Truths About the Mississippi Real Estate Markets
Home buyers and sellers are hearing a lot of distracting information about the real estate market today. Reports that prices are still too high, there are too many houses on the market, loans are difficult to get and housing just isn’t the investment it used to be all discourage consumers from entering the market. The good news is that Mississippi real estate markets remain a stable and responsible marketplace for home buyers and sellers.
All real estate is local. There is no such thing as a national real estate market. If you pay attention to the news media, you might think that real estate markets are troubled everywhere. Not true! If you’re considering buying or selling a home, pay attention to sales price trends, volume and inventory in your target market. Get the facts straight by talking to a local REALTOR®
Purchasing a home in Mississippi is a great long-term investment. Homeownership is still the number one way that Mississippi families build wealth. Did you know that 60 percent of the average homeowner’s wealth comes from their home’s equity? The average renter’s net worth is $4,800, while the average homeowner’s net worth is $171,000. And the average return on a five percent down payment over 10 years is usually three to five times greater than stock market returns. Real estate has delivered the most consistent positive return over any investment over the past 40 years.
A house is not a place to make a quick buck. It’s a place to call home. Despite the recent popularity of television shows like “Flip this House”, real estate was never meant to be a quick-in, quick-out proposition. Homeownership provides shelter, a place to raise a family, a greater sense of community and a better quality of life – not to mention savings accumulated through equity and tax benefits. No paper investment can claim all of these benefits.
Now is a good time to buy. Housing inventory levels in many markets are high and interest rates are at historic lows. Contrary to perceptions, conventional mortgages are widely available at favorable interest rates for the bulk of homebuyers. Buyers with good credit and a realistic view of what they can afford should have no difficulty obtaining mortgage approvals.
REALTORS® add value to the real estate transaction – and your bottom line. Studies show that sellers who use a REALTOR® get up to 26 percent more for their home. REALTORS® handle hundreds of real estate transactions over the course of their careers and can counsel and guide buyers and sellers through the process. They have the expertise and experience to help sellers protect their investments and help buyers build theirs.