I am a homeowner in Mississippi which is a non-disclosure state. That means that what I paid for my house is not public information. It is information that is on the MLS Board where my home is located and can be used for comp purposes by other agents in the MLS Board but otherwise, Mississippi law says it is no one’s business what I paid for my house.
So I recently got a letter from my mortgage company which is not located in Mississippi. It told me how much equity I have in my house based on my loan balance and a value of the house. The letter said that the value is an estimate “based on market trends” in my area. Since they do not have access to information in this non-disclosure state, the value of the house is much lower than what I paid for it. It’s because they really don’t know the value of my house. As I read closer, I realized the value was the original loan balance.
I’m a licensed real estate agent in my MLS Board and know the market trends and have available the comps to tell me the value of my house. BUT, if I wasn’t, this letter would have scared me to death making be believe my house was losing value.
My point is, if you live in a non-disclosure state, like Mississippi, and get a letter from your mortgage company telling you the value of your house, question it. Calmly call your agent and get a comp analysis. It’s not a bonafide appraisal but close to it; it’s a market value, and in this hot, hot market you’ll most likely be pleasantly surprised.
If you live in the Oxford/Water Valley/Batesville/Pontotoc area and want a free comp analysis, contact me for an appointment.
Eileen Saunders, SRES REALTOR, Tommy Morgan Realtors, 2092 Old Taylor Road, Oxford, MS 38655 662-404-0816 / 662-234-5344 equal housing
The following information is an active Tommy Morgan Realtors listing in Oxford, MS. North Central Mississippi Board of Realtors MLS # 140117
245 CR 164 is FOR SALE
You will love getting lost walking around this property! BEAUTIFUL wooded, rolling hills with immature timber.
Turkey and deer.
Place your homestead on the ridge and hang out in the trees listening to owls, crickets and more.
A former logging trail runs through the property creating this awesome ridge to create a driveway or a road to multiple driveways.
Great place for
a treehouse home,
hunting & fishing cabins,
a retreat, or
left in it current condition for investment.
With no zoning restrictions, the sky’s the limit.
Located about 15 minutes to Coles Point boat ramp and Pats Bluff Public Use Area at Sardis Lake. Centrally located to Oxford and Batesville and I-55 with approximately a 15-minute drive in either direction. Utilities nearby; community water system.
At about $4,000 per acre in Lafayette County, it won’t last.
Check out this drone view. You can see the surrounding wooded area for miles around. The houses in the view are not on this property. But, the straight-down view shows the awesomeness of the trees.
Survey available upon request.
The property really is gorgeous and needs to be walked over. While you are welcome to, we prefer that you get an appointment. The property is outlined in barbed wire and property-line markings and we want you to be safe. To schedule a detailed, 30-minute walking tour, call your real estate agent or contact me, Eileen Saunders at 662-404-0816 or email at firstname.lastname@example.org
Information Herein Deemed Reliable but Not Guaranteed. All Measurements are Approximate.
Eileen Saunders, REALTOR with Tommy Morgan Realtors 2092 Old Taylor Road Oxford, MS 38655 662-234-5344 or text 662-404-0816 Equal Housing
A seller’s market exists when there are more buyers and less inventory. We definitely have this going on around Oxford, MS as well as the rest of the country.
Buyers, therefore, need to be ready on the mark so they don’t miss out. Before looking for a new home, be prepared to actually buy. Here’s how:
Get pre-qualified for a mortgage and have your paperwork handy. In fact, give it to your real estate agent. If you happen to decide to place an offer on a house and logistics require e-signatures, your agent will already have the pre-qualification letter on hand to submit with the offer. If you are paying cash, have a letter from your bank ready with proof of funds available.
Hire a real estate agent. These professionals will see immediately when new listings are available and can get you a video preview (if you are out of town and can buy sight-unseen) or, can get you an immediate appointment to view the house.
Be available when your real estate agent calls. Lingering over your schedule may cost you an opportunity.
When you make an offer, limit your contingencies. Asking the buyer to wait for you to sell your house in a seller’s market may be unreasonable. They’ll sell it to the next person in line.
Don’t wait. Even a house that may have a history of sitting on the market can be sold overnight in a seller’s market. There are plenty of reasons that house hadn’t sold quicker, such as financing falling through from a previous offer or damage repairs taking place from a storm. Don’t think that it will be there next week for you to decide on.
Compromising on what you want isn’t a bad thing. You might have to look outside of your perfect location or go after a home that needs a little TLC.
If you are shopping in Oxford, prepare for sticker shock. Our home values tend to run a bit higher than the rest of the state. Keep in mind that chances are great that you will not find a 3 bedroom/2 bath “near The Square” for $250,000 or less. Talk to your real estate agent about the various neighborhoods that are in your budget and how far from The Square these are located. You might find a gem in your price range with easy access to football games, restaurants and shopping. I know of at least one condo association that runs game-day shuttles and the OUT bus (Oxford-University Transit) is also available regularly to help students and year-round residents get where they need to go.
So, ARE YOU READY to house-hunt?
Eileen Saunders, Realtor® with Tommy Morgan Realtors, 2092 Old Taylor Road, Oxford, MS 38655. 662-404-0816/662-234-5344 Equal Housing