Realtor: River Region housing market looking ‘brisk’ in 2022
MONTGOMERY, Ala. (WSFA) - If you are looking to buy a home right now, it could be tricky. The housing market is “very, very brisk” in the new year, according to one real estate leader.
“We are closing a lot more houses. The problem is inventory,” said Bo Evans, president of the Montgomery Area Association of REALTORS. “We don’t have anything to sell.”
It’s a competitive time to buy. Evans said homes that typically take about 96 days to sell are now selling in about 42 days.
“If you’re selling your house with a realtor, with a professional, you can expect to get 100% or more of your asking price,” Evans said.
For buyers, Evans also recommends you turn to a professional – a real estate agent that can make it all make sense.
“They know how to navigate this market,” he said. “It is a really confusing market if you let it overwhelm you.”
Those looking to escape the existing home market altogether, and build from the ground up, can also expect some challenges.
One of the biggest struggles for builders right now is knowing how to price the homes they construct. Its another result of supply chain issues.
“The prices are accelerating so fast, and many times we don’t know what the price is going to be when we actually have to take delivery of materials,” Lowder New Homes President Jimmy Rutland said.
The price of lumber has been a big concern for builders. Rutland explained that prices are up by about 35% just in the first 30 days of 2022. Still, the home building process remains a popular option.
“Going into this year, in January we were already 43% ahead of where we were this time last year,” Rutland said. “So it has continued.”
The average list price in the River Region right now is $212,965, per the Montgomery Area Association of REALTORS, an increase over the past few years.
With supply chain issues and increased demand, it may take a little more patience before you find the perfect home.
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