HUNTSVILLE MARKET CONTINUES TO GROW

Realtor.com. has released numbers of the top searched markets in AL and Huntsville along with other cities are making their way up the list. Huntsville ranked No. 143 among the most-searched real estate markets during May. Along with them were Metro Birmingham ranked at No. 105 and Mobile ranked at No. 108. While some big areas of AL such as Birmingham and Mobile are finding cash buyers & high priced luxury homes, it appears that Madison County is also seeing some increases slowly as well. With the tornadoes that hit the region we are seeing an increase in rentals right now while people rebuild. What is keeping the market growing though you wonder..

Well, lots of credit can go to the increase of residents from the BRAC moves. Read more on the apartment occupancies here.

Randall Griffin, the CEO of Corporate Offices Trust, states to all real estate investors after to talking to representatives in Washington, “Buy a lot in Huntsville!” He states that he bases his predictions on more military-related growth. He reports that the next round of BRAC-like actions is expected in 2015. As of March 23, 2011, more than 4,500 jobs have moved to Huntsville due to BRAC. It is estimated that by 2015, more than 20,000 jobs total will be moved to the Huntsville area through BRAC and BRAC-like actions. With these actions, the Von Braun Complex will add 800,000 sq. ft. to accommodate thousands more employees, the Redstone Arsenal is adding a 400,000 sq. ft. building for headquarters, NASA Marshall Space Flight Center is adding 1,841 acres on Redstone Arsenal, two hotels, numerous restaurants, grocery stores, and an amphitheater.

With the economy on the rise and more people moving in to the Huntsville area, the real estate market will be in high demand. “This year, Huntsville has already seen a 10% increase in the real estate market and proves to be on a more solid foundation,” says Van Wales, Operations Manager for Pearson Homes.

According to GoSection8.com, there are currently 146 tenant leads looking for various properties in the Madison County areas. According to the 2010 US Census Bureau, Alabama only has a 2.9% vacancy rate. The US Census Bureau also reports that Alabama has a 73.2% home ownership rate which is in the Top 10 in the nation.

Also, with the tornado victims in recovery and rebuilding many are looking for rental homes to be in now. Another good note is the sudden interested interest in a ‘safe room‘ in properties, especially in the areas hit the hardest from the tornados. A good note for any rehabbers out there . Adding a safe room could increase the value of the home, appeal to buyers in the area and help you to sell the property faster. Check out these articles on safe rooms :

 

 

 

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