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We all know that buying or selling a house in Birmingham, or anywhere for that matter, can be intimidating. With the right help, it doesn’t have to be! My husband and I found the perfect home for us, thanks to the help of realtor Brian Boehm with RealtySouth.
If you’ve considered listing your home and buying new but are overwhelmed at the thought, below are some reasons why you should think again.
1. The time on the market to sell is the shortest it’s ever been
Sure, there’s limited inventory. Even though there are some great homes on the market right now, a limited inventory means it’ll take less time to sell your current home. And since most people can’t afford to own two primary residences at once (if only we could all be rock stars or college football coaches), selling your current home is crucial.
2. Mortgage rates and closing costs are low
According to Wendie White, regional manager at Prosperity Home Mortgage (a partner of RealtySouth in Birmingham), interest rates are super low right now. Even lower than when I bought a few years ago. If you find the right loan company, it’s easy to get a highly competitive rate. These savings also translate to lower closing costs.
3. You’ll likely get asking price for your house
A low inventory means there’s not much room for negotiation in Birmingham. Per the Alabama Center for Real Estate, the median sales price for a home was $214,000 in March, representing a 12 percent increase from March 2018’s median sale price of $190,000. Most people are offering the listing price when buying a new home. Sometimes, they’re offering more so they don’t miss out on the home they want. In today’s market, it’s not uncommon for a home to go on the market and sell within 24 hours. Great news for sellers!
4. There’s a streamlined process for buying and selling
It’s important to get pre-approved before looking for your next home. You can take it a step further, however, with a commitment letter from your lender. Prosperity Home Mortgage offers a Buyer’s Advantage program in which you can get completely underwritten for a home–the only contingency is the appraisal. And if you’re concerned about your credit, there are options! Working with your lender and getting that commitment letter will remove any doubt about being able to close on a new house. You’ll also ensure that you’re able to close on time. According to Wendie, many sellers are closing on their old and new home in the same day. It’s all about planning and getting the right approvals in place.
5. Agents and loan officers are here to walk you through the steps of selling and buying
Your real estate agent and loan officer work hand-in-hand to help you figure out what you can afford. They’ll first want to discuss your goals–identify what you would like to have in your next home and where you want to live. Is a fenced yard a must? How many bedrooms do you need? They can then coach you through next steps, including considerations for your down payment. With their help, you’ll know you’re ready and able to buy.
If you’re thinking about selling, now is the time! With some planning and assistance, you can get the home you love. Wondering what your home is worth? Find out here.