April 12, 2015
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Home values in the greater Birmingham area appear to be rising steadily. Here’s the sales history of a home that has sold in Alabaster three times during the past few years:
This home’s value has risen by more than 11.5% since it was purchased less than three years ago.
So, are all values on homes in the Birmingham area rising steadily?
In some cases, yes, but in others, not necessarily.
One of the biggest factors driving what Buyers are willing to pay involves the home’s condition and appearance.
It’s true that we are no longer in a Buyer’s market, at least in the Birmingham home sales market. Inventory in many areas, including North Shelby Co., Hoover, Greystone, Pelham, Helena and Alabaster, remains down sharply from previous years.
But Buyers still expect value for their hard earned dollar. Sellers who realize this are making sure their homes are in top condition, and with good curb appeal.
With the number of homes available reduced, properties that ‘sparkle’ and are priced right typically don’t stay on the market long.
We are seeing a number of homes get Offers and go Under Contract within a very short time of going on the market. As a Seller, that’s wonderful news to hear. But it also means that you may need to be ready to move sooner, rather than later.
Reduced inventory puts more pressure on Buyers. In past years, Buyers could spend sometimes a few weeks thinking over whether to submit an Offer on a home they’ve seen. For the ‘fence sitter,’ a market that favored Buyers made it easy to hold off on deciding whether to move ahead; after all, if a particular home sold in the meantime, there were lots of other choices out there you could pick from.
As a Seller, if you’re thinking of trying to ‘take advantage’ of current market conditions, being cautious about your sales price is warranted. A Buyer and a Seller could wind up shaking hands over an aggressive sales price, only to have the appraiser step in and say, “no way.” We see some homes in the Birmingham area failing to appraise for their sales price—and that can lead to tough decisions, especially for Sellers.
If you’re looking to buy in the Birmingham and Shelby Co. area today and see a home you know is a really good fit and is priced within your budget, the likelihood is a lot greater that fence-sitting could well carry a price with it—and that’s losing out on the home you really wanted…
Tags:
appraisal,
birmingham,
home sales,
selling a home,
values
April 12, 2015 | No Comments Yet
Home values in the greater Birmingham area appear to be rising steadily. Here’s the sales history of a home that has sold in Alabaster three times during the past few years:
This home’s value has risen by more than 11.5% since it was purchased less than three years ago.
So, are all values on homes in the Birmingham area rising steadily?
In some cases, yes, but in others, not necessarily.
One of the biggest factors driving what Buyers are willing to pay involves the home’s condition and appearance.
It’s true that we are no longer in a Buyer’s market, at least in the Birmingham home sales market. Inventory in many areas, including North Shelby Co., Hoover, Greystone, Pelham, Helena and Alabaster, remains down sharply from previous years.
But Buyers still expect value for their hard earned dollar. Sellers who realize this are making sure their homes are in top condition, and with good curb appeal.
With the number of homes available reduced, properties that ‘sparkle’ and are priced right typically don’t stay on the market long.
We are seeing a number of homes get Offers and go Under Contract within a very short time of going on the market. As a Seller, that’s wonderful news to hear. But it also means that you may need to be ready to move sooner, rather than later.
Reduced inventory puts more pressure on Buyers. In past years, Buyers could spend sometimes a few weeks thinking over whether to submit an Offer on a home they’ve seen. For the ‘fence sitter,’ a market that favored Buyers made it easy to hold off on deciding whether to move ahead; after all, if a particular home sold in the meantime, there were lots of other choices out there you could pick from.
As a Seller, if you’re thinking of trying to ‘take advantage’ of current market conditions, being cautious about your sales price is warranted. A Buyer and a Seller could wind up shaking hands over an aggressive sales price, only to have the appraiser step in and say, “no way.” We see some homes in the Birmingham area failing to appraise for their sales price—and that can lead to tough decisions, especially for Sellers.
If you’re looking to buy in the Birmingham and Shelby Co. area today and see a home you know is a really good fit and is priced within your budget, the likelihood is a lot greater that fence-sitting could well carry a price with it—and that’s losing out on the home you really wanted…
Tags: appraisal, birmingham, home sales, selling a home, values