Weatherly Property Values Holding Steady

As everyone knows, the national real estate market has been crazy over the past 12-18 months. Because of the collapse of various national financial institutions and its effect on the economy and the real estate market, property values have taken a nose dive. An increase in foreclosure and short sale activity has also taken its toll on the value of most people’s greatest asset: their home. The Alabama real estate market, like all other areas of the country, has also been affected, with some areas being harder hit than others. I’m happy to say that our neighborhood of Weatherly is holding up better than a lot of other areas. With the exception of some minor foreclosure activity, the median sales prices of homes have held relatively steady over the past 12 months. When many other areas are reporting declines in value, this should be viewed as good news. Birmingham MLS data indicates that there are approximately 24 properties currently listed for sale in Weatherly (Alabaster section). Based on the rate of sales in the past 12 months, this reflects a slight over supply. However with the summer months upon us, and the usual increase in sales during this period, it is anticipated that inventory levels will level off and reach more typical levels.

In 2008 Money Magazine reported that the Birmingham market would be one of the nation’s first markets to rally. It anticipated that the median prices in our market would increase over the next 12 months. In addition it predicted that we would see a 2% rise in values by the end of 2009. With all this being said I encourage everybody to keep their chin up and look ahead to when the market will return to normal.

Mr. Horn recommends getting a market value appraisal before putting your home on the market to sell. All residents of Weatherly qualify for a 10% discount.

Mr. Horn is a resident of Weatherly. He provides real estate appraisal services in both Shelby and Jefferson county Alabama, where he concentrates on residential properties, which includes single family homes, 2-4 family homes, lake homes, condos, vacant land, and manufactured homes. You can learn more about him by visiting his website at www.Appraisal-source.com or calling him at (205) 243-9304.