Category Archives: Oxford

Leverage These Low Interest Rates

Many people dream of their next home. Could it be a larger home for your larger family? Maybe you want a bigger house to incorporate a home office. Do you dream of a home with more land?

Others are deciding on downsizing. Retirees who no longer care to keep up a garden, or  do not want exterior maintenance are thinking of a smaller home or condo. Empty nesters might be trying to figure out their next step to a smaller space but one the kids and grand kids and visit comfortably.

Right now, we have historically low interest rates which makes it a great time buy a new home.

If you are a new homebuyer, contact your bank’s mortgage department or find a lender in your town determine what mortgage programs work for you. What kind of rate can you get and what does a rate lock mean? Decide if you have the money for a down payment. If not, learn from your mortgage professional ways to secure one. Ask about taxes and insurance that will be added to the mortgage.

Get quotes on moving expenses and storage in case you need a short-term storage unit. Many people forget this part of the cost. Determine your budget and the price range to be searching for a house.

If the numbers work out and you find that this is the time for you to make a purchase, start your homebuying searches online by looking at neighborhoods in your price range. Keep a mortgage calculator, like one offered by Realtor.com, nearby to help you figure out the costs.

Look for a real estate agent to help you.

Ask for referrals from friends and family and the mortgage lender you are working with. Most of these people in your sphere know or have worked with an agent that they would want to recommend.

Online companies that pick an agent for you are really gathering your info and selling it to local agents; the agent you pick from this pool will have to pay a fee to the referral company for your business. If you go that route, be sure to interview several that call you. Make sure you pick an agent that you feel you can trust; one that you think you’ll get along with.

Check out non-referral companies, too, like Yelp and Realtor.com to investigate agent profiles. Do a browser search for local agents and read about the ones that populate on the search page. Find agents’ business pages on Facebook and profiles on LinkedIn.

If you want specifically to purchase short-sale or REO properties, search for agents that are educated in the process. There is significantly more paperwork and you really can’t do it alone.

A good agent will suggest more properties to visit and will walk you through the homebuying process: the contracts, addendum, inspections and negotiating for repairs including termites if they are present, attorneys, making sense of appraisals, the underwriting process, closing proceedures and more.

Use the agent you picked to help you with For Sale By Owner properties, too. You’ll want a coach and advocate to take this path with you.  FSBO sellers are only interested in their well being and generally won’t be able to help you with your questions. If you call a FSBO then you’re on your own. Once they have your name, they are not going to want to pay your agent, and your agent can’t help you any further. So let your agent call the FSBO seller for you.

Enjoy your home buying adventure.

Eileen Saunders, SRES REALTOR with Tommy Morgan Realtors BOF-Oxford 2092 Old Taylor Road #101, Oxford, MS 38655  662-404-0816/662-234-5344 eileen@tmhomes.com

 

 

 

 

Reasons to Buy a House or Condo for your college student

Investing in real estate is always a good idea. Why not start with your college student’s housing needs for an investment while at Ole Miss?

Most upper-level students do not have on-campus housing available to them at the university since it is secured mainly for freshman and Greek organizations. Finding an apartment, condo or house to rent off campus is not always easy, especially when your student doesn’t have particular friends to move in with.

Off-campus housing will assign you to a unit in their complex and you meet your apartment-mates usually a week before school starts. While these student-housing facilities do try to match students with people of similar study habits, noise level sensitivities, and interests, it does not always work out. When the year is over, your student is back to looking for another place to live.  How many times do you really want to move?

Did you know if a student moves out of one apartment complex and into another for the next school year, move-out date is always July 31st by noon and move-in date is always the week before school starts. If you choose to rent, reserve a storage unit now for next July-August and find a place for your child to stay during those 3 weeks. Storage units, hotel rooms and moving trucks/trailers are hard to find during that time and once reserved, are subject to cancellation without you being told.

Off-campus rental rates are competitive with on-campus dorm rates but get expensive depending on the facility. A single-bedroom unit will cost much more than a 4-bedroom apartment.  Many off-campus housing facilities offer amenities your child may not need or use, but these are built into the rental price.

Before deciding to pay rent to someone else, consider purchasing a house or condo for your child while they are at college. Here are some benefits to purchasing:

  1. Rather than pay rent (which pays someone else’s mortgage) pay down a mortgage loan on the house or condo that your child can live in for the duration of their college experience.
  2. When your child graduates, you can sell the condo. You’ll most likely recoup your monthly payments, over the 3-4 years you own it, with the sale price. (You cannot recoup rent payments made to someone else.)
  3. If you have other children who might attend, you already have housing waiting for them.
  4. If your student wants a roommate, rent out one of the extra bedrooms for income. Use it toward the mortgage or as living expenses for your child. You stay in control.
  5. A condo purchase will give you a tax break on mortgage interest each year.
  6. Your child can live away from the hustle and bustle of the off-campus student apartments. While some students want the excitement, many others would rather enjoy the quiet for studying and decompressing after a tough school day.
  7. Choose a condo size wisely. Multiple bedrooms offer you a place to stay when you visit.  Ole Miss and the City of Oxford have many events throughout the year you may want to attend. These include: Music, Theatre and Art department events and performances, Homecoming, Parent’s weekends, sports games and tailgating, Double Decker Arts Festival and, of course, graduation. While there are hotels and short-term rentals available, why bother with the added expense or the chance of not finding a room. Rates are high for special event’s weekends and can book months, if not the year, before.
  8. Condos have assigned parking and usually one spot per bedroom in each unit. So a 3-bedroom condo will have 3 parking spots. And don’t worry about special events weekends; most have security guards to keep out non-guests so your parking spot is assured.
  9. Most condos are on the public bus route in Oxford so your child can leave their car at home. Commuter parking passes on campus are reasonably priced if using their car is a must.
  10. Condos have restrictive association rules so you know the other residents/owners will guard their vested interest and make the community a safe and respected place to live.

Oxford, MS is a rural community and you may qualify for a variety of mortgage loans not available in larger cities. Consult a mortgage banker in Oxford for more information. Meet with your financial planner to find out if purchasing a condo is a wise choice based on your current financial situation. And, talk to a real estate attorney or title company about pros and cons of putting your student’s name on both the deed and the mortgage. When you’ve decided to hunt for a condo or house for your student to live in, call me to show you what is available.

Eileen Saunders, SRES REALTOR with Tommy Morgan Realtors BOF-Oxford 2092 Old Taylor Road #101, Oxford, MS 38655  662-404-0816/662-234-5344 eileen@tmhomes.com
This article was written by me and previously published on Parents of Ole Miss website

Social Distancing Activities in Oxford MS

Here’s an update to my 100 Things To Do In Oxford, MS, that I publish 4 times each year.

Since social distancing is a thing many people are practicing right now, I thought I’d distance my list of outside activities from those that may put you into a crowd. Activities like baseball games, going to the library and taking a class in person have been canceled for now but viewing outdoor art, reading a book on the Grove or taking a walking tour of Oxford are still available. And as of this writing there are still some events to look forward to on the list.

Check out this list and if you have any ideas I’ve missed please share them for my readers.

Things to do in Oxford MS Spring SDEdition

 

 

Oxford: A Retirement Community

Recently Oxford MS was featured in Where To Retire magazine.

Oxford is a great community for retirees. It offers a lot to do for retirement-aged residents. The University of Mississippi is a social connection for many retired alumni as well as for those retired residents who have no college connection here. Football, baseball, basketball and other sports and keep a fan busy year round.

There are plenty of classes for a retired person to participate that both the city of Oxford, private organizations and the university offer. Exercise classes, art classes, special interest classes are just a few.

Activities such as the Oxford Civic Chorus, volunteering opportunities, Newcomers Club, Thacker Mountain Radio and the monthly art crawl can fill up a calender quickly.

The weather, choice of restaurants, availability of doctors in Oxford, quality golf courses, low taxes and abundance of theatre productions also help to make Oxford MS the place retirees want to live in.

Many people have read headlines or accolades about the article in the January issue of Where To Retire but I suggest you get a copy of the magazine and read the original article. The writer visited Oxford several months ago, met with several retired residents for their view, toured the city, ate in the restaurants, stayed in a local hotel and visited places in Oxford that are special to the town.

I was asked to spend a few hours with both the writer and a representative from Visit Oxford. I gave them a real estate tour of the town and answered a lot of questions relating to how the city meets or can meet the needs of retirees.  My background and training as a Senior’s Real Estate Specialist (a designation earned through the National Association of Realtors) enables me to help the 50+ population with their special housing needs. These include downsizing, selling the family home, second home sales, aging in place, home design trends, multigenerational living and emotions involved in moving the aging population.  I work hard to stay on top of these issues so I can help buyers who want to retire in Oxford or move to a more aging-friendly home.

SRES 2011

I encourage you to look into the neighborhoods that were noted in the article and investigate others. Read what featured residents say about the town and why it became their new home town. Research the cost of living, crime rate, services and activities for active retiree living and for the elderly who may need any level of  assistance (in home help, transportation, personal shoppers, etc).

Oxford often finds itself on a “top” list and that says a lot for why the city is loved so much, but by reading the original articles about why Oxford is at the top of a list, you can learn more. This goes for any town or city that you may live in or want to live in.  Wouldn’t you want to know why it made the list?

As a real estate professional, I appreciate learning what people find interesting so I can pass that information along to the next person seeking an Oxford home for their retirement years or for a second home until they retire. Business owners and other professionals in town could use that information to not only stay above the competition, but to spot the trends that can help improve their business and better serve the population.

Where to Retire magazine has no online presence. It is available in a few stores around Oxford. Enjoy the article. I’m here to help if you want to search for your Oxford retirement house.

Eileen Saunders, SRES REALTOR, Tommy Morgan BOF-Oxford, 2092 Old Taylor Road #101, Oxford, MS 38655 662-404-0816 (m) or 662-234-5344 (o) Equal Housing

 

Things To Do In Oxford 2020

The new year will bring loads of excitment.

2020: a new year, a new decade, new trends and new things to do.

Here’s my quarterly list of 100 things to do in Oxford MS Winter_Spring 2020 that you can print out or download to your phone for easy access. This Winter/Spring 2020 list includes the annual and the usual events along with some new things to try. Oxford is always welcoming new businesses within its borders to try out. These include destination types like escape rooms and axe throwing. There are new food spots serving cheese cake, Italian food and  new local food pop-ups. And, you can always find new fundraisers, art shows and exercise events to participate in.

This list of mine gives you a great idea of how to squash boredom or just gain a new favorite thing to do. Enjoy!

(c) 2019-2020 All Rights Reserved
Eileen Saunders, SRES REALTOR, Tommy Morgan BOF-Oxford, 2092 Old Taylor Road #101, Oxford, MS 38655 662-404-0816 (m) or 662-234-5344 (o) Equal Housing

100 Things To Do in Oxford MS Fall 2019

It’s here!

While fall is officially over a month away, the season is upon us. School in Oxford starts next week. The University, whose classes start the end of August, is ushering in to town  new students attending last-minute orientations, athletes, faculty, and sorority members planning Rush activities. Parents are closing on houses and condos purchased for their child-student to live in for the next few years. Halloween candy has appeared in most grocery stores.

So, to get into the spirt of autumn events and activities, I put together my  list of 100 Things to do Oxford, MS a little earlier this year. The fall issue is available around town and, of course, as a download here:

 100 Things To Do InOxford, MS Fall 2019.

Print it out, carry it around and check off what you have done. Keep a copy on your phone for quick and easy access. Anyway you choose to carry it around this season, enjoy your time in Oxford.

There are many more things to do and more, last-minute activities and events will be added. You can check here for updates or watch for events posted to Facebook in your newsfeed. Follow @OxfordMsLife or me, @eileensaundersrealestate 

 

Enjoy your time in Oxford, MS this fall.

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

Things To Do in Oxford MS Winter/Spring 2019

100 things to do WS 2019There are many things to do in Oxford, MS for both residents and visitors, but not everyone considers what these are. The highly visited tourist spots are well advertised but there are plenty of other things to do; lots of them…100+ to be exact that anyone can do.

With activities for kids to classes for seniors, my published list of 100+ things to do is once again available.  The Winter/Spring edition of 100 things to do in Oxford MS is available here for printing or viewing.  Download to your phone for an on-the-go list when you find yourself asking, ” what is there to do today?”

Things To Do In Oxford, MS Jan-Mar 2019When you visit some locations or participate in activities, add a photo to your Instagram account with hashtag #100thingsoxford.

Here’s a of short list of scheduled events for January through March but be sure to check out the larger list for all 100 things to do.

Have fun!