Wed, November 12th, 2008
READY FOR A REBOUND!

Every day you pick up the newspaper or hear the news about the depressed housing market around the country, the rise in foreclosures, and declining home values.  Well, congratulations to Birmingham!  Of the 25 national housing markets primed for a rebound, the November 2008 Wall Street Journal’s Smart Money Magazine has named Birmingham number 2.  What has contributed to Birmingham’s high ranking–the economic stability of UAB, the close proximity to the Mercedes and Honda plants, low labor and land costs, and our area attractions including the Birmingham Museum of Art and the Alabama Symphony Orchestra.  In fact, Birmingham has tied Dallas, Texas for the sixth highest price growth during the past year out of the group of 25.

 Unlike other parts of the country, Birmingham’s area builders did not overbuild.  There is, however, an abundance of speculative inventory to sell in many of the area’s most desirable communities.  Low new home finance rates and price incentives are available to help reduce new home inventories.  For example, Eddleman Properties is offering substantial discounts on select homes in Highland Lakes, Chelsea Park, and Regent Park at the Village, where some new home prices have been discounted as much as $19,500.  

 According to the Birmingham MLS, a rebound may have already started with new home sales increasing 9% from August to September.  As inventories are depleted, these attractive incentives will be gone.  So, now may be the best time to buy if you are dreaming of a new home!

Posted by Christina Rickey at 09:58 | Permalink |