Tuscaloosa’s Real Estate Market is Alive and Well…. VERY Well!
According to Trulia.com, "the average price per square foot for Tuscaloosa AL is $105, an increase of 25% compared to the same period last year. The median sales price for homes in Tuscaloosa for August 2012 to October 2012 was $161,500 based on 97 home sales. Compared to the same period one year ago, the median home sales price increased 20.5%, or $27,500, and the number of home sales decreased 78.1%."
While some areas of the country were hit extremely hard by real estate woes, we've faired pretty well and are getting even better. At one time, you'd hear the term "it's a buyer's market," meaning that people were so anxious to get out of homes that great deals were being made for those looking for homes. However, that is not really the case in Tuscaloosa.
1 in every 730 homes nationwide received a foreclosure notice in September 2012. In Tuscaloosa, that rate was 1 in every 2,175, 2/3 below the national average. With these statistics and the lack of available housing, sellers seem to have the upper hand; but most are staying put, not the greatest of news for a person looking to buy. However, because our area was approved for USDA loans, while the prices of homes may be higher, some homes are still more affordable than they have been.... And THAT is the silver lining for both buyers and sellers.
A year and a half after a massive tornado destroyed many homes, there are signs of stabilization as businesses spring in formerly barren areas and some that were destroyed have been rebuilt, making some places that were all but forgotten emerging hot spots. The crazy thing is that some home owners in these areas fail to do their homework. They'll have a 1200+/- house, last upgraded in 1980, on the market for $125,000. Seriously? That $105/sq ft really shouldn't apply to homes that will need major work if you ask me. Then again, I'm no real estate guru. I'm just an HGTV junkie who's constantly looking at homes for sale just in case I decide to sell my own. *shrug*