Real Estate Trends to Help Home Buyers | Residential Alabama

We are here to help you with comprehensive real estate estimations of the US market trends  to facilitate the needs of the investors. The housing market can be fastened this year in Alabama since home prices are soaring new boundaries due to a continued surge in demand. Let’s take a look at the predictions for real estate experts this year.

Since, house rates surged up to 16.2% in 2021 which can give the push to the US real estate market. When new buyers enter the market the market is unlikely to meet demand for houses for sales in the US.

According to a recent report from the Wall Street Journal, the housing market would need at least 3.8 million single-family homes to meet demand. Realtors in Alabama state that first-time homeowners are buying because interest rates are low. More people can be seen in records for searching property in Alabama.

Economic predictions for Alabama real estate industry 2021

This year, there will be a steady recovery of the economy however next year is seen with the speedy growth in the real estate market. Mitigation in mortgage rates can encourage the homeowners to purchase properties in the US because a historical decline has been seen in interest rates this year more clients can take the decision for buying homes in Alabama.

In the greater north Alabama is occupied with a plunge in buyers demand due to shortage of listed homes in Alabama. Since the prices are highly competitive in the Alabama market where realtors advice can help you grab the best home deals for you.

The U.S. housing market has proved resilient during the pandemic including Alabama. According to the Alabama Center for Real Estate (ACRE) at the University of Alabama’s Culverhouse School of Business, due to pandemics there has been a reduction in properties listed for sale. The Alabama Association of Realtors has revealed that June home sales in the state increased 18.7% year-over-year, and 32.5% from May 2020. Those gains mean home sales are up 3.5% year-to-date.

According to the ACRE Alabama’s housing market has matched or outperformed the nation on most housing statistics. The winning situation for Alabama is that it is one of the top five states in the nation showing improvement for the past few months.

Alabama can bode well for the sellers who are looking for potential profits in rental investments. In 2021, with high demand and rapidly rising home sale prices, the potentiality across Alabama to gear up for another booming year.

Forecast summary as per the ACRE 

The housing market is expected to continue rising sales for existing homes in 2021 when compared to 2020 together, the other organizations forecast growth of existing home sales nationwide at 5.3%.  

It can bring some potential sellers off the sidelines with expectations for median sales price growth at 5.7%. The National Association of Realtors has the strongest expectations, forecasting a 23% increase. 

With strong predictions for 2021 Alabama real estate would be at the top of their game. Buyers who are struggling with rising prices to sellers listing their properties with multiple offers are likely to bring a positive change in Alabama Real estate market, there has never been a favorable time for Alabamians as of now. Investors can expect to benefit as the Alabama real estate market heats up this year.