Golden Triangle housing market looking up for homebuyers
The housing market is tight these days
COLUMBUS, Miss. (WCBI) – The housing market is tight these days.
Shrinking inventory is driving home prices higher. Factor in interest rates at their highest point in more than a decade, and the idea of home ownership, especially for younger adults, is looking like a distant dream.
Changes in the economy have completely changed the housing market.
With an increase in prices and a shortage of available homes, the American Dream is looking like just that – a dream – to many young adults.
Local mortgage lender Jeff Farnham says even in today’s challenging market, buying a home is still possible in our area.
“By in large if you look at us compared to major areas across the country our home values are still pretty low compared to Los Angeles or Atlanta or somewhere else right so home affordability is still there. I think the thing we are all struggling with is rates have gone up but rates are still low relative to the 50-year average right so a 30-year rate in the 6s or 7s is still a really good mortgage rate,” Farnham said.
Recently, the state of Mississippi passed a law that allows someone as young as 18 to own, sell, and invest in property.
Local real-estate agent Colin Krieger says he has seen several young adults buying homes, especially those employed with area industries.
” People are going from making zero in college from 60,80,100 thousand dollars a year working in these factories and some of them have been trained by EMCC at the communiversity and as soon as they get that job and a year of good income they are ready to roll,” Krieger said.
While young adults may be showing interest, there is still a shortage in inventory everywhere.
“We have seen drastically fewer houses so I would say compared to 4 years ago we are at about 25% of available houses, so in the greater Golden Triangle right now you are seeing 2 to 300 houses tops and that is every price range from $50,000 to 1 million,” Krieger said.
If someone is in the market to buy a home, information is key.
” The first step is always the hardest. Information is power. It doesn’t cost you anything to come in and sit down and talk about and get information. Don’t trust everything you see on the internet right? Sitting down with experts be it mortgage people realtors or whoever to find out what the market looks like,” Farnham said.
Both Farnham and Krieger say that each person’s situation is different so owning a home right now may not be in the cards for everyone.
