Real estate experts say it's a great time to buy a home
|
BILOXI, MS (WLOX) - Property values are extremely low right now, but for buyers that means this is a great time to make a deal. That was just one of the topics discussed at Tuesday's 43rd annual Hancock Bank Gulf Coast Economic Symposium in Biloxi.
A real estate professor from the University of South Alabama offered coast leaders some positive news. Dr. Donald Epley said the real estate market is a buyer's heaven.
"If you have a good job, good credit and good income, you should definitely buy. Prices are good, interest rates are low. If you qualify for a loan at the bank, this is the best time in your lifetime that you'll ever see to buy a home," said Dr. Donald Epley.
Epley said the good news extends to commercial property. Since the oil spill, he said people assume market values are low, but sales equal value.
"The way we determine value is if the buyer comes in makes an offer and buys the property. So you actually have to have a closed sale and that really hasn't happened yet driven by the oil spill."
