Hot housing market impacts Meridian
MERIDIAN, Miss. (WTOK) - As housing prices soar nationwide, the city of Meridian is seeing an increase in the tab for property as well.
Realtor Terry Winstead said 64 houses were sold in 2020 in the $200,000 to $300,000 price range in Meridian. So far in 2021, ninety-two homes have already sold, almost a 50 percent increase.
“We are seeing a good many more multiple offers. We are seeing a good many asking price offers. At times, were seeing some offers over the asking price.” Winstead said, “It’s not like it is in many parts of the country.”
Winstead believes the lack of inventory is a huge factor. He says also interest rates are great and people are making use of their stimulus checks.
Winstead says he is not sure how long the hot market will continue.
“If something happened to the stock market, that could make a difference. I think it will slow down. I really think it slowed down a little bit already. But I think some of that is just a lack of inventory,” Winstead said.
After 25 years in one house, Linda Vincent and her husband listed their home for sale Thursday morning for $265,000.
When deciding the price, they considered the condition of the home, square footage and the selling prices of properties in the area.
“I do think it’s a good value. You would end up with a manageable house note. Your property would maintain and appreciate, I believe, if you stayed here a few years like we have been able to,” Vincent said. “It’s a good investment.”
While looking for their next home, Vincent said she has realized prices have increased over the years. But she said it makes sense for the modern property they want to find.
If you are searching for a property during this hot market, Winstead says it’s important to get pre-qualified and to plan out your finances before stepping into the process.
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