Advertisement

Local broker calls selling market ‘The Wild, Wild West of the South’

Published: May. 10, 2021 at 7:53 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

BIRMINGHAM, Ala. (WBRC) - If you’re looking to sell your home, local real estate companies say there’s no time like the present.

And if you’re looking to rent a house in the Birmingham area, you’re in luck.

The broker and owner of Remax Southern Homes is calling this housing market the “wild, wild west of south.”

He said now is the perfect time to sell your home because there are plenty of people looking to buy, and there are more homes for rent in the Birmingham area than there have been in quite a while.

Broker and owner of Remax Southern Homes, David Emory, said there are more people looking to buy homes than there are people willing to sell them right now causing a frenzy of buyers looking to pay top dollar for homes.

“You know…there’s bidding…what we call bidding wars now going on with the houses, so when they come on the market…you know….you might be as many as eight to 10 to 12 offers on a particular property, and obviously the prices are being driven up by the multiple offers,” Emory said.

But while there may be a lack of inventory of houses to buy, Emory said there are more houses to rent now than ever before.

“We have a lot of investors that have come into our market and they have started buying up blocks of houses, and in fact, they’re some of the ones that are in the bidding on some of these houses and so, they’ve actually bought blocks of houses that they are then turning around and putting into the inventory…the rental inventory,” Emory explained.

He said in many cases the houses are kept at more economical prices; somewhere in the $2,000 to $2,500 range.

He said that’s considered affordable especially since the cost of renting apartments is skyrocketing.

But he said if you want to rent a house, you’ll want to act fast.

“What’s happening is a lot of people have decided that they’re going to get in on selling their home because the market is so good and they’re really able to capitalize on their profitability of their home, and so they’re selling their home and they don’t have anywhere to go, so they’re renting until something pops up that they can be ready to go,” Emory said.

If you’re in the market to rent a house, you’ll want to have all your ducks in a row.

Emory recommends knowing your credit score, having your deposits in place, including first month’s rent and a security deposit, and be upfront about any dings on your credit.

He said rental companies may be considering multiple people for these houses, so you want to be sure your application is the most attractive.

Copyright 2021 WBRC. All rights reserved.