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The Nationwide ActiveRain Survey about Alabama (Metropolitan Birmingham)

By
Real Estate Agent with eXp Realty

The Nationwide ActiveRain Survey about Alabama (Metropolitan Birmingham)

The Metropolitan Birmingham area is holding relatively steady with regard to days on market and the pace at which homes are being bought and sold.

Ovepriced homes that have been on the market for 6 months or more are still stagnant while more recent appropriately priced homes are seeing far more interest.  While the shock of the economic downturn begins to wean, buyers and sellers are becoming more realistic in their expectations.

Sellers are far more willing now to price the home RIGHT as opposed to over pricing out of need.  Buyers are realizing that they waiting long enough to buy and missed opportunities to get the very best value (more home, less money) by being indecisive while home prices were at record lows.

Now the trend in pricing is to price the home RIGHT from the start, but the downside to buyers is that now they need to act quickly as home prices are leveling off and sellers are getting more favorable offers for their homes and they are accepting and/or negotiating deals with "visions" of sitting at the closing table already in their heads. 

Buyers are once again urged to not perceive "It's a good time to buy" as a mere slogan, but rather a fact.

Find out what's In and Around Birmingham, Alabama.

Comments (6)

Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Chariat, great analysis of your market. It sounds almost identical to the greater Los Angeles Market as well. Last year we were paralized by the Economic meltdown and now people are back in the Market only they are wiser and more conservative, hence it is critical to price the properties well.

May 23, 2010 12:24 PM
Charita Cadenhead
eXp Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Endre I always boast that the Birmingham market did not take nearly as hard of a hit as some states and recovery (mild as it may be) seemed to have been in route sooner rather than later.

May 23, 2010 12:45 PM
Kate Elim
Dockside Realty - Spotsylvania, VA
Realtor 540-226-1964, Selling Homes & Land a

Hi Charita...There will be way too many people down the road that wished they had purchased homes during this downturn. 

Kate

May 23, 2010 03:38 PM
Charita Cadenhead
eXp Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

It's funny Kate that even though that's true and buyers know it, some will continue to procrastinate.

May 24, 2010 12:04 AM
Dr. Paula McDonald
Beam & Branch Realty - Granbury, TX
Granbury, TX 936-203-0279

I think people are finally relaxing on everything and coming to the conclusion that it is ok to purchase.

May 24, 2010 01:27 AM
Charita Cadenhead
eXp Realty - Birmingham, AL
Serving Jefferson and Shelby Counties (Alabama)

Paula and what a relief it is.  People were really just frightened.  I think buyers have to have more confidence in their decision making skills.

May 24, 2010 01:43 AM