In May of 2008 Money Magazine named Birmingham, Alabama to the #3 spot on its list of “10 Fastest Growing Real Estate Markets”. For those moving to Birmingham, the lowest property taxes in the nation (according to The Land Report 10/27/08), and the amenities and lifestyle offered versus what you get for the money in many other markets, may come as a very pleasant surprise.
On January 9, 2009, Forbes named Birmingham one of the “25 Strongest Housing Markets”. In the November 2008 issue of SmartMoney magazine, Birmingham’s real estate market was listed in the #2 spot of the top 25 cities “ready to rebound”. To buy a home now, in what is one of the nation’s more stable markets, could be a real opportunity.
Individually, the suburbs of Birmingham continue to draw national attention by making several of the “best places to live“ and “best places to retire” lists. Hoover, Helena, and Vestavia Hills, Alabama have all been named. Most recently, Vestavia Hills was named to Relocate-America’s Top 100 List for 2009.
From Aldridge Gardens to the Birmingham Zoo, the Birmingham area literally offers every amenity from A to Z. Investors and homebuyers should take notice of all the recent buzz about the Birmingham Real Estate Market.
According to the Alabama Center for Real Estate monthly report, residential home sales were up 28.8% overall from February to March 2009 in the state. The Center’s latest report stated that the Alabama Housing Affordability Index was at its highest level in 16 years.
With interest rates at historical lows and an $8,000 tax credit available for first-time homebuyers, the summer selling season should continue to show increased sales.
There is pent up demand for houses as the public perception has been to wait for lower prices, and still lower interest rates. However, home affordability has increased significantly, and the Home Buyer tax credit (recently extended, and expanded) has made many rethink trying to predict the “bottom” of the market. With these factors in place, buying a home now may be a sound decision.
Birmingham, Alabama and its many suburbs currently have wonderful inventory from which to choose. For those who have managed their credit well, great opportunities exist. Whether investing, “moving up”, or purchasing a first home, the ”cost to own” is down, and the chance to get that “dream home” may be more within reach than ever before.
Information is deemed reliable but is not guaranteed.
Shannon Holmes (205) 706-3975
RealtySouth
160 Main Street Suite 240 Hoover, Alabama 35244
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