Montgomery Alabama Real Estate Market Update - July 2024

FULL Market Report Video on Instagram ⬆️ ⬆️ ⬆️ Montgomery Alabama Real Estate Market Update: What the Numbers Mean for You Hello, Montgomery! 🏡 As a real estate professional deeply invested in our community, I’m excited to share the latest trends and insights from our local market. Understanding these numbers can help you make informed decisions whether you're buying, selling, or just curious about the market. Median Home Price Today: $271,250 1 Year Ago: $249,884 Change: + 8% The median home price in Montgomery has increased by 8% over the past year. This steady rise reflects a strong demand for homes in our area. For sellers, this is fantastic news as it means your property has likely appreciated in value. For buyers, it’s a sign to act sooner rather than later, as prices are on an upward trend. Days on Market (DOM) Today: 78 days 1 Year Ago: 64 days Change: + 18% Homes are staying on the market a bit longer, with the average DOM increasing by 18%. This could be due to a variety of factors, including more discerning buyers or perhaps more homes being listed. If you're selling, it might take a little longer to find the right buyer, but don’t be discouraged. Pricing your home competitively and making it stand out with key updates can help reduce this time. Months of Supply of Inventory Today: 2.2 months 1 Year Ago: 2.6 months Change: - 16% The months of supply of inventory has decreased by 16%, currently standing at 2.2 months. This metric indicates how long it would take to sell all the homes currently on the market if no new listings were added. A lower number signifies a seller’s market, where demand outpaces supply. This is beneficial for sellers as it can lead to quicker sales and potentially higher prices. What Does This Mean for Buyers and Sellers? For Sellers: Increased Home Values: The rise in median home prices means your property is likely worth more now than it was a year ago. Competitive Market: With fewer homes on the market, your listing has a better chance of standing out and attracting buyers. Longer Selling Time: While homes are selling for more, they’re also taking a bit longer to sell. Be patient and ensure your home is priced right and in good condition. For Buyers: Act Quickly: Rising prices indicate that waiting could cost you more. If you find a home you love, consider making an offer sooner rather than later. More Choices: The increase in DOM suggests there are more homes available, giving you more options to choose from. Negotiation Opportunities: With homes taking longer to sell, there might be more room for negotiation on price and terms. Conclusion Montgomery’s real estate market is dynamic and full of opportunities for both buyers and sellers. Whether you're looking to sell your home at a great price or find your dream home before prices rise further, understanding these trends is crucial. If you or someone you know is considering a move, now is a great time to explore your options. Feel free to reach out to me for personalized advice and insights tailored to your unique needs. Together, we can navigate this exciting market and make your real estate dreams a reality. Stay informed, and happy house hunting!

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Seller’s Remorse? Top Regrets of Home Sellers and How to Prevent Them

Let’s face it—between repairs, closing costs and commissions, the costs associated with selling your house can add up fast. Case in point: homeowners reported spending $54,616 when selling their homes, according to a recent survey from Clever Real Estate—an amount that was surprising to 42%.  Despite the costs, the majority (64%) made a profit on the sale of their home, with the median profit totaling $100,000. [Option to add personalized insights from the field here. Example: Over the past six months, the sellers I’ve worked with have made profits between $X and $X.] With the right strategy, you can maximize your profits and minimize regrets. In fact, the study also showed that sellers who worked with a real estate agent walked away with an average of $34,000 more than those who went it alone. That’s a pretty compelling argument for having a pro in your corner!  Rather than just taking my word for it, let’s dive into: The costs associated with selling a home Regrets home sellers reported  How you can avoid common mistakes The Cost of Selling a Home Selling a home at the highest possible price involves various costs. Here’s what survey respondents said they paid for, on average: Listing agent commission: $11,136 Buyer's agent commission: $10,467 Repairs: $10,000 Closing costs: $8,000 Concessions: $7,200 Moving expenses: $3,250 Marketing: $2,300 Staging: $2,263 Keep in mind that every transaction is different—some of these costs are negotiable (like agent commissions), some may not be needed for every property, and some could be lower or higher based on the condition of the home or what’s happening in the local market.  Common Regrets of Home Sellers Regret was a common sentiment among home sellers who participated in the survey, with 89% expressing some sort of regret post-sale, including 92% of those who sold without an agent.  The most common regrets about the home selling process included: Selling too quickly (30%) They miss their old home (29%) Not selling for enough money (28%) Not making enough pre-listing repairs (26%) Making too many concessions (26%) Failing to stage the home (25%) Now, let’s get into something I’m really passionate about—the regrets home sellers had about their agent. Half of those surveyed say their agent “failed them” in some way. This is why who you work with matters so much.  Here’s what respondents had to say about their agent: Agent's advice let them down (57%) Agent made mistakes with their listing (53%) Agent didn't communicate enough (50%) So, with all these regrets floating around, how can you make sure these things don’t happen to you?  How to Maximize Your Home Sale Making the most of your home sale starts with working with the right real estate agent (remember, agents help homeowners get an additional $34,000 for their home sales). I always encourage sellers to interview at least two agents, because when it comes to selling your biggest asset, having the right professional by your side is critical. That’s why I also recommend home buyers meet with more than one mortgage lender. When interviewing agents, look for the following: Find a Professional: Look for an agent with deep knowledge about the local market, strong negotiation skills and a solid marketing plan. Check References and Reviews: Ask for references and read online reviews to ensure the agent has a history of satisfied clients. Discuss Your Goals and Expectations: Make sure your agent understands your goals and priorities for the sale. In addition, be sure to ask about their communication plan. Evaluate Their Marketing Plan: A good agent will have a comprehensive marketing strategy to attract potential buyers, including online listings, social media promotion, and professional photography. Understand Commission Structure: Discuss the commission upfront to avoid any surprises later. Once you find a real estate agent you are confident with, work with them to learn what type of repairs or staging will make a difference. They will be able to walk you through the process and provide guidance on what matters most to buyers.  The Bottom Line Selling your home comes with a series of big decisions. A real estate agent is your partner in the process, and their expertise can mean the difference between tens of thousands of dollars in your pocket.  For a free consultation or discovery call to chat about your goals, connect with me here.

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Discover What $500k Can Get You in Montgomery, Alabama

Discover What $500k Can Get You in Montgomery, Alabama Are you curious about what $500,000 can buy you in Montgomery, Alabama? Join me, Britt Dowling, as we explore three beautiful homes in three distinct neighborhoods: Melrose, Breckenridge, and Sturbridge. Whether you're considering a move to Montgomery or just want to see the local real estate offerings, this tour will give you a great idea of what you can expect. Home 1: Melrose Neighborhood Our first stop is the Melrose neighborhood, where we find a stunning home listed at $519,000. This property features five bedrooms, three bathrooms, and a half bath, spread over approximately 3,300 square feet. Melrose is a newer community with homes still under construction, offering a modern and fresh environment. Although there are no community amenities like a pool or clubhouse, the lower HOA fees and proximity to shopping centers such as Publix, Walmart, Target, and Costco make it a highly desirable location. Home 2: Breckenridge Neighborhood Next, we visit Breckenridge, where a beautiful house is listed at $525,000. This home offers five bedrooms, three bathrooms, and a half bath, with a spacious 3,800 square feet of living space. One of the highlights of this property is its location; it’s right across the street from the clubhouse and pool. Imagine the convenience of having these amenities just steps away from your front door. Additionally, the wooded lot next to the house ensures privacy and a serene atmosphere. Home 3: Sturbridge Neighborhood Our final stop is Sturbridge, featuring a home listed at $549,000. This property includes four bedrooms and three bathrooms within 2,700 square feet. Sturbridge is a unique neighborhood with a mix of new construction and homes dating back to the 1980s. It offers an array of amenities, including a clubhouse, fitness facility, and pool, making it an excellent choice for families looking for both convenience and community. Why Choose Montgomery, Alabama? Montgomery is a vibrant city with a rich history and a strong sense of community. It offers a variety of neighborhoods, each with its own unique charm and amenities. Whether you prefer newer developments or established communities, Montgomery has something for everyone. Plus, the cost of living is relatively low compared to other parts of the country, making it an attractive destination for homebuyers. Work With Me If you're considering making a move to Montgomery, I'd love to be your real estate resource of choice. My name is Britt Dowling, and I am dedicated to helping you find the perfect home. Feel free to contact me via call, text, or email, and let's find your dream home together!

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