MOBILE, Ala. (WALA) -- A new study from the University of South Alabama Center for Real Estate and Economic Development said real estate in Mobile and Baldwin Counties is thriving despite the pandemic.
June of last year, in Mobile County, not even 300 existing homes sold. This June, there were more than 708 taken off the market. That’s a 136% increase.
There was not as much of a jump in Baldwin County, but last June 506 homes were sold and this June 573 were sold.
Sessions said there are a couple of reasons for that. One is because the federal reserve cut interest rates to lower than 3%.
She said, “We've had a really good market for the last three and a half years. Our economy has been great for a long time and i think it's just a continuation of that. But in addition to that, the interest rates are just so low. It's just cheaper to buy than it is for rent.”
Plus, working from home is bringing people back home, she said.
“They're realizing that they can live anywhere, if they're going to be working from home. So we've seen some people move back to mobile that were from here doing the work from home.”
The biggest dilemma, she said, is there’s more interested buyers than homes on the market.
“Right now is the best time to buy and if you’re thinking of selling, right now is the best time to sell because, of course, we have a lot more buyers than we do sellers right now,” said Sessions.
You can take a closer look at the real estate market according to the USA study, right here.