Birmingham Sellers: Now’s Your Time

Recent numbers released from the Greater Birmingham MLS, ACRE Report and Quarterly Report suggests that the Birmingham real estate market continues to improve.

A quick scan over the basic numbers might have sellers and buyers feeling skeptical about the market, but with a deeper look, Birmingham real estate shows great promise.

Below, we will highlight the three most distinct reasons our real estate is on the rise, especially for your new home for sale in Birmingham, Alabama.

(What else is on the rise in Birmingham? Local October activities!)

Foreclosures

The first exciting reason Birmingham’s real estate market can rejoice is because of a drop in foreclosures. The recent rise in the economy has decreased foreclosures nationally by 28 percent over the last 12 months.

Because of employment gains and a rise in home appreciation, Alabama has remained consistent with this national trend, dipping 0.7 percent from July 2014.

This information can be used to help predict the strengthening real estate market throughout the end of 2015, and into 2016. The numbers suggest a steady recovery. That, coupled with the steady demand for homes, would equate to an increasingly strong market, especially for sellers.

Supply

While the supply for Birmingham homes have seen a 5 percent increase from August 2014, there is major lag.

The Birmingham real estate market hit record high in supply in 2007. If you compare this August’s supply numbers to that of August 2007, there is a 42 percent deficit.

Additionally, August’s supply dropped 1.3 percent from July. While this is consistent with yearly trends in supply from August to July, such a drop was not predicted in this year’s ACRE report.

This is wonderful news for people looking to put their home for sale in Birmingham, Alabama. With a less competition on the market, the price of your home can increase!

Price of New Homes For Sale In Birmingham, Alabama

So you want to put your home for sale in Birmingham, Alabama? Well, now is a great time! All of the above data makes for the perfect seller’s market, but if you are still not convinced, let’s take a look at some numbers:

• Median sales price in August 2014: $177,500
• Median sales price in August 2015: $185,000
• August 2015 sales increased 1.5 percent from July 2015
• The average prices of sales over the past 5 years has increased 15.4%

These are really exciting numbers for people wanting to sell their home. If you are interested in putting your home for sale in Birmingham, Alabama, you may want to consider hiring a real estate agent. Make the most of the current sellers’ market by ensuring you get the price you deserve. Working with a real estate agent can give you an extra edge with negotiating deals, and understanding your buyers.

If you are interested in working with a Birmingham real estate agent, contact us today!