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Housing market: Prices are up and days spent on the market are down

These high prices and quick turnarounds are a direct result of a low inventory of homes on the market. We currently live in a seller's market.

HUNTSVILLE, Ala. — Compared to last year the price of homes has gone up in Madison County and when it comes to days a house stays on the market - we've seen a drop.

All of this is due to low inventory, but this isn't an issue for everyone, especially sellers. 

"Because there's not as many homes on the market for all the buyers, which is a good problem to have, too," said President of the Huntsville Area Association of Realtors, Zelda Friedman. 

This low inventory means a lot of sellers are seeing multiple offers and one of the best ways to win a bidding war is by having the absolute best offer.

"Multiple offers just means that the seller is going to look at that bottom line, you've got to make sure that that offer is best that you can do, whether that's bringing cash to the table, appraisals, I mean it's just a lot of different things that a buyer can opt to do or not to do, because again that seller's can look at that bottom line and say what is the net be the most money," said Friedman.

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As for sellers, the key to smooth sailing is exposure. Get in contact with a realtor that can get the word out about your home.

And although prices are high and supply is low, Friedman doesn't see this lasting forever.

"I don't think that it will continue to go up and up. I think that there will come a time when it will level off. I think that it will, builders are building new homes, and so that's going to help with the inventory as well but I expect - and from the experts that I've heard, they expect a new level off it's not going to happen this year, but I do expect it'll happen in maybe the next two or three years," said Friedman.

As of right now, there are over 400 active listings in Madison County, so while in the grand scheme of things, inventory is low, there is still an opportunity to become a homeowner here.

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