Housing Market Down Nationally—Up Locally

Housing Market Down Nationally—Up Locally

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Forress Rayford and his wife Katie are proud new homeowners. They just closed on their home yesterday.

“It feels great! It feels great, trying to move stuff in, see if we can start making it our house,” says Rayford.

--And in a neighborhood they’ve kept their eye on for some time.

They’ve seen firsthand that the housing market in Mobile is contradicting the national trend. An article on CBS.com says the economic boost expected this summer won’t be as big as they thought—all because home prices are going up but fewer homes are actually selling. That’s not the case here!

“Ravine Woods is a popular neighborhood,” says Minto.

Julie Minto with LLB&B Real Estate says they couldn’t be busier.

“I would say this year has been astronomical. We have seen multiple offers coming, we’ve seen that we have had numerous showings over and over again,” says Minto.

“We put an offer in, and at the time we were the only ones, then right behind us came another bid and then we had to go into a multiple bid situation,” says Rayford.

And that all points to a healthy market. The average price of a house in Mobile is $133,000—up a thousand dollars from last year. And even with lots of homes on the market to choose from, Rayford had no problem selling his old house.

A few years ago, a house would stay on the market for 12 months, now that’s down to eight months and Rayford’s house was only on the market for a month and a half. So realtor’s say we’re moving in the right direction.

“We feel like things are moving and for our economy, everything starts with real estate,” says Minto.

Minto says she expects to see things only getting better through the summer months.

“It’s been an ongoing process but it’s one of those things where it’s worth it,” says Rayford.

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