Posts Tagged ‘Oil Spill’

The marketing conditions in the Lillian, Alabama area indicates an increase in active listings and an increase in the months of housing supply (total listings/absorption rate) which could jeopardize local property values.

Over the past 12 months (13 June 2009 to 13 June 2010), there has been a reduction of 63% in sales (88 sales in the past 12 months), resulting in an over 20 months absorption rate (115+ active listings at this posting).

The active listings and housing sales primarily range from $29,900+ to $999,000+, including manufactured homes, colonial, contemporary, cottage, ranch, and other accepted local styles.

The median sale price percentage is 92.616% to 94.299% when comparing to asking list prices. Properties will move quicker if asking prices are competitive. So, unless competitively priced, be patient, a rising absorption rate will result in longer times when selling your home within Lillian, Alabama.

Contact Cheney Appraisal Services for additional information by telephoning (251) 533-2424 or email your comments and questions to Albert@CheneyAppraisalServices.com.

On the 20th April, 2010, the Deepwater Horizon offshore drilling rig, operating off the coast of Louisiana, had a massive oil spill in the Gulf of Mexico. This oil spill resulted in a blowout leading to an explosion. At this point in time, Gulf Coast residents were not fully aware of its severity but very concerned about their future.

Now, we’re twenty-eight (28) days and counting down to a potentially life changing event for Alabamians. We are all wondering about our beautiful Alabama beaches, our coastal waters, our wildlife and our livelihood. How severe will this oil spill affect our lives in Alabama? Are we counting down to an impending threat to the Alabama coastline? Will it be a disaster negatively affecting the Alabama coastline for decades to come? How will Alabama coastal properties be affected by this catastrophe? Will the marketability of coastal Alabama real estate be affected and labeled with the stigma as “oil spill property,” whether true or false? Will your property be worth more or less after the oil spill reaches the shores of Alabama? I think you already know the answer for many of these questions.

If your coastal real estate becomes affected from this oil spill, contact a qualified attorney for advice and remember Cheney Appraisal Services, Albert M. Cheney, (251) 533-2424, as your Certified Residential Appraiser.