Montgomery realtor talks stabilizing interest rates
MONTGOMERY, Ala. (WSFA) - The national median price for a home is now 0.2% lower than it was this time last year. While that’s great news for those looking to buy or sell, Donna Cox with House and Home Real Estate says the Alabama housing market doesn’t always follow national trends.
“We don’t always go with the trends of the nation,” said Cox. “We’ve got great property taxes, low property taxes here.”
While people were used to seeing interest rates in the low 2s, Cox says the current rate is a median rate for Montgomery and is a sign that the market is going back to normalcy.
“During the years of COVID, and I’ll say ‘21, ‘22, they were anomaly. I mean we had never seen historic low interest rates as low as they were during that time, and people got really used to those low rates,” said Cox.
Cox said there aren’t many homes on the market, but it’s still a good time to buy and sell.
“Buyers can get a little bit more negotiating power versus in ‘21 and ‘22 when you had 10 offers on the table for a property. It’s easier for a buyer to get out there to negotiate a little bit with the seller at this point,” said Cox.
Homeowners, especially first-time homebuyers, have multiple choices for quality local loans.
On Monday, the Federal Housing Administration reduced the cost to get mortgage insurance premiums from 85 basis point to 55, which could save homebuyers up to $800 a year.
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