It’s finally a seller’s market for real estate owners with homes and land in Southern Mississippi. Buyers are selecting plum properties quickly, and many sellers can get close to their asking prices. The average sale price for homes has increased by five percent in the past year.
Sellers are not the only ones who are having a good time of it with real estate on the Gulf Coast right now. Buyers are reaping the benefits of interest rates that are close to historically low levels. Rates are rising, but the increase has been slow. New construction is currently favored over remodeled or remodeled existing construction, as buyers have shown a tendency to want to customize their homes to reflect trends like the open floor plan, granite counter tops, double vanities, and other things that they see on popular home design television shows.
Homes on dry lots can command a premium price, as can homes in good subdivisions that are located in sought-after school districts. New subdivisions are not getting built quickly enough to meet the demand, so some buyers are choosing to go for existing homes rather than wait a while for a new home to get constructed. Also, depending upon the area where a home buyer is looking to purchase a house, existing homes can offer significant savings. For example, there are strict code requirements in South Mississippi, so existing buildings are cheaper to buy than new ones.
The way that people are finding their new homes is changing, too. Social media has dramatically increased the amount of “for sale by owner” properties, and real estate agents are using social media to link buyers and sellers with each other and with the real estate professionals who can help them make the arrangements for the purchases and sales of the properties.
Gulf Coast home prices have been on a roller coaster ride years for years, since Hurricane Katrina damaged many homes and businesses, sending shock waves through the real estate market. The market eventually bottomed out after the devastation caused by the BP oil spill and the subsequent economic recession. Home prices on the Gulf Coast have been climbing steadily since 2011, and the housing market seems to have stabilized which is great news for both buyers and sellers.
Barrett Law PLLC: Supporting Individuals and Businesses Affected by the BP Oil Spill
The BP Deepwater Horizon oil spill caused enormous amounts of environmental and property damage along with widespread economic damage all over the Gulf Coast region. Homeowners and others who own real estate on the Gulf Coast can finally breathe a sigh of relief as the values of their homes and land have stabilized, and the entire Gulf Coast is experiencing environmental restoration and economic revitalization. If you have questions regarding the BP oil spill, call the Mississippi BP Oil Spill Attorneys at Barrett Law PLLC at 1 (800) 707-9577, to arrange an initial consultation.