Buyer’s Market Twist
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.
