BALDWIN COUNTY, Ala. (WKRG) — If you’re in the market to buy or sell a home, now may be the time to do it. That’s according to several real estate experts who suggest the pandemic has kept things moving in Baldwin County. “We’re on right now our 14th record-breaking week of contracts gone pending in Baldwin County in history. 14 weeks in a row we’ve broken records,” said Terryl Reeves with Bellator Real Estate & Development in Fairhope.
While the COVID-19 pandemic has shaken up a lot of industries, real estate in Baldwin County seems to be thriving.
“I felt we had a pinup demand, you know that demand would not go away based on this stuff for Baldwin County, but I did not foresee the increase in demand perhaps based on those events,” Reeves added.
There’s also a noticeable rise in first time homebuyers compared to this time last year.
“30-year fixed rate mortgage rates are now, on average, below 3%. With rates that low, the lowest we’ve ever seen, it has enhanced the affordability for first time homebuyers,” said Frank Nothaft, Chief Economist with CoreLogic.
While it’s a good time to purchase a new home, it’s also a great opportunity for sellers to take advantage of the market.
“There’s a shortage of inventory. We’ve been trying to make sure if there’s anyone in the area who looks like they may want to sell in the next few years to go ahead and maybe consider it,” said Reeves.
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