10 Top Reasons to Buy Your Midtown Montgomery Home Now

By on 13 January, 2011 in Real Estate, Sandra Nickel with 0 Comments

Forgive me if I sound like a salesperson.  Oh, yes…I AM a salesperson. And I am also the number one cheerleader for Midtown Montgomery and darned proud of it. The Montgomery real estate market made the news recently. And it was a good news story. SMART MONEY Magazine identified Montgomery as one of the areas very least likely to see further decline in home prices. Their data came from a source called the PMI Group and projected that Montgomery had only a slim chance of further decline, fourth only among the 40 markets cited. That article got me thinking about all the really good reasons that a buyer should be making a move now instead of continuing to wait. So—at the risk of sounding like the salesperson and cheerleader I’ve already admitted I am—here’s my top ten list.

10. Buying a Midtown Montgomery home is low-risk. See above.

9. Buying is cheaper than renting. At 2010 year-end, the average Midtown home sale was $135,873. You can own that home for about $880 per month. Renting the same home would run $1,000 or more.

8. As a buyer, you have incredible choices. The inventory of homes for sale is unusually high and is bound to diminish as the market improves. Time is no longer on a buyer’s side.

7. Interest rates are, at least for now, still extremely low. Today a 30-year mortgage can be had by a credit-worthy borrower for about 4.5%. Short of just giving the money away, it’s hard to imagine how banks could be more buyer friendly.

6. Credit is widely available. Don’t be fooled by the media hype. A buyer with a credit score in the mid 600’s can get an FHA loan without difficulty.

5. Uncle Sam helps you to make the payments. As long as mortgage interest and property taxes are deductible, tax policy favors home ownership over renting (And REALTORS will “lie down in front of the bulldozer” to stop any effort to change this).

4. Downtown development is making Midtown more desirable every day. Mayor Strange is bound and determined to see downtown flourish. And Midtown benefits with every new business that opens.

3. Midtown living makes commuting easier AND cheaper. With gas going up so does the cost of commuting. And living in Midtown is like having an extra hour in your day—time you don’t have to spend behind the wheel of your car fighting cross-town traffic.

2. It’s not too late to get a good deal on a Midtown home. We won’t know we’ve hit the bottom until we bounce. All indications are that we are at that bottom, or bouncing already (see 1 below).

1. Midtown is leading the market in appreciation. The Montgomery market overall saw prices appreciate in 2010.  Yes, THE AVERAGE SALE PRICE WENT UP!  We squeaked out 1.14% appreciation marketwide. And Midtown beat that by a mile. Midtown’s average sale price in 2010 was 6.43% higher than in 2009.

Sandra Nickel has been listing and selling residential real estate for over 29 years, most with an intense focus on Montgomery’s Midtown neighborhoods. Sandra serves on the Mid-Alabama Coalition for the Homeless, the Cloverdale Business Coalition, Historic Southview, the Volunteer and Information Center, Landmarks Foundation and her own neighborhood Garden District Preservation Association.

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