Many buyers are running out of options due to the low housing inventory in Oxford, MS.
Few options for housing inventory in Oxford, MS market are remaining
With today’s low mortgage rates, it seems everybody would be looking to buy a home. While many buyers are looking, rising home prices and low housing inventory in Oxford, MS has caused a lot of issues. This is especially true for first time buyers. The quick inventory turnover has lead to many new builds and consequently, the prices are driven higher with the rising demand. With unemployment still low and home prices high, many people are fighting over the already dwindling inventory. If you are looking for property in this competitive environment, you will need a REALTOR working on your behalf.
Should I choose to overpay?
An effective tool for some buyers is paying over list price for the property. Obviously, this places the buyer at a tremendous disadvantage in terms of negotiation as well as personal finances. Creating this assertiveness with the seller only makes sense if the buyers feels strongly confident the property appreciate quickly. Being upside down in a mortgage is personal financial ruin.
While this is an effective tool for some buyers, many Millennials are still struggling to find a home and get financial backing to afford it. Learn the secrets about buying your first house as a 20-something. Some low down payment options exist. Read more about FHA loans and first-time homebuyer accounts.
For a greater economic outlook for the housing inventory, check out more at the Wall Street Journal.
Conversely, this is a tremendous opportunity for sellers to maximize their property value and build greater equity to use for their next home. To get a marketing plan for your property to reap the highest returns, contact Kiamie Real Estate to schedule an appointment.