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Spencer Hayes' Blog

By Spencer Hayes | Agent in 36117
  • Vacation-Home Buyers are Back

    Posted Under: Quality of Life in Montgomery, Home Buying in Montgomery, Moving in Montgomery  |  June 19, 2012 5:37 PM  |  534 views  |  No comments

    Real estate practitioners in vacation spots across the country say the market for second homes is picking up steam as buyers grow more confident given signs of growth in small businesses. 

    The National Association of REALTORS® reports a 7 percent jump in vacation sales to 502,000 last year, accounting for 11 percent of all volume.  The median vacation home price was $121,000 last year, down from a peak of $204,100 in 2005, but agents in some locales say prices are beginning to creep up as the distressed inventory is moved out. 

    Vacation-home buyers are snapping up higher-priced properties, although Jennifer Calenda of Michael Saunders & Co. in Southwest Florida says prices are not necessarily on the rise.  With inventory hitting a seven-year low of 4.7 months in Sarasota, Manatee, and Charlotte counties, she says buyers "are saying 'we better hurry up.'" 

    Inventory is so scarce in some markets that some real estate professionals report multiple offers; and with prices probably at the bottom, Trulia economist Jed Kolko says people ready to make a cash purchase or who can qualify for low mortgage rates should strongly consider buying now.

    Source: "Vacation Home Buyers Return, Pick Pricier Properties," Investor's Business Daily (06/15/12) 

    (c) Copyright 2012 Information, Inc.

  • Study: 4 Million Homes at Risk for Hurricane Damage

    Posted Under: Property Q&A in Montgomery, Home Insurance in Montgomery, Moving in Montgomery  |  June 13, 2012 4:55 PM  |  574 views  |  No comments

    As hurricane season officially gets underway, a new report finds that more than four million homes along the Atlantic and Gulf coasts may be at risk of hurricane storm damage. The potential damage equates to about $700 billion in residential property at risk from hurricanes, according to a report released by CoreLogic. 

    A hurricane’s storm surge, which sends mounds of water ashore, poses the biggest threat to properties, according to the report. 

    “Though more frequently impacted states like Florida, Texas, and Louisiana get the most attention when it comes to hurricane vulnerability and destruction, Hurricane Irene made it very clear last summer that hurricane risk is not confined to the southern parts of the country,” says Howard Botts, vice president and director of database development for CoreLogic Spatial Solutions. “As we got a glimpse of during Irene, our 2012 report shows even a Category 1 storm could cause property damage in the billions along the northeastern Atlantic Coast and force major metropolitan areas to shut down or evacuate.”  

    Florida tops the list of states with highest number of properties at risk from a storm surge following a hurricane. About 1.4 million homes in the state, totaling an estimated $188 billion in damage, could be at risk. Louisiana ranks No. 2 with nearly 500,000 properties at risk. 

    However, at a metro level, it’s the New York area that faces the largest threat of damage because it contains the highest number of properties and has the highest possible financial risk to properties for metro areas (estimated at more than $168 billion). 

    Source: CoreLogic 2012 Storm Surge Report

    Read More

    What Had the Biggest Impact on Housing in 2011?
    What Hurricane Irene Can Teach Us

 
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