BIRMINGHAM, AL (WBRC) - Birmingham's real estate market may be stabilizing just as time begins to run out on the tax credit for first time home buyers.
The tax credit for first time buyers requires you to close on your new home before December first, and it usually takes up to 60 days from the time your offer is accepted to the time you close. So, "You're going to have to get off the fence in the next 20-30 days to make this happen," said Coldwell Banker realtor Jeffrey Klinner.
"Buyers know about it," said LAH Realty Vice President Coke Williams. "First time buyers wanna take advantage of it. Realtors have educated themselves about it, or at least provided links to their clients."
Both realtors say the first-time credit has pushed some buyers off the fence and into the market and that has helped stabilize prices. Birmingham home prices jumped 3% in July and Williams says the market is coming back, though it will be slow.
"I think it will remain a buyer's market through the spring of next year," Williams said. "But I do see it remaining steady."