An update on the competitive Birmingham housing market + 4 tips for homebuyers
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Whether you’re looking to buy a new home, considering selling yours or you’ve paid attention to housing prices in the news, you probably know the Birmingham housing market (like the rest of the nation) is incredibly competitive for buyers. We wanted to see what will change for the local real estate market as we enter fall, so we reached out to four real estate agents at Ray & Poynor. Keep reading for their insights and tips.
A look at the housing market this summer
According to Ray & Poynor realtors, thanks to rising mortgage rates, this summer has seen a steady influx of inventory and more days on the market—a change from the winter and early spring where homes would sell out the day they were listed.
Homes are still selling quickly, but there’s less competition in the number of buyers than earlier this year.
“The market here has been interesting and unpredictable to say the least. We’re seeing both areas with properties receiving multiple offers and are under contract within 24 hours, then other areas are having properties with higher days-on-market. I wish I had a crystal ball to truly predict the rest of the year. However, based on the number of homes sold and current interest rates, we’ll see more inventory and possibly have a small correction in favor of buyers.”
Jake Callahan
What’s next for the Birmingham housing market in Fall 2022
If you’re guilty of browsing home-buying websites to see what’s on the market, you’ve probably noticed that homes are listed and sold within a day or two. This fall, expect to see the Birmingham housing market balance.
According to Forbes, while home prices remain high (partially thanks to higher mortgage rates), economists are predicting a jump in for-sale housing stock… AKA more homes to choose from.
“We have a robust market in Birmingham. Sellers are still sitting in the driver’s seat but need to price their homes appropriately. We are going to continue moving into a scenario which balances the supply/demand dynamic and will begin to give buyers more leverage.”
Lauren Weil
Pro tip: buyers will likely see more leverage headed into the fall, but they need to work closely with their financial advisors to understand how mortgage rates will affect their home’s affordability.
- Location: 3920 Rock Creek Drive, Mountain Brook, AL
- Details: $1.1M | 5 BR/5BA
- More info.
4 tips for homebuyers
1. Focus on location.
When making your future home wish list, make sure location is part of it.
“If you add up the time and money it deducts from your budget for commutes to work, daily trips for household essentials, trips to the bank and daily drives to schools, you will find LOCATION matters. While an ideal location doesn’t always fit your budget, LOCATION is often worth loosening the belt on your housing budget. And the kicker is…LOCATION determines your ability to profit on resale.”
Buffy Allen
2. Get pre-approved with a strong local lender.
“Get pre-approved. Using a local lender is a great advantage.”
Lauren Weil
3. Choose an expert realtor.
“Don’t forget to have fun along the way! The home buying process can be stressful. Trust that you’re with a Realtor who has the skill set to navigate the market and help to put you in the most competitive position possible to get you into the home you love!”
Betsy Reamer
4. If you’re planning on selling, prep your home for the market now.
If you have a current residence you need to sell in order to purchase your new home, get your home ready for the market.
“You should complete any tasks/projects, stage rooms and have photos taken. This way when find your new home, your agent can immediately switch your listing in MLS to ‘active’ with the click of a button.”
Jake Callahan
Ready to find a new home before the school year starts, or looking to list yours? The experts at ray & Poynor have you covered, so reach out through their website, Instagram, Facebook or give them a call at 205.879.3036 today.
