Dreaming of a Luxury Home? Now’s the Time.

If your house no longer fits your needs and you are planning on buying a luxury home, now is a great time to do so! Recently, the Institute for Luxury Home Marketing released its Luxury Market Report which showed that in today’s premium home market, buyers are in control.

The inventory of homes for sale in the luxury market far exceeds the number of people searching to purchase these properties in many areas of the country. This means that homes are often staying on the market longer or can be found at a discount.

Those who have a starter or trade-up home to sell will find buyers competing, and often entering bidding wars, to be able to call their house their new home.

 

The sale of your starter or trade-up house will help you come up with a larger down payment for your new luxury home. Even a 5% down payment on a million-dollar home is $50,000.

But not all who are buying luxury properties have a home to sell first.

A recent Bloomberg article gave some insight into what many millennials are choosing to do:

“A new generation of affluent homebuyers powered by a surge in inherited wealth is driving the luxury-home market, demanding larger spaces and fancier finishes, according to a report heralding ‘the rise of the new aristocracy.’”

Bottom Line

The best time to sell anything is when demand is high, and supply is low. If you are currently in a starter or trade-up house that no longer fits your needs and you are looking to step into a luxury home, now’s the time to list your house for sale and make your dreams come true.

Don’t wait to sell your house! Buyers are searching now.

Recently released data from the National Association of Realtors (NAR) suggests that now is a great time to sell your home. The concept of ‘supply & demand’ reveals that the best price for an item is realized when the supply of that item is low and the demand for that item is high.

Let’s see how this applies to the current residential real estate market.

SUPPLY

It is no secret that the supply of homes for sale has been far below the number needed to sustain a normal market for over a year at this point. A normal market requires six months of housing inventory to meet the demand. The latest report from NAR revealed that there is currently only a 3.6-month supply of houses on the market.

Supply is currently very low!

DEMAND

A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers who are actually out looking at homes) disclosed that “foot traffic grew 10.5 points to 52.4 in March as the new season approaches.”

Demand is currently very high!

Bottom Line

Waiting to sell will only increase the competition between you and all of the other sellers putting their houses on the market later this summer. If you are debating whether or not to list your home, let’s get together to discuss the conditions in our market.

 

Contact Margie Mays to get your home listed/sold today.

Residential – Commercial
901.487.1165
margie@margiemays.com
http://margiemays.crye-leike.com/

Getting Pre-Approved Should Always Be Your First Step

In many markets across the country, the number of buyers searching for their dream homes greatly outnumbers the number of homes for sale. This has led to a competitive marketplace where buyers often need to stand out. One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing if your dream home is within your reach.

Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:

“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.”

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process. Once you have selected a lender, you will need to fill out their loan application and provide them with important information regarding “your credit, debt, work history, down payment and residential history.”

Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:

  1. Capacity: Your current and future ability to make your payments
  2. Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
  3. Collateral: The home, or type of home, that you would like to purchase
  4. Credit: Your history of paying bills and other debts on time

Getting pre-approved is one of many steps that will show home sellers that you are serious about buying, and it often helps speed up the process once your offer has been accepted.

Bottom Line

Many potential home buyers overestimate the down payment and credit scores needed to qualify for a mortgage today. If you are ready and willing to buy, you may be pleasantly surprised at your ability to do so.

What is Private Mortgage Insurance (PMI)?

When it comes to buying a home, whether it is your first time or your fifth, it is always important to know all the facts. With the large number of mortgage programs available that allow buyers to purchase homes with down payments below 20%, you can never have too much information about Private Mortgage Insurance (PMI).

What is PMI?

Freddie Mac defines PMI as:

“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%.

Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”

As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. Freddie Mac goes on to explain that:

“The cost of PMI varies based on your loan-to-value ratio – the amount you owe on your mortgage compared to its value – and credit score, but you can expect to pay between $30 and $70 per month for every $100,000 borrowed.” 

According to the National Association of Realtors, the average down payment for all buyers last year was 10%. For first-time buyers, that number dropped to 5%, while repeat buyers put down 14% (no doubt aided by the sale of their homes). This just goes to show that for a large number of buyers last year, PMI did not stop them from buying their dream homes.

Here’s an example of the cost of a mortgage on a $200,000 home with a 5% down payment & PMI, compared to a 20% down payment without PMI:

What Is Private Mortgage Insurance (PMI)? | MyKCM

The larger the down payment you can make, the lower your monthly housing cost will be, but Freddie Mac urges you to remember:

“It’s no doubt an added cost, but it’s enabling you to buy now and begin building equity versus waiting 5 to 10 years to build enough savings for a 20% down payment.”

Bottom Line

If you have questions about whether you should buy now or wait until you’ve saved a larger down payment, let’s get together to discuss our market’s conditions and help you make the best decision for you and your family.

5 Reasons Why to Sell This Spring!

Here are five reasons listing your home for sale this spring makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase…and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory has declined year over year for the last 32 months and is still under the 6-month supply needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.

Historically, the average number of years a homeowner stayed in their home was six but has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the average time it took to close a loan was 45 days.

 

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own!

Prices are projected to appreciate by 4.8% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

Shamrock-N-Run benefiting Coldwater River Nature Conservancy – DeSoto County Trails Recap

On March 17, DeSoto Countians came together to support Friends of the Conservancy- DeSoto Trails through the 3rd Annual Shamrock-n-Run at Snowden Grove Park.

This event helped raise funds to help build DeSoto County trails and paths to make our County and even greater place to live, work, and play.

Thank you to all of the sponsors who helped make this year’s event a success!

Learn more about the Conservancy and how you can get involved: http://www.coldwaternatureconservancy.org/

DeSoto County Open Houses: March 24-25

🏡 Find your dream home this weekend by visiting one of our Open Houses Saturday and Sunday from 1-5PM!

 

 

 

3668 Beech Tree Cv
Southaven, MS 38672
4 beds 3 baths 2,879 sqft 0.45 acres lot size Single-Family Home

 

 

 

 

Offered by Donnie Chambliss – Crye-Leike, Realtors – 662-349-5550 – licensed in MS

5 Spring Bulbs to Plant Now for Summer Blooms

Spring and summer annual seeds, like bells of Ireland, English Daisies, Sunflowers, Marigolds and Zinnias can be planted in the spring.

Summer-flowering bulbs should be planted after the danger of frost is past. The soil temperature should be at least 55 degrees F. Bulbs-planted.

Remember, summer and fall-flowering bulbs need plenty of water and well-drained soil. When buying bulbs, always select ones that are firm and blemish-free. Large bulbs produce larger flowers.

 

Naturalising bulbs in grass can make an impressive display. They are best grown in informal areas of grass that can be left unmown while the bulb foliage dies back.

For a really natural look, gently scatter them across the planting area and plant each one where it lands. Use a sturdy trowel or bulb planter to dig a hole to the recommended bulb planting depth and drop the bulb into the hole, making sure that it is facing the right way up. Cover the bulb with soil and gently firm the earth around the bulbs to fill any pockets of air. Avoid treading the ground afterwards as this may damage the bulb growing tips as the soil settles.

If you are planting large numbers of bulbs then it may be simpler to lift an entire piece of turf with a spade and arranging the bulbs beneath it before relaying the turf.

 

Common Summer and Fall Bulbs

Dahlias flower in virtually every color and many different shapes. Dahlias prefer full sun and a rich, well-drained soil. They need ample water and fertilization.

Gladioli grow and flower best in full sun and moist, well-drained soil. Plant the corns 3 to 6 inches deep. Glads need ample watering, so soak the ground thoroughly; avoid daylight watering.

Cannas are popular because of their extended flowering period and luxurious green, striped or bronze foliage. Cannas love hot summer sun, but need rick soil and a good moisture supply. Water thoroughly.

Lilies make great cut flowers and provide gorgeous colors during most of the summer season. Lilies need well-drained soil in an area that receives sun or partial shade.

 

What bulbs / flowers do you plan to plant this Spring?

DeSoto County Open Houses: March 17-18

🏡 Find your dream home this weekend by visiting one of our Open Houses Saturday and Sunday from 1-5PM!

 

 

3668 Beech Tree Cv
Southaven, MS 38672
4 beds 3 baths 2,879 sqft 0.45 acres lot size Single-Family Home

 

 

 

 

Offered by Donnie Chambliss – Crye-Leike, Realtors – 662-349-5550 – licensed in MS

2018 NWMAR Scholarship Program

Northwest Mississippi Association of Realtors will be awarding fifteen $1,000 scholarships to graduating seniors in Desoto, Tate, Tunica and Marshall Counties.

Each student must submit a completed application and participate in the interview phase to be eligible.
The deadline to submit applications is April 13, 2018

For additional information contact Angela at 662-449-3553 or email angela@nwmar.com

Click here to download the application!