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