. The number of homes on the market has surged by 58.2, from 1,678 to 2,655, offering more options for those looking to buy.


Athens, AL Housing Market Report


Now let's shift to Athens, which has become a standout in the region. The average sales price in Athens has risen by $10,000 year-over-year, reaching $380,000, up from $370,000 last year. Like Huntsville, the average price in Athens has dipped from its summer peak of $393,000.


In contrast to Huntsville, Athens saw a significant jump in home sales, with a 42.9 increase. A total of 223 homes were sold this year, compared to 163 last year. This increase is partly driven by the growing inventory, which has seen a 65.7 rise, from 578 homes to 958 homes on the market.


Morgan County Housing Market Report


Morgan County is emerging as a popular choice for buyers seeking affordability as prices in Athens and Huntsville continue to climb. The average sales price in Morgan County fell by $4,000 year-over-year, from $295,000 to $291,000, also down from the summer high of $297,000.


Home sales in Morgan County saw a solid 19.8 increase, with 151 homes sold compared to 126 during the same period last year. Like other markets in the region, the number of homes on the market has also grown, with a 49.5 increase, rising from 311 to 465 homes. Decatur remains an affordable and attractive option within the North Alabama housing market.


New Listings, Pending Sales, Closed Sales, &amp; Days on Market


Looking at the overall market, new listings are relatively flat year-over-year, with a 3.6 increase: 1,479 listings in 2024 compared to 1,428 in 2023. Pending sales are up 6.5, with 1,144 homes under contract versus 1,074 last year, signaling some positive movement. Closed sales are also mostly flat, rising just 2.8 from 1,075 to 1,105 homes.


Days on market has increased significantly, with a rise of over 33. Homes are now staying on the market for an average of 40 days, compared to just 29 days last August. This shift points toward a more typical market pace.


Average Sales Price &amp; Percent of List Price Received


The average sales price in our area increased by 2, going from $346,188 to $353,031. This is a noticeable drop from the summer high of $371,865.


For sellers wondering how close they can expect to get to their asking price, the percent of list price received hasn't changed much year-over-year. It was 98.4 last year and has slightly decreased to 98.1. However, that number can be misleading, as many builders are using negotiations like rate buy-downs and closing cost credits, which aren't directly reflected in the sales price. Factoring in these hidden negotiations, we're likely closer to a 97 list-to-sale ratio, which is typical for a balanced market.


Housing Affordability &amp; Months' Worth of Supply


A major development for homebuyers is the improvement in housing affordability. We've been experiencing a housing affordability crisis, with affordability scores in Huntsville dropping from highs of 170 to a low of 91. A score of 100 means the median household income can afford the median-priced home. We've been below that threshold, but we're now back near equilibrium with a score of 98, which is great news for the North Alabama market.


Supply has also increased, from 3.1 months' worth of inventory to 4.1 months. We're now in a balanced market, with supply levels between 4 to 6 months considered ideal. Some submarkets are even exceeding 4.1 months, putting them in a buyer's market, while certain price points remain in a seller’s market.


If you're considering selling or buying a home, it's essential to understand the specific market conditions in your area. At Matt Curtis Real Estate, we break down supply levels by price point and school district during our listing and buyer presentations to provide tailored advice.


Overall Housing Inventory


Overall, housing inventory is up 35.7, with 4,131 active listings compared to 3,044 last year. While this increase may seem significant, it only brings us back to 2019 levels. We're still not at the supply levels typically seen in the Huntsville market.


As we've reviewed these broad market statistics, it's important to remember that every submarket—whether based on price point, school district, or location—operates differently. For a detailed analysis of your specific situation, reach out to Matt Curtis Real Estate, the number one real estate team in Alabama for the past five years. We’re here to guide you through the process, whether you're selling or buying, and help you make informed decisions about your investment.


 



 ]]> </description>
    <pubDate>Fri, 27 Sep 2024 15:12:00 -0500</pubDate>
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    <guid>https://www.mattcurtisrealestate.com/HuntsvilleAlRealEstateBlog/new-homebuyer-agreement-requirements-you-should-know-about.html</guid>
    <link>https://www.mattcurtisrealestate.com/HuntsvilleAlRealEstateBlog/new-homebuyer-agreement-requirements-you-should-know-about.html</link>
        <author>info@mattcurtisrealestate.com (Matt Curtis)</author>
        <title>New Homebuyer Agreement Requirements You Should Know About</title>
    <description> <![CDATA[ 
New Homebuyer Agreement Requirements You Should Know About





Recent changes in the U.S. real estate landscape are affecting the way agents and buyers approach the home-buying process. With the proposed $418 million settlement in the National Association of Realtors lawsuit, significant shifts are occurring that impact buyer agreements and agent commissions. Attorneys and large corporations like BlackRock stand to benefit from these changes, leaving many wondering how buyers fit into the picture. This article breaks down the implications for buyers, including new requirements for signing agreements before viewing homes, and how to navigate commission negotiations with agents.


Who Are the Real Winners?


The U.S. real estate process was once the envy of the world, but now agents can’t even show a home to their own family without having a buyer agreement signed due to the proposed $418 million settlement in the National Association of Realtors lawsuit. Who are the real winners here? Unfortunately, the biggest winners appear to be a few specific groups. First, the attorneys are set to collect around $256 million from the settlement. As is often the case in lawsuits, they come out ahead.


The second group that may benefit is large corporations like BlackRock. There’s a growing movement toward corporate ownership of housing, with companies like BlackRock buying homes in various neighborhoods. It seems possible that these companies are behind this settlement, hoping to gain from potentially lower commissions if those changes are implemented.In my opinion, these are the two main winners. Buyers, on the other hand, don’t seem to benefit much from this settlement.


How Does This Impact Homebuyers?


If you’re considering buying a home, how does this affect you? The biggest change is that a buyer agreement must now be signed before viewing a home. I think this could be beneficial because buyers should take their time before jumping into the home-buying process. We always encourage buyers to schedule a consultation. During a buyer consultation, we walk you through the entire process, help you plan, and review some of the costs involved. We’ll discuss the benefits of owning versus renting and help you form a winning strategy, especially in the case of multiple offer situations.


So, the buyer consultation could be one positive result from this change. You will need to sign the buyer agreement upfront. However, if you’re not sure about hiring the agent, you can adjust the agreement to cover a specific home or shorten the period. At Matt Curtis Real Estate, you can even cancel the agreement if you’re uncomfortable with the agent you’re working with. It may sound like a significant change, but we’ll make the process straightforward and easy for you.


Changes in Buyer Agent Commission


Another change is the way buyer agent commissions are handled. The commission will no longer be listed in the MLS. What does this mean for you as a buyer? Some agents may panic because they won’t know how much they’ll be paid, which could lead to them calling other agents to find out commission rates. I believe this is the wrong approach. Instead, work directly with your agent to determine a reasonable fee for their services. If you don’t have the funds to cover this, you can ask the seller to include these costs as part of your offer.


Your agent can negotiate these funds so you don’t have to pay out of pocket. We have this figured out at Matt Curtis Real Estate, and we’ll guide you through it. We aim to ensure you understand the process and provide an excellent experience.


We're Here to Help


At Matt Curtis Real Estate, we have this process figured out, and we’ll guide you through it. You can always adjust or cancel the buyer agreement if you’re unhappy with our services. We want to make this process as smooth as possible for you, and our goal is to earn your five-star review at the end.
 ]]> </description>
    <pubDate>Fri, 20 Sep 2024 14:09:00 -0500</pubDate>
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    <guid>https://www.mattcurtisrealestate.com/HuntsvilleAlRealEstateBlog/selling-your-home-heres-why-home-sellers-choose-matt-curtis-real-estate.html</guid>
    <link>https://www.mattcurtisrealestate.com/HuntsvilleAlRealEstateBlog/selling-your-home-heres-why-home-sellers-choose-matt-curtis-real-estate.html</link>
        <author>info@mattcurtisrealestate.com (Matt Curtis)</author>
        <title>Selling Your Home? Here’s Why Home Sellers Choose Matt Curtis Real Estate</title>
    <description> <![CDATA[ 
Selling Your Home? Here’s Why Home Sellers Choose Matt Curtis Real Estate








When it comes to selling your home, choosing the right real estate team can make all the difference. From exceptional five-star reviews to an unmatched marketing strategy, Matt Curtis Real Estate stands out as a leader in the field. Sellers trust our specialized team approach, which ensures that every step of the process is handled with precision and care. Our proven track record of success, backed by numerous awards, speaks to our ability to help you achieve your goals. Beyond real estate, we also prioritize giving back to the community, both locally and globally, making every home sale an opportunity to make a difference.


1 Five-Star Reviews Set Us Apart


The first reason many sellers reach out to us and ultimately list with us is because of our reviews, particularly our five-star reviews. Think about it this way: if you're going to a restaurant this weekend, you're not going to pick a three-star restaurant—you'll want a five-star experience. It's the same with real estate. At Matt Curtis Real Estate, we have more five-star reviews than any other real estate team or company in North Alabama, and in fact, the entire state. You can check out our reviews on both Google and Zillow. Across those two sites, we now have over 3,000 five-star reviews.


2 Unmatched Marketing Strategies


The second reason is our marketing. We've been investing millions of dollars each year for over a decade, building a database of more than 115,000 potential buyers. Many of these buyers are actively searching on our website. When you hire a good agent, they will market your home.


A bad agent will just put a sign in the yard, list it on the MLS, and hope it sells. A good agent, though, will have a marketing plan. What sets us apart is that we’re already marketing before you even contact us. With our database of over 115,000 potential buyers, we can match buyers to your home based on price, recent activity, and the areas they're interested in.


Another aspect of our marketing includes our email newsletters and social media. Our email newsletter alone has over 50,000 subscribers, and many of our listings are featured as the home of the week, giving them extra exposure to potential buyers. We believe the first showing happens online, not in person, so we invest in making sure your home looks great online.


That starts with professional photography, and we go beyond what most agents offer. Every home we list includes drone photography, and for certain sellers, we offer additional features like 3D tours and Zillow showcase listings. You can ask our listing agents about these packages. The bottom line is, our marketing is unmatched, with a database of over 115,000 buyers that no one else in the market or the state has access to.


3 A Better Experience with a Specialized Team


The third reason many sellers choose and continue to work with us is because of our team approach. Earlier, we talked about picking a three-star restaurant versus a five-star one. A similar analogy applies to how our team operates compared to other agents. Imagine going to a restaurant where one person greets you, takes your order, cooks your food, and buses your table. You probably wouldn’t go back, and they wouldn’t even get a three-star rating from you. Sadly, this is how many real estate agents operate, trying to juggle too many tasks.


Agents often get overwhelmed by vacations, illness, or handling too many clients. This can cause important parts of the process to slip through the cracks. In real estate, there are many roles involved, and we divide these responsibilities among our team members to ensure you receive top-notch service at every step. When we meet with sellers like you, we focus solely on you, turning off our phones to give you our full attention. Most agents can’t do this because they handle every aspect of the business themselves.


In contrast, our business continues to run smoothly even during meetings. We have dedicated agents to handle incoming calls, so if someone inquires about your home, they are promptly assisted. Our closing team is also in place to help with any questions you may have about your closing, settlement statement, inspection scheduling, or inspection report. You’ll receive consistent, high-level service from our specialized team members. Additionally, we have backup agents in case someone gets busy, sick, or goes on vacation. With us, you’re never left without support, which is a major reason sellers trust Matt Curtis Real Estate.


 


4 Why Our Success Means Your Success


The fourth reason sellers choose the Matt Curtis Real Estate team is because of our track record of success. We’ve been the number one real estate team in Alabama for the past five years. We’ve won multiple &quot;Best of Business&quot; awards in Madison and Huntsville, as well as national and international website awards, and other prestigious honors like “Best of Zillow”. These recognitions reflect our success as a company, but more importantly, they show that we’re focused on helping you succeed in your home sale. Our goal is to ensure your success and earn a five-star review from you.


5 We Give Back


Sellers love working with Matt Curtis Real Estate because they get five-star service, exceptional marketing, and the support of a dedicated team. But beyond those reasons, we also believe in giving back, which means a portion of our profits goes toward making a positive impact both locally and globally.


Locally, we support Kids to Love by helping build the Curtis Cares facility, which stores supplies for foster children in our area. We've also contributed to their cottage projects, which assist kids aging out of foster care. In addition, we proudly support House of Harvest, a local food bank serving our community.


Globally, we've built 141 homes in Nicaragua through our Nicaragua Project. With the current situation in Nicaragua, we're shifting some of our funds to other areas. For example, we're now supporting an orphanage in Guatemala and preparing to break ground on a few homes there as well.


When you sell your home with Matt Curtis Real Estate, you’re not just getting five-star service, expert marketing, and a team approach—you’re also helping to impact both local and global communities. If you're interested in getting started, get a free home valuation, or call us at 256-333-MOVE to schedule a free consultation today.



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    <pubDate>Fri, 13 Sep 2024 15:11:00 -0500</pubDate>
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