This year has gone a bit differently than we may have predicted. As we all try our best to modify our strategies and pivot, we may be wondering just what these changes mean for prospective home buyers and potential sellers. Today, you’re in for some promising news! Alabama’s housing market during COVID-19 shows strength. Here’s how that will affect buyers and sellers alike.
Increased Home Values
When you buy a home, you want it to grow in value over time. Lucky for Alabama residents, that seems to be the case. Home values have increased by 8.2 percent since 2019.
Median Home Price
You know that homes are growing in value. So, now it’s time to learn the median home price. It’s currently $318,533 in our state.
Higher than National Home Values
Alabama’s housing market during COVID-19 shows strength—and it shows up national competition. Our home values grew by 8.2 percent, while the average national values grew by 5.1 percent since 2019. That’s a 3.1 percent difference!
Decreased Mortgage Rates
Finding a desirable mortgage rate can set you up for the ultimate success. You’ll be happy to know that mortgage rates have reached a record low of 3.33 percent in Alabama.
Increased Number of Buyers
Are you buying? You’re a part of a big trend. Lately, more and more folks have decided to purchase a home. This is great news if you’re selling too, giving you a larger base of possible buyers.
Comparatively Less Expensive Square Footage
We all want to get our money’s worth—and in Alabama, we do. Houses around here cost about $110 per square foot. That’s $24 per square foot less than the country’s average price of $134 per square foot.
Adaptability
Even though we are social distancing, the Alabama housing market is adapting quite well. Realtors, buyers, and sellers have taken more creative routes to get business done. Virtual open houses, online closings, video tours, and more—we’ve found solutions despite the difficult situation.
Summary
Real estate is an essential business—and these trends emphasize that fact. You can still find the perfect home right now, and you can also sell successfully too. According to Alabama’s housing market during COVID-19, you can even benefit from decreased mortgage rates, adaptable strategies, increased home values, and more.
Ready to buy? Want to sell? Hoping to do both? Ryan Roberts is here to help with all your real estate needs in the Auburn, Opelika, or Lake Martin area. Fill out his contact form here to begin. Plus, for more on the world of real estate, check out his blog.