More buyers than homes available in Madison County
HUNTSVILLE, Ala. (WAFF) - Inventory, in realtor speak, translates to homes. Simply put, there are more buyers than homes available to purchase in Madison County.
“We need about four to five times the inventory that we currently have,” said real estate agent Matt Curtis.
Early on during the pandemic there were fewer than 900 homes for sale in Madison County. Realtors say April was slow, but folks are starting to become more comfortable showing their homes.
This April, both Madison and Huntsville had 10 percent fewer homes sold compared to last April. The real estate bubble didn’t pop.
Now that we’re two months into the pandemic and summer is approaching, more homes are on the market, and you can already see more for sale signs in front of yards.
“There’s now this pinned up demand as people are getting more and more comfortable with things opening up. More sellers are coming out, more buyers are coming out, so that is increasing the supply in the flow of homes,” said Curtis.
Curtis says the numbers don’t lie. The Tennessee Valley is already rebounding. This month alone the number of home showings has peaked and surpassed last May.
“The week that we announced we were coming out of this that we were going to start to open things back up. That week we actually had more showings request then we had a previous year so we’re actually we’ve already ramped up and exceeded the amount of demand we had in 2019,” Curtis said.
Every realtor we spoke with says the inventory need to quadruple in order to meet the needs of home buyers. That’s good news if you’re looking to sell your home. If you’re looking to buy a home, more inventory also means potential bidding wars.
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