Relocating to Birmingham, The Jewel of the South

For anyone looking to purchase one of the many new homes for sale in Birmingham, either because of a full relocation or even just a timely upgrade by a current resident, Birmingham Alabama is one of the hidden secrets of the southern United States that has more than just a few reasons of why anyone would be proud to call the city ‘Home’. At times overshadowed by Atlanta, New Orleans and Charleston, it has many things to offer those looking for a big city with a small town feel. Birmingham is equally attractive for those looking to relocate to Alabama as well as those simply looking to purchase a new home in the area.

Deep in the heart of Southern Charm, 1.2 million people call the Birmingham metropolitan area home. With draws such as the Birmingham Museum of Art, the University of Alabama, the Alabama Ballet and the Alabama Symphony Orchestra, the city has a wide range of cultural attractions and activities. Although there are no major professional sports franchises in the city, many follow and support the University of Alabama’s sports programs. Also nearby, the Talladega Superspeedway offers everything racing fans could dream about.

Located 5 hours by car from Mobile on the Gulf of Mexico, 2.5 hours from Atlanta, 3 hours from Nashville, 4 from Memphis, and 5 hours from New Orleans it is easy to see how centrally located Birmingham is in this historic region of the nation. Access to virtually unlimited social and recreational activities, Birmingham has something for both the young and old . Fishing the area’s many lakes and rivers is a popular recreational activity for the city’s residents while its proximity to the Gulf provides access to a wide range of motorized water sports and sailing activities as well.

With Alabama’s ideal weather it is long been known as a haven for golf aficionados. Home to the Robert Trent Jones Golf Trail, Alabama has 468 holes of championship level golf scattered across eleven golf resorts across the state including 2 near Birmingham. Many long time golfers have recognized Alabama as a serious golfing state and have relocated here after retirement.

For those looking for the amenities of a large city, or simply those who not want to be located right in the city center, Birmingham and its surrounding communities have something to offer everyone. The areas surrounding Birmingham includes such attractive communities as Mt. Laurel, Pelham, Chelsea, McCalla, and Mountain Brook. These are varying communities of new homes at reasonable prices, generally starting from $140k and on up. Of course Thornton Homes is the premiere builder in these communities, and we offer a wide range of models in various settings around Birmingham to suit the needs of both first time home buyers to the area as well as long time residents looking to upgrade.

With a low cost of living, sporting and cultural events, world-class golf, central location, a long and inspiring history and the beautiful Alabama weather, Birmingham, Alabama is a great place to live. Visit our Communities page or contact us to find the perfect new home for you.

Posted in Birmingham New Homes Tagged in ,

Before You Buy Your First Home – Tips for a First-time Home Buyer

It’s not uncommon for a first-time home buyer to say to me, “Gosh, just last week I called you about buying a home and now I’m in escrow! How did this happen so fast?”

The answer is it didn’t. First-time home buyers start the search long before most even realize it. Here’s what you can expect from your home shopping experience.

Benefits for a First-Time Home Buyer

You should buy a home. That’s what you’ve been hearing from friends and family, right? So, by now you have likely already weighed the benefits and decided that home ownership was the best decision for you. That’s a major hurdle now passed. You are focused and certain. Good.

Defining Search Parameters for a First-Time Home Buyer

Almost 80% of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods and homes. You’ve probably defined your goals and have a pretty good idea of the type of home and neighborhood you want. By the time you reach your real estate agent’s office, you are halfway to home ownership.

How Long Should It Take to Buy Your First Home?

In seller’s markets, often I show only one home. After all, how many homes does one family need? A few buyers will look for years, but buyers who do that aren’t motivated. A motivated buyer will find a home within two weeks. Most of my buyers find a home within two days.

Good real estate agents will listen to your wants and needs and arrange to show only those homes that fit your particular parameters. Your agent should preview homes before showing them to you as well.

How Many Homes Will a Home Buyer See?

Studies show that your memory dramatically improves after consumption of carbs and slows upon consuming sugar. So, lay off the soft drinks and have a hearty meal of carbs before venturing out to tour homes. The average number of homes that I show to a buyer in one day is seven. Any more than that, and the brain is on overload. Therefore, don’t expect to see 20 or 30 homes; although it’s physically possible to do so, you probably will not remember specific details about any of them.

The “Red Shoes” Experience for a Home Buyer

Women will relate to this. Say, you need a new pair of red shoes. You go to the mall. At the first shoe store, you find a fabulous pair of red shoes. You try them on. They fit perfectly. They are glamorous. Priced right, too. Do you buy them? Of course not! You go to every other store in the mall trying on red shoes until you are ready to drop from exhaustion. Then you return to the first store and buy those red shoes. Do not shop for a home this way. When you find the perfect home, buy it.

How a First-Time Home Buyer Can Rate Inventory

* Bring a digital camera and begin each series of photos with a close-up of the house number to identify where each group of home photos start and end.
* Take copious notes of unusual features, colors and design elements.
* Pay attention to the home’s surroundings. What is next door? Do 2-story homes tower over your single story?
* Do you like the location? Is it near a park or a power plant?
* Immediately after leaving, rate each home on a scale of 1 to 10, with 10 being the highest.

View Top Choices a Second Time Before Buying That First Home

After touring homes for a few days, you will probably instinctively know which one or two homes you would like to buy. Ask to see them again. You will see them with different eyes and notice elements that were overlooked the first go-around.

At this point, your agent should call the listing agents to find out more about the sellers’ motivation and to double-check that an offer hasn’t come in, making sure these homes are still available to purchase.

Making the Selection To Buy a Home

I’ll let you in on a little secret. I generally know which home a buyer is going to choose, and I suspect most other agents operate the same way. It’s an intuition. But I make it a practice not to steer buyers, and I insist that buyers choose the home without interference from me. It’s not my choice to make.

Real estate agents are required, however, to point out defects and should help buyers feel confident that the home selected meets the buyer’s search parameters.

By Elizabeth Weintraub, About.com Guide
ORIGINAL ARTICLE

Posted in Birmingham New Homes, Birmingham News, Buying A Home, New Homes Alabama

Sketches of $70mil Westin Hotel Proposed in Birmingham

The developer for the proposed Westin Hotel project in downtown Birmingham has released new sketches of his vision for the impressive hotel. Thornton Homes is the proud developer and builder of many Birmingham new home communities, and projects like this both enhance our city and provide extra convenience for out-of-town friends and family of our residents. Below is the full article from Joseph D. Bryant of the Birmingham News, posted on AL.com:

An Atlanta developer has architectural sketches of the luxury Westin Hotel planned as part of a $70 million project near the Birmingham-Jefferson Convention Complex.

The sketches were prepared by Rabun Rasche Rector Reece Architects.

Developer Robert L. Schwartz, president of National Ventures Group, said he hopes to break ground on the hotel in November and open it in 2012.

In town Tuesday to attend a City Council meeting, Schwartz said his company would raise $13 million in private money to go along with $57 million in public financing for the project. The hotel would be managed by the BJCC, along with the Birmingham Sheraton. Both hotels would share staff and management, making the project more economical, Schwartz said.

“Birmingham residents will take pride in having a first-class hotel for their out-of-town guests,” Schwartz said.

Schwartz said he is certain the project will go as planned.

“We have been trying and will continue to try to meet with council, the BJCC board and the mayor’s office one-on-one, so we can answer whatever questions come to their minds,” he said. “Once we have this kind of meeting and the questions have been answered we’ll have a stronger support system.”

Read the original article here.

Posted in Birmingham News

Before You Buy a Home – Look at Eight Reasons to Buy a Home

If you’re like most first-time home buyers, you’ve probably listened to friends’, family’s and coworkers’ advice, many of whom are encouraging you to buy a home. However, you may still wonder if buying a home is the right thing to do. Relax. Having reservations is normal. The more you know about why you should buy a home, the less scary the entire process will appear to you. Here are eight good reasons why you should buy a home.

Pride of Ownership

Pride of ownership is the number one reason why people yearn to own their home. It means you can paint the walls any color you desire, turn up the volume on your CD player, attach permanent fixtures and decorate your home according to your own taste. Home ownership gives you and your family a sense of stability and security. It’s making an investment in your future.

Appreciation

Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated. The Office of Federal Housing Enterprise Oversight tracks the movements of single family home values across the country. Its House Price Index breaks down the changes by region and metropolitan area. Many people view their home investment as a hedge against inflation.

Mortgage Interest Deductions

Home ownership is a superb tax shelter and our tax rates favor homeowners. As long as your mortgage balance is smaller than the price of your home, mortgage interest is fully deductible on your tax return. Interest is the largest component of your mortgage payment.

Property Tax Deductions

IRS Publication 530 contains tax information for first-time home buyers. Real estate property taxes paid for a first home and a vacation home are fully deductible for income tax purposes. While property taxes are collected at the local level, by counties, cities and towns, the rate is capped by the state government, meaning that the local government cannot exceed the maximum. This also means that rates will vary by location, so do your research first to find the lowest rates in the state. Remember, though, that property taxes are the primary means of generating revenue for local use, with much of it going towards education, roads and often emergency services.

Some of the highest state taxes in the country are located in the Northeast, such as New Jersey, New Hampshire, New York, Connecticut and Massachusetts. Lowest rates belong to the Southern states which include Arkansas, Mississippi, West Virginia, Alabama and Louisiana. All but five states collect sales tax on purchased items. These exemptions include Alaska, Delaware, Montana, New Hampshire and Oregon. For more information on your particular state, go to the official government page found here. Most states do have property tax relief programs in place for those who are struggling to keep up.

Again, programs vary from state-to-state, so it’s worth looking into if you think you may qualify for assistance, credit or a rebate. Read the article, “State Tax – How much will I have to pay if I move to another state? for more state tax information.

Capital Gain Exclusion

As long as you have lived in your home for two of the past five years, you can exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains. You do not have to buy a replacement home or move up. There is no age restriction, and the “over-55″ rule does not apply. You can exclude the above thresholds from taxes every 24 months, which means you could sell every two years and pocket your profit–subject to limitation–free from taxation.

Preferential Tax Treatment

If you receive more profit than the allowable exclusion upon sale of your home, that profit will be considered a capital asset as long as you owned your home for more than one year. Capital assets receive preferential tax treatment.

Morgage Reduction Builds Equity

Each month, part of your monthly payment is applied to the principal balance of your loan, which reduces your obligation. The way amortization works, the principal portion of your principal and interest payment increases slightly every month. It is lowest on your first payment and highest on your last payment. On average, each $100,000 of a mortgage will reduce in balance the first year by about $500 in principal, bringing that balance at the end of your first 12 months to $99,500.

Equity Loans

Consumers who carry credit card balances cannot deduct the interest paid, which can cost as much as 18% to 22%. Equity loan interest is often much less and it is deductible. For many home owners, it makes sense to pay off this kind of debt with a home equity loan. Consumers can borrow against a home’s equity for a variety of reasons such as home improvement, college, medical or starting a new business. Some state laws restrict home equity loans.

By , About.com Guide

Original Article

Posted in Birmingham New Homes, Buying A Home, New Homes Alabama

Freddie Mac: Mortgage rates edge higher – Birmingham Business Journal

As real estate conditions continue to improve nationwide, a few simple signs give proof that the worst may be behind the Birmingham new homes market. Below Jeff Clabaugh, with the Birmingham Business Journal, writes about current mortgage rates and credit conditions:

The residential real estate industry is counting on low mortgage rates to stimulate sales, but long-term borrowing costs inched up this week, according to Freddie Mac.

Freddie Mac (NYSE: FRE) says a 30-year fixed-rate mortgage averaged 4.79 percent in the week ending June 3, up from 4.78 percent last week, just above the lowest levels of the year.

A 15-year fixed-rate mortgage averaged 4.2 percent, the lowest since Freddie Mac began tracking 15-year mortgages in 1991.

A one-year adjustable-rate mortgage was unchanged at 3.95 percent, considerably lower than the 4.81 percent one-year ARMS were averaging a year ago.

“There are also signs that credit conditions may be improving,” said Freddie Mac chief economist Frank Nothaft. “The number of homeowners with private mortgage insurance who became current on their mortgages outnumbered those who defaulted for the third month in a row in April, according to the Mortgage Insurance Companies of America.”

Pending sales of existing homes in April rose 6 percent, the third straight monthly increase, reaching the highest levels in six months, the National Association of Realtors reported this week.

The homebuyer tax credit expired at the end of April, leaving low mortgage rates as the main incentive for buyers entering the market.

Read the original article: Freddie Mac: Mortgage rates edge higher – Birmingham Business Journal
Posted in Financial News

WELCOME TO THORNTON HOMES NEW BLOG!

As the center of family life, a new home is more than just a building.

A home is a lawn, a landscape, a location. It is summer evenings with family and friends on a patio, and cozy nights in front of a fireplace with your loved ones. A Birmingham Alabama new homes community is comprised of people, places, experiences and traditions. At Thornton Homes, we are not only home developers, we build new home communities, lifestyles and dreams. We’re building you a future… a home to live for.

Rich in history and steeped in tradition, Thornton Homes is a new homes construction and development company that has laid a foundation of quality and craftsmanship that is unparalleled. Recognized not only for building Birmingham homes and townhome communities throughout Alabama, Thornton Homes has received accolades and awards from around the country for its new home construction.

Our new Thornton Homes blog seeks to present exciting real estate insight, today’s home buying trends, location and financial information, the Thorton Homes Advantage, and successful ways to make your home-search a rewarding endeavor!

Posted in Thornton Homes Events