Inspecting Oxford MS Condo: helping buyers know what they are buying A home inspection is an assessment of the home's current condition. Inspecting Oxford MS condo is common even if the buyer is not financing. The home inspection identifies problems with houses and condos and give buyers knowledge of the pertinent issues. Home inspections in Oxford are seldomly, if ever waived. It is all part of the due diligence process for buyers. Buyers investing in a property want to know what are the physical conditions of the unit. If you are a seller, you may have [...]
2017 data shows a decrease in the number of single family homes for sale in Oxford, MS though an increase in sales price. Declining number of homes for sale Throughout the year, there has been declining housing inventory. Several factors play into this trend as shown here. The Wall Street Journal has also cited the effect of Airbnb as a catalyst of rising home prices and rents. For the full WSJ article, click here. National and local rent trends Edward Kung, an assistant professor of economics at the University of California Los Angeles, told The Wall [...]
Sales prices of Oxford, MS homes continue to increase as the population continues to grow. Statistics for Oxford, MS residential market Here is some helpful research data for Oxford buyers, sellers, and property owners. Presented are the Lafayette County and Oxford, MS residential market sales for January - August 2016 and January - August 2017. In addition, it is important to note that the residential market sales include condo/townhouse sales statistics as well. Due to the number of condo/townhouse sales, statistics are likely skewed to this property type. Likewise, the residential market sales are requiring [...]
Check out these real-life homebuyers mistakes to prevent falling into the same traps in Oxford MS real estate. 1. Spending too much money on a wedding or event Millennials are proven to spend large amounts of money on bachelorette and bachelor excursions that can rival the cost of many honeymoons. Many of these excursions are exceeding $1000 and costing you and your best friends at the opportunity of making a down payment to make your new married life better. 2. Buying too large of a home in the Oxford MS real estate market Many expecting parents [...]
Can renters afford to give the key back to landlord and buy real estate in Oxford? A 2017 poll for National Association of Realtors® indicates that 71% of homeowners believe that it is a good time to sell. The trend has increased over the course of the year. Here are the current market trends of real estate in Oxford and Lafayette County. Real Estate in Oxford For buyers looking in Oxford, there is low condo inventory. Consequently, many buyers are forced to pay more for properties to beat out the competition. The strength of the seller [...]
Oxford condo staging leads to quicker sales One of the keys to selling your Oxford home fast is staging the property. Take a look on the Oxford properties on the MLS. One thing that you will notice in common with the great listing photos is that the staged homes are more welcoming. Likewise, staging invites the home buyer to imagine the lifestyle that could be possible if he or she lived there. Oxford home buyers want to know how they may live in the space Walking into a barren room can confuse some home buyers who [...]
Alert residential real estate buyers in Oxford! More positive news for residential real estate buyers in Oxford! The National Association of Realtors Pending Home Sales Index, an indicator of housing demand, fell 0.8% in May for the third consecutive decline. Economists are speculating that interest rates are unlikely to rebound to pre-election highs of 4.3% amidst concerns of the new administration triggering more economic growth. Mortgage rate trends to 10-year T-bill Mortgage rates tend to follow the 10-year Treasury yields. For this reason, mortgage rates will increase if investors are expecting short-term interest rates to rise due [...]
Upgrades to your Oxford MS condo before listing As a seller, you need to think about the function of your condo before listing. Selecting upgrades and repairs should focus on making the living space easier, rather than personalize the space. Before you begin, take some time to recognize and avoid these issues when selling your home. Here are some ideas to make your condo show well. Repair the obvious functional flaws. A homeowner will recognize many repairs as obvious fixes. The repairs should be performed by someone reasonably skilled in handyman-type of repairs. These items include, but are [...]
Quality pictures of the listing make the spaces feel inviting and let the mind wonder. What would it feel like to live there? Listing your Oxford MS condo Before listing your Oxford MS condo, you should prepare the property for quality pictures. Pictures help homebuyers decide to view your home in person. For second home buyers, many people will be viewing your condo from afar. So the photos will ultimately make buyers want to come to Oxford to view the home or even, put an offer on the property without viewing it in person. [...]
Among the second home ownership perks aside from visiting Oxford for events, footballs games, or spending time with family and friends, there are a lot of tax benefits to owning a second home in Oxford. Here are the ways to prosper with your second home purchase. Mortgage interest That's right! You can write off 100% of the interest paid on the mortgage of your second home up to $1 M of debt. This includes total debt taken for all properties. Home improvements Is your owning a second home in Oxford in need of repairs? Make repairs, deduct [...]
Oxford MS housing market predictions Without a doubt, 2017 is showing the real estate market in Oxford is very strong. If the property is priced right, I've seen homes sold in less than 1 day. For some time, there has been a short supply of housing inventory and the response has been to build more. For renters, they have seen prices steadily rise as well. Some national trends such as interest rates will affect the Oxford market though their impact is uncertain. Here is Kiamie Real Estate's Oxford MS housing market predictions for 2017: Rents will [...]
Over ten years ago, I met my broker, A.J. Kiamie. He came to see the available for sale next door to my house. Neither one of us were in residential real estate at the time. Yet, I made my first sale. Eager to get a neighbor, I greeted him in the driveway and spoke very highly of the current owner and neighbors, the development, and the house for sale. I also promised to wash his truck if he bought the house. A few weeks later, he moved in the house. Flash forward to now, we run a [...]
Some first-time home buyers may have additional financing options if HB 1601 passes. First-time home buyers rejoice! Good news for first-time home buyers looking for homes in Oxford and throughout Mississippi! The Senate Finance Committee has passed HB 1601. The Mississippi legislature proposes to create first-time home buyer savings accounts for Mississippians. The First-Time Home Buyer Savings Accounts can be used for saving funds for the purchase of homes by first-time home buyers. Consequently, the first-time home buyer can only access the funds in the account for the down payment and closing costs for [...]
A safe bet is real estate investments for the near future. Real estate investments expect to increase for U.S. investors Investors in 2017 and beyond are expected to increase their investments in U.S. markets according to KPMG's 2017 Real Estate Industry Outlook Survey. Real estate fundamentals are regarded as the primary driver of investor interest as well as a growing U.S. economy. Couple this real estate executive optimism with the new U.S. administration's intention to lower taxes and deregulate businesses, there may be a push for increases in new construction and existing home sales [...]
Virtual reality could offer some homebuyers a convenient way to view their Oxford real estate showings. How are Oxford real estate showings changing? Many home buyers who seek a second residence in Oxford, MS have a primary residence elsewhere. Buying a property from afar is tricky. There is always a question of cost and efficiency while planning the decision to view properties. Clearing a chunk of time to account for travel to Oxford and between prospective homes. Traffic can be insane for gameday weekends. Plus, every trip to view properties only adds your the [...]
Housing Opportunity Through Modernization Act could create new financing opportunities for Oxford, MS condo buyers. FHA financing option for Oxford, MS condo buyers As of yesterday (August 1, 2016), President Obama signed H.R. 3700 into law to reduce barriers in FHA financing for condos. During the Great Depression, the Federal Housing Administration (FHA) was formed to insure government-backed mortgages. In turn, this government-backed mortgage instrument provided a greater security for banks to offer more favorable loan terms for the lendee. H.R. 3700 will continue to offer assistance to well-qualified home buyers who are facing [...]
