Inflation impacts home ownership

“I say if you’re ready to buy and you’re in position to buy, do it now. Don’t wait.”
Housing market dependent on many factors
Published: Oct. 2, 2022 at 8:57 PM CDT
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HATTIESBURG, Miss. (WDAM) - Affordability is the key word for many people when it comes to making financial decisions.

Interest rates, home prices and property taxes are only a few factors to be considered by first-time home buyers.

And while the housing market basically has recovered from the 2008 financial crisis, many young adults are moving away from home ownership because of multiple factors, including student loan debt.

Kirby Harrell is the principal broker of EXIT Realty Integrity First in Petal, and she helps clients throughout the Pine Belt purchase, rent or sell properties.

“I had a couple move here from a different city, still in Mississippi,” she said, “but their main concern was, ‘How close is it to my job?’”

Less space or more, maintenance costs or landlord regulations, renting or buying – there are pros and cons to each, but affordability should always be considered.

“A home is worth what a buyer is willing to pay for it, but my main thing is if you can afford it, buy,” she said. “Don’t wait on the market to cool down. Don’t wait on interest rates because the housing market is always fluctuating.”

The average rate on a 30-year fixed mortgage climbed to 6.7 percent, according to a recent survey of lenders by Freddie Mac.

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