It’s a beautiful time to sell a home in Alabama. Due to the COVID-19 pandemic, Alabama is experiencing one of its hottest seller markets on record. A combination of historically low home inventory and high demand from buyers for housing has made selling a home in Alabama extremely beneficial. In this article, we’re looking at how COVID has changed the housing market in Alabama.
What Is the Current State of the Housing Market in Alabama?
Statistics from the Alabama Center for Real Estate (ACRE) at the University of Alabama show that homes sold during July 2021 spent around 43 days on the market. Hence, this is a record low and means that homes are selling 38 days faster than last year. In addition, the median sales price in Alabama in July was $218,374. Therefore This is another record high for the housing market in Alabama and an increase of 11% from one year ago. The median home price increased by 0.8% in one month alone.
COVID may also influence the limited housing inventory in Alabama. Currently, listings in the state are down 29.3% from the same time last year. Hence This is good news for sellers, as it means that there is less competition for homes. Reduced inventory also leads to more motivated buyers and the potential for multiple offer situations.
Is it a Good Time for the Housing Market in Alabama?
If current real estate sale statistics are anything to go by, it’s a great time to sell your home in Alabama. Sellers can currently capitalize on motivated buyers and less competition between homes. If you’re contemplating about selling a home in Alabama, you can look forward to increased median home values and a surplus of buyers. There is currently only 1.5 months’ worth of inventory in the Alabama real estate market. Hence This is a fall of 6 months compared to the market at the same time last year.
Due to a significant stall in new construction stemming from the COVID-19 pandemic, Alabama is likely to continue experiencing a low housing inventory. It’s also important to know that the construction industry is dealing with a skilled labor shortage, shortage of materials, and delivery delays. These circumstances have produced a perfect storm for homeowners hoping to sell their homes for top dollar.
How to Sell Your Home in Alabama
If you’re pondering about selling your home in Alabama, here are a few things you can do to ensure you sell it quickly and for an optimal price:
Price Your Home Accurately
A comparable market summary, also known as a CMA, is a service real estate agents offer to price your home accurately. To complete a CMA, a real estate agent compares your home to other similar houses that get recently sold. To competitively price your home, it’s essential to take into account current market conditions. Price too high, and your home may sit on the market, price too low, and you may not receive an optimal sale price.
Market & Sell Your Home
Most buyers begin searching for a new home online and attempt to attract as many buyers as possible; it’s crucial to have a strategic marketing plan. Hence This includes marketing on all major real estates websites such as Realtor.com and Trulia. In addition, real estate agents have access to the MLS (Multiple Listing Service). The MLS is a real estate listing service updated in real-time to let buyers agents know immediately when new homes come to market. Only authorized real estate agents can list homes on the MLS.
Consider Selling Your Home to a Real Estate Investor
Maybe you want a quick sale or don’t want to go through the process of selling your home on the open market? In this instance, selling your home to a real estate investor, also known as a cash buyer, could be the best answer. Real estate investors purchase homes in cash, sometimes in as little as seven days! Therefore This is a great choice for homeowners who want a fast sale with minimal effort.