All articles tagged with #out of state buyers
Baldwin County in Alabama is experiencing a surge in out-of-state buyers, particularly from states like California and Michigan, due to its prime location near the beach and lower cost of living. The increased demand has led to skyrocketing home prices, despite a cooling market. The home buying process has also shifted online, with 97% of homebuyers using the internet for their search.
The housing market in Rhode Island remains highly competitive and expensive, with the median sales price for single-family homes reaching $430,000, a 2.4% increase from last year. The number of homes sold has dropped by 20.1%. Out-of-state buyers, particularly from Massachusetts, Connecticut, and New York, have contributed to the depletion of Rhode Island's housing supply, making it difficult to meet the demand. Rising mortgage rates and limited inventory have also impacted affordability. However, economists predict a potential drop in mortgage rates next year, which could lead to increased refinancing opportunities.