Huntsville, AL Housing Market Update | October 2022

In the October Housing Market Update, we’ll look at how rising interest rates have affected the Huntsville, AL market as we’re coming out of a record housing market and what to expect for the rest of 2022 as we head into 2023. If you’re looking to buy or sell a home in Huntsville, AL area, this information can help you make the best decision based on your situation.

New Listings 

New listings are relatively flat year over year with a 0.9% increase, there were 1,474 new listings in September 2022 versus 1,461 for September 2021. That makes sense because, in September 2021, we had many sellers that were sitting on the sidelines because they just couldn't find the right home they…

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Alternatives to the 30-Year Fixed Rate Mortgage

 

With 30-year mortgage rates hitting the highest level they've been in the last 20 years, a lot of people are looking for alternatives to that 30-year fixed-rate mortgage. There are three alternatives that we can look at; one option that is typically a bad option, one that is oftentimes a good option, and then there's a great option for us to consider. The three alternatives are:

Alternative Mortgage Options

Adjustable Rate Mortgage

The first option is an adjustable-rate mortgage which is also called an ARM. ARMs are fixed for a period of time and then they adjust after that. ARMs typically start with a lower interest rate than fixed-rate mortgages, so ARMs are a great option if you’re…

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Does Raising Interest Rates Help Inflation? | Huntsville, Alabama Housing Market News

Interest rates are at the highest levels that they've been in 20 years and inflation is at the highest levels that we've seen since the 1980s. The Fed continues to raise interest rates to combat inflation but does raising interest rates actually impact and lower inflation?

Economics comes down to supply and demand. Most purchasers of big-ticket items such as boats, cars, and homes are also borrowers. Raising interest rates affects the demand for those products because the purchasers are likely to borrow less as a result.. The ‘wealth effect’ is another factor that affects demand. As interest rates rise, that typically has a negative impact on the stock market…

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2023 Housing Market Predictions 

As we begin Q4 of 2022, rising interest rates, low housing supply, and fear of a real estate crash have many buyers and sellers trying to predict what they should do as we end 2022 and move into 2023. Below, we’ll break down what you can expect for 2023 when buying or selling a home in Huntsville, AL.

2022 & 2023 Housing Price Appreciation

The housing market is beginning to shift which has all the major forecasters now updating their predictions for the remainder of 2022 and heading into 2023. Seven of the major forecasters are predicting an average of 11.3% appreciation for 2022, predictions range from 9.3% all the way up to 16% for the 2022 market, which is still an above-average appreciation for real…

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Huntsville, AL Housing Market Update | September 2022

In the September Housing Market update for Huntsville, AL, we’ll take a look at housing affordability, housing inventory, and what to expect for the rest of 2022. If you’re looking to buy or sell a home in Huntsville, AL, this information can help you make the best decision based on your situation.

Huntsville, AL Housing Affordability

Affordability continues to be down. Single-family homes are becoming less affordable with the housing affordability index down from 129 this time last year to 90 for single-family homes. Anytime affordability gets below 100, it means that the average income in our market cannot afford the average price range home in the Huntsville market. The good news,…

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