Mobile Realtoreality

According to an article in Realty Times this week, the pending home sales index jumped 5.3 % nationwide. In the South, the number is higher at 9.3%. Some experts predict the recently passed stimulus package should increase home sells by at least 2,000,000 between now and mid-2009.

So the question is, how will this play out in the Mobile area? Your guess is probably as good as mine. Although home sales have not increased  in Mobile over the summer, most agents do believe once summer is over, kids are back in school, and things settle back into more of a routine, sales will pick up.  And with all the news of economic development coming into the area, how could it not but improve? But the trend over the summer has actually shown a decrease each month in home sales in Mobile from over 200 in June to less than 100 so far in the month of August, but prices seem to be holding steady with little percentage decrease.

Personally I have noticed more people looking to rent. And a few I have worked with have wanted to rent condos or apartments downtown. Well, good luck. The rental market downtown is either non-existent or doing extremely well, because finding such units for prospective renters has been a chore.

To read the full Realty Times article, see Realty Times - Real Estate Outlook: Pending Sales Jump.