The Southaven real estate market is not experiencing as much of a decline as many areas of the country are at present. However, the numbers are not as good as we all would like to see them. Through April 30, 2008 Southaven recorded 221 residential home sales compared to 377 for the same time frame in 2007. This is slightly more than a 41% decrease in units sold in just one year. The average list price of a home in April 2008, was $161,998 compared to $163,557 in April 2007. That means that, in general, Southaven homeowners are listing their homes about 1% lower in 2008 than in 2007. Furthermore, the average sales price in April 2008 was $158,646 compared to $160,995 in April 2007. This is only a 1.5% decrease in sales price from 2007 to 2008.
Although these numbers are not what any of us would like to see, the fact remains that Southaven is experiencing less of a hit to its market than are many communities across the nation. And remember this, if you are a homeowner looking to move to a larger and more expensive home, there will never be a better time to buy. Why? Let's look at some numbers. If you live in a home that would normally bring $150,000 on the market and you apply the 1.5% decrease in sales price mentioned above, then you would lose $2,250 ($150,000 x 1.5%) by selling in the current market. However, if you are looking to buy a home that would normally sell for $200,000 then buying now would save you $3,000 ($200,000 x 1.5%) by buying now. So, when the market turns around, and the market ALWAYS turns around, then you would actually realize a $750 ($3,000 - $2,250) gain on your home investments.
And, of course, if you are a first-time homebuyer, then this is the perfect time to purchase a home in Southaven. The prices are low, the inventory plenteous, and the mortgage rates will most likely never be better.