The country may be readjusting to the new way of living amidst the pandemic but the Gulf Shores housing market is coming back strong. The latest real estate reports show home sales and prices in July to be almost as high as they were before Covid-19. Unlike stock market with its volatility, the real estate market has a history of staying resilient and leading the economy out of a crisis. With all of the amazing natural resources, the coastal Alabama real estate market attracts many buyers from all over the country.
According to the Baldwin REALTORS® Multiple Listing Service (MLS), the average sales price of resort properties went up to $467,757 in July, comparing to $451,646 from a year ago. Whereas, the price of traditional residential housing increased to $286,574, compared to $268,542 in 2019. The number of sales in the Resort Area of Baldwin County went up by astounding 81%, with 301 properties sold in July this year, compared to 166 estates sold the same month last year. Last year a resort property would stay active on the market for about 97 days on average, which is almost the same amount of time it takes for a listing in the Resort Area to move off the market this year. The sales of traditional real estate increased 18% in July 2020 with 534 properties sold comparing to 453 houses sold same time last year. The amount of time an average Gulf Shores housing property stays on the market dropped to 66 days, compared to 88 days in July 2019.
Why Is This a Great Time to Invest in Gulf Shores Housing Market?
Orange Beach and Gulf Shores housing markets has always been considered the perfect beach destinations since the area is not as congested as some big cities nearby, and offering many affordable real estate options. With miles of sandy beaches and emerald blue-green water there is an endless amount of outdoor entertainment the whole family will love.
One the reasons why the real estate market in Baldwin County is booming right now its because of its unique natural assets. After being quarantined in their apartments and houses for several months many owners realized living in a crowded city with no yard, woods or beaches to spend some quality time with their loved ones, has some major drawbacks. Prospective home buyers are now looking for larger homes with a home office and a big yard, and several options for outdoor recreation nearby. Working from home made many employees realize they much prefer this work environment and they are much more productive without usual office distractions.
Inventory is Low
If you’re looking to relocate to a less congested suburbia with some amazing amenities you should consider Gulf Shores housing market and the surrounding areas. But don’t think too long because the time to act is now! The houses inventory nationwide was low even before the Covid-19. Once the pandemic started many sellers took their properties off the market afraid of the uncertain times and the risks involved. At the same time, many home buyers postponed their home hunting until the end of the year since they are not ready to get exposed to strange people and locations just yet.
There are fewer homes for sale but the number of interested buyers is growing every week. You can find some great deals on homes in Orange Beach or Gulf Shores if you’re working with the right real estate professional. Right now, Baldwin County is a sellers market with with some of the houses getting sold the day they are listed! To navigate such a highly competitive market you need help from an experience real estate negotiator such as an exclusive buyer agent. An exclusive buyer agent works only with a home buyer and always negotiates in the buyer’s best interest. Malcolm Bond has years of experience working in the Gulf Shores area and can also assist you in finding some of the best mortgage lenders in the market.
Mortgage Rates are Low
One of the reasons for real estate booming right now are the historically low mortgage rates. As of mid-July, the average interest rate on a 30-year fixed-rate mortgage was 3.31% which gives home buyers a greater buying power. If you dreamed of owning a bigger house within close distance to the ocean now is a great time to enter the housing market. Additionally, now is also the best time to become a real estate investor if this is something you ever considered. Many buyers took the advantage of the favorable Gulf Shores housing market conditions and bought a second home or a condo to rent for extra monthly income.
What You Need to Know Before Searching For Homes in 2020
Wearing face masks and keeping social distance is part of our every day lives now. Covid-19 has changed a lot about how we work or how we conduct business including the way we shop for real estate.
First of all, if you feel this is the time to start looking for a new home but you’re still anxious about entering other people’s houses there are ways you can visit a property from your own living room. For years, most buyers would start their search for home on the Internet. There are many houses and condos for sale in the Gulf Shores housing market which offer virtual tours giving you the experience of touring the whole house without your physical presence. Take a look at some of the homes for sale in Gulf Shores and Orange County offering virtual tours:
On the other hand, if you’re ready to visit properties with your agent there are certain procedures you should be aware of. Different sellers may require different precautions in order to stop the virus from spreading. Upon entering a house, some sellers require visitors to put on booties over their shoes, use handsanitizer, wear gloves and face masks. When touring a house for sale prospective buyers should refrain from touching any surfaces, such as doorknobs and cabinets, and also not to use a bathroom at the location. Your professional real estate agent will find out ahead of time what the seller’s requirements are, and instruct you accordingly to make sure the process is smooth and pleasant for both parties.
Virus or not, we believe purchasing a real estate property in a sought-after market such as Baldwin County, AL is always a sound investment. If you have questions or concerns about Gulf Shores real estate and housing markets in the surrounding area please contact us today at 1-866-981-4378 or send us an email.