What’s good in the Golden Triangle? Experts say housing market
COLUMBUS, Miss. (WCBI) The real estate market has been experiencing some ups and downs recently.
“Over the past year and a half, we have dealt with rising interest rates. With that, it has sort of affected the market quite a bit with people looking for homes or keeping their homes that they bought with better interest rates in years past,” said Jody Davis, Hometown Realty Broker/Owner.
The COVID-19 Pandemic caused people to look at home buying differently. Owner of Hometown Realty Jody Davis said the virus had a huge impact on the way homes were sold.
“It did drive up home prices quite a bit because of a simple case of supply and demand. More people are looking and fewer homes are for sale. We dealt with that for a while until the interest rates started to rise. When the interest rates started to rise a little bit, then it started to affect the market in other ways,” said Davis.
Those other ways included people holding onto homes after they had moved out because they were not ready to sell their property. Davis said this is one reason, why the real estate market has been more beneficial for buyers than sellers.
“It is turning into a buyers’ market to where sellers are maybe not getting the prices they have been over the past couple of years, buyers can be more selective and certainly we see buyers being choosier about the homes that they really want. Those inventory levels are getting back to where we need them to be,” said Davis.
Davis also said being in a city that has more to offer, has a huge impact on the cost of a home.
“If you are where people want to be, ultimately prices are going to go up as a result. We are where people want to be, and so what you have is sort of a victim of your own success where prices do go up because we are in a part of the world where people want to be,” said Davis.
The median cost of a home in Mississippi is about $263,000, which is 1.7% higher than last year’s market.
