BILOXI, MS (WLOX) - Experts say you could call it a comeback year for the coast real estate market. Several realtors say 2014 has been the best year on the coast since the recession years of 2008 and 2009.
Existing homes on the market are selling more quickly now, and prices have gradually increased. Foreclosures have also leveled off, and new homes are also selling at a brisk pace.
The main reason for the turnaround has everything to do with money.
"With interest rates being near an all-time low, people are able to get in homes for much less than they might pay in rent, so that is one factor," said realtor Betty Misko. "Also, banks are actually loosening up some of their guidelines. FHA is actually letting those with lower credit scores now come into the market, so that has helped tremendously with first time buyers."
Realtors also say another reason for market stability is there have been no huge increases in flood insurance rates, after Congress took action to prevent the increases from taking effect earlier this year. They do say that high wind insurance costs still present a problem for many would be home buyers.