It’s hard to believe but August is almost over, and hopefully cooler weather is coming our way.  The heat this summer has been brutal.  Hopefully hurricanes will continue to stay away.

Our market has been very unpredictable.  Homes that we think will sell quickly can take longer to sell.  Our inventory is still extremely low.  We have only 375 active listings from Spanish Fort to Point Clear.  Out of the 375, 119 are brand new construction.  308 homes are under contract with 140 brand new construction.  Since January 1, 2023, we have had 1,421 homes to close with 482 of this new construction.  Most of the new homes are priced in the lower range.

The big difference between new and resale is gold certification, which gives you reduced insurance rates.  Please remember when you get a new roof, verify that the roofer will certify it.  Once certified, you can claim that the roof is fortified.  Homes with older roofs really increase home insurance premiums.

The major obstacle in today’s world of real estate is the increasing mortgage rates.  Today a 30-year mortgage with 20% down is 6.75%.  According to one lender, rates are predicted to go up to 8%.  Hopefully this prediction is not true.  Of course, cash is big today.

Market wise, between now to Labor Day, our market slows.  Right now, so many buyers are busy getting their children back to school.  But after Labor Day, they get back in the action.

If you have any questions about the market, please reach out to me..