More homes available as housing market shifts, according to Birmingham broker

Housing market update
Published: Aug. 31, 2022 at 10:50 PM CDT
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BIRMINGHAM, Ala. (WBRC) - Depending on your price range, you could have less competition if you’re buying a home right now.

While it is still more of a seller’s market, there is a shift happening. Homes for sale are remaining on the market longer and there are more houses available. Some of that has to do with price though.

“I was looking at a statistic earlier that was saying listings available -- if I’m citing correctly -- are about the peak that they’ve been since January 2021,” said Jeremy Miller, the president of LocAL Realty.

He says more homes are available for purchase, which is a good thing.

“We have a lot of sellers that are coming to us now stating, ‘Hey, I just don’t want to miss the opportunity to capitalize on this peak that we’ve seen,’” said Miller. “We don’t think that’s going to happen but the market needs more property. We need more inventory to quail the buyer demand.”

That demand seems to still be there, even though less offers are on the table for certain homes.

“Prior to the interest rate shift, we were in a great position for our sellers to tell them basically, ‘We’ll have the house open over the first weekend. We would expect anywhere between five to ten offers minimum,’” he added. “At this point in the market, we’re cautioning our sellers: ‘Look, the shift has occurred. I would give it two to four weeks. You might see a third to a quarter of the showings and offers than maybe we had prior.’”

Even with less offers, Miller says it only takes one offer to sell a house so sellers shouldn’t worry too much. And if it’s a good property, the high interest from buyers remain.

Miller says they had a seller receive an offer $10,000 in cash over listing price.

Of course, some homes may sell faster than others though.

“The more affordable, or the larger the buyer pool is, you’re always going to have more offers,” he said. “So something in the 100s or 200s, you should expect to see a few more offers than maybe at a higher price point.”

Whether you’re a buyer or a seller, Miller encourages patience right now. Some homes are going quick for above asking price, while others are sitting a bit longer. It’s a time in the market that could be good for both sides.

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