Housing Market on rise in Pearl River County

Published 7:00 am Tuesday, June 12, 2018

Now is the best time to invest in a new home, according to Century 21 Eric Enterprises Inc. broker and owner Eric J. Bradley.

Bradley said interest rates are currently at a near historic low, making it a great time to buy real estate. He said the Dodd-Frank regulations put into place in 2010 stifled local banks in favor of national banks. He that said pre-Katrina, people could walk in and fairly easily apply for a loan to build a home, but that is not common anymore. He said restrictions are so onerous, local banks do not have the same power they used to. However, he said many provisions of the Dodd-Frank legislation have recently been repealed, meaning interest rates will likely be on the rise in the near future.

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Bradley said there are several things likely affecting the housing market in a positive way. For instance, as unemployment rates in Pearl River County continue to drop, more people will feel comfortable taking out a mortgage. Bradley said he also expects people living in New Orleans to move to Pearl River County so they can get out of the city, while still being fairly close to work.

Bradley said every time there is an announcement that the federal government might raise interest rates, his staff receive inquiries from people suddenly interested in buying property. However, he said it’s important to keep in mind that federal interest rates don’t equally correlate to an interest rate on a loan, rather it refers to the money they loan other banks for over-night lending.

Bradley said there are currently 420 residential properties available for sale by a licensed real estate agents. He said these homes range in price from $18,000 to $6.4 million.

Bradley said more homes have been sold so far this year than in the same period last year.

From the beginning of January 2018 to June 11, 2018, a total of 244 residential properties were sold. Of these, the median sale price was $148,950, the average sale price was $156,485, the average time each property was on the market was 139 days and the total sales dollar volume was $38.2 million.

In comparison, between the beginning of January 2017 to June 11, 2017, a total of 232 properties were sold. The median price for a home was $135,000, the average price was $149,296, the average number of days on the market was 123, and the total sales volume reached $34.6 million.