CULLMAN – According to the University of Alabama College of Commerce and Center for Real Estate’s recent report, the Cullman County real estate sales market ended December up 63 percent from 2015’s numbers.
These numbers, which are available at http://acre.culverhouse.ua.edu/markets/cullman-county, show that Cullman is experiencing sales not seen since 2004. The problem that could arise in 2017, is a lack of inventory, as the number of residential real estate properties decreased 13 percent in December, 2016.
Jim Phillips with Coldwell Banker Hill Real Estate in Cullman, agrees that inventory will be the biggest challenge facing the market in Cullman County in 2017.
“The market has been up pretty well recently, and that has been true across the state,” Phillips said. “We are very optimistic about 2017, obviously. But the biggest challenge we will have to tackle is inventory. There just are not that many houses to sell in the $100,000-$150,000 range.”
Phillips also mentioned that right now is one of the best times to buy a house, a time that might not last much longer.
“Interest rates, which were artificially lowered by the Feds, have risen slightly,” he said. “And I think that you will see that continue to gradually rise.”
As far as explaining the recent boom of sales in Cullman, Phillips sees it as a result of people’s pent-up demand for purchasing, along with the recent retail flourishing in the past four years.
Copyright 2017 Humble Roots, LLC. All Rights Reserved.