According to Central Mississippi MLS’ Market Heartbeat report, property inventory is low; therefore, properties are generally not sitting on the market for long. While holding steady for the past several months, there are currently 2,530 residential properties for sale in the 10-county area served by Central Mississippi MLS, Inc. This number represents about 1,000 fewer properties than the same time last year. Also, the average days on market for July 2018 is 70, which means that most properties are only on the market for about two months.
Because of low inventory, sellers are able to get more of their original asking price. This is offset for the buyer by the fact that Federal Open Market Committee voted in August 2018 to keep the federal funds rate at 1.75%-2.00%, which keeps the Federal Prime Rate at 5%. Lower interest rates usually mean that people can get more house for their money.
Of course, you should always get prequalified with a mortgage lender before deciding to look at properties. Once you have a prequalification letter, a REALTOR® can be of enormous benefit in helping you find a property that fits your needs and your budget.
Central Mississippi REALTORS® and Central Mississippi MLS distributes market statistics via the Market Heartbeat report. The report can be found at http://cmr.realtor.