The following report is calculated by the Alabama Center of Real Estate. This report, along with more detailed information, can be found on their website: http://arerec.cba.ua.edu/  Are you considering a move into or out of Lee County Alabama? If you would like to receive these monthly reports, emailed directly to you, along with other local area information, feel free to contact me with a request.   

NOTES from HOME: Nationwide appraisals need a gauge adjustment, to determine the difference between a well cared for home and one that is completely run down. The current system is delivering disproportionate comps and severely complicating and slowing down home sales. 

The National Association of Homebuilders (NAHB) called on Congress this month (October) to take a leading role in the housing market and help get America back on its feet, by addressing the appraisal issue, and also to extend---and even improve--- the $8000 first-time homebuyer tax credit, suggesting it be offered to anyone who is purchasing a principal residence.

"Not only are we continuing to feel the impact of foreclosures and short sales in the market, but we're facing a severe credit crunch for acquisition, development and construction (AD&C) lending," said Robson. "Meanwhile, the use of foreclosed and short-sale properties as comps is resulting in inappropriately low appraisals that are effectively sinking one quarter of all new-home sales right now. Add to this the fact that demand and home sales are already showing signs of slowing with the pending Nov. 30 expiration of the first-time home buyer tax credit." (NAHB) 

ACT SOON to take advantage of the $8000 tax credit, offered to qualifying buyers that close on a home by November 30th.

BENEFIT FOR FIRST-TIME HOMEBUYERS - The Tax Credit Advantage

Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.

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Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.