Rates dropping + Home value dropping = Affordable for people to buy a home.
Here's the scoop....
the number of inventory of unsold homes went down. Normally, this would be a sign of home values beginning to rise, since less homes are on the market. I hate to say it, but I just don't think this is the case. So many sellers are waiting to sell until the market "picks up" that I'm afraid that we will have large inventory of homes for sale for quite some time (which typically brings down home values).
Needless to say, it is DEFINITELY a buyer's market! Attention Investors: What are you waiting for? If you have the cash, NOW is the time to stock up on some rental homes, fixer uppers, etc....
Sunday, February 1, 2009
Friday, January 16, 2009
Welcome to your complete real estate guide! I designed this blog to keep you informed and up to date on the latest real estate market news. I also have two other pages for your convenience. The first is a Buyer's Guide...designed to help guide you through the process of purchasing a home. The second is a Seller's Guide....designed to help you sell your home in a slow market.
I am a licensed Realtor in Birmingham, AL so please know that some of my posts will pertain the real estate market throughout the U.S. and some will pertain particularly to Birmingham, Alabama.
We have all heard about all the foreclosures there are!!!! It seems like every home on the market is a foreclosure doesn't it?! Well here's the numbers:
In 2008, there were reportedly 2.3 million foreclosures.
This is an 81% increase from 2007 and a 225% increase from 2006!
Mortgage rates continue to fall for the 11th week. You can check out the current mortgage rates on the left side of the page. It is a GREAT time to buy or refinance!!!! Many buyers are opting to do a 15 year fixed loan because the rates are just so low!
Here is the latest real estate news in Birmingham, Alabama:
Total home sales were down 29% in 2008 compared to 2007
Average sales prices were down 5%
A home stayed on the market 100 days compared to 96 days in 2007
The good news????.....Smart Money Magazine listed Birmigham the #2 market in a survey of 25 American cities "ready to rebound"
Although Birmingham's prices were down 5%, the national average was close to 11% (California was 32%)
To sum it up: The real estate market WILL rebound...I have no doubt. If you are thinking of buying, it would be a great idea to buy while the rates are low. If you are thinking of selling, follow all of the tips on my Seller's Guide page (link at the top of this page). It's a hard time to sell a home, but the tips will increase your chances of getting your home SOLD.
I am a licensed Realtor in Birmingham, AL so please know that some of my posts will pertain the real estate market throughout the U.S. and some will pertain particularly to Birmingham, Alabama.
We have all heard about all the foreclosures there are!!!! It seems like every home on the market is a foreclosure doesn't it?! Well here's the numbers:
In 2008, there were reportedly 2.3 million foreclosures.
This is an 81% increase from 2007 and a 225% increase from 2006!
Mortgage rates continue to fall for the 11th week. You can check out the current mortgage rates on the left side of the page. It is a GREAT time to buy or refinance!!!! Many buyers are opting to do a 15 year fixed loan because the rates are just so low!
Here is the latest real estate news in Birmingham, Alabama:
Total home sales were down 29% in 2008 compared to 2007
Average sales prices were down 5%
A home stayed on the market 100 days compared to 96 days in 2007
The good news????.....Smart Money Magazine listed Birmigham the #2 market in a survey of 25 American cities "ready to rebound"
Although Birmingham's prices were down 5%, the national average was close to 11% (California was 32%)
To sum it up: The real estate market WILL rebound...I have no doubt. If you are thinking of buying, it would be a great idea to buy while the rates are low. If you are thinking of selling, follow all of the tips on my Seller's Guide page (link at the top of this page). It's a hard time to sell a home, but the tips will increase your chances of getting your home SOLD.
Subscribe to:
Posts (Atom)