Home Buying in Daphne>Question Details

Orphan Annie, Home Buyer in Daphne, AL

predictions on real estate in Mobile AL throughout 2010 and 1Qtr 2011

Asked by Orphan Annie, Daphne, AL Wed Oct 6, 2010

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Liz Hoffman’s answer
My office is the largest selling company in the Eastern Shore of Mobile Bay, so it is likely that we are going to see changes in the market on our sales board before the news is out that the market has turned in our area. As of yesterday we have 10 sales on our board for October and one new listing. This is quite a change! For the last couple of years, because we have been in a definite "buyer's market" our listings have outpaced sales. This is a big deal, but we are waiting to see if this is a trend or an anomaly.

2010 through the first quarter of 2011 remain a mystery. The election in November may have a great influence, and no one has that crystal ball. All predictions are that we will see a very slow recovery, however we are greatly affected by all the foreclosures on the market and that continues to increase as large numbers of ARM loans are due to balloon this year and next year. If-as recent news has indicated-lenders such as Bank of America and JP Morgan stop or temporarily pause foreclosures, our market will be directly impacted. In other words, right now we simply don't know what is going to happen in this area. With the huge amount of inventory available and with interest rates so spectacularly low I can't imagine why anyone who is able to do so wouldn't purchase real estate right now, especially if you are planning on holding on to it for another couple of years. In several areas around Mobile rent prices per square foot are much more expensive than existing home sales prices. Yes, you do need to look at each area individually, but we are taling about the Mobile market, and that is what the case is here.
0 votes Thank Flag Link Fri Oct 8, 2010
The Alabama area is hanging in there better than most states. Home prices are down a bit. Yet the interest rates are at an all time low. With approved credit some are as low as 4.375!! Inventory is sitting on the ground longer than before so buyers are taking their time yet great deals fly by in these situations. No pressure buying environment. Check for other information on http://www.rismedia.com or any local news station online (you can search archives for current reports for your area). As of yet, we haven't heard about another homebuyer tax credit or rebate. Please feel free to email me with any more questions. http://www.LoganMartinProperties.com.
0 votes Thank Flag Link Wed Oct 6, 2010
I predict there will be a boost in the market as soon as we get the tanker contract! Fingers crossed.... Regardless, we are entering the traditionally slower winter months. Typically, real estate sales pick up after Mardi Gras. My advice would be to buy now and sell after Mardi Gras if possible.

If I can help you with anything, please don't hesitate to contact me. Parrish Walker (251) 459-4764 or pwalker@oracleofmobile.com.
0 votes Thank Flag Link Wed Oct 6, 2010
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