Meridian, Lauderdale County sees uptick in home sales

On Behalf of | Sep 28, 2020 | Real Estate |

Summer tends a popular time to buy or sell a home, and 2020 turned out to be no exception to this trend. This is especially true in East Mississippi, where the residential real estate market is hot right now.

Meridian is seeing an uptick in home sales

The city of Meridian and Lauderdale County has recently seen an uptick in the number of people looking to buy or sell real estate. The number of home sale closings in August 2020 was more than twice as much as the number of closings in August 2019. Specifically, in the city of Meridian the number of home sale closings in August 2020 was up 131.2%.

What is behind the rise in home sales?

One reason for the uptick in home sales are favorable interest rates for those taking out a mortgage. Renters looking for the safety of home ownership and existing homeowners wanting to upgrade may also be behind the rise in home sales.

East Mississippi is on point with national home sale trends

The uptick in home sales in East Mississippi reflects a growing trend in the U.S. According to the National Association of Realtors, July was the second month in a row in which home sales went up. This may be indicative that the home-buying market is stabilizing from the stagnation experienced earlier in spring 2020.

Buying or selling a home is a legal process

It is important to note that buying or selling a home is a legal process. A purchase offer is a legally binding contract, and there could be legal consequences if the buyer or seller has to bow out of an existing purchase contract. For this reason, potential buyers and sellers of real estate will want to seek professional advice, so they do not make mistakes that could harm them down the road.