02.09.10
Posted in Madison MS real estate tagged Madison MS real estate market at 7:00 am by Mississippi Real Estate Agent
The past several years have shown dismal real estate sales for much of the nation. Even though home prices and interest rates were lower, inventory continued to grow as more homes went into foreclosure around the country. You may ask, is now a good time to buy Madison MS real estate? Most definitely yes!
Madison County, Mississippi, has seen a continued increase of real estate sales since last summer with 970 homes sold in 2009, ranging in price from $100,000 and up. First-time buyers flocked to take advantage of the $8,000 homebuyer federal stimulus tax credit. Just when buyers thought the tax credit would expire, Congress extended it in November 2009, and the new extension expanded the tax credit to include existing homeowners. If you’re an existing homeowner and would like to upgrade your home, you may be eligible for the new $6,500 federal tax credit.
The Madison County real estate market is not only turning around because of the tax credits – Madison is a wonderful place to live. In 2007, Family Circle named Madison, Mississippi, one of the Top Ten Towns for Families in America. Its residents are usually more affluent and they enjoy a good quality of life with friendly neighborhoods that offer affordable homes and stable property values.
The 2010 Madison County real estate market is off to a good start with over 100 homes under contract. If you’re considering a new home, now could be the right time to buy; interest rates are still low and the homebuyer tax credits don’t expire until April 30, 2010.
Click to search for: Canton, Ridgeland, Flora, Gluckstadt, Jackson or Madison MS real estate.
If you’re ready to buy a home or upgrade your existing home, you need to hurry to qualify for the tax credit. Call me today at 601-942-3392 or email me at Paula@PaulaRicks.com.
Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct: 601-942-3392
Tags:
Madison MS real estate market
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02.04.10
Posted in Madison MS real estate tagged Madison MS real estate market at 8:14 am by Mississippi Real Estate Agent
Is it possible? Is this the year to buy Madison MS real estate? Why would 2010 be special? Well, let’s look at the current house hunting conditions, which might give some insight:
- Home prices are lower than they’ve been since 2003. According to the National Association of REALTORS® (NAR), the median price of homes in the U.S. was around $170,000 by November of last year.
- Fixed mortgage rates have almost reached record lows. Although they are subject to change from week to week, at the time of this writing, 15 year fixed and 30 year fixed mortgages were 4.45% and 5.06%, respectively.
- The high number of foreclosures has been painful for many homeowners. However, it has also created great deals for those who want to buy Madison MS real estate, but don’t want to spend their entire life savings at once.
- The extension and expansion of the Obama administration’s homebuyer tax credit has been a driving force for many home sales. The government has handed out a large amount of tax credits to many first-time buyers, and will be paying out more as the purchase date draws closer.
So, is it the year to buy a house? Only you know for sure. The economy is up and running once again, but the unemployment rate is still at 10%, and may go higher. The answer to “can I buy a home” depends on whether you have a stable job or not; look at your industry, company and job before answering. The good news is that, while unemployment may still rise, it’s expected to level off and start decreasing mid-year.
For those who can afford a home, want to buy one, but are waiting for the bottom of the market, don’t wait too long. The Madison MS real estate around the corner with the “SOLD” sign might have been your dream home!
If this is a good year for YOU to buy a home, I can help. Call me at 601-942-3392 or email me at Paula@PaulaRicks.com for more information.
Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct: 601-942-3392
Tags:
Madison MS real estate market
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01.04.10
Posted in Madison MS Homes for Sale tagged Madison MS real estate market at 7:00 am by Mississippi Real Estate Agent
Those with Madison MS homes for sale are buckling down for the long haul, but exactly how long will that be? I spent a little bit of time roaming the Internet to get the general “feel” from people on the housing market. It turns out that the answer all depends on who you ask…
Housing Predictor
Housing Predictor.com says, yes, the housing market appears to be making a rebound. However, that rebound, says economist, John Hines, is a false front. The government is pushing the rise in sales to make the housing markets look good and increase buyer confidence. Will the market ever get back on track? According to Hines, if Congress can get the lending pipeline going again, we might finally see a bottom around the third quarter of next year.
The Ledger
According to an article at The Ledger, Stephen Blank of the Urban Land Institute isn’t at all optimistic. Blank says there’s no quick fix, and that 2010 will be sobering. While the housing market is being helped by various factors, the foreclosure rate probably isn’t going to drop and lenders aren’t lending. Blank worries that financing may be lacking, even for those wanting to buy. He doesn’t see the market doing much for another year.
CBS Money Watch
The best article I’ve come across so far, however, was written back in June at CBS MoneyWatch. The article says give the market at least seven years to recover. The author doesn’t just quote doom and gloom, however. She has some great points for people with Madison MS homes for sale. I highly recommend the read, but here is the quote that stuck firmly in my mind:
“If you are a seller, get realistic about what you can get for your house. With so little upside in the foreseeable future, you may be better off to sell, even at a loss, since you can probably get back into a similar house at a lower price and very low interest rates.”
It’s a buyer’s market; the supply of empty homes is much higher than the demand for them. If you have one of the Madison MS homes for sale and it’s not selling, you may need to change your mindset a little. In this buyer’s market, sellers may just have to bite the bullet.
Ready to buy or sell? I can help. Give me a call today at 601-942-3392 or email me at Paula@PaulaRicks.com.
Paula Ricks
Coldwell Banker Nell Wyatt, Inc.
Ridgeland, Mississippi
www.PaulaRicks.com
Paula@PaulaRicks.com
Call direct: 601-942-3392
Tags:
Madison MS real estate market
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