On 'American Dream Home,' a pair of homebuyers seek their 'Color Me Orange Beach' house
‘American Dream Home’: Orange Beach, Alabama
FOX Business host Cheryl Casone assists Ashley and Rob in their search for their ‘Sweet Home Alabama’ beach house.
You've probably never thought to yourself, "I’d like to buy a home in Alabama on the beach."
While it's not top of mind for many Americans, we learned this week on "American Dream Home" that the shores of Alabama are just as beautiful as Florida beaches.
Orange Beach is a small city on Alabama's Gulf Coast.
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Whether it's fishing or picnics, or the Orange Beach Indian & Sea Museum, there are plenty of sites to see.
Yet it was the beaches we wanted to see, and so did our homebuyers.
On Alabama’s Gulf Coast, the Romar House Hotel is shown at Orange Beach. On “American Dream Home,” a pair of homebuyers were focused on the beaches of Alabama. (Photo by Jeffrey Greenberg/Universal Images Group via Getty Images / Getty Images) The town boasts restaurants, water sports and amusement parks — you've probably heard of Waterville USA. Our homebuyers were focused on the beaches, however, and they also wanted a pool, which made the house hunt a fun challenge. Last month, 83.6% of homes in the Orange Beach area sold below asking price. Rocket Homes refers to Orange Beach as a "neutral housing market," with a median sales price of $650,127. Over the last 12 months, prices were up 19.9% for October. Still, if you're looking to buy here, you will get a relatively good deal. Last month, 83.6% of homes in the area sold below asking price. Ashley and Rob looked for their “American Dream Home” in Orange Beach, Alabama. Their personal house-hunting experience is featured in the video at the top of this article. (Fox Business / Fox News) A local boutique brokerage, Norada Real Estate, says that prices are still increasing in Orange Beach. The group is seeing many homes along the water pricing above $1,000,000. As you can expect, local housing prices overall tend to reflect the average salary of residents, which for Orange Beach is $54,450. Mortgage rates this week dipped down to 6.9%, according to the Mortgage Bankers Association, from 7.14% the week prior. Of course, if you want to be on the waterway or the beach, you probably need to have more income than that. Mortgage rates this week dipped down to 6.9%, according to the Mortgage Bankers Association, from 7.14% the week prior. Mortgage applications increased 2.7% from a week earlier. Ashley and Rob are shown on “American Dream Home” at Orange Beach, Alabama, as they search for the perfect beach house for their family. (Fox Business / Fox News) "Mortgage rates decreased last week as signs of slower inflation pushed Treasury yields lower. The 30-year fixed rate saw the largest single-week decline since July 2022, dropping to 6.9 percent," said Joel Kan, MBA’s vice president and deputy chief economist. "Purchase applications increased for all loan types, and the average purchase loan dipped to its smallest amount since January 2021. Refinance activity remained depressed, down 88 percent over the year," he also said. In Orange Beach, Alabama, Ashley and Rob checked out this house on “American Dream Home.” (Fox Business / Fox News) "There is very little refinance incentive with rates so much higher than last year." Of course, we continue to wait on the Federal Reserve to make its decision at the December meeting on whether or not it will raise interest rates. TOP HOUSING MARKETS THIS FALL ARE THOSE WITH AFFORDABLE HOMES The expectation is another 50 basis-point jump. Until then, let’s continue to watch American families search for their dream home — and find it — on Wednesday nights. CLICK HERE TO GET THE FOX BUSINESS APP "American Dream Home," hosted by Cheryl Casone, airs every Wednesday at 9 p.m./9:30 p.m. Eastern time on Fox Business and streams on Fox Nation. Source: Read Full Article
