Zinga! It’s A Great Time For Real Estate On The Coast
Real Estate on the coast has doing very well recently. Home prices continue to rise and homes are selling faster. But that doesn’t mean it’s a sellers’ market. As the local economy continues to strengthen, real estate is a good move for both buyers and sellers.
For those who have been keeping an eye on the market, it may come as no surprise that 2017 was a good year for Gulf Coast real estate as a whole. For years after the national recession, people found themselves owing more on their mortgages than their home was actually worth. In 2011, home prices to their lowest point in years. 2017 was quite the opposite. With home prices rising and interest rates for buyers at a comfortably low rate, the market for real estate on the coast has reach an almost zen-like balance.
It’s a Great Time to Sell A House on the Gulf Coast
With home prices rising, real estate on the coast is being much more generous to sellers than it was just a few years ago. The average sales price for a home on the coast is the highest that it’s been since 2007. Because buyers are looking for houses, home owners are selling. Because these homes are being bought so quick, homes aren’t staying on the market that long. The fewer properties on the market, the higher home prices go.
It’s a Great Time to Buy A House on the Gulf Coast
These home prices don’t mean that it’s just a sellers market. Now is a great time to buy as well. Consumer confidence is high which means that buyers are feeling secure with their jobs and financial future. Buyers are also being tempted by low interest rates on mortgages. With mortgages being so affordable right now, several Gulf Coast residents are selling their home and upgrading into something new. With real estate inventory being less than half of what it was in 2015, homes aren’t sitting on the market for that long.
As more people move to the coast, we’re expecting the real estate markets to continually grow. With the construction of new homes and development projects, people are seeing a return on their investments – Unlike the housing climates of 2011. We hope that things continue to look up.
How are you feeling about Real Estate on the Coast? We want to hear from you!