Good Housing Market Leading To Higher Prices

Good Housing Market Leading To Higher Prices

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Mobile, AL -

Mobile County and the Eastern Shore are seeing more legitimate home sales, meaning fewer short sales and foreclosures. But as far as a predicted second housing bubble, Mobile may be a little late to the party.

"Mobile was a little slower in coming into the times that were not as good, so we're going to be a little slower coming out of them," says Butch Blum, president elect of the Mobile Association of Realtors.

Home prices have been rising nationally for over a year now and with interest rates right above 4%, buyers are jumping off the fence to own their property. In Mobile, there are 2900 homes on the market and they'll stay on the market about six months-down approximately seven months a year ago. The same can be said for the Eastern Shore, where they have 800 properties on the market. But buyers are more educated nowadays and realtors on both sides of the bay say if your home is priced right, chances are it will sell faster and either at or even above asking price.

"I have one deal that we're working where we actually went close to $10,000 over the asking price. Under a $200,000 home," says Bo Nichols with Nichols Prudential.

Large cities across the nation have seen prices rise at least 12% which is causing many to say the area is transitioning from a buyer's market to a seller's market.

"And though numbers may differ on either side of the bay, one thing remains. They're both expecting a big boost once Airbus comes to town."

"Probably by the first quarter, second quarter of 2014, we're really going to see some improvements," says Blum.

Though the market is heating up, experts say we're still a long way from seeing this bubble burst.

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