FOR IMMEDIATE RELEASE

 

 

MEDIA CONTACT:

Nita Wingard/ 601-948-1332 /[email protected] 

01.26.15

 

Central Mississippi REALTORS'^� Market Predictions for 2015

 

CMR President, Carol Stewart and Jo Usry, CEO were guest speakers at the January meeting of the MS Mortgage Bankers Association where they shared an overview of the Jackson Metro housing market and predictions for 2015. Stewart (left) & Usry(right) are photographed with Maura Phillips of MMBA (center).

As we welcome in the New Year, we also welcome more positive predictions for the housing market. After years of slow and steady recovery, in 2014 the U.S economy saw its best year since the 2008 recession. With the economy continuing to show improvement and income levels seeing growth, housing experts and economists have high hopes for 2015.

 

"After seeing so much improvement in 2014, the housing market seems poised for a real comeback in 2015," said Carol Stewart, President Central Mississippi REALTORS�. "Prospects are looking bright for homeowners and prospective home buyers."

 

Here are a few trends and predictions Central Mississippi REALTORS� expect to see play out in the coming year.

 

Lending standards will be loosened. In December 2014, Fannie Mae and Freddie Mac announced they will be offering 3 percent down payment mortgages, rather than 5 percent. "Many potential buyers simply do not have the resources to save for a substantial downpayment," said Stewart. "This new program will allow first-time, creditworthy buyers, who would otherwise be kept out of the market, to purchase a home."

 

Mortgage rates will go up. With the economy improving, the Federal Reserve has indicated that they will be increasing the federal funds rate in 2015. This rate has a substantial impact on mortgage rates, which have been at historic lows for the past few years. "This means that if you are considering buying a home or refinancing your mortgage, now is the time," said Stewart. "The rates will likely increase as the year progresses."

 

Millennials will enter the market. As the economy continues to make gains and the job market improves, millennials (ages 25-34) will start forming households and entering the housing market. "Millennials began to enter the market in 2014, but as the job market continues to improve and rent prices continue to rise millennial's involvement in the housing market will likely increase," said Stewart. "Combining that with opportunities for lower downpayments, it's a prime time for young people to enter the market."

 

Housing inventory will increase. Builders will begin to ramp up production in 2015. This increase in inventory should help improve choices for consumers, another potential draw for first-time buyers.

 

Of course, all real estate is local and the Jackson Metro market is expected to remain strong in 2015. We expect new and existing home sales will continue to rise throughout Central Mississippi this year. 2015 is looking up, up up! Last year we even saw a spike of 18 percent in the median sales prices for homes in Hinds County. This is a good sign for Jackson property owners who should experience an upward shift in property values as median home prices tip over $106K.

 

Median home prices have also shifted up in Madison & Rankin Counties. In Madison prices increased to $222K from $212K and in Rankin Co. median home prices reached $157K from $154K in 2013.

 

Overall nearly 5,000 homes were sold in Hinds, Madison & Rankin counties. Homes sales in Rankin Co. spiked up 4.3 percent more than in 2013.

 

For more information about the 2015 housing market, visit centralmsrealtors.org or contact a REALTOR^�, whose expertise and local market insights can help make your home or investment dreams happen in the year ahead. Visit buyinms.com to view reliable information on properties for sale by REALTORS^� throughout Mississippi.   

 

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