Whether you’ve been eyeing a new home in Birmingham or you’ve just been keeping up with the local housing trends, you’re probably curious about what 2022 will look like for the Birmingham housing market. We are too, so we reached out to four local experts at Ray & Poynor. Check out what the local housing market will look like next year to make plans for your home buying or selling.
What can you expect if you’re selling your home in 2022?
The seller’s market of 2020 and 2021 is going to continue into next year. But don’t take my word for it—here’s what the experts have to say.
Q: Do you think demand + inventory will change in 2022?
A: Sellers can expect the market to remain a seller’s market as we head into 2022 while inventory remains low. I am optimistic that the inventory will increase slightly, but the demand will still outweigh the inventory.
A: Demand is higher now because there’s very little inventory, but hopefully all will settle down and go back to normal.
A: Rates are already beginning to rise slightly, but inventory is still very low.
Q: What steps should you take if you’re listing your home?
Looking to sell your home soon? You’re in luck, because the Birmingham housing market in 2022 will continue to be a seller’s market. Here are a few of the top suggestions from Ray & Poynor realtors for getting your home ready for the market:
- Meet with your listing agent to make a plan.
- Address repairs for your home and refresh the home for showings with paint, a fresh landscape, clean windows, decluttered rooms and a deep clean.
- Pets may be a part of the family, but Ray & Poynor realtors recommend eliminating pet smells and keeping pets out of the house during showings.
Want expert help as you get ready to list your house in 2022? The team at Ray & Poynor has you covered.
Buyers—here’s what you should do to find your dream home in 2022.
We’ve talked about how sellers are positioned for 2022, but what about buyers? Ray & Poynor realtors work with both sellers and home buyers, so they have plenty of tips for both sides.
Q: Do you expect to see a change in pricing + mortgage rates?
A: Prices will continue to rise along with rates because of low inventory and inflation.
Q: What steps should potential buyers take?
Don’t let the words “low inventory” scare you off. There are practical steps you can take if you’re looking to buy a home in 2022. Here’s what the experts suggest:
- Compare lenders to find the best fit for you with rates and closing costs.
- Work with your lender to have a preapproval ready to go before making a competitive offer.
- Meet with a realtor.
Here’s what’s trending in Birmingham’s housing market
I was curious who exactly is making up the majority of home buyers right now and what they’re looking for.
“I’ve seen an increase in young, first-time home buyers and believe that trend will continue. Empty nesters have also been taking advantage of this seller’s market and many are selling before they initially planned, making them a growing number of buyers after they have downsized.”Cal Sirkin, Realtor, Ray & Poynor
What about the homes that people are looking for? According to Rebecca Crowther, it’s all about the updated options—most buyers are leaving the flipping for HGTV.
“Buyers want turnkey homes right now, most likely because the costs of renovations and labor have risen so much.”Rebecca Crowther, Realtor, Ray & Poynor
Plus, the effects of remote working are here to stay when it comes to what people want in homes. Open floor plans with plenty of space and home offices are at the top of local buyers’ wish lists.