Birmingham January Home Sales Drop

After taking a look at new numbers from the Birmingham MLS, it’s clear that Buyers have the upper hand when it comes to purchasing a home in the area.

Almost all across the board in the areas we checked, sales in January were down, and in some cases, half of what they were four months ago:

The message for now is clear: Buyers call the shots.

If you’re looking to buy, all sorts of factors are on your side at the moment. First, there are lots of homes available (482 in Helena and Pelham, 350 in Alabaster and 684 across the North Shelby Co. area at the moment!). Second, smart Sellers know they have competition and will do whatever they can to ‘work a deal.’

Third, interest rates are, in two words, still great. One of the Lenders we work with reports 30-year fixed rates remain below five percent, while 15-year rates (which were around 4.375% last week) have dropped a bit more.

So, if you’re a Seller, the message here is that you absolutely must meet Buyer’s expectations in terms of how nicely your home shows, and price. Fail to meet either of those requirements, and your home won’t sell.

And if you’re a Buyer, with such a good market for buying a home, one question comes to mind:

What are you waiting for?

David