HUNTSVILLE, Alabama – If you’ve been in the market recently to buy or sell a home, you might notice that things move a lot faster than ever before, especially in a growing city like Huntsville.
Estate agents call it the “perfect storm,” referring to a number of factors contributing to a housing shortage in the area.
“I sold real estate in 2 different states before moving to Huntsville. I’ve never seen anything like it, so it’s quite unique, ”said Amanda Howard, CEO and broker of International Realty, Amanda Howard Sotheby’s.
Howard has been in the business for over 15 years. She says a small metropolitan mass, combined with an influx of people moving through the area, sparked the change, only to be exacerbated by the pandemic, even slowing the production of new homes.
“Then with our builders they are constantly looking for manpower and we have a manpower shortage, we also have a supply shortage,” she said.
She explains that what was once a buyer’s market is now a seller’s market, which means the demand for housing far exceeds supply. Previously, real estate agents would have about 6 months of home inventory for sale.
“Now we’re at a point where we only see 2 weeks of inventory, so that’s what creates the challenge and where people are wondering, what is happening in the world in our market in this moment ? She declared.
All of this has made the whole buying of a home more competitive and more expensive.
“You show them houses as quickly as you can, drafting offers and losing them. Write another offer and lose it and again it’s on average about 6 offers that an agent writes for 1 family in order to win a property, ”Howard said.
She doesn’t see it ending anytime soon.
“We see a good positive trend, but it will still take time to catch up, as we bring tens of thousands of people to our market every year,” she said.
Howard says she told her realtors to prepare for potentially 5 years before the market equilibrates again.
Suggest a correction