Home Values & The Real Estate Market in Jefferson County…

First Time Buyer Incentives (anyone who has not owned a home in the last 36 months):10% Tax Credit up to $8,000 (Expires 12/1/2009 … sale must close before this date).

Sellers beware … The buyers are watching the national news and expecting great deals. Most do not understand that the Birmingham market is different from the national market … and certainly different from the markets in Nevada, Florida, California, Arizona, Michigan and Ohio. Another round of foreclosures is on the horizon for this summer! Expectations for Buyers in this market are high as towhat they will get for every dollar spent. Examine your reasons for selling … Are you truly motivated to sell in this market? If you are not a motivated seller and put your home on the market, you create frustration for all and contribute to the market pressuresthat drive prices down. So ask yourself is now really the time for me to sell?

However, it is still a great time to sell if you are moving up in price range … I would recommend a jump of at least 50% in market values …but sell before you buy.

Note homes priced above $250,000 are moving very slowly. Homes above $417,000 (Jumbo loans) are even slower moving due to higher interest rates on jumbo loans often as much as twice the FHA Rates (today’s rates on Jumbos running in the 10-12% range.

Nearby local markets that have suffered substantial drops in market value include: Center Point, Grayson Valley & Pinson.

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