School is back in session at the University of South Alabama and homes near campus are desirable!  16 homes sold in July 2009 in the Springhill / USA  area of Mobile.    The average sales price of $314,591 equated to $118.21 per square foot.  These homes spent an average of 98 days on the market prior to selling. There are currently 177 homes actively listed in Springhill/ USA, and their average prices is $432,847 or $135.99 per square foot.

In Cottage Hill, there is a large inventory of available homes, with 371 on the market.  37 sold in July for an average sales price of $159,819.  This works out to $81.69 per square foot of living area and they spent an average of 87 days on the market. There are currently 62 sales pending in Cottage Hill, with the average sold price of $157,409.

The Downtown / Midtown area of Mobile has a big inventory of 475 homes on the market, with an average asking price of $181,878 or $96.99 per square foot of living area. This is significantly higher than the price of homes which actually sold. In July, 28 sold in Downtown / Midtown for an average of $121,616 or $74.50 per square foot. 

West Mobile/ Semmes continues to be the most active area for Mobile’s real estate market. In July, 61 homes sold in this area for an average sales price of $182,996 and $90.32 per square foot. These homes sold after 92 days on the market.  There are 110 contracts pending in West Mobile / Semmes for an average sales price of $160,829 or $89.39 per square foot. Barbara Reeves, REALTOR, is an expert in these communities and is able to assist you in taking advantage of this market to find your dream home. Visit her at http://www.barbarasellsdaphne.com.

Compared with June home sales in Daphne, July showed a significant decrease in the number of transactions. 27 homes sold in July 2009, compared with 38 in June. Average sales price decreased from $236,074 to $204,421, while the average price per square foot went from $98.15 to $92.43/sq ft. Fortunately, the average time on the market decreased from 145 days to 118.  There are 51 Daphne homes with pending contracts, averaging $103.28 per square foot.

In Spanish Fort, a mere 12 sales in June dropped to 9 in July. The average sales price decreased from  $305,800 to $277,989. Price per square foot, however, made a modest gain. The sales that averaged $106.16 in June climbed to $107.82 in July! Days on the market increased by only 7 days from 89 to 134 in July.

Down the highway in Fairhope, 15 transactions in June grew to 19 in July. Average sales price retreated to March numbers at $249,136. This translates to a price per foot of $103.19. The good news in Fairhope is that the days on the market for July home sales has receded to 149 from June’s 178.  While this is still longer than anyone would like to see, it is a vast improvement over the Spring.  Fairhope has 40 pending contracts, averaging $122.15/ square foot. The active home listings average $456,282 and $172.77 per square foot.  Barbara Reeves, REALTOR, is an expert in these communities and is able to assist you in taking advantage of this market to find your dream home. Visit her at http://www.barbarasellsdaphne.com.

There is no doubt that the first time home buyer tax credit is a great thing but there are a few things to know before you assume that you qualify for the full $8,000.  The tax credit breaks down as follows:
Who qualifies? First time home buyers and people (or spouses) who have not owned a home for the previous 3 years.  You must purchase your home between January 1, 2009 and December 1, 2009.

• What qualifies for the first time home buyer’s tax credit? Only a primary house qualifies.  It does not matter if it is a single family home, duplex, townhome, condo, apartment or co-op, if it is a primary residence it will apply.

• What is the amount of the first time home buyer’s tax credit? $8,000 is the maximum amount of the credit.  There are 2 factors at play when it comes to getting the credit: The cost of the home and the income of the person or married couple purchasing the home.  The credit can be 10% of the closing price up to $8,000 or a person making $75,000 or less or a married couple making $150,000 or less are eligible for the full $8,000.

• Do you qualify for the first time home buyer’s tax credit if your income is higher? Yes and no.  If you make more than the $75,000/$150,000 limit you get less of a credit.  The maximum income is $95,000 for singles or $170,000 for couples.  If you make more than the maximum income you are not eligible for the tax credit.

The tax credit is a real boon for first time home buyers and does not have to be repaid.  If you qualify for the tax credit and have been considering purchasing a new home there could not be a better time.  Low interest rates, low home values and the first time home buyer tax credit all add up to the right time to call an experienced local Realtor.

Resource and for more information: Realtor.org