Reviewed by: Patience Itson
What to expect from the 2023 housing market in Birmingham + expert tips you need to know
Reading time: 7 minutes
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Last year, the housing market was incredibly competitive for buyers, causing houses to fly off the market. In 2023, people have hit the ground running looking for new homes, but the market is actively shifting. Whether you’re buying or selling, you want the best real estate firm in your corner. Read on for expert tips and insight from Ray & Poynor, plus a stunning listing with a view you have to see for yourself.
Community coming together
Locally owned and operated, Ray & Poynor is a trusted real estate resource that’s served the Birmingham community since 2010. With expert insight on the Greater Birmingham Area, their outstanding office of realtors is committed to get you keys to a home you love.
Over the years, they’ve poured their hearts into the community and recently, they saw this same love and support returned. Last November, the iconic Ray & Poynor building in Mountain Brook Village was tragically destroyed by a fire. Thankfully, no one was hurt.
Since the devastating event, the firm has worked harder than ever with a renewed sense of admiration for the strength of their office and outpouring of support from the community.
“People could not have been more gracious with their love and support. Our village friends have offered everything from using their copiers to space in their own offices. Ray & Poynor has the absolute BEST staff. Adapting to the new normal has not been as challenging as one would have expected because our leaders and staff have worked tirelessly to make the transition as easy as possible.”
Kelley Caine, Realtor, Ray & Poynor
A common thread across the firm has been their genuine connections with people and businesses in the area.
“I texted Henry the morning of the fire and told him the building may be a loss, but Ray & Poynor was still standing. A structure isn’t what makes a house a home, it’s the people. I feel the same way about our building. We love that building and want to be back there when it’s ready, but Ray & Poynor is wherever we can all be together. Our company is still strong and thriving, and I think now more than ever, we are all very proud to be a part of this team.”
Katie Crommelin, Realtor, Ray & Poynor
A look at the housing market
Last year, the market was interesting and unpredictable across the board. We were seeing an incredibly competitive buyer’s market over the summer that balanced out some through the end of the year.
Now, interest rates are skyrocketing compared to previous years.
“For the past couple of years, inventory and rates have been low, so the market has been extremely competitive with many active buyers. In 2023, rates are still higher than what we have seen the past couple of years, so it will be interesting to see if the number of buyers decreases from last year.”
Kelley Caine, Realtor, Ray & Poynor
It looks like spring cleaning takes on a whole new meaning in the real estate market. For everyone waiting on more inventory, things may start speeding up as people look for new homes.
“The spring market is always exciting to me. It is when people seem to get the itch to make a change, and we start seeing inventory increase.”
Kelley Caine, Realtor, Ray & Poynor
Roy & Poynor Realtor Hill Weathers has sold residential real estate in the Birmingham area for more than 20 years. She hopes that in 2023, housing inventory will increase and interest rates will decline.
“We are fortunate in the Birmingham area because housing demand is still strong even with inflation across our general economy. Birmingham is a wonderful city with so much to offer, but still has a smaller town feel within each of our distinct communities.”
Hill Weathers, Realtor, Ray & Poynor
Want to list or find your new home? Reach out to Ray & Poynor today.
Expert tips
1. Focus on your local market
“There are lots of headlines about the state of residential real estate right now, but I think it’s important to focus on the areas close to where you live. The state of the market in places outside of our region—and even our state—is so different than what’s happening close to home. I think we have to remember we live in an area that is still actively recruiting businesses to our city and state which is promising. As Henry Ray is fond of saying, “Even when rates were in the double digits, we still listed and sold homes every single day!” Yes, rates may be higher than what we’ve seen in a while but we also have to keep in mind that people still need to buy and sell for a number of reasons which inventory continues to move.”
Katie Crommelin, Realtor, Ray & Poynor
“I would encourage people to not be discouraged by the national news and look to what is happening in our local market. Birmingham is very different than a lot of other cities across the US.”
Blair Moss, Realtor, Ray & Poynor
2. Prepare well ahead of time, whether you’re buying or selling
“My advice to potential buyers and sellers is to prepare! If you are a buyer, meet with a mortgage banker about financing so you will be ready to make an offer when you find your dream home. If you are a potential seller, start cleaning out, landscaping, making repairs and sprucing up, so you don’t get overwhelmed putting your house on the market.”
Kelley Caine, Realtor, Ray & Poynor
3. When in doubt, give the experts a shout
“The market is still strong and if you are on the fence about buying or selling, talk to your real estate agent. Also, speak with a mortgage professional who can help you navigate available mortgage products to mitigate the increase in rates. Working with professionals can help you traverse the changing markets.”
Hill Weathers, Realtor, Ray & Poynor
“Sellers need to remember that their home is most likely their largest investment. Hire a Realtor that can get you as much money as possible for your home. If you are buying, hire a Realtor that knows how to navigate the waters of a competitive market.”
Blair Moss, Realtor, Ray & Poynor
This dream home is available now
If you’re looking for a gorgeous family-friendly home with unbeatable views from every room, this dream listing is for you. This truly one-of-a-kind home sits atop the highest lot on Panorama Drive in Vestavia Hills.
Perfect for entertaining, this stunning home is complete with spacious, charming areas including a wonderful backyard. Here’s what you’ll find:
- Beautifully landscaped front yard
- Fabulous kitchen with top of the line built-in appliances, walk-in pantry, butler pantry with a coffee bar, built-in Wolf Steam oven and 48” French La Cornue Range
- Open family room with fireplace, formal dining room and living room
- Private main level master suite with library
- Custom closets throughout
- Lower level with wet bar, half bath, den space, workout space, billiard room and play area with backyard access
Ready to see it for yourself? Contact listing agent Blair Moss at bmoss@raypoynor.com or 205-222-5628.
Whether you’re looking for your first home or forever home, the experts at Ray & Poynor are ready to help. Reach out through their website, Instagram, Facebook or give them a call at 205.879.3036 today.
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