Biloxi
Gulfport
Hattiesburg
Southaven
Closing Conducted by: | Title Companies, Lenders, Real Estate Agents, Attorneys |
Conveyance: | Warranty Deed |
Primary Foreclosure Method: | Non-Judicial |
Process Period: | 2 - 3 months |
Notice of Sale: | Trustee |
Redemption Period: | None |
Income Tax: | 3% - 5% |
Corporate Tax: | 3 - 5% |
Sales Tax: | 7.00% |
Estate Tax: | No |
Inheritance Tax: | No |
Median Property Tax: | 0.52% |
Property Taxes by County: | http://www.tax-rates.org/mississippi/property-tax#Counties |
Closing Cost: | $2,560.00 |
Transfer Fee: | No Fees |
Origination Fee: | $1,931.00 |
Median Home Value: $129,300
1-Year Appreciation Rate: +5.0%
Median Home Value (1-Year Forecast): +2.3%
Median Rent Price: $1,135
Price-To-Rent Ratio: 9.49
Average Days On Market: 71
Unemployment Rate: 5.2% (latest estimate by the Bureau Of Labor Statistics)
Population: 2,986,530 (latest estimate by the U.S. Census Bureau)
Median Household Income: $42,009 (latest estimate by the U.S. Census Bureau)
Percentage Of Vacant Homes: 13.87%
Foreclosure Rate: 1 in every 4,166
Hinds (1 in every 1,602)
Rankin (1 in every 1,975)
Jasper (1 in every 2,080)
Choctaw (1 in every 2,093)
Madison (1 in every 2,465)
Tax Lien or Deed: Tax Lien State
Interest Rate:18% (=1.5% per month)
Redemption Period:2 Years
Appreciation rates in Mississippi will outpace the national average: While only a modest difference is expected over the course of the next 12 months, there’s reason to believe real estate in Mississippi will appreciate at a faster rate than the national average. If for nothing else, the Mississippi real estate market is more affordable than most others, which means there’s more room for growth. Whereas most markets have neared a tipping point, Mississippi appears to have a little more room for growth.
Optimism will grow in conjunction with the economy: Nearly every state in the country has seen improvements in their local economies, and Mississippi is no exception. While unemployment has crept up slightly, the economy has improved year-over-year, which bodes incredibly well for the real estate sector. Simply put, more people are ready and willing to participate in the housing sector, which will serve as a catalyst for activity.
Inventory will remain tight: Much like the rest of the country, Mississippi is short on available inventory; there simply aren’t enough homes to meet demand. As a result, pries have risen almost exponentially in the last six years. Help is on the horizon, but new listings will take some time to hit the market. Whether they are new builds or existing homes, new inventory will come, but it will not be immediate. Mississippi will see home prices rise until more can be done to bring new listings to the market.