AL: Mobile Home Prices Down Slightly

Alabama Real EstateThe latest numbers on housing from the University of South Alabama show average sale prices are down in Mobile but increased slightly in Baldwin County. Pensacola’s median home sales are up according to Trulia.com.

“The most important thing to remember is that for every one percent increase of interest rates, it will totally negate a 10 percent in price. Which means that you can actually take 10 percent less for your property and make it up with the lower interest rate because we know it’s going to go up,” said Ron Morrow GM and Broker for Cooper & Co. Inc. Prudential.

Real estate agents say homes sell for what people will pay for them. Marie Brasell, of Mobile, has about 50 years of memories invested in her home, a factor not accounted for in the housing market. She’s now trying to sell her home and move to Birmingham where her kids and grandchildren live.

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