What's the truth in Fort Morgan Al.

With a 4 year inventory of homes, and a 375 year inventory of lots we had a realtor tell us the market is "hot" and you need to move fast.  They didn't know adom, sp:lp, inventory etc.  Are there any real estate experts out there as opposed to salesmen?   
  • December 31 2011 - Gulf Shores
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Answers (11)

gttom, has anyone built any restaurants on Ft Morgan Road? I used to stay near the end of the road and had to come back to 59 to eat. A dumpy little seafood place would work. Thx.
  • January 26 2012
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It's great that you got the information gttom! Do you think that it's an agent that you can work with if you find a place down the line?
  • January 26 2012
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I finally did find a realtor with the data to back up his opinions, Ricky Carruth.  The latest data from the University of South Alabama, courtesy of Mr. Carruth shows median price for the Alabama coast down 8.9%, the number of sales down 25% and ADOM up 14.8% year over year. 
  • January 26 2012
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gttom - I am surprised no one from your area has come along and offered  some of those specific numbers - they are part of any market analysis, and a quick search on any MLS should  generate that information.

Good luck
  • January 04 2012
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I didn't create the auto link Debbie, and I'm still looking for a gulf shores realtor that knows the numbers.
  • January 04 2012
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gttom - I am  curious if you created the link with the word "realtor" in your post, or if it is an "auto link" created by zillow?

I ask, because it could appear/suggest that the agent you are referencing is the agent listed first on the linked list.

If you did not create the link, this is just another example of why I am against the auto linking.
  • January 01 2012
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Profile picture for SoCal Engr
@ Gloria,

You may have missed your opportunity. Might have wanted to provide at least some of your supporting data with your original post, as the OP seems to have already done some homework and has some initial data in hand. Too much yada-yada, not enough data-data.
  • January 01 2012
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I will be happy to provide that data to you. Did you ask your agent for that information as well?
  • January 01 2012
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Profile picture for sunnyview
I think you are asking good questions. If your inventory is what you describe, it is unlikely that your local market is "hot".

You need to ask about historical prices in your area about 2001-2003, see if you can get information on the trends for your areas rents prior to the last 5 years, ask about the length of time to absorb all listed houses whether it is rising or falling and compare current asking prices PITI to rent.

Few agents will advise you not to buy, but  good agent can help you collect the data you need to make the best decision you can. Trust your gut.

  • January 01 2012
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Any one else have any hard data to support those comments?  From what I have seen inventory is triple what it was five years ago and sales are a third of what they were.  How does that translate into "heating up".  Without data to back up your comments it is just a sales pitch.

  • January 01 2012
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The market is warming up overall in this area. Fort Morgan does have an abundance of listings. Since there aren't as many foreclosure listings and there are more buyers in the market, the really good deals do sell quickly. For instance, some of my buyers have missed out on great opportunities because of the multiple offer/bids and didn't bid high enough or they didn't act on it as fast as they should have. This might be what the agent was referencing to. If you don't mind the wait, short sales can be another way to purchase a great deal and you don't have to compete with all the other buyers like on the foreclosures. The lot sales are picking up some but the prices have dropped so much that most buyers are holding on to them for resale in the next few years. If you find something you do like, the best thing to do is to put an offer on it quickly because all the buyers in this market are looking for a "deal!" If you think it is a deal, so will the other buyer. Good luck in this market!!!
  • December 31 2011
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