I was able to attend the Huntsville Area Association of Realtors Economic Summit that was held just a few months ago and I found it very encouraging. The Chief Economist for the National Association of Realtors was the keynote speaker. In his speech, he pointed out that our economy is relatively stable and in a good position compared to many areas in the US. That said, we have seen some reduction in prices on some homes in our area. We do have a lot of new construction in North Alabama and that has also increased competition between existing and new homes. Unfortunately, there are short sales and foreclosures as well, which may also affect the value of the surrounding homes.
My personal opinion is that as long as people are still relocating into this area, we are in good shape. The Chief Economist also relayed that when consumer confidence is down, home sales are down and a pent up demand is created as consumers stay in rentals until their confidence returns.
If you need some more information about the history of home values in a particular neighborhood, let me know!
Good luck and let's be confident!
Keller Williams Madison