Category Archives: Buying a home

If You Bought A House in 2018, File for Homestead Exemption Now

In Mississippi, homeowners who purchased a house can file for Homestead Exemption between Jan-Apr 1 of the following year. So if you bought your house last year and currently live in it, you can file and should file for this tax exemption benefit. But don’t delay; if you miss the April 1 deadline you  must wait until next January to file.

Non-exempt taxes are higher taxes. You may have city and county taxes and it makes sense to file for the exemption.

Here are the rules and what you need to file for exemption, below. Click here for a printable version. When you are ready head to your local tax office for filing homestead exemption.

HOMESTEAD EXEMPTION

Homestead must be filed between January 1 and April 1 to take effect. The home owner must occupy the property as a primary residence for the exemption to apply.

Filing a New Homestead

When filing a new homestead, you must have the following information:

  1. Copy of your recorded warranty deed
  2. Social security numbers of both husband & wife
  3. Purchase price of your house & land
  4. Tag numbers of all vehicles in your possession

Special Exemption

If you became 65 or were declared 100% disabled on or before January 1, you need to file for the special exemption.

  • 65 or Older
    • Know your date of birth
    • Tag numbers on all vehicles in your possession
  • 100% Disability
    • Social security awards letter stating your disability & the date you were declared disable or
    • Two detailed letters from two different doctors stating your disability and the date.
    • Tag numbers of all vehicles in your possession

Eileen Saunders, SRES, REALTOR,  Tommy Morgan Realtors BOF, 2092 Old Taylor Rd, Oxford MS 38655  662-404-0816 | 662-234-5344  eileen@tmhomes.com  Equal Housing

Grand Oaks

As you can guess from the photo, Grand Oaks is a golf course community in Oxford, MS.

grand oaks 2

There are condos and single-family homes of varying sizes depending on the location in the community.

Located near the intersection of Hwy 6 and Hwy 7, Grand Oaks is easily accessible and a short distance from the hospital, Ole Miss and shopping. Grand Oaks residents can send their children to Oxford city schools.

Check it out. Have your real estate agent show you around. Don’t have one, then call me. I’m happy to help.

Eileen Saunders, SRES  REALTOR with Tommy Morgan, Inc., Realtors BOF  2092 Old Taylor Road, Oxford, MS 38655  662-404-0816/662-234-5344  eileen@tmhomes.com Equal housing
All rights reserved (c) 2018

Oxford Home Market Trends

Here’s an overview of what’s going on in Oxford, MS housing.  Every 6 months I put together a summary of stats on condo sales and single-family-home sales for Lafayette County which includes the city of Oxford.  Since I found the numbers to be close when looking separately at Lafayette school district properties vs Oxford school district properties, I have combined the two and the report below reflects condo and SFH sales trends for Lafayette County MS.

Questions? Feel free to call or email me.

2011 to mid-2018 Oxford Condo Sales Trends BOF-12011 to mid 2018 Oxford Real Estate Sales Trends SFH LSD and OSD-1

Eileen Saunders, SRES  REALTOR with Tommy Morgan, Inc., Realtors BOF  2092 Old Taylor Road, Oxford, MS 38655  662-404-0816/662-234-5344  eileen@tmhomes.com Equal housing
All rights reserved (c) 2018

How Do You Know A House Is Right For You?

House hunting can be an exhausting chore.  It is exhausting because there might be so many houses to choose from and you need to take the time to see them all and make the best decision. It is a chore because, if you have to move, it is a necessary task.

I have moved 10 times in 23 years so I know how tough it is. Sometimes my husband and I have rented, sometimes we have purchased a home. Each time, no matter what we chose to do, it was an exhausting chore.

So, how do you know when you have found the right house? How do you know when a house is right for you?

I can simply say, “You’ll know when it’s the right house.” But what does that mean?

checklist-1316848_1280I recommend you make a checklist of what is important. Each time you view a house, check off those things that it hits on your list. If you can check off a majority of them, you’ve basically found a house that meets all of your expectations. But, if it still might not feel right, consider why. Are the bedrooms in a conventional design? Is there enough room to grow? Are the ceilings too high or too low? Does the layout flow or is there something stopping that flow?  Is it move-in ready or do you have to remodel? With a checklist you can visually see which houses most fit your needs. Make notes about how you felt in the house. Was there something strange about it? Was there a happy feeling? Was there an odor? Can you raise children there? Is there room for a home office? What about a pet? Is there sufficient entertainment space? Can you add on to the house?

I hate to say it, but some people are lifetime house hunters; they will  never find the perfect house.  But you don’t have to find the perfect house; you have to find something you are comfortable in.

You will know when you find the right house. It won’t be perfect. Only you can make it perfect once you move in. So keep an open mind when house hunting.

You will know when you find the right house.

Eileen Saunders, SRES  Realtor(c) with Tommy Morgan, Inc., Realtors BOF  2092 Old Taylor Road, Oxford, MS 38655  662-404-0816/662-234-5344  eileen@tmhomes.com Equal housing

What Buyers Need to Know in a Seller’s Market

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: 

  1. 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. 
  2. 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.   
  3. Be available when your real estate agent calls. Lingering over your schedule may cost you an opportunity. 
  4. 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.  
  5. 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. 
  6. 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. 

 

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Merio/Pixabay

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 

Information Sourced from “Surviving a Seller’s Market: The Ultimate Cheat Sheet,” realtor.com® (April 7, 2016) 

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Copyright 2018 NATIONAL ASSOCIATION OF REALTORS®

 

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Copyright 2018 NATIONAL ASSOCIATION OF REALTORS®