Midtown Montgomery Market Trends - Sept 2012
With the Presidential election just around the corner, it is time to look at what effect both President Obama and Mitt Romney have on real estate.
A second Obama term could provide homeowners and real estate investors:
- President Obama supports extending homebuyer credit to those interested in purchasing their first home.
- The Obama administration has consistently vouched for mortgage debt relief. While the evaluation of economic observers remain mixed, the Making Home Affordable Program (MHA) offers support for mortgage payment in addition to relief for those facing foreclosure and underwater mortgages.
- The reduction of interest rates under President Obama has made borrowing and loans easier to sustain, which could spell positive ramifications for those who handle their mortgages with prudence.
Mitt Romney as president could provide boons to homeowners and property investors:
- Mitt Romney has frequently been critical of lowered interest rates. Increasing interest rates would prove a blessing for homebuyers with a high volume of personal investments.
- Mitt Romney broadly endorses rolling back government programs like MHA and encouraging the capital back into the private sector. Those who advocate this position (like his recently confirmed running mate) point to it as a means of stimulating the economy and overall curtailing the recession.
- Those who hold faith in government-exempt solutions to lifting the economic quagmire will likely take heart with Romney’s favoring of cutting targeted programs like debt relief and housing loans, and letting the private sector economic gears turn unaltered.
Whoever ends up occupying the oval office come 2013 will quickly be forced to address our national property concerns.
Lets look at the statistics in our local real estate market for August 2012.
Midtown Montgomery real estate sales statistics for August show the number of homes sold decreased by 14% when compared to August 2011. The average sales price decreased by 11% to $100,084 during the same period. The median sales prices decreased by 10%, and market times decreased by 13% or 16 days. The highest selling home price decreased by 24%, and the lowest selling home price decreased by 33%.
| Midtown Montgomery | Aug 2012 | Aug 2011 |
| Homes Sold | 25 | 29 |
| Average Selling Price | $ 100,084 | $ 112,293 |
| Median Selling Price | $ 85,000 | $ 94,000 |
| Days On The Market | 106 | 122 |
| Highest Selling Price | $ 352,000 | $ 465,000 |
| Lowest Selling Price | $ 8,000 | $12,000 |
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.
