Huntsville AL MLS; rental value research

Huntsville Alabama MLS; Rental home market value
August 1st, 2012 5:38 PM



While the market might bear a higher rent, the summary of comparable homes below along with the archive listing of your house point to something in the $995 - $1,100 range. We could market the house at the upper end of the range or slightly greater and gauge our pricing by showing activity. On rentals in this price range we should see 2 - 3 showings per week. If showings are consistently less we would know we are priced too high. There is always a balance between holding out for the highest rent and vacancy losses if the house remains unrented. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7116084793 The link below is to the old listing of the house from 2009 that I referenced. The photos aren't very good and may not do the house justice. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7116084804 The webpage at the following link is an overview of our fees and services. I have attached a copy of our property management agreement for your review. http://www.huntsville-homes.com/PropertyManagement Regarding a potential sale; Your breakeven point on a sale assuming common costs and seller contributions would be in the $225,000 / $90 per square foot range. I searched for Huntsville Alabama MLS activity in DILWORTH ESTATES in the past year. There were no sales and one active listing at 2433 PENN STREET at the link below. The house has been on the market since 05/04/12. It is currently listed at $229,000 / $83 per square foot. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7116084818 The link below is to a summary of active listings and recent sales of homes in the Grissom school district similar in age and size as your home. The average sold price was $91 per square foot with a very wide range of $78 to $106 per square foot. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7116084826 The link below is to active listings in south Huntsville in the $220,000 - $225,000 range. These homes would be competing for the same buyers as your home. I included the listing history summary so you see how long the homes have been on market. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7116084839 The link below is the same search including all of Madison County. There are 56 active listings that include new and newer homes. http://nalmls.com/NALMLSReports/ListitLib/show_report.aspx?ID=7116084843 My impression is that while it is not impossible to sell at a breakeven point or better it will be difficult. There is a lot of inventory available and even though your home was built better than new construction, it's hard for older homes to compete with new construction. You might consider offering the house as a lease with option to purchase to gain an edge over competing homes. Please follow the link below for more information. http://www.huntsville-homes.com/LeaseOptionLeasePurchaseforSellers I hope this was helpful and please let me know if there is anything else we can be doing for you. The link below is to some additional information about me. Rosenblum Realty is one of the oldest realty firms in Huntsville. We have served Huntsville since 1957 and are a fourth generation company. We are the largest manager of single family homes in the Huntsville area with over 400 homes in inventory. We have two property managers, myself and Michel Rosenblum, a total of six realtors and three office staff. http://www.huntsville-homes.com/Philip'sProfile Valley MLS Huntsville MLS