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 have gone up significantly. The Center’s latest report stated that the Alabama Housing Affordability Index was at its highest level in years.
Birmingham, Alabama was named eighth out of the top ten real estate markets nationally for having the shortest supply of homes available in April of 2012. We are now beginning to see multiple offers on properties priced competively.
There is pent up demand for houses as the public perception has been to wait for lower prices, and still lower interest rates. Rental rates are up, and in most markets it is still cheaper to buy than rent. However, home affordability has increased significantly, and 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.
109 Inverness Plaza Birmingham, Alabama 35242
Information is deemed reliable but is not guaranteed.