Tuscaloosa
Auburn
Closing Conducted by: | Attorneys, Title Companies |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Non-Judicial |
Process Period: | 1 - 3 months |
Notice of Sale: | Trustee |
Redemption Period: | Up to 12 Months |
Income Tax: | 2.0% - 5.0% |
Corporate Tax: | 6.50% |
Sales Tax: | 4.00% |
Estate Tax: | No |
Inheritance Tax: | No |
Median Property Tax: | 0.33% |
Property Taxes by County: | http://www.tax-rates.org/alabama/property-tax#Counties |
Closing Cost: | $2,613 |
Transfer Fee: | Deeds 0.1%; Mortgages 0.15% |
Origination Fee: | $1,967 |
Elmore (1 in every 1,352)
Montgomery (1 in every 1,485)
Jefferson (1 in every 1,586)
Geneva (1 in every 1,595)
Russell (1 in every 1,598)
Tax Lien or Deed: Tax Lien and Tax Deed state
Interest Rate: 12%
Redemption Period: 3 years
Improving economic conditions and low interest rates will continue to facilitate an active housing market: Not unlike the majority of markets across the country, Alabama is a lot better off today than it has been in years past; that, combined with a stronger economy and historically low interest rates should promote homeownership on a higher scale. As a result, the entire market should see a lot more activity, which bodes well for everyone involved in transactions for the foreseeable future.
Despite historical appreciation rates, the Alabama real estate market will remain relatively affordable: Alabama real estate trends have kept pace with national trends, and year-over-year appreciation rates are no exception. 2019 marks the seventh consecutive year of appreciation in Alabama, but the state maintains a relatively affordable housing industry. In fact, it’s actually more affordable to own in most parts of the state than it is to rent. That said, there’s nothing to suggest the trend won’t continue, and real estate in Alabama should continue to remain affordable, despite increases in prices.
Inventory constraints will continue to increase median home values for the foreseeable future: In the third quarter of 2019, Alabama had about 3.4 months of available inventory. A balanced market, however, typically has about six months, which suggests Alabama has a little less than 50% of the inventory it would like to see. As a result, competition will continue to increase over the homes that are listed, and prices will rise accordingly. Easement is on the way, but today’s inherent lack of available homes will push prices higher for at least the foreseeable future.