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The Colony at the Grand is the sponsor of the 2015 Baldwin County Home Builders Association Showcase Home to be open during the Parade of Homes on September 26th and 27th and October 3rd and 4th.
Please visit us at 151 Mulberry Lane in the Battles Trace community of Colony at the Grand, and click HERE to see the Showcase Home.
Overall, 2012 proved to be a positive transitional year for the national housing market.Â A number of factors, such as rising home values, near record-low mortgage rates, and lowering inventory levels have contributed to more buyers seeking to purchase new homes for sale.
According to the Alabama Center for Real Estate (ACRE), 80% of Alabama’s metro markets have shown substantial improvements in new home sales for 2012, and new home construction has also increased throughout the state.
In November, statewide new housing starts increased by 18.4% from November 2011.Â As of January 25th, 2013- YTD housing starts are up 5.7%.Â November statewide building permits, which historically are an indicator of builders’ outlook on the housing market, were up 17.7% from November 2011.Â As of January 25th, 2013- YTD building permits are up by 7.7%.
Through November, 76% or 19 ofÂ the 25 the local Alabama housing markets across the state have had year-to-date sales growth from 2011, which is well-received news for both the Alabama real estate community and home buyers seeking new homes for sale, as higher home sales typically lead lead to higher home values.
Last week, Freddie Mac reported in its weekly mortgage market survey that 30-year fixed-rate mortgages, the most popular among home buyers purchasing new homes for sale, reached their highest level in 8 weeks.Â This increase followed a positive employment report for the month of December, said Frank Nothaft, chief economist for Freddie Mac.Â Rising mortgage rates, along with increasing home prices, may encourage on-the-fence home buyers looking at new condos for sale, to take that exciting step into homeownership and purchase into a new home community, like Colony at the Grand, before both rates and prices rise any higher.Â The following includes national averages of mortgage rates for the week ending Jan. 10, 2013:
30-year fixed-rate mortgages: averaged 3.40%, with an average 0.7 point, up from last weekâ€™s 3.34% average. The record low for 30-year rates was reached on Nov. 21, 2012, and averaged 3.31%.Â 30-year rates averaged 3.89%Â a year ago at this time.
15-year fixed-rate mortgages: averaged 2.66%, with an average 0.7 point, rising from last weekâ€™s 2.64% average.Â 15-year rates averaged 3.16% last year at this time.
5-year adjustable-rate mortgages: averaged 2.67%, with an average 0.6 point, down from last weekâ€™s 2.71% average.Â 5-year ARMs averaged 2.82% a year ago at this time.
1-year ARMs: averaged 2.60%, with an average 0.5 point, increasing from last weekâ€™s 2.57% average.Â 1-year ARMs averaged 2.76%, last year at this time.
With 2013 right around the corner, many real estate experts and other housing industry analysts have reflected on the past year and are giving their predictions for the coming year.Â 2012 has, overall, proved to be a positive year in regards to the U.S. housing market.Â The country has seen mortgage rates reach historic lows, which has led to increased home sales in many local markets across all regions.Â There has been an undeniable uptick in new home construction and home prices are rising.
In response to these positive trends, more prospective home buyers have chosen to purchase new homes for sale in communities like The Colony at the Grand, since market conditions have maintained fairy steady and favorable.Â With the heightened demand for homes in new housing communities, increased home sales, and many areas experiencing decreasing inventory levels, home values have risen over the course of 2012.
Zillow’s November Real Estate Market Reports cover more markets than any other real estate source currently available – 361 metropolitan and micropolitan areas to be exact.Â Their November reports showed that 59% of the 361 markets had a monthly home value increase, and 63% of them showed an annual home value appreciation.Â According to Zillow’s research, overall national home values rose 5.3% higher than the post-recession trough in October 2011.
November marked the 13th consecutive month to show home value appreciation.Â In a year-over-year comparison, home values rose by 5.2% in November, an annual appreciation rate that has not been seen in the U.S. housing market since August 2006, when the rate was at 6%
As the end of the year draws near, it is apparent that 2012 served as a transitional year for the housing market.Â A housing recovery is underway on a national level, more buyers searching for affordable homes for sale have purchased into new home communities, and home sales have risen across many markets.Â Demand for homes is high and home values are appreciating at a greater rate than expected – up 5.3% from October 2011.Â The Zillow Home Value Forecast has projected a 2.5% national home value appreciation from November 2012 to November 2013, which indicates that there is still much optimism for the U.S. housing market going into 2013.
Whether already a resident, or a potential buyer searching for new homes for sale, the great city of Fairhope invites everyone to come and celebrate this holiday season with friends, family and neighbors at these festive events.Â This is a great time of year for new home buyers to enjoy some holiday fun, along with visiting one of Fairhope’s new home communities, like Colony at the Grand, which offers beautiful new luxury condos for sale, starting from $399,990.Â With much to see and do in the city of Fairhope, here are just some of the many wonderful events taking place this December:
Fairhope’s Magical Christmas Parade
This magical event will be held on Friday, December 7th, at 7:00PM.Â The parade will begin at the intersection of Morphy and Section Street, and will continue along Section Street to Oak Street.Â Be dazzled as over 50 parade units excite the crowd in anticipation of Santa Claus’ arrival!
December 8th & 9th
“The Nutcracker” performed by the Bay Shore Ballet
The Fairhope Civic Center will be featuring the classic holiday ballet, “The Nutcracker,” performed by the Bay Shore Ballet Theater, along with students of the Bay Shore Ballet Academy.Â A special full-length preview performance will be held on Saturday, December 8th at 2:00PM, with tickets priced at $5.00.Â Regular performances will be held on Saturday, December 8th at 7:30PM and on Sunday, December 9th at 3:00PM, with ticket prices at $12 for adults and $10 for seniors and children (12 and under).
Tickets for this event can be purchased at The Coffee Loft on 503 N. Section Street, at Page and Palette on 32 S. Section Street, at the door before performances, or by contacting the Bay Shore Ballet at (251) 990-9744; for reservations, contact Trin Ollinger at (251) 583-3875.
December 8th & 15th
City of Fairhope Hosts Santa Saturdays
Santa Claus will be making an appearance at the Fairhope Museum of History in downtown Fairhope at 10:00AM on Saturday, December 8th and Saturday, December 15th for “Fairhope’s Santa Saturdays!”Â There will also be live entertainment provided by local musicians.Â Event lasts until 12:00PM.
City of Fairhope New Year’s Eve Celebration
On Monday, December 31st, the city of Fairhope will be hosting their annual New Year’s Eve Celebration in the streets of downtown Fairhope.Â Visitors, perhaps looking at new homes for sale in Fairhope, AL, are invited to bring their families and celebrate the coming of the New Year.Â Many of the downtown restaurants will stay open for those who wish to eat and just hangout until midnight.Â The variety band, Chatterbox, will begin playing at 8:30PM on the corner of Fairhope Avenue and Church Street.Â There will also be a DJ, face painting, free party favors, fireworks at midnight along with a ball drop at 12:00AM.Â Contact the Fairhope New Year’s Eve Celebration at 929-1466 for more information.
October showed a 2% increase in sales dollars to $81,448,878 from September’s $79,669,696, and a 15% increase in sales dollars from October 2011 which registered $70,294,761.Â Tom Brander, real estate expert, stated in hisÂ blog that October’s numbers displayed ‘aÂ solid performance in a normally seasonally slow month.’ Â Housing inventory levels are coming down, while the 12-month moving average line of sales continues to point upward.
Low mortgage rates have been contributing to a growing number of prospective buyers choosing to purchase new homes for sale in the Fairhope area. Â New home sales registered 40 in September and 32 in October, which favorably compares with the 28 from last year. Â A growing number in sales of new homes is ‘indicative of a recovering market,’ says Brander.
New home prices have been heading up fairly consistently since the beginning of the year, and have increased to from September. Â The rise in home prices has also put a sense of urgency into potential home buyers, who have looking to buy new luxury condos in a new housing community like Colony at the Grand, while market conditions are still favorable.
Overall, it seems as though housing market conditions in the Baldwin County and Coastal Alabama areas are heading in the right direction and have provided new home buyers with a great opportunity to buy new homes while low rates last and before prices rise higher.
According to October reports released by HUD and the U.S. Census Bureau, new single family home sales rose in September by 5.7% to a seasonably adjusted annual rate of 389,000, the most rapid pace the nation has seen since the spring of 2010.
Three out of the four regions in the U.S. saw an increase in new home sales during the month of September, one being the South, which registered a 16.8% gain in single family home sales.
David Crowe, Chief Economist for the National Association of Home Builders (NAHB) commented on this, saying: â€œNew-home sales this year have consistently and significantly out-paced their year-ago levels as favorable interest rates, rising prices and improving consumer confidence have driven demand higher.”
Many markets have seen a great deal of growth over the past few months in both consumer and builder confidence. Â Prices have risen and mortgage rates have managed to stay near record lows. Â This has prompted more potential new home buyers to take advantage of current market conditions and buy new homes for sale in new housing communities, like Colony at the Grand, Â before prices and interest rates rise any higher.
Year-to-date (YTD) through September,Â new home sales in Alabama are upÂ 4.5% from 2011, according to the Alabama Center for Real Estate (ACRE). Â The five metro markets in Alabama represented nearly 70% of all statewide new home sales; Â 60% of those markets experienced YTD gains in new home sales compared to 2011. Â September also showed that 72% of local housing markets experienced YTD growth in new home sales from last year.
These numbers come as welcome news to the Alabama housing industry, as well as new home buyers who have been looking for new condos for sale in Fairhope housing communities,Â such as Colony at the Grand. Â According to Global Insight’s most recent short-term economic outlook, suchÂ current housing market trends being seen in Alabama are “setting the stage for a broad-based improvemtent in growth” to be seen over 2013 and 2014.
With a housing recovery underway, there have been positive trends sweeping across the country. Â Many markets have seen rising home prices, an increase in home sales,Â a higher level of buyer and builder confidence, and now, record low mortgage rates. Â An greater number of prospective home buyers looking for new homes for sale in Fairhope, AL are beginning to see homeownership as an attractive investment opportunity, especially when purchasing in a new home community like Colony At The Grand, which offers new luxury condos with generous floor plans and rich details rendered in custom stone and millwork.
Fixed-rate mortgages hit new historic lows earlier this month, giving new home buyers even more incentive to take advantage of favorable market conditions and buy while the low rates last. Â OnÂ October 4th, 2012 Freddie Mac announced thatÂ 30-year fixed-rate mortgages averaged a new record low of 3.36%, the lowest level that long-term mortgages have been since they began back in the 1950â€²s. Â 15-year fixed-rate mortgages averaged a new record low of 2.69%. Â This drop in rates has been attributed to the recnt decsion made by the Federal Reserve to buy up mortgage bonds each month in an effort to strengthen the on-going U.S. housing recovery.
With mortgage rates hitting these all-time lows, it is no wonder why many potential home buyers are choosing to buy new condos for sale in the eastern Mobile-Bay/ Fairhope area. Â The lowerÂ rates have also led to more homeowners choosing to refinance, which could contribute to jump-starting the economy. Â Buyers are recognizing the benefits and value of homeownership and are becoming more confident in the housing market. Â As said by the National Association of Home Builders, ‘…in today’s market, the buyer holds all the aces.’