Realty Executives Gulf Coast
There’s a lot of new construction going on along the Alabama Gulf Coast. New homes are popping up in Craft Farms and Craft Farms North, Crimson Ridge, Osprey Landing, The Retreat at Bon Secour, Andhurst Walk, The Peninsula, Cypress Village, Stonegate Estates, Pass Time Cottages, Cottages at Romar, The Cottages at Lagoon Pass, not to mention the stand alones in West Beach, Orange Beach, or Bear Point. New condominiums are also underway with The Beach Life Condominiums, Phoenix Gulf Shores, The Cottages at West Beach, and The Rookery III. Plans for several others are undergoing approval.
What are the influencing factors for this growth spurt?
Alabama Real Estate shows home appreciation rates increasing by 3 percent.
Predictions for the housing market value index shows a 3.6 percent increase for 2016. Alabama’s prices still provide a buyer’s market compared to other states.
Statistics show that the average days for listings on the market have dropped to 101 days instead of 142 days at the beginning of 2015. Rental units are in strong demand around the country and with a 40 percent rental population along the coast, construction for new apartments and condos are on the rise for 2016.
The foreclosure rate of 5.8 homes per 1,000 in Alabama is slightly higher than the national average of 3.8 per 1,000. With the attention from the BP Oil Spill, the once little known Alabama Gulf is now known abroad making several other headlines such as Good Morning’s Fire-Rescue America Video Challenge, Best Seafood Restaurants, not to forget the Hangout Festival which draws tens of thousands to the coast each May.
Strong job markets are influencing the need for more housing in Alabama.
Baldwin County’s ethnically diversity - Mobile is one of the most ethnically diverse cities in the country - makes it an attractive move for the younger working class.
City and State taxes are some of the friendliest in the nation. State income tax: 2 percent to 5 percent. State sales tax: 4 percent. Mean property tax rate as a percentage of mean home value: 0.40 percent, but seniors 65 and older do not pay state property tax. Property tax ranking: No. 49 (with one being the highest and 50 the lowest.) Estate tax: None—but taxpayers pay a "pickup" tax for state death taxes. Inheritance tax: None.
Despite interest rate hikes and predictions of increase, the rates are have actually dropped again. For those that have been waiting to purchase a new home or sell an existing home, chances are now is a great time to do so rather than later. We’ll be happy to help you with any questions you may have on either end. Give us a call today.
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
