Local real estate agent gives outlook for 2023
‘As interest rates start to come down, more buyers will start to enter the market.’
BIRMINGHAM, Ala. (WBRC) - 2023 is bringing promising news to homebuyers. Experts say home prices are beginning to stabilize after a few rocky years, but this year experts say prices will not be as daunting.
“It has been a crazy, incredibly competitive market,” said Nicole Ceravolo, realter with Sold South Realty. She said price hikes are just now starting to slow down.
“Over the past two years, we saw a crazy just rise in home prices, and the price of homes is going to continue to increase. However, it is going to be at a much slower rate than what we’ve seen over the past two years. So nothing to be scared about at all,” Ceravolo said.
She is a realtor in the Birmingham area. She said she jumped into this real estate area recently, and the past two years have been a learning curve.
“It’s like relearning a little bit of real estate, just because the market has shifted a lot. So it’s always fun,” Ceravolo said.
And on the renting front, experts say prices seem to be stabilizing there too.
“It’s slightly down compared to what we saw this time last year,” said Brian Carberry, Senior Managing Editor at Rent. Birmingham as a city is getting more attention than before, with more investors looking at it as an option.
“[Companies] even out west are flocking to Alabama, specifically Birmingham and Huntsville to start buying income properties,” Ceravolo said. The biggest recommendation she gave for homebuying is to be upfront.
“I mean, all of your finances, all of your dirty laundry, so debt, any type of debt, you may have anything child support, all of these things that go into your income. If you get cash money on the table, a lot of that is not actually able to be used as income when you’re buying a home,” she said.
Also she said to make sure you’re taking advantage of buyer incentives.
“We are being able to negotiate inspections and get repairs which was not seen in the past two years. Lenders are waiving some fees, lenders are kind of sweetening the deal,” Ceravolo said.
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