Breaking News
More () »

Buying and selling in a booming housing market

The real estate market is booming on a national level and the same can be said for the Tennessee Valley. What does this mean for both the buyer and seller?

HUNTSVILLE, Ala. — Last month 839 more homes were sold compared to March here in the Huntsville-Madison County area. 

Homes only stayed on the market for an average of 16 days. So, it's safe to say that the housing market is booming, but why here?

"It is booming right now and we have a lot of jobs in this area as you know, I mean they're coming in from everywhere, Toyota Mazda, FBI, those are just two and then, of course, we've got space force, which we're hoping they'll be headquartered here too, which would bring us some more new neighbors in the community," said President of the Huntsville Area Association of Realtors, Zelda Friedman. 

The current state of the market means something different for both the buyer and seller.

"If you're a seller, now is a great time to list a house. So, I recommend they get with their realtor, get their house listed because it's a great time to sell. And it's a great time to buy, you can still get a house, even with multiple offers; you can still get with your realtor and they'll be able to structure that for you," said Friedman.

RELATED: Huntsville's growth to keep housing real estate strong

So, what makes this such a great time for sellers?

"The inventory being low, so there's not as many homes on the market. It's just a good time for them to sell because they'll probably get multiple offers - most of the time, I'm not gonna say it happens every time but most of the time you'll see multiple offers," said Friedman.

These bidding wars are great for the seller, it gives them options.

But they are less than ideal for the buyer because you have to outbid someone and...

"People are having to rent houses now because they're ready to buy them and there may not be one available," said Friedman. 

On the bright side, Friedman assures that there are options out there for anyone looking to buy a home.

"There are still houses on the market, I mean they're still out there and just about all price ranges too, so I think that that's a positive," said Friedman.

RELATED: Real estate business thriving during pandemic