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The Federal Reserve announced Friday that it has approved a half-percentage point cut in its discount rate on loans to banks. The discount rate only covers loans made directly to banks by the Fed or loans that banks make to each other over short terms.

How will this impact the real estate market in Birmingham?

For the time being, this should stabilize the current rates being offered and combined with the recent infusion of dillions of dollars into the banking system, keep credit availability from declining.

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Birmingham Buyer’s Market Twist

Buying a home in Birmingham, Alabama isn’t as easy as one might think. The popular belief is that Birmingham is a buyer’s market. Although this is partially true, due in part to the shear number of homes currently for sale in the Birmingham area, the local market in Birmingham is taking some non-tradional buyer’s market twists.

The First Twist

Birmingham Home Seller’s aren’t completely desparate to sell their homes. I know this may be a shock to those of us glued to the national headlines and popular television shows, but really, this is the case.

The Second Twist

Where Birmingham differs from other parts of the country is that the homes in Birmingham never really went out of proportion to their value. In fact a survey from USA Today in 2005 noted that at the peak of the frenzy, Birmingham was considered only 3% over valued compared to other US cities with 30 to 40% over value estimates. Of course there are exceptions, but in most cases, the homes in Birmingham are holding their value.

What does this mean to a person wanting to buy a home in Birmingham, Alabama? Be realistic in your expectations on negotiating a price for the purchase of a home. Ask your Realtor® to provide you a market analysis for the particular neighborhood and area in which you want to purchase. This will help you determine the market value of the home and assit you in determining a realistic offer to purchase.

If you have any questions regarding purchasing a home in Birmingham, please feel free to contact us directly at 205-380-3700.

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Schedule your tour today for this large & spacious home! This spacious,luxury home is located in a quiet cul-de-sac just off of the Heatherwood Country Club golf course. The great-room and foyer have soaring 20 ft ceilings. Just off of the great room is the huge kitchen, fit for a gourmet chef. Beautiful hardwoods, dental crown molding, and marble tile trim out the main living level. Step out onto one of 2 back decks to enjoy the wooded back yard. Enjoy a peaceful night’s sleep in the large master suite, complimented with a large whirlpool tub, separate shower, and walk-in closet. 3 more bedrooms are on the upstairs level, and 1 more is located in the fully finished lower level. This is only the beginning in this 5 bedroom 4.5 bath home! Immediate possession available, home appraised for $560,000 July 18,2006! (Listing agent has a copy of this appraisal on file).

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