BIRMINGHAM, Ala. (WBRC) - Spring has arrived, and with it comes an uptick in the Birmingham metro’s real estate market. As buyers re-enter the market and inventory begins to grow, experts say now is the perfect time to start searching—especially with interest rates holding steady.
According to Patrick Warren, president of the Birmingham Association of Realtors, homes are currently spending an average of 60 to 75 days on the market. While some potential buyers have been waiting for interest rates to drop, Warren asserts that many are now moving forward, realizing that rates may not change significantly anytime soon.
“The reason you’re seeing price reductions is the fact that people were hesitant, waiting on interest rate potential drops, and just trying to see what the market was going to do,” Warren explained. “And with the rates holding steady, people are realizing interest rates are where they are. It’s creating that buyer confidence, and now those buyers are ready to hit the market.”
Despite concerns over how economic factors—such as tariffs—might impact the housing market, the Federal Reserve announced this week that interest rates will remain unchanged. According to the latest Zillow data, the average rate for a 30-year fixed mortgage is currently around 6.7%. This steadiness is encouraging many buyers to enter the market who may have otherwise been hesitant.
Before jumping into the market, Warren offers advice to buyers to be financially prepared for more than just the home’s purchase price. “Be prepared for, obviously, a down payment on the property, earnest money, money for an inspection, and of course the appraisal,” he added. “That would be some key components that will absolutely be a part of the cost of the transaction of the home buying process.”
For first-time buyers, Warren advises moving quickly, but wisely. “Right now, because people have been waiting on the interest rates to stabilize, it’s a great opportunity to start your search right now,” he advises. “Before people realize interest rates are going to be where they are, then the market will become saturated with buyers, and then we’ll have prices on homes go up because of competition.”
If you’re ready to start your home search but don’t know where to begin, WBRC has you covered. Click or tap here to find local real estate professionals who can help you navigate the market. Additionally, stay updated with news alerts in the Apple App Store and Google Play Store or subscribe to our email newsletter for the latest information on the Birmingham real estate market.
As the spring home-buying season unfolds, the Birmingham metro real estate market is poised for a resurgence with increased buyer activity and a steady interest rate climate. With expert guidance and financial preparedness, now could be the ideal moment to make that long-awaited move into homeownership.
