Birmingham Real Estate Market Update: First Quarter 2024 vs 2023 The first quarter of 2024 is now under our belts so this week I’ll be taking a look at how Q1 of 2024 compared to Q1 of 2023. The big story for 2024 is interest rates, and as of the writing of this post, rates have been in the 6-7% range for approximately 20 weeks. Most believed that going into 2024 we would have seen rate drops before now, however, this has not happened. As you might expect this has had a noticeable impact on home sales. Of course, real estate is location specific and certain areas may be doing better than othe ..read more

A Different Market I think we can all agree that the real estate market we are currently in, as of the writing of this post, is not the same one we were in from 2020 to 2022. The market dynamics have changed namely interest rates.   Prices have held steady and even increased in some areas due to limited inventory. The lack of homes available for sale and the increase in interest rates have resulted in a decline in homes sold in most areas of the country. This decline in the number of houses sold in some areas has made it difficult to do appraisals because of the lack of comps. I was aske ..read more

Appraiser and Agent Collaboration is a Good Thing The importance of collaboration between real estate agents and appraisers can be a touchy subject. On one hand, the real estate agent’s main goal is to advocate for their client while the appraiser must be an impartial and non-biased third party. You might ask yourself how they can collaborate given two different goals, however, I believe it can be done. It’s important to understand that collaboration does not mean that both parties must work together so that the deal closes at the contract price no matter what. I believe that collaboration be ..read more

Final Insights on Housing Statistics for Real Estate Agents We are in the last part of my Housing Statistics for Beginners series and I want to thank you for following along. Knowing what the stats are and how to find them is very important in analyzing the real estate market because it helps us make informed decisions on pricing a home. In the first installment, we discussed the number of active listings as well as sales. These stats make up what we know as supply and demand. Real estate professionals must grasp supply and demand statistics to accurately gauge market dynamics, ensuring they ..read more

Unlocking the Basics: Part 2 of Housing Statistics for Beginners In my last blog post, which was the first installment in this multi-part series, I discussed why it is important for agents to be aware of local housing statistics. We see national news stories that say this or that about the housing market, however, it may or may not reflect what is going on in our neck of the woods. We all know that the three most important factors in real estate are location, location, and location. If this is true then we need to have a grasp on the different market indicators for our local market. Even thou ..read more

Mastering the Game: Why Housing Statistics Are Your Secret Weapon in Real Estate Hey there, fellow real estate pros! In the fast-paced world of house sales and market trends, staying ahead of the game is everything. As someone knee-deep in residential real estate appraisal, I’ve got a nugget of wisdom to share: housing statistics are your not-so-secret weapon for leveling up in the real estate hustle. In this blog post, that I’ve written specifically for real estate agents, we’re diving into why understanding housing stats is like having a secret weapon in your professional toolkit—it’s a game ..read more

A Final Look at 2023 Birmingham Housing Stats If asked what their final thoughts are about the 2023 real estate market coming to an end most agents would probably reply “Good riddance”! The 2023 real estate market was not good to most in the industry and today we’re going to look at what happened in December with Birmingham Housing Stats as well as the year in general. The housing market in Jefferson County, Alabama, for December 2023 exhibited several noteworthy trends: 1) Price Changes: The median sold price in Jefferson County saw a slight decrease of -0.18%, going from $264,990 in Decembe ..read more

Can A Pre-Listing Appraisal Help Sell An Expired Listing? In the dynamic world of real estate, one of the most challenging situations you may encounter is dealing with an expired listing that just won’t sell. Despite your best efforts, sometimes a property lingers on the market, leaving both you and your client frustrated. In such situations, a strategic move to consider is obtaining a pre-listing appraisal. As a seasoned residential real estate appraiser with three decades of experience, I’ve witnessed firsthand how a pre-listing appraisal can be a game-changer. In this blog post, I’ll delve ..read more

What Search Criteria Should You Use When Searching For Comps? I often get asked by agents about the best way to find comparable sales when pricing a listing. Today I thought I would share the search criteria I use and the reasons for each of them. Agents and appraisers are not that different in their desire to determine an accurate market value for a property. Agents are looking out for the best interests of their clients and always want to sell their houses for the highest amount possible, however, unless a buyer is paying cash and does not need financing they will need to obtain an appraisa ..read more