Buying a home in Mississippi? Let us walk you through the home buying process as well as the current real estate market trends in the Magnolia State.
Step 1: Evaluate your financial situation
Determining how much you can afford to spend on buying a home is the first step to getting your finances in order.
The best way to do this is to talk to a professional real estate agent or a licensed lender. They will be able to give you relevant information, including home prices and mortgage rates.
When assessing your finances, don’t forget to include your other expenses like groceries, health insurance, utilities, and retirement savings.
Step 2: Choose the right neighborhood
Looking at local average home values can help you determine whether you can afford to buy a home in a specific neighborhood. But don’t base your decision solely on real estate prices. Remember to consider your lifestyle needs and preferences, too.
Step 3: Find a great and reliable real estate agent in Mississippi
A local real estate agent will be your partner throughout the home-buying process. Apart from helping you find houses for sale in Biloxi, Long Beach, and other parts of Mississippi, they can also recommend lawyers, lenders, and escrow companies. And once you’ve found your ideal house, it’s your realtor who’ll make sure you get a great deal.
Tip: Look for a few potential real estate agents before committing to one. Ask for recommendations from your family, friends, even potential neighbors.
Step 4: Get pre-approved for a mortgage
It’s not a hard rule but having a mortgage pre-approval letter can help you in your home buying journey. Most sellers are likely to entertain buyers if they’re pre-approved. It gives the impression that they’re financially ready.
Tip: Your mortgage lender will play a significant role in closing on your home. Make sure you choose one with a proven track record.
Step 5: Start house hunting in Mississippi
Here are some of the important considerations to keep in mind when looking at homes for sale in Bay St. Louis, MS and surrounding areas:
Make a list of priorities: List down “must haves” and “good to haves”. This will help you narrow down your search and keep to your goals.
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Understand current housing inventory: Your housing options could be limited during certain times of the year. Keep yourself updated with the latest market trends and manage your expectations.
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Go on virtual tours. Save time and money by going on virtual tours instead of visiting promising properties in person.
Step 6: Make offers
Once you find the house you love, it’s time to make an offer. Here are a few things you can do to make your offer irresistible.
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Don’t wait. If you like it and it’s within your budget, what are you waiting for? If you dilly-dally, somebody might swoop in with their offer. And chances are, the seller might accept it.
It takes an average of 78 days for homes for sale in Mississippi to receive an offer. If your dream home has been on the market for some time, make haste.
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Find out what the seller wants. Are they looking to sell as soon as possible? Do they want to do away with contingencies? Find out what the seller wants and use it to your advantage.
Step 7: Inspections and appraisals
Depending on the offer and the sales agreement, you may have to forgo home inspections. But if that isn’t the case, use the closing period, which usually takes 45 days, to make sure the home is safe, habitable, and up to your standards.
Hire a licensed inspector to check the home’s HVAC system, plumbing, structural integrity, and other physical features. It’s also recommended to have the property tested for radon and termites.
Step 8: Final walkthrough and closing day
Before finalizing the sale, there are two things left to do: the last walkthrough and the closing day. Take the time to check the entire property closely to ensure everything is in order. Stay focused so you don’t miss anything.
Test every light switch and electrical outlet, make sure you have working keys for all the doors, and run the water to look for leaks. Then on closing day, go over the documents once more before signing anything.
Ready to explore your real estate options in Gulfport, Biloxi, Long Beach, Bay St. Louis, and neighboring areas in Mississippi? The local experts at Owen & Co. Real Estate are here to guide you on your journey. Call at 228.822.9870 or send an email to info(at)owenandco(dotted)com to get started.
