Last month's issue of Forbes magazine ranked the Birmingham-Hoover metro area 28th among 100 U.S. "Best Bang for your Buck" housing markets. That's not the cheapest, but the best deal. To make the list, cities were evaluated in: housing affordability, travel time and unemployment rates. Birmingham ranked highest in low real estate taxes (3rd) and strong job forecasts (7th).
We are lucky to live in such a great city where our ups and down are not as drastic as other parts of the country. As we hear good news daily about the economy we look around to see what is happening here. Birmingham tends to lag behind the nation as a whole - we were still doing well in 2007 when Florida was crying. But, when we look at OUR numbers we see that in November 2009, our residential sales increased 46% over the same month last year. That is a HUGE increase. Looks to me like things are "turning around".
Prices HAVE come down and if you bought in 2006 and need to sell now - chances are really good that you are going to have to take a loss because the market value of your home is no longer what it was.
However, if you were thinking about BUYING a home is 2006 and decided you couldn't because you just couldn't afford your dream home, then NOW is the time to look at that same home again. I have seen homes in some wonderful higher priced neighborhoods selling for 100K less than they sold for in 2006. That doesn't mean EVERY home will be valued at that much of a decrease, and you should go in an offer some really low number wily nily, but that means you should take another look at what homes are worth. You may be surprised that the same home you liked before will fit your budget.
If the market has "hit bottom" as most experts seem to agree, then THIS IS THE TIME TO BUY - while rates are at historic lows AND prices are down. Prices WILL go up next year.
If you haven't bought a home in the last 5 years, and meet the income limits, you will qualify for a $6500 tax credit. That little extra can help you with some remodeling or cover your closing coats. To receive the credit, you must have the home under contract by April 30.
If you'd like to window shop a bit, take a look on the internet. Click here and you can find all homes for sale in the Birmingham area. Specify your location and check out current home prices. Let me know if you have any questions.
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