This is good news for buyers, sellers, and the realtors helping these transactions take place. There is a great rising demand for houses, in fact, they are averaging to sell in 66 days, 8 days faster than last year. According to realtor.com®, the rise is primarily the result of job growth. There are also other factors such as buying being cheaper than renting, the surge of millennial first-time home buyers, and low down payment plans.
Birmingham’s market is consistent with what is happening nationally. “Existing-home sales in the South increased 4.3 percent to an annual rate of 2.18 million in May, and are 6.9 percent above May 2014. The median price in the South was $198,300, up 8.2 percent from a year ago,” according to an article by the Birmingham Association of Realtors.
This doesn’t come without any downsides, lack of inventory and rising mortgage rates, are also effects of the markets growth. However, even with longer search times and affordability decreasing, overall 2015 is still looking quite amazing.
In others words, it’s a great time to dive in!