The Mississippi Gulf Coast benefits from being one of the most affordable coastal spots to call home.
According to SmartAsset.com, Biloxi, Gulfport, Ocean Springs and Bay St. Louis are among the “Top 10 Most Affordable Beach Towns.” When the lower cost of living is combined with world-class entertainment, golf courses, fishing, boating, sports, casinos and more, our community is a fabulous place to settle. Mississippi also is very welcoming to retirees, as all forms of retirement income, including Social Security benefits, income from an IRA, 401(k) or pension, are tax exempt.
That said, market changes are happening. Mortgage rates are rising; inventory remains low, but home prices are predicted to level out. Were the 3 percent mortgage rates incredible? Of course. Rates may be increasing, but that’s no reason to give up on your real estate dreams. A great lender can help you determine the best loan options and work within your budget to help you make the right decision.
What do the changes mean for those looking to buy or sell?
SELLING
Families still need homes. Some have adjusted their budgets, so you may be marketing to a new pool of buyers based on that change. We always have buyers looking to move here, and who can blame them given all the Secret Coast has to offer? Your home may be just what they are looking for. Keeping your property show-ready and making minor repairs is key if you want prospective buyers to see themselves living happily in your home.
BUYING
It’s wise to keep a list of your wants and needs for your new home. Bear in mind that not all square footage is equal. Let’s compare a larger kitchen to a bigger bedroom. Besides more construction materials, a larger kitchen requires more cabinets, countertops and flooring. The bigger bedroom just needs additional flooring. If you spend lots of time in the kitchen, you likely will place more value on that room than the bigger bedroom.
NEW CONSTRUCTION
If you are considering new construction homes, write down the ideal room count, including a formal dining room, living room and foyer. When touring homes, think of each space in terms of square-footage value.
Let’s say the square-footage rate is $180, and you are hoping for a 6-foot-by-8-foot foyer. While it may seem small, that 48 square feet adds more than $8,600 to the overall home price. Another example: If you rarely use your current formal dining room, perhaps a kitchen island and one dining space will meet your needs and eliminate additional expense. Keep your list handy as you evaluate each floor plan.
Fortunately, we have many amazing professionals on the Coast to help you reach your real estate goals, so this may be the perfect time to consider buying or selling.
Susan Siemiontkowski is a Realtor with Coldwell Banker Alfonso Realty. Reach her at (228) 239-2621 or susiesellsthecoast@gmail.com.
