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What the Housing Shortage Can Mean For You

If you’ve been thinking of trading up to a more luxurious home, you’ll want to read this.

You may have heard that we’re in the middle of a housing shortage here in North Alabama.

It’s certainly true for mid-market and lower-priced homes.

The number of such homes on the national market has declined over 40% in the last four years, and prices have increased accordingly.

There are a few different reasons behind this.

Builders have been focusing mostly on higher-priced homes. Investors have turned many lower-priced homes into rentals. More people are looking to buy thanks to historically low mortgage rates.

So yes, there’s a shortage…but what does this mean for you?

First, if you’re looking to sell your home, the current market offers a great opportunity. 

Thanks to the shortage in the market, you can sell your home more quickly.

This summer, the typical home stayed on the market for just 35 days, and 47% of homes sold in less than a month. Compare that to 2012, when the typical home was on the market for over two months!

You can also sell your home for more in today’s market. Prices are 5.3% higher now than they were a year ago, and many homes around North Alabama end up selling for more than their asking price.

Curious about how much your home is worth in the current market?

I have a free online calculator that takes into account recent North Alabama sales to give you a good estimate of the current value of your home.

Enter your street address to find out what your home is worth.

At the beginning of this email, I mentioned that now is also a good time to trade up to a bigger, higher-priced home.

You see, prices of top-tier homes have grown at a slower rate than mid- and low-priced homes. In addition, 16% of top-tier homes over the last year sold for less than their asking price.

There is also a greater supply of premium homes — they now make up 46% of available homes on the market.

This means it’s a great time to buy a top-tier home. 

What kinds of homes are for sale right now around North Alabama?

You can search all homes for sale on my website here.

If you’re considering trading up to a top-tier home, give me a call at (256)-799-9000. I can give you my estimates on what’s possible in the current market.

This Week’s Closings:

  • Mr. Joe Hernandez
  • Mr. and Mrs. Daniel Pline
  • Mr. Rick Hyde
  • Mr. and Mrs. Brian Dalrymple
  • Mr. and Mrs. Maurice Stewart
  • Mr. Kelson Hale
  • Ms. Kathryn Soisson
  • Mr. Kyle Johnson
  • Mr. and Mrs. William Guin
  • Ms. Courtney Marcus
  • Mr. Arthur Sharpe Jr.
  • Mr. and Mrs. Octavio Ramirez
  • Mr. and Mrs. Chance Mitchell
  • Mr. and Mrs. Reginald Warner
  • Mr. and Mrs. Carl Distler
  • Ms. Jana Byrd
  • Ms. Sue Kruse
  • Mr. and Mrs. Daniel Langhout
  • Mr. and Mrs. William Taylor
  • Mr. and Mrs. Steven Page
  • Mr. and Mrs. Ronald Ellison
  • Mr. Terry Wright of The Oasis Group
  • Ms. Tina R. Phillips

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