It's true that in many areas of the country the housing market has slowed dramatically. Why is this? Well, it's because the value of real estate in these areas has been increasing too fast, drastically exceeding inflation rates. But in Biloxi and Ocean Springs this just it isn't so. Our housing market isn't drastically over inflated. So what does this mean for you? It means so can breathe a breath of fresh air. It's safe to buy a home here, you don't have to worry about the real estate bubble everyone is panicking over, you're not in an over inflated market. The only time we were even close was right after Katrina, when housing was so limited and those with money were willing to pay just about anything for a house. Now supply is good, prices are fair, and homes are selling. In February, there were around 70 or so homes sold in Biloxi and Ocean Springs alone.
Now the not so good news. Has the market cooled off a little? Sure it has. Why? Well it's a couple things. First, Katrina was a factor. Right after Katrina, if you wanted a house, you better have be in your car on the way to a house the minute it hit the market; believe me, if you weren't 12 other people were. Houses were moving like crack on the corner of "Tanked Ave" and "Stone Cr." The markets cooled a bit since then. A good, fair priced home, usually will sell within 60-90 days. The next factor is the time of year. Two things happened to real estate simultaneously here in Biloxi and Ocean Springs. The first was the cooling from Katrina. The second was the same thing that happens every year, Fall and Winter. It's just a fact of life that around these times the market cools. For one, who likes to shop when it's cold and gloomy outside? I don't. Unless of course Sergeant Real Estate is your agent and you like the cold. Another thing is school? I know what you're thinking, how does school affect home sales? It all really makes perfect sense. Who is the biggest buyer of homes? Families right? And what do families usually have? Kids! And where do kids go from Fall to Spring? School. So therefore a lot of families don't like to move during these times because it affects the kids.
In short, don't be worried about buying a house here. It's ok!
Blog Done. Carry On!!