Market Analysis by Donna Burns, GRI, RSPS
KAISER SOTHEBY’S INTERNATIONAL REALTY GULF SHORES / ORANGE BEACH, AL
Realtor Donna Burns continues to follow and analyze real estate trends in the coastal market. First of all, she notes, “Existing home sales have fallen twelve months in a row, to the lowest level in the last ten years.” Supply and demand in the residential market in particular is key to price fluctuation here and everywhere, with overall home sales down by over 30%, but prices are stable or going up. “Inventory is scarce – there just isn’t enough inventory for potential buyers to choose from,” Burns says. There are still opportunities out there, however. Burns notes that there are people who purchased homes in the last year or so, with the idea of flipping, but they have an adjustable loan. These homebuyers have a smaller market to sell into, but a loan that is escalating.
Real estate agents must brush up on their negotiating skills, says Burns, because as the market becomes a more traditional market, it will call for a more creative approach to problem-solving. For the potential purchaser, this means that choosing a real estate agent becomes a bigger challenge. “Experience, market knowledge, and expertise in understanding the buyer’s needs, will become more important, as the ‘easy’ deals will be fewer and farther between.” Burns notes. “The buyer needs a seasoned professional by his or her side. Gone are the days of choosing a friend who just got licensed – go for the well-seasoned realtor who knows the market and the ropes.”
On the seller’s side, the homeowner is going to have to take greater care in getting the property ready to sell. “Any deferred maintenance must be addressed, and any updating that seems necessary, or even desirable, should be handled – everything buttoned up! Buyers are looking for curb appeal, but also for a home that demonstrates solid value and is move-in ready.”
All sorts of events and activities are on the horizon for residents and visitors alike. The American Heart Association will hold its annual Art for Heart Gala on April 15 at the brandnew CoastAL restaurant located on the new Orange Beach public beach. “This is the premier event for the spring season, bringing the community together to have a good time and, more importantly, to raise money for heart health awareness,” says Burns. “Also, tourist season is right around the corner, and the Gulf Coast is anticipating yet another record-breaking year!”
Donna Burns, GRI, RSPS, CREN
Global Sales Advisor
Kaiser Sotheby’s International Realty
251-243-1591 | www.donnaburnsrealtor.com
