A few weeks ago, we posted about celebrating our company’s tenth anniversary. This is an exciting milestone for Ray & Poynor despite the unique challenges of this year. It also got us thinking—how has the real estate industry changed since 2010?
Here’s what our founders, Henry Ray and Wilmer Poynor, had to say:
1) Clients are much more informed. Thanks to the internet, there’s an abundance of information available about the Birmingham market, local realtors, and homes for sale. There are now numerous websites and apps where consumers can browse homes on the market. In fact, according to the National Association of Realtors®, most people begin their search for a home online.
“So much information is available online about specific properties and the real estate market in general. Consequently, realtors must be prepared to justify their value to sellers and buyers.” — Henry
2) The industry has grown. The real estate industry was hit hard by the Great Recession, but it’s come back stronger than before. The number of realtors in the Birmingham area has doubled since 2010. This means it is now more important than ever for realtors to differentiate themselves and provide the best possible value to their clients.
3) “Sellers are putting more effort into making sure the presentation of their homes is excellent before listing.” — Wilmer
Sellers are enlisting realtors to help make their homes shine so they can get the maximum value when they list. Home staging has become increasingly popular in the last few years. Some sellers are also opting to get their homes inspected before listing to ensure there are no surprises that can interfere with closing.
4) Interest rates have decreased. As of December 2020, interest rates are historically low. This is great news for those looking to purchase a home or those who are considering refinancing.
5) The value of existing homes has increased. Because of low interest rates, more buyers are in the market for homes. Birmingham home inventory has been consistently low in recent years, intensifying competition for existing homes. As a result of this and other factors, housing prices have gone up. A realtor can help consumers navigate this competitive market.
The real estate industry has evolved in the last decade, but buyers and sellers are still looking to realtors to guide them through the process. If you have any questions about the Birmingham home market, or if you’re thinking of buying or selling, please call us at 205.879.3036 or contact one of our realtors.