While in church today, I noticed unfamiliar faces around me with a look of despair and uncertainty probably thinking of a possible Cat 4 hurricane heading toward the Gulf Coast and their homes. I remember Ivan and Katrina when Birmingham became a host to thousands of evacuees. I can’t speak for the entire community, but in the area around the 280 corridor, you find true Southern hospitality. When we approach you and express our concern, we mean it! When we ask, how are you doing, we want to know! When we mention, can we help, we will! Birmingham may not be the biggest city with a fancy skyline or considered a vacation destination, but we represent good, genuine, caring people, who truly mean, “have a nice day!” So, to our friends from the Gulf Coast, “welcome and enjoy your stay!”
Posted by Christina Rickey at 01:20 |
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Hey, where are y’all! The malls are empty, the neighborhood pool is quiet, the parks are disserted, and the only traffic seems to be heading to… It must be the last Saturday of August in the South and opening day for the college football season. Over 7 ½ months have passed since the end of last year’s football season. Since then, nothing has been silenced. The speculation continued through the end of winter, spring and summer until this day. The all sport radio stations have been talking for months about: who blew the big game last season or won the big one; which team is the best or overrated; who has the best offense or defense; what conference is the toughest; what effect will changes in coaching staffs create; and who is in the Heismann running? Speculation! Speculation! Speculation! Football–the South’s other religion–a land of passionate, screaming, loyal fans. It’s time to get out your orange and blue, crimson and white, or green and gold attire. Put out the college flag, hang up the banner, dig out the pom poms, enact your crazy superstitions which have become your tradition, set the tivo, buy the beer, and let the tailgating begin. Whether you’re Auburn, Alabama, or UAB, let it be known, “this is going to be your year”! War Eagle! Roll Tide! Go Blazers! Football season is here, it’s game day, and some will say the “best day of the year”!
Posted by Christina Rickey at 01:43 |
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“Rainy days and Mondays always get me down”. Like the lyrics from the Carpenter’s very popular song in the 70’s, it’s Monday, raining, and I am “talking to myself and feeling low”. The effects of tropical storm Fay have been hovering over the Birmingham metro area all day. The weather has certainly been bleak with continuous rains, gusty winds, and a low cloud deck. So if it’s a cloudy rainy day, that I don’t seem to like, I welcome this rain after coming off three years of drought. Sitting here listening to the wind and rain, I realize how thankful I am that God balances everything in the universe, keeping in sink things we cannot control. I also know tomorrow the air will be cleaner, the trees and grass greener, the flowers a bit brighter, and the streams and lakes a little fuller. So share with me thanks to God for all we have including our families, friends, neighbors; and, yes, even rainy days and Mondays!
Posted by Christina Rickey at 07:36 |
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If you or someone you know is a first time homebuyer or you have a son or daughter who has been thinking about purchasing a home, now may be a great time. Inventory is high, interest rates are still low and pricing is attractive. To better keep you informed of what is happening in the housing sector, I want to share with you an article from the Washington Post regarding the IRS tax credit recently enacted as part of the Housing and Economic Recovery Act of 2008:
Purchasers can shave as much as $7,500 off their IRS bills, though it must be repaid.
By Kenneth R. Harney, Washington Post Writers Group
August 3, 2008
WASHINGTON- Anyone who’s been sitting on the sidelines hesitant to jump into the housing market until conditions settle down should know these dates: April 9, 2008 through June 30, 2009.
They mark the eligibility perio
d for the home purchase tax credit created by the housing bill enacted last week. If you have not owned a house during the last three years – or are considering buying a first home—and you close on a purchase before the end of next June, you may be eligible for a credit of as much as $7,500 against your federal taxes for 2007 or 2009 ($3,750 if you file taxes as a single person).
The next tax credit is expected to benefit hundreds of thousands of buyers. Here’s an overview of the specifics.
The Basic Idea: To jump start housing sales and clear out stocks of unsold real estate, Congress is offering tax credits to encourage new purchasers. Buy any house – new, old, in any location or condition or for any price – within the designated time period and the IRS will cut as much as $7,500 off your tax bill this year or next. For example, if you’re an eligible buyer of a home this year and you owe the IRS $4,000 on your total 2008 income tax bill, your $7,500 tax credit could wipe out everything you owe plus get you a $3,500 refund.
Eligibility Rules: If you own a home now, you are not eligible. If you sold your home more than three years ago and now rent, you are eligible. The same is true if you have never owned a home. Close on a house before next June 30 and you can claim a credit of up to 10% of the purchase price to a maximum of $7,500. If your adjusted gross income exceeds $150,000 ($7,500 for singles), the credit maximum begins to phase down. You cannot claim the credit if you financed the property using a state or local housing agency’s tax-exempt bond mortgage, or do not plan to use the house as your principle residence.
Payback: Unlike some past tax credits, this one must be repaid over an extended period. Starting in the second tax year after purchasing and continuing for up to 15 years, taxpayers are expected to make pro-rata repayments to the government on their federal filings. Over a 15 year period for the full $7,500 credit, the cost would be $500 a year. If you sell the house before the end of the repayment period, and you have no gain on the sale, you won’t be expected to repay the remainder of the credit from the proceeds. If you have a new gain, the “recapture” cannot exceed the amount of your gain. In other words the federal government is taking on all or much of the risk that the value of your new house won’t increase over time.
At its core, the new tax credit works very much like an interest-free loan. You pay the principal back in increments over time, but there is no interest charged to you.
Rob Dietz, an economist for the National Association of Home Builders, says the credit not only will pull first time buyers into the market but also will have a powerful “multiplier effect” as thousands of sellers of these credit assisted houses go out and purchase replacement homes for themselves – extending the effect of the credit into the move-up segment.
How do you claim the credit? If you qualify, you simply request the credit on your tax return for either 2008 or 2009, which will be modified for that purpose.
Even if you purchase in 2009, you can take the credit against your 2008 taxes by filing an amended return. The home builders group is launching an educational website, at www.federalhousingtaxcredit.com, with additional information for consumers.
Posted by Christina Rickey at 10:14 |
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Today’s real estate market is challenging, to say the least. As a real estate professional, it is my job to be aware of home preferences for the buyer and stay on top of the latest trends. Statistics in the Birmingham real estate market indicate it is still a buyer’s market and there is quite a lot of inventory for them to choose. So, what is today’s buyer looking for in a home. Buyers do not want boxed off spaces like living room and dining rooms. They are looking for a lot less formal living areas and they want personal spaces. Since most of the homes in Birmingham are traditional with formal living and dining rooms, what is a seller to do. Where other realtors showing a home may see a living room or dining room, I see a home office, library, home theater or music room. According to the National Association of Realtors, living rooms are a dying breed. Looking into the future, by the year 2016, the living room will have vanished. Today’s savy home buyer is also looking to add living spaces outside which include upscale landscaping, fireplaces, kitchens, gazebos, and courtyards. For privacy purposes, fences and walls are becoming more popular. Maximizing your home’s interior and exterior spaces with modest changes is wise. Improvements to kitchens and baths will always obtain a return on your home improvement dollars. Real estate is ever changing, the up or downturn of a market is local, and our home is our most prized investment. When considering remodeling for personal enjoyment or updating to sell, it is important to know the trends.
Posted by Christina Rickey at 10:59 |
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I started my day today like most. I turned on CNN and listened to the news. It was another day of negative housing and economy news. The reporter said foreclosures are at an all time high, mortgages are harder to get, and the housing market is going through a period of adjustment. I thought here we go again! As a real estate broker, I would be lying if I said the state of today’s real estate market did not concern me. I decided to take the day off and spend some time with my two local granddaughters, Margaret and Emily. Both are beautiful, fun, and amazing beyond compare; and I cherish 
the opportunity of being their grandmother. I can go on and on about Margaret with how smart she is, her fun-filled joy for life, and amazing personality. I will spend another day and another blog focusing on Margaret’s many delights. Today, however, I want to talk about baby Emily. I remember the day Emily was born 18 months ago. We were surprised to learn that day Emily was born challenged with Down Syndrome. As a family we all shared our fears of the unknown. My son, Craig, who I remember just recently as a rambunctious little boy, displayed tremendous maturity as a man and father that day. It was amazing how he stepped up by assuring all of us everything would be ok! I do believe God personally hand picks the parents for these beautiful children. God certainly knew what he was doing when he picked Craig and his wife, Meg, to raise baby Emily. Time has passed and Craig and Meg have done a great job helping Emily grow into a beautiful, happy, and adventurous toddler. Emily brings joy to everyone who comes in contact with her. She smiles, blows kisses, and waves when you enter a room. I recently read something quite profound, “God puts Down Syndrome children on earth for a specific reason. It is evident that God had a hand at work when you look at their faces and see all of the similarities. Children and adults with Down Syndrome look like brothers and sisters and react that way when meeting each other for the first time. How could that not be by design?” I am told Emily is an angel, will never sin, and has a place in heaven. You can see God’s blessings in her eyes. I believe our family is on a rewarding journey with baby Emily. She may take longer to learn to walk, talk, etc., but she will, and it will be on her timeline. I will cherish every milestone, celebrate her accomplishments, and delight in her joy. When the going gets tough in real estate, I will think of baby Emily assuring myself that all is right with the world!
Posted by Christina Rickey at 07:29 |
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MID-YEAR & JUNE 2008
HOME SALES
After 7 consecutive record growth years, mid-year and June homes sales statistics of the Birmingham area residential real estate market show that things have slowed down considerably. Total sales are down, as are prices, yet there are some positive signs: MLS inventory is moving in the right direction with 12,580 listings in June compared to 13,294 a year ago. The Mid-year report shows the average price of Birmingham area homes has dropped only 2% which is significantly less than what is happening in other markets around the country. It’s a buyer’s market here, with many homes to choose from in all price ranges.
Other positive signs have been noted. Foreclosures in the Birmingham metro area dropped 17 percent in June 2008 compared to a year ago. Birmingham’s foreclosures place the city 97th out of a list of 100 major U.S. cities surveyed. The state of Alabama is 45th out of 50 for foreclosures (source: RealtyTrac).
Realtors are listing and selling houses. Birmingham MLS members have sold over 6,700 homes since the first of the year. Don’t compare this year with last year or the year before because 2006 and 2007 were record sales years for the Birmingham MLS.
Current conditions are ideal for buyers. Prices have moderated. Year-to-date average prices in MLS show a 1.6% decrease. These conditions won’t last long. Now is a great time to make an offer on a home.
Inflation fears are in the news. Despite the fact that interest rates are low; sellers are motivated; and prices have moderated, many buyers are still sitting on the fence, waiting for things to “bottom out.” Inflation fears are in the news. Waiting is a risky game. If monetary policy shifts to combating inflation, mortgage rates may go up.
Mortgage loans are available. Contrary to perceptions, conventional mortgages are widely available.
Inventory is wide-ranging with many choices in prices and architectural styles.
Home ownership is the best investment. Home ownership has been – and continues to be – one of the best investments. Nine out of ten Americans consider home ownership to be a sound financial decision. Real estate has delivered the most consistent positive return over any other investment over the last 40 years.
JUNE REPORT
June 2008 Total Sales: 1,253
June 2007 Total Sales: 1,929
This represents a 35% decrease in total sales for this month
June 2008 Average Price: $196,504
June 2007 Average Price: 208,767
This represents a 5.4% decrease in average price for this month
June 2008 Median Price: $164,400
June 2007 Median Price: $170,000
This represents a 3.5% decrease in median price for this month
June 2008 Days on Market: 93* adjusted to exclude new sales
June 2007 Days on Market: 89* adjusted to exclude new sales
June 2008 Inventory: 12,580
June 2007 Inventory: 13,294
This represents 714 fewer listings in the MLS for this month
MID-YEAR REPORT (January through June)
2008 Total Sales: 6,702
2007 Total Sales: 9,317
This represents a 28% decrease in total sales
2008 Average Price: $194,000
2007 Average Price: $198,597
This represents a 2% decrease in average price
This may be a bit of good news…prices have not dropped as much as markets elsewhere
2008 Median Price: $159,600
2007 Median Price: $159,900
No statistical variance…again, a bit of good news
2008 Days on Market: 103* adjusted to exclude new sales
2007 Days on Market: 93* adjusted to exclude new sales
MID-YEAR REGIONAL REPORT:
2008 NORTH Total Sales: 480
2007 NORTH Total Sales: 590
This represents an 18.6% decrease
2008 SOUTH Total Sales: 3,191
2007 SOUTH Total Sales: 4,548
This represents a 30% decrease
2008 EAST Total Sales: 1,803
2007 EAST Total Sales: 2,553
This represents a 29% decrease
2008 WEST Total Sales: 1,228
2007 WEST Total Sales: 1,594
This represents a 23% decrease
RESIDENTIAL INVENTORY IN MLS:
YEAR/MONTH: TOTALS FOR SALE:
2008:
June 12,580
May 12,458
April 12,365
March 12,121
February 11,919
January 11,757
2007:
December 12,642
November 12,979
October 13,438
September 13,560
August 13,582* highest recorded
July 13,477
June 13,294
May 13,183
April 12,895
March 12,524
February 10,840
January 10,330
These statistics compare total residential sales for June 2008 vs. June 2007 as well as Year-to-Date statistics as compiled by the Birmingham Area Multiple Listing Service, Inc. of the Birmingham Association of REALTORS®.
Neither the Birmingham Association of REALTORS® nor its MLS guarantees or is in any way responsible for its accuracy. Any market data maintained by the Association or its MLS does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of the Association or MLS, unlisted properties, rental properties, etc.
Posted by Christina Rickey at 08:28 |
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Last Sunday was a hot and humid 95 degrees in the shade. I did not blame my customers for not wanting to look at property that afternoon. So, I found myself without much to do. After putting on a pair of walking shorts, a tank top, and my tennies, I ventured out with my spouse to take a walk along one of Birmingham’s most beautiful treasurers, Jemison Park in Mountain Brook.
Stopping and reading about the history of the area, I learned that Jemison Park is named after the late Robert Jemison, Jr., who was one of Birmingham’s most important developers for almost 7 decades. Around 1929 Robert Jemison, Jr. started developing his vision for the area called Mountain Brook. This vision included estate-sized home sites along winding scenic roads and commercial development centering along three villages–English Village, Mountain Brook Village, and Crestline Village. With a hilly topography, Mr. Jemison incorporated nature preserves on the adjacent slopes which protected the area from becoming over developed, and he created bridle paths along the way for recreational use. In honor of Robert Jemison, Jr.’s contribution to the area, Jemison Park was dedicated in the early 1950’s. Robert Jemison, Jr. died in 1971, and his vision for an area of unsurpassed beauty continues to this day. In 2005, Gov. Bob Riley awarded a $60,000 grant to pave the 2,400 foot walking trail which winds through many of Mountain Brook’s most affluent neighborhoods. The homes and magnificent architecture poised on well-manicured landscaped lots along the walking trail are breathtaking.
I was most intrigued by the picture post card beauty of the restored Old Mill. The Old Mill was once used for private parties and socials and it is now a private residence. In 2005 the pedestrian bridge adjacent to the Old Mill was taken by a flood. It has since been restored.
If you have the time, you need to take a walk along Jemison Park in Mountain Brook. I thoroughly enjoyed it and will certainly do it again. Next time though, I will wait until fall to see the changing of the leaves and to enjoy a cool breeze in the autumn air.
Posted by Christina Rickey at 09:17 |
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Christina Rickey 
