The real estate market in North Alabama always slows down during the summer time, but nothing like this. The market is still strong, but buyers are pumping the brakes on buying a home. Blame it on world events, rising interest rates, or the weather, this is not good news for sellers, who have been enjoying inflated prices, quick turnaround, and scores of buyers making offers over asking price.
But for buyers, this is great news because there’s more inventory and less competition. Likewise for real estate agents who have had a hard time finding homes for clients to buy.
How long will the lag last and what are the pros and cons for buyers, sellers and realtors?
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