Picayune MS Home Finder» market update

Cheaper Than Rent!

PicayuneHomefinder — Tue, 25 Jan 2011 21:09:34 +0000

With the rental prices in Pearl River County, MS, averaging $800 or more per month, it’s amazing the amount of people that choose to rent instead of purchasing a home that would actually cost them less than the rent. Did you know that the monthly principle and interest payment on a $120,000 house is only $681.35 per month with a 30 year loan at 5.5% interest (not including taxes and insurance)?

Most rentals in Picayune, Carriere and other areas of Pearl River County, are at least $800/month or more (depending on condition, age, and location). To purchase your own home would be a savings! There are currently over 108 homes for sale in the $50,000-$120,000 price range in Pearl River and Hancock County.

Interest rates are still low, but they are starting to creep up. Now is the time to find that home you need, at an affordable price, before the market heats up again! Call Michelle Fradella at 601-569-0075 to find out what homes are available!

Strong Rebound in Pending Home Sales

PicayuneHomefinder — Fri, 24 Dec 2010 00:31:58 +0000

On a national note, pending home sales jumped in October, showing a positive uptrend since bottoming in June, according to the National Association of REALTORS®.

The Pending Home Sales Index,* a forward-looking indicator, rose 10.4 percent to 89.3 based on contracts signed in October from 80.9 in September. The index

remains 20.5 percent below a surge to a cyclical peak of 112.4 in October 2009, which was the highest level since May 2006 when it hit 112.6.

Last October, first-time buyers were motivated to make offers before the initial contract deadline for the tax credit last November. The data reflects contracts

and not closings, which normally occur with a lag time of one or two months.

Lawrence Yun, NAR chief economist, said excellent housing affordability conditions are drawing home buyers. “It is welcoming to see a solid double-digit percentage

gain, but activity needs to improve further to reach healthy, sustainable levels.

The housing market clearly is in a recovery phase and will be uneven at times, but the improving job market and consequential boost to household formation will

help the recovery process going into 2011,” he said. “More importantly, a return to more normal loan underwriting standards and removal of unnecessary

underwriting fees for very low risk borrowers is needed and could quickly help in the housing and economic recovery,” Yun said.

Recent loan performance data from Fannie Mae and Freddie Mac clearly demonstrates very low default rates on recently originated mortgages, much lower that the

vintages of 2002 and 2003 before the housing boom. The PHSI in the Northeast jumped 19.6 percent to 71.3 in October but is 27.3 percent below the tax credit peak in

October 2009. In the Midwest the index surged 27.3 percent in October to 81.7 but is 24.8 percent below a year ago.

Pending home sales in the South rose 7.1 percent to an index of 93.8 but are 18.4 percent below October 2009. In the West the index slipped 0.4 percent to 104.3 and is 15.6 percent below a year ago.

Near term, Yun expects home sales will continue to climb from their cyclical low this past summer. “Even so, we now have some consumer concerns regarding the mortgage interest

deduction, an important component in housing affordability,” he said. “Preliminary results of a new survey show nearly three out of four home owners and two out of three renters consider the mortgage interest deduction to be extremely or very important to them. Home owners already pay between 80 and 90 percent of all federal income taxes and additional tax burden would hurt them and the economic recovery, so we have a reasonable hope that it will not be changed.”

The National Association of REALTORS®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential

and commercial real estate industries.

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*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has

been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. The index is based on a large national sample, typically

representing about 20 percent of transactions for existing home sales.

In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record

years for existing-home sales.

NOTE: The next Pending Home Sales Index will be released December 30 with release dates being moved up for 2011, and existing-home sales for November will be reported December 22; release times are 10:00 a.m. EST.

Great Deals in Pearl River County MS – Under $100k

PicayuneHomefinder — Tue, 17 Aug 2010 13:57:12 +0000

If you are looking for a great deal on a home in the Pearl River County area, take a look at the properties that are currently listed. There are 116 Residential Properties, listed under $100,000, on the market at this time. 89 of those listings are Houses. Check out this list of houses for sale in Pearl River County, MS:

Homes For Sale in Pearl River County –

(PDF file is 8 MB, so it might take a minute to load)

When you’re ready to find a great deal in the Picayune and Pearl River County Mississippi area, call Michelle Fradella at Pinnacle Real Estate Services at 601-569-0075.

Interest Rates Lowest I’ve Seen

PicayuneHomefinder — Thu, 01 Jul 2010 15:37:14 +0000

If you are in the market to purchase a home, or if you are locked into a high interest rate on your present mortgage, NOW is the time to act! Luann Watkins at The First Bank in Picayune, MS, says that rates are the lowest she has ever seen them (and she’s been in the mortgage business for a LONG time!).

Currently, the interest rate on a Conventional Loan is hanging at 4.35% on a 30 year term, and 4.75% for a 15 year term. FHA and RD (Rural Development) is at 4.25% with 95% LTV (Loan-to-Value). If your current mortage is at 5.3% or higher, this might possibly be the best time to do a re-finance!

If you are interested in knowing more about current interest rates (in relation to your credit score**), give Luann Watkins a call at 601-798-2987. And if you’re pre-approved and ready to find your next home, call Michelle Fradella at 601-569-0075!

All rates are subject to change. All rates quoted are for purchase loans only with 1% origination. *Conventional rates are based on a loan with a credit score of 700 at a 95% loan-to-value. **FHA, VA, and RD rates are based on a purchase price of $120,000 with a credit score of 700 at maximum LTV.

Great News! Buyer Tax Credit Extended!

PicayuneHomefinder — Sat, 07 Nov 2009 16:35:08 +0000

The U.S. Senate and House of Representatives passed a bill, this past Thursday, that includes an extension and expansion of the current home buyer tax credit. The bill would extend the present $8,000 tax credit for first-time home buyers through April 30, 2010. Current homeowners are eligible for a $6,500 tax credit through April 30, provided they have lived in the home they are selling, or have sold, as principal residence for five consecutive years in the past eight years. If potential home buyers have a binding contract on or before that date, they will have until July 1 to close the transaction.

Income limits for eligible home buyers are expanded to $125,000 for single buyers and $225,000 for couples. The purchase price of the home cannot exceed $800,000. To help guard against fraud, buyers are required to attach documentation of purchase to their tax return.

This is a great boost for the Real Estate Market, giving buyers a great incentive to purchase their next home by Spring 2010.

If you are interested in taking advantage of this great tax credit, and want to see what properties are available in the Picayune and Pearl River County areas, please go to www.prchomes.com to search the database for what’s available on the market today!

Market Update – June 2009

PicayuneHomefinder — Thu, 11 Jun 2009 17:11:00 +0000

The June mark is a good time to assess how our market is holding up. Over the past year, there have been 5 properties sold, with most of these homes having under 3,000 square foot living area. Our average price per square foot is now up to $119.00. If you remember from my previous post, this is up from $104/sq ft.

North Hill has always been a desirable neighborhood, and I think the average Days on Market reflects that, with the average being 31 days (over the past year). Pricing is always a key factor in determining the length of time a property sits on the market, and these houses have demonstrated that if the property is priced right, it will sell. These homes sold an average of 96% of listing price.

For a 2443 sq ft house (heated and cooled), the value is currently at $290,717. This is great news for our community, because we have continued to appreciate in value over the past year.

If you have any questions about today’s market, or the figures from above, please call Michelle Fradella at Pinnacle Real Estate Services – 601-799-1848 or 601-569-0075.