RE/MAX Alabama - Brandy Gargis  

My Blog

June 12- June 19 Market Report

6/22/2021
Here's your weekly Real Estate Market Report!  Take a look at your area to see the number of homes sold, average sales price, average days on the market, and how many new houses hit the market.  
Thinking of selling your house?  You'll want to see the numbers from homes that are most comparable to yours!  Click here for your detailed market analysis.


June12-19.png
  Information from the MLS of the Shoals Area Association of Realtors

Market Report June 5- June 12

6/15/2021
Here's your weekly Real Estate Market Report!  Take a look at your area to see the number of homes sold, average sales price, average days on the market, and how many new houses hit the market.  
Thinking of selling your house?  You'll want to see the numbers from homes that are most comparable to yours!  Click here for your detailed market analysis.


Newest Report Colors  (5).png                                                                                                                             Information from the MLS of the Shoals Area Association of Realtors


Market Report May 29- June 5th

6/8/2021
Here's your weekly Real Estate Market Report!  Take a look at your area to see the number of homes sold, average sales price, average days on the market, and how many new houses hit the market.  

Thinking of selling your house?  You'll want to see the numbers from homes that are most comparable to yours!  Click here for your detailed market analysis.


Newest Report Colors  (4).pngInformation from the MLS of the Shoals Area Association of Realtors

Market Report May 22- May 29

6/1/2021


Here's your weekly Real Estate Market Report!  Take a look at your area to see the number of homes sold, average sales price, average days on the market, and how many new houses hit the market 

Thinking of selling your house?  You'll want to see the numbers from homes that are most comparable to yours!  Click here for your detailed market analysis.

Newest Report Colors  (3).png
Information from the MLS of the Shoals Area Association of Realtors


Is this REALLY a GOOD market right now???

5/25/2021

Is this REALLY a GOOD market???


There's no question that we've been in a "HOT" market for a while now.  This is an appropriate question though.  How hot is too hot?  A few weeks ago we talked about the challenges on hopeful home buyers, with the main one being a drastic lack of supply.  When supply and demand are extremely out of balance, you will always have a negative impact somewhere.  So, does a "hot" market always translate to a "good" market???  Unfortunately it doesn't.  The definition of a GOOD market is when Buyers and Sellers are able to achieve their goals within a reasonable time frame.  Part of successfully achieving a real estate goal is hitting the price mark that you were aiming for.  In other words, when Buyers and Sellers are BOTH able to hit their price mark within a reasonable amount of time, that's the sweet spot in the real estate market.  Now that Buyers cannot find a good home in a reasonable time frame without spending a lot more money, that sweet spot has now turned bitter.  

One thing that should be helping this supply problem is New Home Construction.  After all, most Sellers will also need to buy a home.  And when they can't find anything to buy then they can't list their home for sale.....creating more of a shortage!  Typically, home builders are able to answer this with increasing the number of new homes being built.  But soaring lumber prices and shortages are making that impossible. The cost of lumber has increased over 200% in the last year!  According to the National Association of Home Builders, in August 2020 the average new home cost had increased by $16,000.  Just 6 months later, in February, it had gone up by $24,000.  Today, the NHBA reports an increase of almost $36,000 from the same time last year.  This alone would make a new home inaccessible to some home buyers.  But the fact that builders can't get the supplies they need to build the homes is making their situation even tougher.  But I personally believe that partnering with a builder and patiently waiting for your dream home to be completed is a great solution for many Buyers right now.  That's because many of today's buyers have a 4-6 month process before they are moving into their new home.  The home search can take weeks as they wait for homes that fit their needs to come on the market.  The average time frame between contract and closing is 5-6 weeks.  And many buyers are having to give sellers extra time in the home before they take possession.  When all of this equals roughly the same amount of time as building a home, then building should be a consideration!

The key to building is working with a builder who will lock in the price of the home at TODAY'S lumber prices.  That means once they have a contract with you they will order the lumber ASAP.  Yes, you will wait to move in for 4-6 months.  But with today's low inventory you're likely to be waiting anyway.  Yes, new homes costs more per square foot than existing homes, but you'll be designing (and loving) every single foot.  You won't be settling for a floorplan or neighborhood that you don't love.  And with home values projected to continue rising, you may spend just as much on an existing home if you continue to wait.

Building is just 1 way to help get this market back into a proper balance but it is one of the best ways.  We have to increase supply to meet the demand or else the demand will have to go down. Everyone loves a "Hot" market.  But when it gets too hot, we actually risk "freezing" buyers out.  Higher interest rates and higher prices would have the same affect.  Fewer buyers means less demand which would also bring some balance back to the market.  But I think we can all agree that fewer people having the opportunity to own a home is not the best way to go here.  Increasing the supply should be the focus.  

 

Market Report May 15- May 22

5/25/2021
Here's your weekly Real Estate Market Report!  Take a look at your area to see the number of homes sold, average sales price, average days on the market, and how many new houses hit the market.  

Thinking of selling your house?  You'll want to see the numbers from homes that are most comparable to yours!  Click here for your detailed market analysis. 



Newest Report Colors  (2).png

Information from the MLS of the Shoals Area Association of Realtors

Market Report May 8th-May 15th

5/19/2021

 Here's your weekly Real Estate Market Report!  Take a look at your area to see the number of homes sold, average sales price, average days on the market, and how many new houses hit the market.  

Thinking of selling your house?  You'll want to see the numbers from homes that are most comparable to yours!  Click here for your detailed market analysis. 


Newest Report Colors .png
Information from the MLS of the Shoals Area Association of Realtors

Flashback to 2016!

5/12/2021
Gas Shortage Could Be An Advantage For
Home Buyers

Residents all over The Shoals experienced a flashback yesterday, of an experience we all hoped would remain a distant memory.  The words “GAS SHORTAGE” with pictures and videos of people lined up at the pumps, filling their vehicles and every gas jug they could get their hands on.  By the time most people got off work, there were several “SOLD OUT” and “NO GAS” signs posted.  Apparently there was a cyber attack on the Colonial Pipeline that supplies a good portion of the fuel to the South East.  Colonial explained that this could prevent them from delivering fuel for the next week.  Because of this, people were encouraged to drive as little as possible until things are up and running again. 

 

Thanks to the lessons learned during the gas shortage in 2016, a lot of people will be staying home this weekend!  Which might mean a little less competition for serious home buyers who are willing to risk an empty tank to get that perfect home.

 

With competition as tight as it’s been, an advantage is hard to come by! 

 

BUYERS: If you want more information on the best strategies for writing an offer that will get accepted without overpaying for a house, give me a call! 

 

HOME OWNERS: It’s easy to get multiple offers on your home right now.  But if you want to know how to get the best offers on your home with the best possible bottom line, give me a call!

 

 

Have a wonderful week!



Here's your weekly Real Estate Market Report!  Take a look at your area to see the number of homes sold, average sales price, average days on the market, and how many new houses hit the market.  

Thinking of selling your house?  You'll want to see the numbers from homes that are most comparable to yours!  Click here for your detailed market analysis. 



Newest Report Colors (3).png
Information from the MLS of the Shoals Area Association of Realtors

Crash or No Crash??? The Results Are IN!!!

5/4/2021
Crash or No Crash?  The results are in…..
 

     For months people have been expecting the news that the housing market is finally crashing, or the “bubble” bursting.  This has created a frenzy that started out as a silver lining.  Amidst so many unknowns at the start of the pandemic, here was as welcome surprise.  Something was actually thriving through the craziness and the quarantine.   There were great interest rates for buyers, plenty of homes to choose from because the original announcement of the pandemic froze……well, everything for a time, and little competition from other buyers because only a select few brave souls dared to enter the home of a stranger in hopes of making it their own home.  This silver lining quickly snowballed into the hottest real estate market in over a decade.  Buyer competition heated up, homes sold quickly and now here we are 1 year later.  The snowball has turned into an avalanche that continues to pile up.  So, naturally the next place we should go is for everything to collapse, right?  Well, that’s what most people have been waiting for.  So much so that the amount of Google searches for “When is the housing market going to crash?” has increased 2,540%!!!  Investors have been waiting for the moment they can swoop in and grab up cheap properties.  Sellers have gone all out to make their home improvements that will let them sell for top dollar.  Buyers have scrambled to get their dream home before the lowest interest rate that’s ever been available to them vanishes.  The experts have spoken.  NO CRASH IN SIGHT.  Actually, it’s the exact opposite.  Home values are going to continue to climb because inventory continues to decline.  Homeowners who want to “cash in” can’t list their home for sale until they already have their new home secured.  And they can’t seem to find a new home when there are so few homes out there for sale.  So we’ve entered this cycle that is continually tightening the supply resulting in higher prices, which then restricts the supply even more and prices climb higher again.  So, isn’t home values going up a good thing???  Absolutely! Until it isn’t.  It isn’t good when buyer’s who have worked hard to have great credit and saved for years to have a good down payment for a particular size and style of home, to have the home they have been working so hard for to suddenly be so expensive that it’s out of their reach.  And it isn’t good when buyers decide to stop buying because they refuse to pay a premium price for a home they don’t really love simply because they can’t afford today’s prices.

 

     So, when you read the headlines about home sales decreasing, know it’s because the market is so competitive that it’s actually restricting itself.  Yep, this is a whole new world and we’re going to have to adjust quickly to keep things in balance.  Too much competition or too little competition will always create an imbalance.

 

     In the coming weeks we’ll talk about possible solutions that could help prevent the market from slowing so much that it “locks up”!

 

Have a wonderful week ahead and remember to always give me a call if I can help in any way! I’m always happy to help!


Here's your weekly Real Estate Market Report!  Take a look at your area to see the number of homes sold, average sales price, average days on the market, and how many new houses hit the market 

Newest Report Colors (2).png
Information from the MLS of the Shoals Area Association of Realtors.

Market Report April 17th- April 23rd

4/7/2021
Here's your weekly Real Estate Market Report!  Take a look at your area to see the number of homes sold, average sales price, average days on the market, and how many new houses hit the market

Thinking of selling your house?  You'll want to see the numbers from homes that are most comparable to yours!  Click here for your detailed market analysis. 

 Newest Report Colors.png

*Information from the MLS of the 
Shoals Area Association of Realtors. 
Page:  of 000  |