Homeownership in Alabama is higher than the nationwide average, the market is stronger
As more evidence is collected. The state of Alabama’s housing market is a top priority for Realtors heading into the second half of the year. It comes as the Alabama Association of Realtors says the state has had great success so far this year. WVTM 13’s Jarvis Robertson is live and local in the studio with me and Jarvis tonight. How do they feel about the state’s housing market so far? Well, Gladys replied simply, very well. June is now National Homeowners Month. The home ownership rate in Alabama is 73% while the national average is only 66%. Or should I point out now, more people definitely choose to call Alabama home. We’re actually more stable than the rest of the country. It seems like more and more people are calling Alabama their sweet home, especially in the Huntsville and Baldwin County areas. Jeremy Walker, executive director of the Alabama Association of Realtors, says the law also helps the state’s housing market. One of those that passed last year was the property tax cap law, which puts an annual limit on how much your property taxes can increase. Whether you’re a homeowner or a professional small business owner who is showing strength. The market has shown four consecutive months of improvement over the summer, which is typically our strongest time of year. In May. The average or median price of a home was approximately $205,000. For sellers. Uh, the good news is, especially if you have a two, three, 4% mortgage, you’re in really good shape. Uh, right now, you have a lot of options. Uh, we’ve seen an increase in inventory, and that’s been good for sellers in recent years. Our home prices have remained very, very stable during the pandemic and have actually increased by about 30 to 40% since 2020. Although some people think interest rates are too high, Walker thinks buyers should consider taking the next step on their home with purchase rates in the high sixes. Low Sevens have historically had very good rates. Um, and we feel like most consumers are moving towards the past. We’re probably not going to see three and 4% mortgages again in our lifetime. Now, Walker added, the future of Alabama’s real estate depends on what interest there is
Homeownership in Alabama is higher than the nationwide average, the market is stronger
Updated: 11:14 pm CDT June 30, 2024
If you are thinking of purchasing a home, Upcoming Alabama may be the most suitable choice. According to Jeremy Walker, executive director of the Alabama Association of Realtors, the home ownership rate in the county is 73% compared to the national average of 66%.” The market has shown steady improvement for four consecutive months over the summer, which Walker said is “typical. “This is typically our strongest time of year.” Walker says the median price, or median value, of a home used to be $205,000 as of May. The Huntsville and Bewdley County area of 1st Earl Baldwin has seen the most in the housing market. Highlighting the movement, he said, “We have benefited from net migration in the last four years. We have more people moving to Alabama year after year.” The thing that makes Alabama’s real estate prevalent is the quality tax fee. The law capped it at seven percent for homeowners and owners of industrial estates. On the other hand, he’s not convinced interest rates will drop anytime soon, says Walker. “In the last 100 years, this is the month to do so.” has one of the best looking asset classes available in the country’s market.”
“The market has shown a steady recovery for four consecutive months over the summer, which is typically our strongest time of year,” Walker said.
Walker says the median price or average value of a home as of May used to be $205,000. Huntsville and Bewdley County’s 1st Earl Baldwin has highlighted the hottest housing market.
“We’ve benefited from net migration over the last four years. We’ve got more people moving to Alabama year after year,” he said.
One thing that makes Alabama real property popular is the quality tax fees. The law limits it to seven percent for homeowners and industrial owners. On the other hand, he is not positive about rapid changes in interest rates any time soon.
If you want some inspiration for buying a home, Walker says now is the month to do so.
“Over the last hundred years, it has been one of the best-looking asset classes in the country’s market.”
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