As 2014 draws to a close, it’s natural to wonder how the Birmingham area home sales market will perform during the coming year.
Nobody has a crystal ball, of course, but a couple of numbers tell interesting stories about the likely market for 2015, at least, in the Helena, Pelham and Alabaster areas.
In Alabaster in late December, 164 properties were available for sale. In the Shelby Co. portions of Helena and Pelham, 264 homes were for sale.
Both of these numbers are down sharply from years past.
The numbers tell us that it’s anything but a Buyer’s market—at least in some Birmingham communities.
This out-of-balance condition puts pressure on Buyers. If you’re looking to buy and find a home that meets your preferences and budget, deciding to think about it for a while could carry a price. By the time you decide to submit an Offer, you may be told, “sorry, someone else has already made an Offer and placed it Under Contract.” We’re seeing this happen.
Residential inventory continues to be down sharply in several Birmingham, Alabama, area neighborhoods. Even after getting an Offer and going Under Contract, this home in Calera continued to draw attention from interested Buyers who wanted to know if it’s still available.
Sellers, of course, are in a better position to get their properties sold than in quite some time. The only exceptions to this are if a Seller has their home overpriced, or if it’s not in good condition. Otherwise, it’s more likely to sell than not.
How will the market hold up during 2015?
With the Birmingham area offering such a good quality of life and low costs of living (compared to so many other areas of the country), we continue to feel that the market will remain healthy.
Adding to this projection is the fact that interest rates remain attractive (30 year fixed loans were being offered in late December at below 4% to qualified Buyers in the Birmingham and Shelby Co. areas).
Real estate Agents have long promoted the often lower monthly costs of owning, as opposed to renting. We continue to see many examples of this in the greater Birmingham area. If you’re looking to buy, plan to stay in the area for some time and can be approved for a mortgage, buying simply makes better financial sense over renting.
If you’re thinking of buying but haven’t looked into getting a mortgage, we can help you with getting that process started.
If you’re looking to sell your home, 2015 is starting out with all the signs of being a great year to achieve your goal, too. With inventory so low in some areas at the moment, the number of properties around you currently for sale is a factor on your side.
Effective marketing often makes the difference in whether homes sell successfully in the Birmingham area. If you’re thinking of selling your home, we are ready to make 2015 your success story.