Alabama has its admirers and also detractors. One thing about it is that new homes keep going up all the time. If you want to move to a property with all the best and most modern amenities, this state should be on your radar.
For instance, some of the new homes for sale in Prattville, AL, might appeal to you. They are priced to move and perfect for young professionals looking to start a family.
The Alabama real estate market is one that has fluctuated quite a bit recently, though. It’s worth talking about, so let’s take a few moments and do that right now.
More People Are Looking to Sell
One thing that buyers have in their favor if they’re looking at homes in Alabama at the moment is that more sellers are entering the market than seems to have been the case in recent years. That is probably because there’s a market slowdown or correction happening, and some sellers who were late to the party want to cash in on their home’s equity before prices drop.
What Does This Mean for Buyers?
In theory, this means that individuals or families looking for homes in Arizona should be able to take advantage of a more robust housing market if they start doing some serious hunting moving into the spring and summer months. Usually, after Memorial Day in Alabama is when most of the best inventory starts appearing.
Experts feel that buyers can expect to put forth contingency offers this season and find receptive sellers. For instance, at this time last year, many Alabama home buyers were putting in competitive offers and waiving the right to an inspection.
Now, they can add an inspection contingency and expect a potential seller to be okay with it. That means the market seems to be swinging back toward the buyer’s advantage again for the first time in a couple of years.
Interest Rates Can Make Buying More Difficult
Just because a buyer can find a more receptive seller, though, that does not necessarily mean they will be able to get the house they want. They might put in a bid that the seller likes, but can the buyer secure the mortgage they want from a credit union or bank?
They might have a harder time doing that because interest rates have gone up from where they were a year ago. In Alabama, there’s less of a buyer pool because many of those who want homes don’t have enough money for a sizable down payment. Without solid proof of income, most lending entities will be reluctant to take a risk on a first-time homebuyer, even one with better-than-average credit.
There’s also evidence that families and individuals in the state are moving from one home to another quicker than before. Where in the past, someone might buy a property and stay for life, now they might move on in only 3-4 years.
Consider all these factors if you’re thinking about an Alabama move this year.
