Local homebuying on the rise

Local housing market 'thriving'

BIRMINGHAM, Ala. (WBRC) - We’ve seen how the pandemic has hit several areas hard. But not the housing market. For realtors and homebuyers, the market is thriving.

“The housing market is astronomical,” says Kathy Gipson, a Team Leader at Keller Williams in Hoover. “We’re having a great trend of housing prices going up and houses are on the market a very short amount of time.”

She says, buyers and current homeowners are coming in for the low interest rates. With an uptick in people working from home, Gipson says she’s noticed how buyers aren’t as picky when it comes to buying a house.

“We’re anticipating that the interest rates are going to stay low which will continue to have the housing market climb.”

Right now, interest rates are at about 3 percent and the Birmingham housing market is currently up 10 percent. But according to Gipson these numbers aren’t here to stay.

“Towards the first part of next year, December to January & February we’re expecting a little bit of a slow down,” says Gipson. “That typically happens. So you’re looking at a smaller decrease.”

If you or someone you know is interested in buying a home, Gipson has a few tips. She says, seek help from a real estate agent. Secondly, reach out to a qualified mortgage lender to get pre approved for a home loan.

To contact Kathy or any of her team members directly, call 205-822-2272.

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