Buyer Beware

Alabama House sales are up and will continue get better, however, BUYERS BEWARE!

Across America the news of the housing market has been depressing. Lucky for the Alabama Real Estate industry, the local housing market has not been as bad. Last quarter of 2011 the Birmingham market showed an increase of 26%. A B Home Inspections, Inc. of Birmingham, Alabama has seen, over the last six months, an increase of 180% on average per month.

 

Things have a way of balancing themselves out. Over the past few years, the housing inventory has increased due to the high number of foreclosures and small number of buyers. We have seen an increase in the last few months of buyers and transactions but buyers need to be aware. A good looking deal on a house is not always a good deal.

Because of the larger inventory of houses in the Alabama market, most buyers think it is all black and white and the cheapest house is the best house to buy. The actual selection of houses is high but they aren’t necessarily good houses. Sometimes, what is left in the barrel is often the bottom of the barrel.

Several factors have helped the Alabama market:

The forecloser system has improved. Many people involved in the buying process now know what they are doing. The realtors, lenders, and property owners have a couple years of dealing with foreclosures and now understand the game of buying and selling homes.
Displaced people of Alabama are getting back on their feet. Several tornadoes in Alabama have left people without homes. A lot of A B Home Inspections, Inc. increase in business has been from tornado victims in getting their lives back and buying new homes.
People realize they need a home inspection to know what they are buying. The two most common things we hear from people are that they should have received a home inspection before buying a house and they should have received a good home inspection.
Four suggestions for home buyers:
Do your homework
Get a good real estate agent
Be patient and trust the system.
Get a good home inspection.