2019 NWMAR $1,000 Scholarship Application

Once again, Northwest Mississippi Association of Realtors will be offering graduating seniors in Desoto, Tate, Tunica, and Marshall Counties the opportunity to be awarded one of 15 – $1000 scholarships.

Each student must submit a completed application and participate in the interview phase to be eligible. If you have the desire to continue your education and are in need of financial help, take advantage of this wonderful opportunity.

Applications will be sent to all area high school counselors and will also be available directly from their Board of Realtors.

The deadline for application submission is March 15, 2019.

Don’t miss this opportunity!!

Now is the time to prepare for your future and let the realtors in your area help you!! Let them know why you should be the one to receive one of these great scholarships!

For more information, contact: NWMAR @ 662-449-3553

 

DOWNLOAD THE APPLICATION HERE

Excited About Buying A Home This Year? Here’s What to Watch

As we kick off the new year, many families have made resolutions to enter the housing market in 2019. Whether you are thinking of finally ditching your landlord and buying your first home or selling your starter house to move into your forever home, there are two pieces of the real estate puzzle you need to watch carefully: interest rates & inventory.

Interest Rates

Mortgage interest rates had been on the rise for much of 2018, but they made a welcome reversal at the end of the year. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates climbed to 4.94% in November before falling to 4.62% for a 30-year fixed rate mortgage last week. Despite the recent drop, interest rates are projected to reach 5% in 2019.

The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget.

The chart below shows the impact that rising interest rates would have if you planned to purchase a $400,000 home while keeping your principal and interest payments between $2,020-$2,050 a month.

Excited About Buying A Home This Year? Here's What to Watch | MyKCM

With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000).

Inventory

A ‘normal’ real estate market requires there to be a 6-month supply of homes for sale in order for prices to increase only with inflation. According to the National Association of Realtors (NAR), listing inventory is currently at a 3.9-month supply (still well below the 6-months needed), which has put upward pressure on home prices. Home prices have increased year-over-year for the last 81 straight months.

The inventory of homes for sale in the real estate market had been on a steady decline and experienced year-over-year drops for 36 straight months (from July 2015 to May 2018), but we are starting to see a shift in inventory over the last six months.

The chart below shows the change in housing supply over the last 12 months compared to the previous 12 months. As you can see, since June, inventory levels have started to increase as compared to the same time last year.

Excited About Buying A Home This Year? Here's What to Watch | MyKCM

This is a trend to watch as we move further into the new year. If we continue to see an increase in homes for sale, we could start moving further away from a seller’s market and closer to a normal market.

Bottom Line

If you are planning to enter the housing market, either as a buyer or a seller, let’s get together to discuss the changes in mortgage interest rates and inventory and what they could mean for you.

File Your Homestead Exemption by April 1st, 2019

Congratulations on purchasing a home with us in 2018. You may remember us talking about you filing for Homestead. You must apply for Homestead Exemption before April 1, 2019 at 5:00 p.m. on your 2018 home purchase.

What is it?
Homestead is an exemption you can apply for on your property taxes. Every homeowner is responsible for paying taxes on their property, regardless if they have a mortgage or their property is paid for. The local Tax Assessor determines, or assesses, a value for your home and the land that goes with it that you are responsible for paying taxes on. Most of the time the assessed value is different than the amount of money you actually paid for your home.

Are you eligible? 
Anyone who owns a primary residence in DeSoto County can file for Homestead. All you need to do is live in your primary residence on January 1st of the year you wish to file.

Why it’s important: 
Filing for Homestead lowers the amount you must pay for property taxes on your home! Who wouldn’t want to save money for doing nothing other than living in their own home?

Where to go: 

Tax Assessor’s Office
365 Losher Street Suite 100
Hernando, MS 38632
662-469-8029

What you need to bring:

  • A copy of your recorded warranty deed
  • Your MS car or truck tag numbers
  • Social security number for you and your spouse
  • Your closing or settlement statement
  • If over 65 by January 1st of the filing year, bring proof of your birthday
  • If 100% disabled you will need to bring proof of disability from Veteran’s Administration or the Social Security Administration

I filed last year, do I need to file again? No, once you file once, you don’t need to file again unless you move.

Feel free to give our office a call if you have any questions! (662) 349-5550

– Donnie Chambliss & The DC Team, Crye-Leike, Realtors

Home for the Holidays in Hernando

It’s the most wonderful time of the year and these Move-In Ready Hernando Homes for Sale are ready for you to call them home sweet home.

 

 

🏡Offered by Donnie Chambliss, Crye-Leike, REALTORS licensed in MS
📞: 662-349-5550
📧: Donnie@DonnieChambliss.com

Give back in DeSoto County this December

Here are some local volunteer opportunities for December courtesy of Maddox Foundation Volunteer Center.

Register as a volunteer on mfvcenter.org and access these and other local volunteer opportunities.

All month long:
Mid-South Toys for Tots Christmas Drive Continues
The USMC Reserve continues its annual Toys for Tots Christmas Drive. Volunteer behind the scenes organizing and facilitating the donation process.
Sign up here.

December 3 – 11
Fill Angel Bags for Distribution, Walls

Filling Christmas Angel Bags with goodies in Walls at the Sacred Heart Southern Missions warehouse any time between 9:00AM and 3:00PM.
Sign up here.

December 12
Mobile Food Distribution at the Landers Center, Southaven. 

Hundreds of DeSoto county families are served with food boxes to supplement their budget.
Volunteers are asked to arrive at 1:30PM and work until 5:00PM. Volunteers sort food, fill boxes, and place in cars during a drive-through distribution. The distribution is outside so dress for the weather.
Sign up here.

December 13
Palmer Home for Children Christmas Open House, Lake Cormorant

The Palmer Home Christmas Open House is December 13 from 5-7 p.m. It is a come & go event and there will be light food, hot chocolate, and cookies! This evening will also feature a special performance by their very own choir, the Treblemakers, and a short message by their President, Drake Bassett. They invite you to come join them and learn more about Palmer Home for Children. Then they invite you to learn more about volunteer needs at Palmer Home.
Sign up here.

December 15
Distribute Angel Bags, Hernando and Olive Branch

Distribution of Angel Bags at the Sacred Heart Southern Missions Social Service offices between 9:00AM and 12:00 Noon in Hernando, Olive Branch, Tunica, or Holly Springs.
Sign up here.

4 Reasons to Buy A Home This Winter!

Here are four great reasons to consider buying a home today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Insight report revealed that home prices have appreciated by 5.6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.7% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase 

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4.8%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase in 2019.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You are Paying a Mortgage

There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person building that equity.

Are you ready to put your housing cost to work for you?

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

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

DeSoto County Open Houses September 22-23

🍁 Getting into your dream home before the end of the year is STILL a reality! 🍂

 Check out our DeSoto County Open Houses happening THIS WEEKEND from 1-5 PM.. See one on our Listings that isn’t having an open house? Contact us and we’ll schedule a showing!

DeSoto County Open Houses September 8-9

 

 

🍁 Getting into your dream home before the end of the year is STILL a reality! 🍂

🏡😍 Check out our 7 DeSoto County Open Houses happening THIS WEEKEND from 1-5 PM.. From a GORGEOUS JUST LISTED SOUTHAVEN HOME to a DREAM HOME 20 ACRE LEWISBURG DELIGHT, We’ve got just what you’re looking for at The DC Team, Crye-Leike Realtors.

Home Maintenance Tips for Fall

Fall is right around the corner, and, as the weather changes, it’s important to prepare your home and identify potential problems before they arise. Consider performing the following annual fall maintenance tasks to ensure your home is safe and ready for the months ahead:

  • Have your heating system cleaned and inspected by a qualified technician. Clean and replace the furnace filter if needed.
  • Insulate water pipes in areas exposed to cold temperatures.
  • Check for damaged or loose shingles to ensure your roof can withstand the wear and tear of winter and that it won’t collapse under the weight of wet leaves, ice and snow.
  • Drain garden hoses before putting them away for the winter. Water left in hoses can freeze, causing irreversible damage.
  • Clean gutters and downspouts to keep debris from accumulating.
  • Check and repair caulking around doors and windows that show signs of deterioration to prevent heat from escaping.
  • Have the chimney inspected for deterioration that could make it unsafe for use.
  • Inspect your smoke and carbon monoxide detectors, ensuring you have one on each floor of your home. Test them monthly, and change the battery annually or as needed.
  • Trim any tree limbs that are dangerously close to power lines or the roof of your house. Heavy snow and ice can cause tree limbs to snap, which could damage your home.

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.