This year certainly has been an interesting one for us all—including home sellers and buyers. As a result, the Alabama Center for Real Estate has observed new trends in the market—ones that we may not have been able to anticipate a year ago. Curious about how they’ll impact your property? Check out these fascinating things to know about Alabama’s residential market during COVID-19.
Sellers Can Expect an Extra Advantage
Sellers hope to put their home onto the market with as little competition as possible. Though home sales are rising—and selling fast—inventory has decreased by 33 percent in the last year statewide. So, if you want to put your home on the market, you can take advantage of this dynamic.
Old Features May Have New Life
You may be tired of your home. However, older features—like extra sink space, a fenced-in backyard, or a home office—suddenly have new life on the market. With so many people staying at home, they want more space than ever. If your home has any of those features, it will stand out in the residential market.
Residential Sales Are on the Rise
Now may just be the ideal time to put your home on the market. The year-to-date sales in our state have grown by a remarkable 8.6 percent, compared to the stats from 2019.
Homes Continue to Appreciate in Value
You may not have done a single thing to your home this year, but it may have increased in value. In fact, from April to September 2020, statistics show that Alabama houses have appreciated in price by 11.9 percent, compared to their value during that time last year.
Mortgage Rates Have Taken a Dip
Another fact to know about Alabama’s residential market during COVID-19 involves mortgage rates. You probably know by now that the lower your mortgage rate is, the less you’ll have to pay over time. Well, the good news for Alabama residents is that buying a house is becoming more and more affordable. That’s due to lower mortgage rates! Right now, the average rate sits at about 3 percent.
You Can Safely Sell Your Home
You can’t put a price on staying safe and healthy. This year, the market has adjusted to ensure that buyers and sellers alike can remain in good health. With options like virtual open houses, you can sell your home without worry.
Summary
You can leverage Alabama’s residential market during COVID-19 to your advantage. From virtual tours, to emphasizing better-appreciated features, to drawing on real estate trends, the ball is in your court. Plus, you have Ryan Roberts to help guide you on your journey! Contact him here to get started. In the meantime, you can read more about making the most of your real estate experience on our blog.