Is Now the Time to Trade Up and Buy A Home?

Now is the time to trade up and get the home of your dreams.

Do you need more space, want to live in a neighborhood were your kid's friends are a short walk down the block, want a fabulous view, or want a one level so you don't have to climb those stairs anymore? If so, then NOW is the time to capitalize on this unique real estate market. Now is the time to buy a home in Hoover, Alabama.

 Prices are down in Hoover and the greater Birmingham area.  In many cases properties are selling for 2004 prices.  If you want to put the negative spin on it, yes you are not going to get as much for your current house as you would have 3 years ago.  And it's hard for a lot for people to stomach the fact that their neighbor got 10K or 30K or more for THEIR house than you could get for yours today.  However, if YOU tried to buy a house in the neighborhood that THEY moved to, you could get your new house for a lot LESS than the old neighbor paid for theirs. Not only would you pay less, but the tax basis would be less, your insurance amount would be lower than it would have been if you bought then AND you get that house that you dreamed of.

I visited with some people last week to discuss the marketing of their home. That HOME FOR SALE sign will be going up in the next couple of weeks. Their neighborhood was just getting started in 2005 and they were one of the first homes built.  Excellent neighborhood. Three bedrooms on one level with a finished bonus room over the garage.  Nice sized garden home lot with fenced yard with sprinklers and no other house behind you.  They paid right at 250K and finished the bonus room themselves. Right now, a new buyer could expect to pay 250K-260K for this home.  If you had tried to buy this same home in 2007, you would have been looking at a list price in the 290's.  So let's say you pay $260,000 today instead of $290,000 three years ago.  Would you be willing to take 30K less for your house than the new one you are buying if you could trade for a house that you wanted?

A lot of people had started thinking of their house as an investment - expecting to move every three years and get a "rate of return".  When this stopped happening they got caught - just like in the stock market. But for most people your HOUSE is NOT a speculative venture, it is your HOME. A home is a place where you entertain friends, raise a family and enjoy coming home to at the end of a long day.

 Yesterday was New Year's Day.  Many of us took the time to reflect on our lives and where we want to be. Do you see yourself in a different place? Is there a neighborhood you've always wanted to live in?  Do you want to be closer to your children's school or live in a neighborhood with organized activities, or have a great view, or just get rid of those stairs?  Do you want to buy a condo at the beach or a lake house? We all have different desires and many of us had given up on that move to the home we wanted, because it was just out of our reach budget wise.  Well, with this change in the housing market, it's time to revisit our wish list because it may be able to become a reality.

 If you want to take a look at Homes for Sale in Hoover Alabama or the Greater Birmingham area, you can click here and go to my website.  There you'll find everything for sale, with their asking price. They are sorted by location so you can zero in on the part of town that interests you the most.  If you see what I see, call me and we'll develop a plan to get you into that dream home!