River Region housing market improving but slowly
MONTGOMERY, AL (WSFA) - Paige Mock wishes she could say the housing market in the tri-county has turned the page, but we're just not quite there yet.
"We still have some inventory out there," said Mock, who is the Montgomery Area Realtors Association Secretary.
Case in point: there are 1,000 fewer homes on the market today compared to two years ago, and there's been a decline in new construction.
"You just don't create more land and that's something that's harder to find. We did have some builders who are no longer in business because of the decline in the market several years ago," Mock said.
The upside is the number of foreclosures is going down, which may be a sign the last remaining remnants of the Great Recession are starting to filter out.
Mix it all up and the River Region is starting to become a buyer's market, which means, for now, the buyer needs to set aside perhaps an extra three months or so to find that dream home.
"Maybe two to three. We had some clients who sold their home and instead of immediately going out to find what they were looking for because they were looking for a specific area, it takes about two months longer [than] maybe it would have a year ago," Mock said.
The average 30-year mortgage rate is sitting around 3.9 percent. The road to recovery in the housing market has been long but slowly moving forward.
Mock says the Montgomery Area Realtors Association has around 1,100 registered realtors, up from 800 immediately after the Great Recession.
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