It’s the last day of 2016—a time when many of us reflect on the year that was and look forward to the year to come.
For our last “Homes Auburn Blog” of the year, we are looking back on the housing market in Auburn and Opelika over the past year and anticipating what we can expect to see happen in 2017.
Here, Realtor Ryan Roberts reviews the 2016 year in the local real estate market and makes a few predictions for what buyers and sellers can expect next year.
Q: What were some of the most notable market trends in the Auburn-Opelika real estate market in 2016?
Ryan: I feel that more than ever before I have had people looking for as much main level living or a majority of the square footage on the main floor—especially people looking for a main level master bedroom. Another trend I saw as far as design was the removal of tubs in the master bath and an oversized, upgraded shower.
One of the biggest buyer changes I saw was the increase of investor buyers. I had a 30% increase from 2015 of investor purchasers looking for residential and student rental investments.
Q: How, if at all, did the market change from the beginning of the year to the end?
Ryan: I think the market changed quite a bit. I feel we are transitioning from a buyers’ market (created by the Recession) to a sellers’ market. Inventory is down, and the average home price is up. Here are a few comparisons between November 2015 and November 2016 for the overall residential market in Auburn and Opelika.
November 2015:
- 518 houses on the market
- 76 properties sold
- 159 average days on the market
- 104 new listings
- $211,950 median sold price
- $217,269 average sold price
November 2016:
- 399 houses on the market
- 102 properties sold
- 105 average days on the market
- 67 new listings
- $256,000 median sold price
- $262,281 average sold price
Q: Why was Auburn-Opelika a good place to buy or sell a home in 2016?
Ryan: There has been a noticeable increase of job opportunities in the area. Many local companies increased their numbers of employees. Also, the school systems are rapidly growing, and quality of life continues to improve in our community thanks to economic development and city efforts. Finally, Auburn University has always been and continues to be a major draw for the area.
Q: What are your predictions for 2017?
Ryan: I think the Auburn-Opelika area is trending more towards a sellers’ market as home prices increase, inventory is low—especially in new construction—and interest rates are high. As far as home design, a trend I anticipate for 2017 is for more and more new construction homes to have three-car garages as a standard.
Q: What advice do you have for home buyers/sellers for the beginning of 2017?
Ryan: Home sellers: Make your listing stand out with fresh landscaping and a decluttered home with clean surfaces. The competition will be low, but tough, so you need to make your house stand out over the competition. Make sure you showcase your home with professional-quality photography and video. Now, more than ever, people start the home shopping process online, so the quality of your home’s web presence is extremely important.
Home buyers: Focus on finding a quality lender with the best rate. With low inventory, it is important to understand that multiple offer situations are on the rise, which in some cases can mean a bidding war or paying over the asking price. Therefore, ensuring you have a reliable local lender can make you a better candidate against another potential prospect. Shop around and find the best deal and expert for you.
For your real estate needs in the Auburn-Opelika area, contact Realtor Ryan Roberts at 334-750-9872, or [email protected]! See you in 2017! #HappyNewYear #RealEstateReview #AuburnRealEstate #OpelikaRealEstate #AuburnRealtor #OpelikaRealtor #AuburnAL #OpelikaAL #BerkshireHathway #HomesAuburn #RyanRoberts
