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Aaron Sims' Blog

Birmingham Alabama Real Estate!

By Aaron Sims | Agent in Birmingham, AL

August home sales best in over two years!! What is next?


Housing seems to be gaining its upward momentum.  Rates are low, sales are up, and prices are increasing.  This is good news to thousands of homeowners who have held off selling the last few years because of being upside down in their mortgages.  Some are already back on the right side of things and are starting to list their homes, others are about to be there. 

This means we could see a significant number of homes for sale in the next few months.  With rates still low they know the capable buyers are buying now.  If they don’t know, it is our job as REALTORS to inform them.  The time is now! 

 

According to a recent NAR report Augusts’ existing home sales were the highest since MAY 2010, rising 7.8% to a seasonally adjusted annual rate of 4.82 million.

 

The National Association of Home Builders has said that builders confidence is the highest since 2006 with their list of improving markets now including previously hard hit areas.

 

The Commerce Department said that August housing starts rose 2.3% from July to an annual rate of 750,000.

 

According to a USA TODAY quote from Stan Humphries, Chief Economist at Zillow.Com , home prices have fallen so sharply that the ratio of home prices to income is now near the average from 1985 to 2000. 

 

Yes he said 1985-2000.  I’m not going to try and date you, or myself, however I was in 7th grade when my parents bought the home they are currently in during this period. 

 

With Interest rates factored in (we have some SUPER LOW RATES currently, I read last week if the FED lowered rates anymore, Lenders would be paying Creditors!  SIGN ME UP!!) ..let me get back on track, With interest rates factored in and mortgage payments are 16% easier for the average buyer today than for those buying 15 years prior to the bubble. 

 

Humphries- “Prices have gotten so low, and affordability so high, that buyers have come off the fence.” 

 

Buyers off the fence, home prices starting to rise, those who have held off selling starting to sell, seems to me its time to get these buyers and sellers together.   Good thing I’m a Realtor and can help! 

This should prove to be an interesting fall everyone!   

If you are a seller, maybe multiple offers from the more qualified buyers searching! Go find a REALTOR and get your home sold!

If you are a buyer, Low RATES! More affordable Houses! A good selection of homes on the market!  Go find a REALTOR and get out there and find your home! 

REALTORS, lets help these buyers and sellers through this emotional and stressful process and get them to the closing table so that they can move into the home of their dreams, or sell the home they have been burdened by for the last few years because of the economy.

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