Homeowners in Alabama will be disappointed to learn that their state ranks towards the bottom when it comes to average resale price gain.
According to GlobeSt.com, the statistics are part of RealtyTrac’s third quarter analysis for its annual U.S. Home Sales Report, which studies trends in the country’s real estate market. The Mobile metro area carries the dubious distinction of making a list of counties with the highest percentage losses upon resale of a home.
Mobile County registered an average 6.8% loss from the original purchase price to a home’s resale value. The area ranked fifth-worst in the nation for this statistic, trailing only the Pasco and Hernano counties in Florida, as well as Hamilton County, OH and McHenry County, IL.
Even more disheartening, the homes included in the aforementioned statistic were only owned for an average of 6.93 years, which shows that some residents are flocking to other cities or even states in their search for the perfect home.
Despite the poor performance of Pasco and Hernano, South Florida experienced some respectable resale percentage gains in the third quarter. Home seller gains in Palm Beach County were an admirable 11.7%, while Miami-Dade County improved to 14.9%.
“The millennials and first-time homebuyers are kicking in and taking advantage of low interest rates and loosening financing options,” said Mike Pappas, CEO and president of the Florida-based Keyes Company. “Our market has returned to a balanced normal market with real sellers and real buyers.”
A major reason for Florida’s real estate boon is their laws regarding income tax. Moving to Florida from a state like New York can save high-income homeowners thousands or even millions of dollars in annual taxes.
According to the U.S. News and World Report, one of the biggest reasons that Mobile County may have performed poorly in the third quarter is location. Experts say that homes are more likely to experience consistent percentage gains when they’re located near quality schools or in an area with a strong sense of community.
The biggest resale percentage gains in the nation belong to San Francisco County, CA, which delivered a staggering 58.7% gain for home sellers in the third quarter. Nearby San Mateo County was a close second, registering an average 55.7% gain.
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