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SEPTEMBER 2023
ME LV I N ’ S MON T H LY MOMENT S
205-223-6192 www.MelvinUpchurchSells.com
REAL ESTATE MARKET INSIGHTS Decoding the Dynamics of Today’s Market
It doesn’t matter if it’s winter or summer, if we are in a recession or pulling out of one, the No. 1 question I’m most frequently asked is “How’s the real estate market?”
As you can see, we are selling about 23% fewer homes this year than we did at the same time last year. Why is this? This decrease primarily occurred because from Jan. 1, 2022, to Jan. 1, 2023, mortgage interest rates more than doubled. This is the first time that has ever happened in a 12-month period! Usually, I find clients either buy or sell a home when they experience a life-changing event (i.e., get married or divorced, welcome the birth of a child, find a better school system, become an empty nester, endure a job relocation, downsize due to age or health, etc). Currently, over 70% of Americans have a mortgage rate of less than 4%, and those homeowners do not want to sell their homes only to turn around and purchase a home at a 7% rate. This is why fewer homes are hitting the market today. The recent change in interest rates has also reduced the number of people who are able to purchase a home. When mortgage rates increase, so does the cost of borrowing, and the end result is fewer homes sold. The drop in demand has also led to an increase in days on the market, which has nearly doubled from 11 days last year to over 21 days this year. What about prices? Home prices have risen about 2% over the last year and are expected to rise between 4%-5% in 2024. Our Advice for Buyers: Even if you don’t have a home to sell, buy a house! Prices are not going to come down. You can refinance your mortgage when rates drop. Our Advice for Sellers: With the increase in mortgage rates, buyers have become picky. Homes that sell fastest have a combination of the right updates and are priced fairly. If you are considering selling, give me a call. I can guide you on the right updates, pricing, and strategy to maximize the value of your home.
These charts tell the story.
Jan - July Units Sold
Jan - July Days on Market
2023
Change
2022
2023
2022
Homewood
200 163 -18.50% 14 401 291 -27.43% 11 206 170 -17.48% 8 720 551 -23.47% 7 363 258 -28.93% 12 266 267 0.38% 10 562 426 -24.20% 16 259 167 -35.52% 10
19 17 16 15 24 28 25 26
Vestavia
Mt. Brook
Hoover High School Spain Park High School Oak Mtn High School
Birmingham*
Helena
Total / Avg
2,977 2,293 -22.98% 11 21.25
*Birmingham: Avondale, Crestwood, Highland Pk, Forest Pk, Downtown Bham, Southside, Crestline Park
2023
30 Year Mortgage Rates
2022
January 1 March 31
3.11% 6.48% 4.67% 6.27% 5.30% 6.69% 6.67% 7.50%**
June 30
September 30
–Melvin Upchurch
** Projected
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Victory Against All Odds: 2 Unlikely Battles That Shaped History
and silver. Atahualpa, the recently named Incan emperor, was aware of the Spanish forces but allowed them to progress further into his land. Historical records differ regarding who invited whom, but the two groups met for the first time in November 1532 in Cajamarca. Atahualpa traveled with 80,000 warriors but only brought his immediate guard of 7,000–9,000 unarmed individuals into Cajamarca. Spanish records indicate that negotiations quickly broke down, thus starting the battle, but the Incan account differs. It claims the Spaniards poured out a ceremonial cup offered to them, which caused Atahualpa to announce, “If you disrespect me, I will also disrespect you.” Pizarro responded by ordering his men to attack. The Spanish fired their muskets and cannons, shocking the Incas — they had never encountered firearms before. The Spaniards took advantage of the situation, capturing Atahualpa and slaughtering many of his guards. When the battle ended, the Spanish lost only one or two men, while 2,000–7,000 Incas died. Although the Spaniards were outnumbered nearly 45 to 1, they came away victorious. This battle started the Spanish conquest of the Inca Empire, and within 40 years, they successfully took over every Incan state.
When you sit down and research historical events, you quickly realize that countries, civilizations, and other human settlements have repeatedly been at war with one another. Military leaders sometimes devised wartime strategies that seemed foolish or impossible, but more often than not, their efforts proved fruitful, allowing them to claim victory over their enemies. Here are the true stories behind two of the most bizarre wartime battle victories you likely haven’t heard about. The Siege of Tyre Alexander the Great is one of the most famous leaders in human history. As King of Macedonia, he led a lengthy military campaign to conquer significant areas in Europe, Africa, and Asia. Before Alexander led his army to Egypt, he announced he wanted to make a sacrifice to Heracles in Tyre (present-day Lebanon). The Tyrians believed Alexander was planning to occupy their city and refused, which Alexander took as a declaration of war. The problem with conquering Tyre was that it was half a mile offshore and protected by tall walls and a sizeable navy. To reach the city, Alexander directed his men to build a causeway connecting Tyre to the mainland, but the Tyrians wouldn’t just let this happen. They countered by setting the causeway ablaze, making Alexander realize he needed naval forces of his own. Soon after the causeway fire, he returned to Tyre with 220 ships. The Tyrians were shocked to see the size of Alexander’s navy but maintained their defenses. Unfortunately for them, Alexander’s military continued to build the causeway while his ships laid siege to the city. After six months, Alexander finally crossed the city walls and conquered Tyre. He made his sacrifice to Heracles before hosting a torch race and triumphal procession in the streets of Tyre, then left to resume his military campaign in Egypt. The Beginning of the End of the Inca Empire In the early 1530s, Francisco Pizarro led a Spanish expedition of less than 200 men to conquer the Inca Empire and capture their gold
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WHY LOSE WEEKENDS CLEANING? Implement These Hacks for a Tidier Home!
Nobody wants to live in a messy home, but staying organized is often easier said than done, especially when you have kids. Spending weekend after weekend cleaning up messes made throughout the week can get exhausting. Thankfully, you can implement some quick organizational hacks that will help you reduce your cleaning time.
If you have a standing paper towel holder, another helpful Command Strip hack is to place the strips on the bottom so it doesn’t slide away when you use it. It only takes a couple of seconds to fix. Create a welcoming entryway. When people walk into your house, they need somewhere to hang their coats. After you walk your dog, you need a place
to put their leash. Having an area by your door to hang things will help reduce clutter and make your house look nicer. And you can easily create a space for this. Buy a 12–24-inch picture ledge and a handful of hooks. Drill holes, affix the ledge to your wall, and screw the hooks into the bottom of the shelf. Now you have somewhere to hang things and display pictures or art to spruce up your entryway. Free up your kitchen cabinets. If you keep your bowls, plates, and other dishes in a cabinet, how do you have them organized? If you want to make the most of your space, invest in a plate organizer. Placing it in your cabinet will allow you to stack your different types of dishes in one area, freeing up space for other items.
Make use of Command Strips.
Many areas in our homes could better utilize space. Command Strips, or double-sided tape, can add more space and reduce clutter in closets and pantries. Place Command Strips on a desktop file holder and stick it to the inside of your closet or pantry door. This will give you a new area where you can store just about anything that will fit.
TAKE A BREAK
Honey-Pecan Chicken Breasts
Inspired by TasteOfHome.com
Ingredients
• 1/8 tsp cayenne pepper • 1 tbsp butter • 3 tbsp honey • 2 tbsp finely chopped pecans
• 2 6-oz boneless, skinless chicken breast halves • 1/4 tsp salt
• 1/4 tsp garlic powder • 1/8 tsp black pepper
Directions
1. Pound chicken with a meat mallet to 1/2-inch thickness. Sprinkle with salt, garlic powder, black pepper, and cayenne pepper. 2. In a large nonstick skillet, heat butter over medium heat; brown chicken on both sides. Cook covered until chicken is no longer pink, about 6–8 minutes, turning once. 3. Drizzle with honey and sprinkle with pecans. Cook covered until chicken is glazed, about 2–3 minutes.
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205-223-6192 www.MelvinUpchurchSells.com 300 UNION HILL DR., STE. 200 BIRMINGHAM, AL 35209
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INSIDE
1
Market Shifts Unveiled
2
Oddities of War — Discover Stories of Unlikely Victories!
3
Wave Goodbye to Weekend Cleaning Marathons — Your Solution Inside!
Honey-Pecan Chicken Breasts
4
Unlock a Unique Look for Your Home in 4 Steps
4 Easy Ways to Make Your Home Stand Out in the Neighborhood
Have you ever walked into a home in your neighborhood and been surprised at how similar it looks to your house? Usually, the same contractor will build every house in a subdivision, so the homes end up having the exact same layouts and features. Here are four ways
to get rid of that “cookie- cutter” feel in your home.
Replace kitchen hardware. Adding new cabinet handles — or just replacing the cabinets entirely — will breathe new life into your kitchen. Make the bathroom pop. Replace the toilet paper holder and towel bars with a design that matches your style, then add a colorful shower curtain, towels, and other decor.
Install new light fixtures. New light fixtures can transform a room and make it seem bigger, especially if they blend well with other aesthetic changes you’ve made. Paint all interior doors. The difference that a fresh coat of paint can make to your home is unbelievable. Pick out the color you like and apply it to your doors.
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