Is the Real Estate market coming back in Birmingham?
As people who are active in the Birmingham Real Estate market, we hear these types of questions almost every day.
The answer isn’t as simple as yes or no.
The type of property and the location makes a huge difference…
Some single family homes in certain areas (Vestavia, Homewood, Mountain Brook, Hoover and Alabaster) are selling very quickly, while houses in other areas are sitting on the market for what seems like forever.
What are buyers looking for? – Most retail buyers are looking for homes in good school systems, close to shopping, close to major interstates, etc. Houses that fit into these characteristics are very sought after, so the seller is in control in these situations.
What about my townhouse/condo? – Townhouses and condos are a little different. Prices on townhomes and condos have been low, but seem to be recovering with the rental market.
Investment properties are in demand. With both domestic and foreign investors beginning to sample the Birmingham market, the demand for both residential and commercial properties are rising.
What about retail buyers in blue collar neighborhoods? As has been the case since 2008, getting financing is still a huge problem for many blue collar workers when trying to purchase a home. This drives the rental market, since many blue collar workers tend to rent instead of signing a 30 year mortgage.
If you would like to learn more about the real estate market in Birmingham, or if you would like a free consultation about selling your house, we may be able to help you.