Tag Archives: buying a house

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

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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

 

 

 

Home Inspections

When buying a house you want to be sure to get an inspection.  This is important because the home inspector can find all of the little and big issues that you’ll need to know regarding the the building’s structure, plumbing, heating and air, roof, and more.  Be sure to place the home inspection as a contingency item on your buying contract. Include a time frame for having an requested repairs to be completed. Include whether the seller should pay all repair costs or if you, the buyer, would consider paying for some. This contingency gives you an “out” if the inspection finds a flaw that is too big or expensive for you and the seller to want to deal with.

home inspection

If you suspect mold in the house, you may need to hire a mold specialist. Most home inspectors do not include mold tests in their line of work.

Your home inspector should provide a written report with photographs of the problem areas for clarity.

Once you receive the report, go through it and decide what is considered annual maintenance and what is a hazard.  Decide what you would like the seller to repair, and what you will repair. Be careful in this step.  Some requests to the seller could be a deal breaker and you’ll find yourself house hunting again. Put a time frame on your repair requests and once these are done to your satisfaction, you can release the home inspection contingency from your contract.

Realtors are professionals and have the training to guide you, the home buyer, through the buying process.  They are not inspectors, however, and cannot tell you what to repair and what not to repair. That is a decision you will have to make. Your Realtor is your advocate and has all of the proper knowledge and the paperwork available to handle the contract, contingencies and other concerns that home buyers have.  Consider hiring a Realtor when you look for your next home.

Eileen P. Saunders, Realtor
Tommy Morgan, Inc., Realtors
2092 Old Taylor Rd., Suite 101
Oxford, MS 38655
662-234-5344, 662-404-0816