The world of real estate in Gulf Shores, Alabama has seen some interesting trends in the last year that benefit many people looking to purchase a new home in the area. This city is attracting a lot of families with children due to its favorable school system, local conveniences, and great neighborhoods with low crime rates. Currently, there is a large number of properties available for purchase. If you’ve been in the market to buy, now is the time.
Recent Shifts in Real Estate
Recent shifts in the housing market have shown increasing activities for both buyers and sellers alike. There are currently more sellers than buyers, with 63% of all properties in the Gulf Shores standing vacant. However, with mortgage modifications becoming more available to prospective buyers, it is anticipated that this balance will shift significantly over the next couple of years.
Purchasing a Home
Home buying has already started to increase in the Gulf Shores area. Buyers are seeking lower interest rates, which is pushing many to buy now before rates go up. These low-interest rates make it more affordable for buyers to purchase homes, allowing them to spend the same amount on a new home even if it’s costlier upfront. Some buyers will even save money.
Selling a Home
Home values are on the rise, meaning that buyers can receive larger returns on their initial investments when they place their homes on the market. Many sellers are finding themselves selling their properties for much more than what they initially paid, even if they’ve only made minimum updates or renovations. With the buyer market growing and interest rates down, now is the perfect opportunity to sell your property.
Renting a Property
Another excellent option when it comes to investing in real estate in the Gulf Shore areas is property rental. Purchasing a rental property can be a wise investment. With interest rates down and homes selling at lower rates, many buyers are turning to this form of investment. By purchasing a property at a lower cost, you can pay off the property quickly with rental charges collected from tenants. If you won’t be living in the area, it is important to invest in a real estate agency or a property manager who can protect your investment.
Trust in an Expect
Whether you are looking to purchase a home, sell a home, or invest in a rental property, it is important to meet with an experienced real estate agent who can help you get exactly what you are looking for. The current trends in real estate are favoring buyers and sellers alike when handled wisely. Kris Powell has dedicated his real estate career to helping prospective buyers and sellers in the Gulf Shore area. Contact him today to learn more about current prospects in real estate.