If you are wondering where the real estate market in Birmingham is headed you are not alone, while no one can know the future with certainty we can make some educated guesses based on past events. The real estate market took a massive hit back in 2008 when the global economy suddenly went into freefall. Here we are nearly six (6) years later and things are certainly looking positive but what everyone needs to keep in mind is real estate is more than just an investment it is an idea. Owning property is something we all value in this nation but there are some people who think of their home as a source of revenue. which is very dangerous. There is nothing wrong with earning a profit from having your property appreciate in value over time but individuals looking to “flip properties” or take out massive home equity lines of credit (HELOC) to pay off their debt are playing with fire.
Sure property prices are climbing and may reach their pre 2008 levels but we should learn our lesson from that economic crunch and realize that the real estate we are buying is a for shelter and may payoff in the future if/when we decide to sell. By removing the speculators from the market we should be able to get more stable pricing and values. As a general rule of thumb do not try to time the real estate market, if you find yourself in a position to buy or sell you should look for a Birmingham real estate agent that has the necessary experience to do a really good job in representing your interests. By engaging the services of a real estate agent that is reputable and effective you will always get the maximum value whenever buying or selling your property which is the best anyone can ask for. What most prospective home buyers should do is start getting prequalified for a mortgage as soon as possible, interest rates will rise making the dream of homeownership more expensive.