Foot Traffic for Birmingham, AL Real Estate Is Rising
Everyone is always talking about how spring is the prime time for putting a house on the market, but recent reports from the National Association of Realtors (NAR) may be the start to a shift in the way people think about selling their home.
(Birmingham, Alabama real estate is heating up! Check it out.)
Digesting the June NAR Report
The June NAR report features statistics of foot traffic – the number of people out searching for new homes – over each season for the last two years and the data is collected from the number of properties Realtors have shown. This summer, foot traffic is higher than any other season over the past two years (including spring). Each month in the year of 2014 has increased in the number of purchasers out looking for a home from the corresponding months in 2013.
It is clear that the rise in employment rates, as well as a smoothing out of prices in the market, have combined to increase demand for homes. More foot traffic equals more demand, which will eventually mean higher prices through the end of the year because of more sales. This means it’s a great summer for Birmingham, AL real estate.
July NAR Report
The June NAR report can be viewed as a look ahead at the real estate market, since foot traffic is a forward-looking indicator of future sales. What the report suggests is that we can continue to see high levels of demand for the next few months, and even through the winter.
What the June report suggests, the July NAR report confirms. In fact, the July NAR report show that real estate is becoming extremely close to reaching its post-recession high.
The diffusion index of foot traffic that read 68.8 in June now reads a strong 69.0, suggesting that the second half of 2015 will continue to be a great year for sellers.
What Does This Mean?
This is all great news for people wanting to sell their Birmingham, AL real estate sooner rather than later. The spike in foot traffic during a normally-slower season suggests that demand has increased. With this increase in demand, it is safe to bet that even putting your home on the market during the winter (normally the lowest season for selling) would be a safe and strong move.
In fact, if you are looking to get out fast, and demand continues to steadily rise, putting your home on the market sooner, rather than later, could save you money. When demand is high, selling is generally easier.
NAR reports are great indicators of the future, and professionals check for them every month to help them predict the best times to buy and sell. This summer’s NAR reports provide for an extremely promising real estate future, for buyers and sellers alike.
Are you looking to sell your home in Birmingham? We can help! Contact us today.
