It’s time for a midyear snapshot of our Mississippi Gulf Coast market and a quick word on what to expect for the rest of 2019.
In today’s market update, we’ll look at where our market stands at the midway point of 2019 and what we can expect throughout the rest of the year.
Overall, we had a nice spring and things look good at the moment. The average list price is $170,000, and prices are appreciating overall, but not at an over-inflated rate. Inventory, meanwhile, is low but not too low, and there’s a lot of new construction happening that’s helping to stabilize it. In July and early August, we typically see a market slowdown, but I anticipate activity to pick back up later this month and into September and set us up for a strong fall season.
The average list price is $170,000, and prices are appreciating overall, but not at an over-inflated rate.
Interest rates are still below 4%, and they are expected to remain low for the next couple of months and perhaps the rest of 2019. If you’re a buyer, this makes now a great time to buy. In a broader sense, the economy is strong all across the country—the unemployment rate is low and wages are increasing. I already mentioned that there’s a lot of new residential construction happening here on the coast, but there’s also a lot of commercial construction going on.
There’s talk of a recession happening within the next 18 to 24 months, but the good news is that this won’t happen because of any sort of housing crisis.
The bottom line is this: It’s a great time to be a buyer and we’re anticipating a great fall market. If you’re thinking of selling your home and wondering whether you should list now or wait until 2020, don’t hesitate to give me a call so I can advise you on your best course of action. Remember, we just opened up our new office at 3516 Sangani Blvd., Suite G, D’iberville, Mississippi, 39540, so we’d love for you to stop by so we can take care of any other real estate needs you have.
As always, if you have any other questions about our market or know anyone else thinking of buying or selling a home, feel free to reach out to me as well. I look forward to hearing from you.
How do you know it’s time to move? For starters, keep an eye out for these four tell-tale signs.
There are a million things that can motivate you to want to move into a new home, but here are the four obvious signs that you should keep in your mind:
1. Too much or too little space. Really look at how you’re using the space in your house. Perhaps you need more space or less space.
You might need more or less space.
2. Life events. Maybe you have a new baby or maybe your kids are leaving home. I can’t tell you how many clients I’ve had that have regretted not getting to the closing table sooner than they did.
3. Lifestyle changes. A lot of us buy our homes so our commute to work will be shorter, but maybe you have just retired and don’t need the commute anymore.
4. Financial and budget reasons. This one can go both ways. Maybe you’re transitioning to a fixed income or maybe you just got a big raise.
I hope you keep these things in mind if you or someone you know is asking themselves if it’s the right time to move. If you have any other questions for me in the meantime or need any advice whatsoever, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
If you encounter any appraisal issues during your sale, there are three ways you can respond. We’ll cover each of them today.
Real estate contracts include an appraisal contingency that states the property must be appraised at or above the agreed-upon price or the buyer doesn't have to complete the purchase and their earnest money will be refunded
Buyers offering cash will sometimes forgo this contingency, but, in most other transactions, the appraisal process will play a major role.
The appraisal contingency states the property must be appraised at or above the agreed-upon price or the buyer doesn't have to buy.
If your home doesn’t appraise, you’ve got three main options:
1. The seller can lower the price to the appraised value.
2. The buyer can make up the difference in cash.
3. The buyer and seller meet in the middle, with the buyer offering part of the difference in cash, and the seller lowering the price.
If none of these three options works, buyers can generally terminate the deal without losing their earnest money deposit
Appraisal issues have become somewhat more common recently, so hopefully these tips will be helpful to you if you find yourself faced with this kind of problem during your own real estate experience.
If you have any other questions or would like more information, feel free to give us a call or send us a message. We look forward to hearing from you soon.