Page 122 - South Mississippi Living - March, 2017

HOME & GARDEN health of the industry
Coast real estate
story by Lynn Lofton photos courtesy of MARKET ON THE UPSWING Amy Wood, Chester Harvey and Danny Lee
Local realtors are upbeat about
the Coast real estate market. Danny Lee, Amy Wood and Chester Harvey shared their thoughts on the health of the industry. The three professionals agree that properties near the beach are back in demand and the hot spots are Bay St. Louis, Ocean Springs and D’Iberville.
Amy Wood
Chester Harvey
Danny Lee
Danny Lee, president elect of the
Gulf Coast Association of Realtors, says the local market has been steadily climbing over the past few years. “Last year especially saw quite a surge in sales and new construction,” he added. “We are optimistic that these trends will continue in 2017.”
A realtor and designer with Ashman- Mollere Realty in Waveland, Lee
notes that selling prices for homes are also on an upward trend. “As more properties sell and less inventory becomes available, prices will naturally rise.”
Amy P. Wood, broker/owner of Amy Wood Properties in Pass Christian, is also optimistic. “2016 finished strong, with the uncertainty of the election behind us and a slight rise in mortgage rates, buyers are deciding to get off the
fence and purchase or build now while rates are still very much affordable,” she said.
Wood points out that Millennials are starting to buy homes. “Although low mortgage rates might not be the driving factor for Millennial home purchases, building personal wealth and stability are factors,” she said. “Our area also attracts many retirees who are downsizing and choose to live here with the low cost of living, fabulous weather and accessibility of top medical and veteran services.”
It’s both a buyer’s and a seller’s market, depending on the area and price point, Wood believes. “Houses marketed $150,000 and below tend
to move quickly with terms of sale reflecting a seller’s market,” she said, “while those properties over $350,000
take significantly longer to sell, facilitating a buyer’s market.”
Other good news is that home insurance is becoming more affordable than it has been since before Hurricane Katrina. “Many new companies are writing wind inclusive policies as well as some with flood included,” Wood said. “New construction and homes less than five years old have great rates.”
Chester Harvey, owner of Chester Harvey Realty in Jackson County, describes the overall health of the market as improving. “Values are much higher and inventories are very low so we’re moving from a buyer’s to a seller’s market,” he said.
A realtor for more than 30 years, Harvey says average sales prices are “absolutely increasing.”
122 SOUTH MISSISSIPPI Living • March 2017
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