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2021 has been a busy year for the Birmingham housing market with high demand for homes and low interest rates. If you’re looking to buy or sell your home in fall 2021, we got top tips for sellers *and* buyers from the expert realtors at Ray & Poynor.
Let’s start with 2021’s housing trends + what you can expect in the fall
The seller’s market continued throughout the summer, thanks to limited inventory and high demand for homes in our area. What does that mean? Basically, sellers are in a great position to sell their homes quickly and, potentially, above their listing price. Because of the limited inventory, buyers may have to deal with houses leaving the market quickly, along with possible bidding wars.
According to Lacey Alford and Hanna LePere, the local market will continue at this pace into the last quarter of 2021.
“We believe [the Birmingham housing market] is going to continue at the current pace with inventory remaining low and will stay an attractive market for mortgage rates.”Lacey Alford and Hanna LePere, Realtors, Ray & Poynor
Here are the top tips for sellers + buyers in the 2021 Birmingham housing market
Ray & Poynor is Birmingham’s real estate resource, so we knew they’d have tips for homebuyers and sellers. Keep reading for their top tips whether you’re listing or looking for a new home this fall.
2 top tips for sellers
1. List with an agent to obtain the maximum value for your home.
As a seller, you’re already in a great position. Listing with an agent will help you get even more exposure—plus, their expert help will guide you through the process.
“Sellers should ask an appropriate price and trust that the high-demand market will provide you with a satisfactory sales price.”Lacey Alford and Hanna LePere, Realtors, Ray & Poynor
2. Look at your home through “buyers’ eyes”.
Before you list your home, make sure it’s in the best possible condition. Declutter, deep clean and stage if needed.
“Obviously, lower inventory makes for a ‘seller’s market’ and higher sales prices. Regardless of these plusses, always have your home in the best possible condition before putting it on the market. Look at your house as one of your most important assets before listing, and make that asset as appealing as possible.”Ann Thomas, Realtor, Ray & Poynor
3 top tips for buyers
1. Get preapproved by a mortgage broker.
You want to make it easy to buy your house as quickly as possible, so get preapproved by a mortgage broker and find out from them how long the process will take from contract to closing.
2. Know your budget and be prepared to put a substantial amount of earnest money down.
Because of the limited inventory, you’ll probably go up against other folks bidding on the same house. Know your budget and get ready to put a substantial amount of earnest money (a.k.a. a good faith deposit) down to increase your chances of getting the seller’s attention.
3. Be patient and rational with your wants and needs for your future home.
“Think about upgrading once you are in your new home and can afford it. The buying and selling process is just that—a process. Try to be patient, rational and positive. You WILL find a house for you!”Ann Thomas, Realtor, Ray & Poynor