According to the Alabama Center For Real Estate (ACRE), real estate agents confidence is up. This is especially true in the central part of the state, which includes the Birmingham, Alabama area. The current index score for the state was at 47, which is 4 points higher than last quarter. A level of 50 indicates that no change is expected. So while things are not at the levels people would like, they are at least improving. The Birmingham, Alabama area had a score of 56 with the real estate agents from this area feeling more confident about the market than other areas of the state.
I am not sure what real estate agents are included in this poll but I would be interested in hearing from all agents on how they truly feel about the market in the Birmingham, Alabama area. What do you think about inventory levels; do you think they are high? What about the number of foreclosures currently on the market AND the foreclosures that have not yet entered the market and been listed for sale (shadow inventory)?. The short sales and foreclosures are really effecting our appraisal values in a negative way. I have wrote previously about the necessity to use these types of sales so I won’t discuss that here. Personally I do not feel like we will sink much lower but I do believe we have a long road to recovery ahead. It’s kind of like a locomotive that you are trying to turn around. It can be done but you can’t do it quickly. I believe that as the confidence of consumers increases so will home sales and the market. Interest rates and home prices are very good right now, we just have to get the last piece of the puzzle in place. So tell me what you think, I would be interested in hearing your take.
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