Birmingham is the densely populated city in the Alabama state with a population of 215,000 where 50% of the population is renters. Five points, Crestwood are few popular neighborhoods for fast house sale.
Real estate market overview from 2014-2017
2014-2015
The local real estate market improved and realtors did fast house sales, having recovered from a recession. 2014-15 was a great year for Birmingham as the city made the highest number of quick home sales in the entire state of Alabama. There was a rapid increase in constructing new homes and single family homes. The number of single family home sold in the year was noteworthy. From 2012-2015 the market has been consecutively positive. The appreciation rates raised and dipped frequently. The average price of a home was around 175,000 dollars. There were around 800 fore-closured properties for sale although they made good deals in this city. 66 percent were owners and rest of them was renters. The job sector was good and employment rate was fair. Some major sectors were lagging behind in 2015 which affected housing market immensely. The residents were spending 12% on mortgage. The millennials of Birmingham found this city to be more affordable for fast house sale and many of them were homeowners at the age of 24. 2015 was little prosperous with 21% appreciation in real estate. The investors with underwater issue were significantly high, 33% of the resident’s mortgage payments were late.
2016
The second quarter was pretty good with increase in appreciation rate and home price which was a good sign for both investors and homeowners. The median price increased to 195,000 dollars and number of fore closured properties drastically raised to 3500 around August 2016. The returns were less favorable as they weren’t on par with nation’s average. A decade old homes were getting best home equity which was the highest in the country. In the first half of 2016, the local economy wasn’t good, and needed improvement to strengthen the real estate market, unemployment rate increased to 6 percent which was bit high than nation’s rate of unemployment. The second half of 2016‘s real estate market of Birmingham was fair with development of new homes for sale was quite refreshing for many investors. The percentage of single family homes for quick sale was good. The signature of Birmingham homes is their rate of affordability. People were spending 9% on their mortgage.
2017
You can find luxurious houses for fast sale at Kelham grove, Eagle creek and Bristol to name a few. The market reached its stability and unemployment rate was 4%. Alabama ranks 5th in investing homes as the state are considered as “Most tax-friendly”, i.e. investors still earns profit even after paying taxes. The housing starts increased to 8.3 percent in June 2017 which was 6% last year. Investors are promised to get cash flow easily with most of the population being renters. Having said that, fastoffernow.com guarantees fast house sale at fair market value.