Midtown Montgomery Real Estate Market Report for May 2014
All-cash offers are an unusual real estate tactic, but often times are a winning strategy at the negotiating table, and are presently on the rise. The National Association of Realtors® reports market share of all-cash purchases has risen and currently makes up 33 percent of the market. This is a unique trend, especially since the market has experienced a decrease in distressed homes and investor activity.
Economists point out many reasons for this popular trend. One is restrictive lending standards have caused many buyers, especially wealthy ones, to forgo a loan. Another is the aging baby boom generation, many of whom are trading down and paying for their purchase with cash accumulated from decades of equity. Some also point to foreign buyers; home purchases by foreign buyers in the U.S. are increasing and those buyers don’t have the credit history in the U.S. to qualify for a loan.
None of those situations have significantly impacted the Montgomery market. For May, 24% of the sales were all-cash and averaged just $42,500. This indicates they were predominantly investor sales of distressed properties. Now let's look at the other May statistics for Midtown Montgomery.
Midtown Montgomery real estate sales statistics for May 2014, show the number of homes sold increased by 5.7% when compared to May 2013. The average sales price increased by less than 1% to $144,882 for the month. The median sales prices increased by 17%, and market times decreased by 4 days from May 2013. The highest selling price decreased by 5%, and the lowest selling home price decreased by 45% compared to May 2013.
| Midtown Montgomery | May 2014 | May 2013 |
| Homes Sold | 33 | 35 |
| Average Selling Price | $144,882 | $144,725 |
| Median Selling Price | $123,000 | $105,000 |
| Days On The Market | 126 | 140 |
| Highest Selling Price | $635,000 | $665,000 |
| Lowest Selling Price | $9,250 | $17,000 |
For the latest Midtown Montgomery real estate market conditions in your area, please call me at 800-HAT-LADY or visit HomesForSaleInMontgomeryAlabama.com.
Information is provided by the Montgomery Area Association of Realtors and is deemed accurate but not guaranteed.
Usually, when you take money out of an individual retirement account before you reach age 59 1/2, the IRS considers these premature distributions. In addition to owing any tax that might be due on the money, you'll face a 10 percent penalty charge on the amount. This is not the case, however, when you use the money to buy your first investment property. (Note: Technically, you don't have to be purchasing your very first home or building. You qualify under the tax rules as long as you, or your spouse, didn't own a principal residence at any time during the previous two years.) You can use up to $10,000 in IRA funds toward this purchase. If you're married, and you and your spouse are both first-time buyers, you can each pull from retirement accounts, giving you $20,000 to use.
.jpg)
Most school children would probably say that Thanksgiving dates back to the Pilgrims at Plymouth as early as 1621. By the late 1660’s, it had become traditional to hold a harvest festival in New England.
