Land Values "Stable"
House Values "Down"

     Starr Shackelford, Silverhill Realtor, was told, "You're crazy to go into real estate right now." That was because she entered the marketplace at the time the "bottom was gone." In this marketplace, mortgage companies may be "tight" and the market may be less than optimal, but there are buyers out there. Sellers and buyers need to get a realistic look at costs. Yes, "mortgages are changing, but the result will be better for people in the long-term. The market is not nearly as bad as television would suggest. There is a market and the market determines the value of a house," Shackelford told Silverhill's Zion Lutheran Church's "Men's 710" breakfast and speaker fellowship at its March meeting. Qualified buyers are paying $200,000 to $250,000 on average for a home. "Waterfront property is still going, but insurance remains an issue for buyers." Basically, "if you have good credit, you've got it made" in this market.

     Silverhill's Realtor Starr Shackelford advised the March meeting of Zion's "Men's 710" speaker and breakfast fellowship that "the real estate market in Baldwin County is not near as bad as TVsuggests."

     There are thousands of properties on the market. Builders are selling for less. They are not rebuilding to replace inventory sold. As a result, "new" houses are being reduced as a category in Baldwin. "Land prices remain stable, but the cost of buildings is drifting downward. People are typically looking for one to two acres." Regardless, Shackelford notes, "I've got buyers and I've got sellers." The realty markeplace is improving in Central Baldwin. "We are seeing some owner financing currently. Credit ratings of buyers are complicated by 'balloons.'" People appear to have sufficient funds to make housing payments re mortgages--the problem is that people do not have sufficient down-payment funds available. There are loans out there if you can put 5% of purchase price down.

     Shackelford fielded a variety of questions. She advised, that the increase of gas prices does have some effect on property movement, but how much is undetermined. She felt that the market appears to be close to the bottom of the marketing cycle at this time.