Homes for sale huntsville Huntsville Alabama Real Estate

Huntsville homes for sale market study February 2, 2011

Filed under: Huntsville Real Estate — Philip Winburn @ 2:48 pm Tags:
The tenant gave notice that he is moving out 2/28/11. Since you do want to sell I thought you would like an updated market survey. The MLS archives from where you bought the house in 2005 shows 1,348 sf. It shows you purchased the house for $134,650 / $100/ psf with seller paying $1,914 of your closing costs. Assuming standard costs, fees, a $2,000 seller contribution to purchaser closing costs and a $420 home warranty for purchaser, you would need to sell at about $146,000 / $108 psf to break even on a sale.
The link below is to a summary of MLS activity in the neighborhood of ranch style (not 2 story.) homes since 01/01/10.
The average sold price of the seven listings was just $87 psf with a range of $74 to $101 psf. The average days on market were long at 125 days an indication these homes sold at near the top of the market. There are three active listings averaging $94 psf with a range of $90 to $98 psf. These houses have been on market since 01/02/11, 10/21/09 and 09/01/10. While we are seeing consistent and accelerating signs that the Huntsville real estate market is improving but fro now it would be difficult to sell on the open market. Even if we found a buyer at the needed price, the lender would have to have an appraisal to justify the sales price. With a lack of comparable sales that would be impossible.
Does your friend still have an interest in purchasing the house?
In contrast our rental market is still quite strong. While we had the house rented at $995 I think we could probably push a little higher to say $1,025. We can start marketing now and if there is little activity we can always increment the rent lower.
Wright Services had taken several calls and made a few visits to the house without charging us regarding the thermostat. The tenant thinks that the thermostat needs to be replaced but Mr. Wright hasn’t been able to catch if malfunctioning. The tenant says there is an ~ 6 degree variance from the setting to the room temperature. The tenant has had a long bout of illness with fever and chills so he could be wrong. The cost to replace the thermostat is around $180. Since the tenant is moving it might be best to hold off on replacing the thermostat.
Posted by Philip Winburn on February 2nd, 2011 8:57 AMPost a Comment (0)
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