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MYTH #1:
The media keeps referring to the "national housing market" and "national housing crisis". Does this
mean Hattiesburg, too?
The media keeps referring to the "national housing market" and "national housing crisis". Does this
mean Hattiesburg, too?
MYTHS & FACTS About Hattiesburg Area Real Estate
Daily we are bombarded by media sources offering thousands of messages.
The old axiom of "bad news sells" unfortunately is a principle embraced by
many media sources to pump viewership. Headlines are often slanted
towards the negative and often times fail to represent the facts of the article.
With our busy lives many people only scan the headlines (newspaper or
internet) and consequently miss out on learning the real facts. Our goal is to
provide solid, factual data concerning the Hattiesburg market.
The old axiom of "bad news sells" unfortunately is a principle embraced by
many media sources to pump viewership. Headlines are often slanted
towards the negative and often times fail to represent the facts of the article.
With our busy lives many people only scan the headlines (newspaper or
internet) and consequently miss out on learning the real facts. Our goal is to
provide solid, factual data concerning the Hattiesburg market.
FACTS: The national market is a statistical summary. Each market is different. Some
markets currently are very weak and others relatively strong. Hattiesburg is performing
quite well compared to many markets across the country.
markets currently are very weak and others relatively strong. Hattiesburg is performing
quite well compared to many markets across the country.
The purpose of this page is to sort through many of the misconceptions about the real estate market in the
Greater Hattiesburg area. Below is a list of commonly known "facts" floating around the area. All are inaccurate
or otherwise misrepresent the actual "local" facts. If you want to know more,click on the red logo button.
Greater Hattiesburg area. Below is a list of commonly known "facts" floating around the area. All are inaccurate
or otherwise misrepresent the actual "local" facts. If you want to know more,click on the red logo button.
MYTH #2:
Home values are dropping to the point one should not invest in a home.
Home values are dropping to the point one should not invest in a home.
FACTS: Much like stocks, real estate must be viewed over a longer term. Hattiesburg area
housing has experienced a 6% average annual increase over the past 5 years.
housing has experienced a 6% average annual increase over the past 5 years.
MYTH #3:
It would be better to rent in this kind of market.
It would be better to rent in this kind of market.
FACTS: With the availability of housing choices, low interest rates and the tax benefits
associated with home ownership, now is actually an excellent time to buy.
associated with home ownership, now is actually an excellent time to buy.
MYTH #4:
I heard financing a home was a real problem now.
I heard financing a home was a real problem now.
FACTS: Mortgage money is available in the Hattiesburg area for qualified borrowers and
at rates historically low - in the 5 to 6% range.
at rates historically low - in the 5 to 6% range.
MYTH #5:
In this tight economy I can not expect to find 100% financing.
In this tight economy I can not expect to find 100% financing.
FACTS: Mortgages for 100% loans are available through various lending programs for
qualified borrowers.
qualified borrowers.
MYTH #6:
If the housing market is smaller in sales numbers it must not be a good time to
purchase a home.
If the housing market is smaller in sales numbers it must not be a good time to
purchase a home.
FACTS: Just the opposite is true. Lower sales and higher supply means that the
purchaser has more choices and can likely negotiate better purchase terms.
purchaser has more choices and can likely negotiate better purchase terms.
MYTH #7:
Mississippi seems to be last in so many economic categories, I am afraid to
invest in a big ticket home purchase.
Mississippi seems to be last in so many economic categories, I am afraid to
invest in a big ticket home purchase.
FACTS: In this case Mississippi is not last. We can be thankful that we rank 17th
nationally in home appreciation for 2008.
nationally in home appreciation for 2008.
MYTH #8:
I feel my income will not allow me to purchase.
I feel my income will not allow me to purchase.
FACTS: Due to the current slowdown of price appreciation coupled with historically
low interest rates, mortgage payments relative to income is lower today than in
several years.
low interest rates, mortgage payments relative to income is lower today than in
several years.
MYTH #9:
I am getting married, but with all the negative publicity about housing I am afraid to
make a big purchase.
I am getting married, but with all the negative publicity about housing I am afraid to
make a big purchase.
FACTS: Keep in mind that the national news about the housing crisis does not
represent the conditions that exist in the Hattiesburg area.
represent the conditions that exist in the Hattiesburg area.
MYTH #10:
It is best to try to “time the market” and buy at the very bottom.
It is best to try to “time the market” and buy at the very bottom.
FACTS: Just like trying to time the bottom of the stock market, it is unlikely that anyone
can accurately do it; therefore, consider your buying decision based upon the housing
selections and the monthly mortgage payment.
can accurately do it; therefore, consider your buying decision based upon the housing
selections and the monthly mortgage payment.
MYTH #11:
My brother did very well on a home he owned and then sold after 5 years. That’s not
happening anymore, right?
My brother did very well on a home he owned and then sold after 5 years. That’s not
happening anymore, right?
FACTS: Mississippi housing has averaged over 27% appreciation over the past 5
years and ranks 17th nationally in home appreciation during 2008.
years and ranks 17th nationally in home appreciation during 2008.
MYTH #12:
I see a lot of “For Sale” signs in my neighborhood. Something must have gone terribly
wrong to trigger this.
I see a lot of “For Sale” signs in my neighborhood. Something must have gone terribly
wrong to trigger this.
FACTS: People sell houses for lots of different reasons and the timing of those selling
decisions can often times place more or less housing on the market at any given time.
decisions can often times place more or less housing on the market at any given time.
MYTH #13:
In this “weak” market I would expect to buy a home some 10% to 15% below the “list price.”
In this “weak” market I would expect to buy a home some 10% to 15% below the “list price.”
FACTS: Prices in Hattiesburg, unlike those in states such as California and Florida, have
held relatively firm over the past year. Actual sales prices are averaging about 97% of
the listing price.
held relatively firm over the past year. Actual sales prices are averaging about 97% of
the listing price.
MYTH #14:
The $7,500 Tax Credit my sister got last year is over.
The $7,500 Tax Credit my sister got last year is over.
FACTS: The tax credit is still available until June 2009.
MYTH #15:
I recently inherited some money. Folks are telling me to invest it in the stock market,
not into a home.
I recently inherited some money. Folks are telling me to invest it in the stock market,
not into a home.
FACTS: While the stock market over time has proven to be a successful investment
strategy, home ownership with dual benefits of appreciation and tax advantages and
complimented by the ability to use the "asset" makes it a superior investment.
strategy, home ownership with dual benefits of appreciation and tax advantages and
complimented by the ability to use the "asset" makes it a superior investment.
MYTH #16:
I understand there are many foreclosures in the market just ripe for the picking.
I understand there are many foreclosures in the market just ripe for the picking.
FACTS: The foreclosure rate in Hattiesburg is half the rate of the State of Mississippi and it
ranks 5th lowest in the Nation.
ranks 5th lowest in the Nation.
Photos Courtesy of:
| Of 5000 people surveryed by Citicorp, 51% said that now was a good time to buy a home |
| Homeowners accumulated over 4 times the wealth as non-homeowners |
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