Tag Archives: buying a house

Home Sellers’ & Home Buyers’ Guides Are Now Available

buyingahomewinter2017-coversellingyourhousewinter2017-coverFour times a year I have a new and current Home Seller’s Guide and Home Buyer’s Guide available free. They’re here; just click the picture for a downloadable version.

Now is a great time for both Buyers and Sellers and here’s why:

Buyers

Interest rates are still relatively low. The rates are projected to go up and are higher than they were this time last year so now is the time to lock in a rate you can be happy with.  Still, rates are a lot lower than they have been in the past and have been the lowest since 1971. Before you start looking, meet with your banker or mortgage company to get pre-qualified for a loan. Then you will know exactly how much you can afford and you won’t be wasting your time or spinning your wheels in the wrong price range. You may be surprised at how much you can afford. Then, call your REALTOR and start looking. I would love to be your REALTOR so check out my profile online and on Facebook.

Sellers

Why Wait???? Typically, inventory builds in March and if you wait until then you’ll have a lot more competition. Right now we have both an inventory shortage and a sudden uptick of buyers in Oxford and surrounding areas. The political season is over, the Dow is at a record high and there is market confidence. Wouldn’t it be great to get it sold quicker?  Make sure your house and yard are in great condition because curb appeal sells and so does a house that is move-in-ready. It is proven that sellers who utilize real estate professionals get their houses sold faster and for more money.. If this is something you want, schedule an appointment with me for more information.

I hope these guides can help you. Enjoy! And, best wishes.

Eileen Saunders, SRES, REALTOR Tommy Morgan Realtors 2092 Old Taylor Road Oxford MS 38655  662-404-0816 | 662-234-5344 Equal Housing

Home Buying: 8 Possible Deal Breakers

You found your dream home, or so you think. The offer you made to the homeowner was accepted and now you have to hire an inspector to make sure it checks out A-OK.

Hopefully there won’t be any major flaws to make you think twice about your offer.  A satisfactory inspection is a contingency to the contract and if there is something major, you can ask for it to be fixed, decided to fix it yourself or walk away from the house completely.

Here are 8 possible deal breakers you should be aware of:

  1. Water Damage. With every water mark and rusty pipe, ask for an explanation.  A water ring on the ceiling the size of the toilet pipe on the floor above it could mean a constant dripping problem. OR, it could simply mean there was an overflow a few years ago and the water mark is just now showing up as a stain.  Rusty pipes, dampness by the A/C unit in the attic or hallway closet could be a bigger issue.
  2. Asbestos. This hazardous material was used in many homes that were built before July 1989.  Removal must be done by a professional and could be costly.

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    Courtesy of Creative Commons
  3. Lead paint. Lead paint was used in older homes and could be a hazard. Removal may be expensive so have a professional give you a quote on removal.
  4. Pests. Termites, roaches, rats, mice and more can cause extensive and expensive damage to a home.  Sometimes the repair can be expensive but not all of the time. Have a termite or pest control professional quote you a price to take care of the problem.
  5. Mold. Some molds can be easily remedied, but long-term invasive damage from a pipe, roof leak or irrigation can cause a bigger problem.
  6. Electrical or plumbing problems. Always have these taken care of by a professional.
  7. Foundation issues. Foundations tend to crack from settling. Some cracks are minor, some can be a major problem. Why are the cracks there? What caused them? If you really don’t feel good about the cracks, seek the advice of a foundation specialist. It will cost more than the initial inspection but the peace of mind will be worth it
  8. Old roof. A homes inspector can assess roofing issues from missing shingles, wood or structural issues. An old roof will need to be replaced and can be expensive. In addition to the inspector’s report, a roofer can assess the remaining life of the roof.

While there are a few other issues that can make you walk away, these eight are the most common, so be prepared to consider any of them.

Each of these things can be worked out if you really want the house and not all houses have more than one or two of these issues to consider. Meet with your real estate agent. Together, construct a list of things you have to have repaired and what you can live with or fix on your own. If the cost of items to fix yourself is high, renegotiate a credit at closing. Until you sign off stating the inspection contingency is clear of issues so you can move toward closing, you, the buyer, are still in the decision-making seat.

Know that the seller may think your request is too extensive. The listing and the property condition disclosure may state the issues that need repair but the owner will not be responsible for. If that is the case, you and your agent should have known this from the time you started considering the house. The seller could also state that he will only pay a particular amount on repairs. Be prepared for negotiating, but also be prepared that the seller could walk away, too, if you ask for too much.

So, do you want the house or not?

Thanks to Kaye Ladd, Broker at Tommy Morgan Realtors branch office for contributing to this article.

photo credit: Cracked Red Brick Wall via photopin (license)

Eileen Saunders, REALTOR with Tommy Morgan Realtors, 2092 Old Taylor Road, Oxford, MS 38655 662-404-0816/662-234-5344  Equal Housing

What is 203K?

Want to buy a fixer-upper but don’t think you’ll have the money for the remodel after you buy the house?

Ask your mortgage professional about a 203K loan.

A 203K loan is backed by FHA and combines the price of the house and the price of construction into one loan with one closing cost. The FHA 203K loan is great for helping you pay for a remodel of your current home, too.

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This might be too far gone for a 203K but you get the picture. It’s a loan for a fixer-upper.

There are a few fixer-uppers on the market in Oxford and Lafayette County. Some might need a lot of work, some just need a little updating.  If you’d like to see any for possible purchase, please let me know…I’ll be happy to show them to you. But first, talk to your mortgage company or mortgage department in your local bank for more information and to get pre-approved.  Sellers will take offers more seriously if you have been pre-approved for a loan when you place your offer.

Eileen Saunders, Realtor with Tommy Morgan Realtors, 2092 Old Taylor Road Suite 101, Oxford MS 38655, 662-404-0816/662-234-5344 Equal housing

photo credit: Broken House via photopin (license)

Trending Real Estate in Oxford, MS

Housing in Oxford, MS is going fast these days. There is little inventory and although there are some days that it seems a good number of listings are appearing on the Multiple-Listing Service (MLS), these properties are not lasting long. Buyers are waiting on the sidelines for particular subdivisions or price points.  Contracts are coming in quickly and although these home sales are pending, it is not reflected on internet sites.  You may think a house is still on the market when, in fact, the MLS has it coded as “Pending.” For this reason, if you are a buyer get pre-qualified for a loan so you are ready for that newly listed house you want. And contact your REALTOR so he or she can watch out for new listings and get you an immediate appointment.

So for any homeowners wondering what time of year is best to sell your house or condo in Oxford, MS, I would say: now.  In fact, with the housing shortage across the country, there is no time like the present to sell your house. There is a buyer just around the corner.

But typically, there are “selling seasons” where houses seem to sell quicker and for a higher price per square foot (PPSF) than during other times of the year.  These selling seasons are January to June and July to December. I’ve put together an historical graph of both single-family and condo/townhouse sales in Oxford to show how the past selling seasons have done.  Based on the PPSF, these selling statistics are not adjusted for the low housing inventory. Source of information: N C M Board of Realtors MLS. Information is deemed reliable but not guaranteed.

For more information about buying or selling download one of these informative guides:

SellingYourHouseSummer2016

BuyingaHomeSummer2016

trending-real-estate-pictochart

 

Eileen Saunders, REALTOR with Tommy Morgan Realtors, 2092 Old Taylor Road, Oxford, MS 38655, 662-404-0816 or 662-234-5344. Equal Housing

Real Estate Trends in Oxford, MS

Updated version of previous article: “Five-Year Housing Trend Oxford MS”

Buyers and sellers want to know how the real estate market is going.

“Is it a good time to make a purchase in Oxford, MS? What should I buy, a condo or a single-family home?”

“I’m ready to down-size. Is now the time to do so?”IMG_0759

While I cannot advise you definitely either way, I can make that decision easier for you. My latest reports are complete and ready for you to read.

Oxford Mississippi Real Estate 5-Year Trend in Sales for 2011-2015 highlights the single-family home market.  It shows the average selling price for single-family homes has risen by approximately $83,000.00 and the average price per square foot is up around 33%.

The 2011-2015 Oxford Mississippi 5-Year Trend in Condo Sales report also shows us some exciting news. The demand for condos has risen greatly. The average number of days on the market has dropped by 105 days meaning these properties, both brand new and pre-owned, are getting snatched up quickly.  Days on Market (DOM) basically means the number of days from listing to close, even if the property obtained an accepted offer the second day.  Real estate is not taken off the market until the closing date, so this average includes cash deals, which close generally fast, and contracts with financing. Closings are currently taking up to 45 days since the new laws were enacted last year.  Still, the demand for condominium properties is high. This can be attributed to the growth of enrollment at the University of Mississippi and lack of on-campus housing for upper classmen who move off campus to apartments and parent-owned condos in their Sophomore year.  This trend can also be attributed to the Ole Miss football team doing well which seems to entice alumni families to invest in a second home property here in Oxford.  No one knows for sure, but the statistics show a steady increase in prices and decrease in DOM.

Oxford has seen an uptick in new homes: both condos and single-family. Neighborhoods like Oxford Commons, Northpointe, Southpoint have added many new homes to our landscape. Condo communities such as Brighton Village, Musicians Quarters, 800 College Hill have given Oxford more condo options. And, the new Oxford Farms community is currently being developed for both condo and single-family living. Several rental/apartment communities have also been added to Oxford recently.

Ultimately, it is your decision to buy or to sell.  If the decision is a matter of investment strategy, consult your investment professional first for some sound advice about your portfolio. Then if you want to make a move involving real estate, hire a real estate professional to help you out.  If you simply want to downsize, a real estate professional can help you find the best new place to call “HOME” and help you sell your current house.

Download your copy of these reports here:

2011-2015 Oxford Real Estate Sales Trends

2011-2015 Oxford Condo Sales Trends

Information Herein Deemed Reliable but Not Guaranteed

What Do Bunnies Have To Do With Real Estate

The Oxford Mississippi housing market is hot right now.

Buyers consist of first-time homebuyers, parents purchasing condos for their college students housing needs, and Ole Miss football fans who want a place to stay in the fall during the games. There are also families that just want a bigger home, rental property investors, homeowners who want to downsize, and workers relocating to the area for a new job.

Between 2013 and 2014, Oxford and Lafayette County was ranked the 15th fastest growing “micropolitan” area in the U.S., by the Census Bureau. And it is the fastest growing part of the state of Mississippi.Peeps bunnies cropped.jpg

So many people are moving here or want to buy a place to stay when they visit. But we have a shortage of homes available leaving buyers scrambling to purchase what they can and what they need.  With this comes even higher prices for housing (law of suppy and demand). I often hear renters and first-time buyers complain about the cost of housing. “There is no affordable housing in Oxford,” they say.  Well, there is, but it gets snatched up so quickly when it comes on the market leaving wannabe first-time homebuyers scratching their heads.

My suggestion for those that want to purchase a home in Oxford is to be prepared: get your finances in order, have a plan, get a pre-qualification from your bank so you know how much you can borrow and in what price range you can search. Once you are on top of the money process, find a real estate agent to help you.  Start a relationship with a local agent who will then know what you want, how much you can spend and how quickly you can jump on making an offer.  In this market, if you take your time searching the internet and then have to find an agent to get the ball rolling, you might miss the opportunity.

So what do bunnies have to do with real estate?  They represent homebuyers hopping on housing opportunities as fast as they can. Be a bunny!

Eileen Saunders, Realtor with Tommy Morgan Realtors~2092 Old Taylor Road, Oxford, MS 38655~662-404-0816, 662-234-5344. Equal Housing.

2015 Tommy Morgan Realtors Top Producer

2015 Tommy Morgan Realtors Multi-Million Dollar Producer

Five-Year Housing Trend: Oxford, MS

A lot of home buyers in Oxford are from out of state. They might be graduates of Ole Miss and want a second home or “football” home in Oxford. They might have a child at the University and want to “invest” in a house or condo for that student to live in. Freshmen and a select few other students get on-campus housing. All others need to find a rental or purchase something. An out-of-state client, with a child at Ole Miss, recently asked me what the 5-year single-family housing trend in Oxford has been. Is Oxford, MS in a position for a lot of future growth? Is the town at the top of a current “bubble” or somewhere in between?

While I cannot predict the future and do not have a license to advise on investments, I can tell you, as a licensed real estate professional, what the real estate market here has done. So, after putting a chart together for this family, I want to share it with you. These statistics are gathered from records of the North Central Mississippi Board of Realtors and only include single-family housing. Click this link for a printable version, 2011-2015 Oxford Real Estate Sales Trends.

The information below tells us that over the past 5 years the average list price of a single-family house in Oxford, MS has increased by approximately 36% while the average selling price has risen about 39%. Buyers contracts are currently closer to the actual list price than they were 5 years ago and houses, on average, are selling faster in today’s market.

What’s available in Oxford? Our inventory is down from over 3 years ago and what is available is selling faster.  As of this writing, there are only 310 available homes in Lafayette County listed on the local Board’s MLS ; 215 are in Oxford. That’s not very many which makes this a seller’s market.

Springtime in Oxford is when most homeowners who want to sell, put their house on the market. If this brings a sharp increase in inventory, we could see a buyer’s market. A moderate or low increase would probably keep it at a seller’s market. Either way, if you are planning to sell, consider listing it now while there is less competition. With interest rates being low, buyers are looking.

Eileen Saunders, REALTOR with Tommy Morgan Realtors, 2092 Old Taylor Road, Oxford MS 38655, 662-404-0816 or 662-234-5344. eileen@tmhomes.com Equal Housing

2011-2015 Oxford Real Estate Sales Trends-page-001