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Outside investors hindering first time home buyers in Huntsville area

HUNTSVILLE, Ala. (WHNT) — Real estate experts say investors know the housing market is hot in Huntsville and it’s creating a problem for first-time home buyers looking for affordable housing.

“Anything under $350,000 I probably would say investors are probably looking at,” said Huntsville Area Association of Realtors President Isaac Winkles.

Winkles stated as interest rates go up and the housing market in the greater Huntsville area steadily grows, home buyers just need to be patient.

“Investors have slowed down a little since interest rates have gone up, that’s great for homeowners,” continued Winkles.

Investors often pay in cash for houses they haven’t even seen in person, which can be appealing to sellers.

“Investors that are from out of town are definitely cash buyers they are looking for homes in the north Alabama, Huntsville-area to use as rental properties or to hold on to for a brief period of time to sell as the market goes up,” stated Winkles.

But the HAAR President said he makes a plea to his sellers.

“If you’re a seller and you have multiple offers definitely look at the owner-occupants as a special to leave a legacy for that home so that you can give back to the Huntsville community, the area,” stated Winkles.

Winkles said that way, sellers can also help ensure money stays local.

“80% percent of all investors, most of them are out of state or out of area and that money they are getting for the tenants is actually going back to their communities and not being spent here in Huntsville,” Winkles concluded.

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