207 JEFFERSON Pl Hattiesburg MS 39402 $137,000
3BR, 2.5BA Townhouse in a gated community. Beautiful bamboo flooring in hall and dining room. Spacious living room and a great kitchen with all appliances remaining. Fenced patio area.
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As foreclosure backlogs have decreased, so have many of the big discounts on home prices. The slowdown in foreclosures is partially behind the recent rise in home prices, some economists say.
“Deeply discounted existing homes have been subject to strong demand from cash buyers and investors looking to lock into housing’s attractive income returns,” says Paul Diggle, a housing economist at Capital Economics. “The supply of such homes, meanwhile, has been dwindling. That has bid up existing house prices, particularly at the lower end of the price spectrum.”
The median price of existing homes nationwide was 9.5 higher in August compared to a year ago, and new home prices were up 17 percent in that same time period.
Distressed properties typically sell for big discounts. For example, in 2007 during a nationwide foreclosure surge, foreclosures tended to sell for about a third of the median price of the home. The housing markets with some of the largest price falls tended to have the highest number of distressed home sales.
Lately, foreclosures have been posting big drops. Last month, new foreclosure filings reached a five-year low, according to RealtyTrac, a real estate research firm that tracks foreclosure housing data.
“There is a shortage of inventory — as crazy as it sounds to say that,” says Daren Blomquist, a RealtyTrac spokesman. “In a lot of market there’s less inventory of foreclosed properties than there is demand. You’re hearing about multiple bids for these properties.”
Source: “Foreclosure Slowdown Pushing Home Prices Higher,” NBC News (Oct. 11, 2012)
2760 North Highway 49 Collins MS 39428 $114,000
Great rural setting with over 2 acres and a pond. So much potential for a lovely homestead or commercial location. Great sun room, storage room, and a covered porch.
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29 E Kelly Rd. Seminary MS 39479 $ 214,999
3BR, 2BA Country home on 14 acres (mol) with a Fenced Yard, Covered Patio, Storage Shed, Barn/Stable, Garden Space, and a Pond. Great kitchen w/bay window, walk in pantry and large bedrooms.
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74 BARACUDA Dr. Hattiesburg MS 39402 $193,500
4BR, 2BA home nestled on a acre (MOL) with plenty of room to roam. Many recent upgrades include granite in kitchen and baths, new appliances, new heat & air, new carpet and more.
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74 BARACUDA Dr. Hattiesburg MS 39402 $193,500
4BR/2BA Beautiful home in Oak Grove with Granite in kitchen and baths, new appliances, new heat & air and new carpet. Fenced yard, storm doors and a deck.
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48 TIDEWATER Rd. Hattiesburg MS 39402 $443,900
4BR/4BA Home is accentuated by antique light fixtures, soaring ceilings, beautiful molding and plenty of natural light.Wired for surround sound and alarm system. Also includes an office with fireplace and a sun room.
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More first-time home shoppers say they want a house they can “grow into” not a home they can quickly grow out of.
With big housing bargains and low mortgage rates, some first-time buyers have decided to go big with their home purchase and sidestep the traditional smaller “starter house.”
A growing number of real estate professionals are reporting that childless, twentysomethings who have strong incomes are taking advantage of housing deals and looking for their dream house now, rather than wait until later.
A Minneapolis couple purchased a 3,000-square-foot-home as their first home. “The more starter homes we saw, the less impressed we became. … Since we knew we could easily afford to buy more than we were initially looking to spend, the choice was quite simple,” Joseph Simons told the Minneapolis Star-Tribune. “Why not buy a forever home with everything we want?”
Indeed, more buyers are purchasing a home with intentions to live in it longer than they once did. On average, buyers now expect to stay in their house 15 years compared with 10 years in 2010, says Walter Maloney, spokesman for the National Association of REALTORS®.
Steve Howe, a sales agent for RE/MAX Results in the Minneapolis area, says one big driver for first-time home buyers to to go big on their first home is low mortgage rates. Howe says first-time buyers worry that mortgage rates — the cost of borrowing for a home purchase — will never be this low again so they want to take advantage while they can.
“If they can lock in a $300,000 or $350,000 mortgage at 3.5 percent, that’s as good as gold,” Howe says.
Source: “First-time Buyers Skip the Starter Home,” Star Tribune (Minneapolis) (Sept. 29, 2012)
212 S 37TH Ave. Hattiesburg MS 39402 $97,450
3BR/1BA/1half bath located in master. Interior just repainted. New roof 2011. Fenced in yard. Storage room off of the carport. Storage shed in the back.
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422 S 15TH Ave. Hattiesburg MS 39401 $79,500
Adorable 2 Bed, 1 Bath cottage features original wood floors, new range, open kitchen, fenced backyard, and garage with electricity and air.
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