The Huntsville-Madison area of Alabama is enjoying growth thanks to new neighborhoods opening in the area, not to mention a few desirable golf courses. On the other hand, sellers of existing homes are being challenged to make their homes more competitive.

"Huntsville continues to enjoy growth," says Realtor Craig Lamar, "as independent and corporate groups relocate to the area bringing new families and individuals to the rolling hills, championship golf courses and diverse cultural lifestyles of the area."

Explains Lamar, "'Southeast' Huntsville offers established neighborhoods and a very competitive market for the best homes. Prices on the best homes are trending up and there are very few available. New neighborhoods are opening up in the south area near Challenger that offer updated amenities and new construction costs are keeping most of those homes at $185,000 and up. Homes available in the "SouthEast" are priced from the low 70's to estate homes.

"Over the last few weeks," he continues, "we are seeing buyers active in the market. With historically low rates, buyers are now making their move and the best properties are being purchased."

Hampton Cove

"Hampton Cove is a maturing, planned community nestled around three Robert Trent Jones designed golf courses," says Lamar. "Over 18 subdivisions in this planned community meet the lifestyle needs of all individuals. Work is now being completed on the Hampton Cove Middle School which is adjacent to our new elementary school...all located on one campus."

"New subdivisions within and near Hampton Cove golf courses and lakes offer diverse price points and community lifestyles for your personal needs," he points out. "Properties in the area range from $109,900 to over one million. From intimate neighborhood settings with low maintenance landscapes, to elegant estate homes set on lush acreage. Alabama continues to offer competitive prices and a cost of living lower than other similar areas across the US."

Yet, sales aren't coming easily for all sellers.

"Sellers are repositioning their price and the quality of their presentation," suggests Lamar. "Because there are so many buyers and only a few excellent homes, we are experiencing multiple offers for sellers who are priced right and properly prepare their homes for marketing. Buyer activity and interest remains steady and this past month has seen a decrease in offers written. Even with historically low interest rates the average buyer is only making a move if the property is close to exactly what they want in a new home. With all of the homes from which to select buyers are more selective....however when the "right" house comes on the market the serious buyers are ready to move fast. Because there are so many buyers and only a few excellent homes, we are experiencing multiple offers for sellers who are priced right and properly prepare their homes for marketing."

Madison

"The city of Madison is uniquely located only 10 miles from Huntsville and approximately 15 miles to Decatur and Athens," explains Realtor Sherry Dinges. "The international airport is located only three miles from the center of town. Most of the major employment centers are also within a five-mile radius. Therefore, many people are choosing to live in Madison because it is so close to everything. Madison has the second highest family income in the southeast United States, just behind Atlanta. The Huntsville/Madison areas are named the 3rd "Best Place to Live and Work in America" by Employment Review magazine."

She adds, "Homes in Madison are selling at a brisk rate with mortgage rates hovering near 6 percent. Homes in excellent condition and priced correctly are receiving multiple offers within days of coming on the market. Most buyers are looking for homes that are less than ten years old and do not require a lot of repair. These resale homes are bringing approximately 97-98 percent of their list price. The new home communities along County Line Rd. are selling very well and at full asking price. As long as rates stay low, it appears that the market will only get better for both buyers and sellers. Relocating buyers are definitely helping the market."

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Published: October 17, 2002

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