Tag Archives: Oxford

Rent vs Own

you pay for housing whether you buy or rent

Renters often are able to purchase a home but do not for several reasons.

Many feel that they can’t afford to purchase a home.

But, as a renter, what are you doing each month?  You pay for your housing. And who benefits?  Well, you do have a roof over your head, but the homeowner is really benefiting.  The homeowner is building wealth.

A smart homeowner would charge at least their monthly mortgage for the renter to pay.  So, renter, you’re paying someone’s mortgage, at least. Why not pay your own?

With each rent payment, the homeowner’s mortgage balance goes down and soon he will own the house out-right. He can sell it and make money. If he was a wise investor, he will sell his house for more than he paid for it.  But regardless, the homeowner didn’t make a mortgage payment with his own money because he had renters pay it and when he sells the house, he will make all of the money back (unless he still has a balance that he needs to pay the bank, but he’ll get the rest.)  When you, renter, move out, you’ll be lucky to get your deposit back and so you’ll basically have nothing for all of the money you paid for housing.

If  you own your house, you are paying your monthly payment and paying down your mortgage balance. When you sell your house for the same or more than what you purchased it for, you pay the bank what you owe them and you get the rest.  You’ve been paying into it, you should get something out of it.

Many don’t have enough for a down payment.

There are many mortgage programs that your mortgage banker can tell you about and she can figure out which works best for you.  Some can get you into a house with 3% down. Others can get you into a house for even less. Of course, consider you might be paying an extra percentage in interest or paying a PMI cost. PMI is Private Mortgage Insurance and you can learn about it here.

There are many apps you can use to check your credit score. There are others that tell you what your estimated payments would be for a particular property or price.

Talk to your banker about receiving gift money from a relative for  your down payment.

Mississippi and a few other states offer a First-time Home Buyer’s Savings Account. Check with your bank to get your account started and set a goal.

Many would rather have someone make repairs or pay to replace faulty appliances for them.

I hear this a lot. An old apartment or an old house will most likely have old appliances which will go out.  Who knows how the previous renter took care of the appliances also. So many renters often call their landlords for repairs.

If you purchase a new home, you have new appliances. Your home has warranties including a 1-year builder warranty in Mississippi.

Should you purchase a pre-owned home, you’ll see on the seller’s disclosure the age and condition of appliances.  If they are all old or approaching that magic year things start breaking down, you can negotiate a seller-paid home warranty for the first year you own the home.  Most service calls are under $100 for repair or replacement. If you cannot negotiate it into the purchase, warranties run around $500 per year so you can set that aside to purchase yourself.  I have one and it has paid for itself many times.

Many do not think their credit score is good enough.

You never know what you can afford or what you can qualify for until you investigate. Go see your banker or check in with a local mortgage company.  A “ding” to your credit report for mortgage purposes is not the same as a “ding” to your credit report for a new credit card or car loan. Find out now so you can plan. Or, find out now, so you can be pleasantly surprised and can start shopping for a new home.

Do Not, I repeat, Do Not make any large purchases until after you close on your new house.  An washer, a new car, a sofa charged on a credit card will change your debt-income ratio and may cause you to lose the house if you don’t still qualify for that mortgage on closing day.

The whole process of purchasing a house and all of those steps to take along the way are scary.

It is a lot of fun looking online at houses for sale in your town.  It would be a lot more fun to actually look at them in person, on a mission to purchase one. That’s why you need to get a real estate agent to help you from the start.  Once you find out your financial status, start interviewing real estate agents. Don’t settle for the first one you talk to. You are hiring someone to help you make one of the most important, emotional and stressful purchases of your life. Make sure you feel comfortable with the agent you have helping you.  The agent with a ton of sales, and therefore experience, under their belt may not have the personality you need to work with. Find one with a lot of training. Find one you can trust.

So, you pay for housing whether you buy or rent. Which would you rather do?

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

Oxford can sometimes have amazing weather in January. Average temps are usually in the 50s. So what do you do when the weather is great? Get outside and enjoy Oxford. Explore. Hike. Walk around the Square. Go to the park. Walk to the museums. Did you know there are 100 things to do in Oxford MS?

There are really over 100 fun and interesting things to do in Oxford but when I compiled a list of things to do for my family, I had to stop my list at some point. This is a list I want to share with you and I publish it 3 times a year: Winter/Spring list, Summer edition and Fall/Christmas.

The Winter/Spring 2018 edition of 100 Things To Do In Oxford MS is available. Download a copy of it here, today or pick up a copy from the Visitor’s Center on Jackson Avenue at the Square.

Here’s just a sampling of some things to do and what events you can participate in this month:

January Events

  • Pop Up Oxford January 22-23
  • Oxford Fiber Festival January 26-28

February  Events

  • Oxford Film Festival February 7-11

GET OUTSIDE

  • Bike or hike the Whirlpool Trails/Thacker Mountain Rail Trail
  • Picnic on the Grove or Rowan Oak
  • Go Geocaching
  • Play golf or frisbee golf
  • Hike the Bailey Woods Trail
  • Enjoy the Parks: Lamar, Avent, Stone and the skating park on Bramlett Blvd.
  • Take a walking tour of Oxford, a tree tour or get a list of haunted landmarks and visit them.

RAINY DAY FUN:

  • UM Museum, Burns Belfry, Cedar Oaks and others
  • Hang with friends at a coffee or yogurt shop
  • Go bowling
  • Catch a movie

MORE FUN:

Click here to download list

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

College-Town Retirement

College towns can offer a lot to retirees:

  1. Cultural & sporting events20161110_195040.jpg
  2. Life-time-learning programs
  3. Diverse nightlife
  4. Infinite dining options
  5. Exercise trails and fitness facilities
  6. Public transportation and a cab system

Those are some of the things that make Oxford, MS attractive to retirees.  Not only is the University of Mississippi in the center of town, but Northwest Mississippi Community College is just a quick bus ride across Hwy 6. Additionally, Oxford is home to a regional medical facility and several Senior’s housing options.

So, what if you are considering retirement to a college town? Will you be purchasing a house or condo to age-in-place? Will you be joining a retirement community with an assisted living facility for future use? Here are a few things to consider:

  1. Know the cost. From single family housing to condos, what will be your fixed costs: HOA or condo fees, lawn maintenance, etc. Can you afford the cost of living
  2. How close to campus and the town’s amenities can you live? Does public transportation exist in the area you are considering to live?
  3. Know restrictions: visitors, pets, cars/RVs/boats, and gardening.
  4. Investigate the true benefits of the college or university if you want to take courses: tuition waivers, limit on classes per semester, online access and accessibility to campus events.

For more information about choosing a retirement destination, Click Here

“You can count on an SRES to guide you through the process of buying or selling your home, making the transaction less stressful and more successful.”

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

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

Summer 2016 “100 Things To Do In Oxford MS”

It’s here: the Summer 2016 edition of “100 Things To Do In Oxford MS”.

Download it here.

Then have fun this summer.

2016 Summer Things to Do brochure

2016 Summer Things to Do brochure 2

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

 

100 Things To Do In Oxford, MS This Summer 2015

Wondering what to do in Oxford, Mississippi this summer?

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Here’s a list with some great ideas:

  1. Swim at the Oxford City pool or the one in your neighborhood
  2. Take a mountain bike ride on the Whirlpool Trails or just take a walk
  3. Tune into a live MPB broadcast performance of Thacker Mountain Radio during August
  4. Tour Cedar Oaks
  5. Borrow seeds from the Seed Lending Library at the Oxford public library

There are 95 more ideas on this printable list: 100 Things To Do This Summer

100 things to do in Oxford this summer FINAL.docx-page-001

100 things to do in Oxford this summer FINAL.docx-page-002

Click, print and enjoy your summer in Oxford!

Eileen Saunders, Realtor ~~ Tommy Morgan, Inc., Realtors, 2092 Old Taylor Rd., Oxford, MS~~ 662-234-5344 (o), 662-404-0816 (m)

Double Decker Festival Oxford MS

dd-poster-2015-320x396It’s almost time for the most beloved festival in Oxford, MS…the Double Decker Festival.

If you haven’t already, then make plans to attend. The festival takes place around the Square this month on the weekend of April 24-25.

Click here for the festival website and I hope to see you there.

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