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Outlook for Real Estate in January

By: judyniemeyer On January 23, 2017

2017 rolled in with cold weather and overcast skies, but, slowly, the sun popped out and now it feels like Spring.  Not only has the weather been a roller coaster, so has our market.  Who knows what we will see in the remainder of the year.

The predictions are that the future may see a lot of changes.  We probably will see an increase in interest rates, but I predict that it will be slow.  Builder costs are increasing which will help homes that have some age on them to sell.  I hope that the number one change is that buyers will realize that they can  pick up a paint brush, change out appliances, update bathrooms and quit looking at homes with tunnel vision.  The common phase of today’s buyer is, “The house requires too much work.”

Presently, we have 773 active homes on the market from Spanish Fort to Point Clear with 278 under contract.  28 homes have closed since January 1, 2017.  Summarizing 2016, our MLS reports 1,892 homes closed at an average price of $280,730.  These homes closed at an average of 97% of their listed price.  Our highest reported sale last year  was a bay front home listed for $2,450,000 and sold for $2,225,000. 

Overall, we feel very bullish about 2017.  I feel higher-end homes will sell better this year.  Hold onto your hats and let’s get started!  I know how frustrating a market can be.  Lucy and I live it every day.  Any questions that you might have, please give us a ring.

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