Summer 2013 was a strong set of months for Birmingham and the rest of Alabama! The Alabama Center for Real Estate (ACRE) is reporting positive residential sales in the Birmingham metro area yet again. According to The Greater Alabama Multi-Listing Service, these sales increased 10.8 percent this year through September.
That adds up to a nearly 16 percent increase compared to last September! These numbers are within .8 percent of what was originally projected by experts, and kicks off what is expected to be a strong fall season in real estate.
There’s no telling how much the housing market will improve over the next year, but real estate industry experts and economists everywhere are thinking optimistically. The Alabama Real Estate Confidence Index projected that the fourth quarter would be a favorable one for the state. The majority of the confidence indicators were measured over 50, the highest fourth quarter levels since the inception of the survey in 2010.
Best of all, the national average interest on a 30-year fixed-rate mortgage is predicted to level out around 4.5 percent over the next couple of weeks. Home prices in the Birmingham area have also increased 3.1 percent year-over-year – a promising sign for the region. Without a doubt, the current real estate market is a buyer’s market. Historically low mortgage rates, affordable home prices, and beautiful new homes for sale make this season the best one to buy a home.
Now that the real estate market is improving at the national, regional, and local levels, there’s great reason to buy a new home in our Ross Bridge community. Not only are you buying a home, but you’ll be moving into one of the nicest and most resident-oriented communities in Birmingham. No matter your interests or tastes in home design, there are endless activities, amenities, and homes in any of our distinct neighborhoods. Take advantage of the favorable housing market and move into a Ross Bridge home you love!
Source: The Alabama Center For Real Estate