Home Buying in 39564>Question Details

Glb, Home Buyer in 39564

My wife just received orders to Keesler AFB and we are moving there in late Aug 09. We are trying to decide

Asked by Glb, 39564 Tue Jun 23, 2009

if we should rent or buy (Ocean Springs MS). We would only be in the home for 3 years max, as we are moving back to FL in Aug 12.

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6
The answer to your question is not a clear cut one, but based on current market trends in our area, forecast appreciation models and the high-desirability of the Ocean Springs market, I would say buy. The biggest thing to keep in mind is using an agent that is also familiar with real estate investing (we are) so you can really have a better view of what you may be able to achieve in 3 years.

Check out our blog at http://mscoastrealty.com and do a search or click on Ocean Springs - we will be delighted to assist and are very familiar with the specific needs of military families.
1 vote Thank Flag Link Tue Jun 23, 2009
Hello! and Welcome to the Mississippi Gulf Coast Area! My name is Tara Mays, yes, I am an agent, but also a military spouse. My husband (USAF/Keesler) and I are actually trying to retire here in South MS. When we first pcs'd here from FWB, FL (Eglin) we bought immediately. We enjoy the area, and have been here going on six years, (you're still close,3hrs, to Destin/FWB's sugar white beaches and crystal blue water, but also close to having a great time in New Orleans 1.5 hrs, not to mention the casinos/restaurants/night life/family oriented outings).
We purchased wherever we pcs'd and have either sold or rented our properties. As mentioned before in a previous answer, the tax credit of $8K is an awesome benefit for 1st time home buyers, but you have to close on a home and move in by Dec. 1, 2009. (Which is not a problem)
And if it's any indication of the market turning around, our market area has continued to move, maybe not a high and fast pace, but it is still moving where sales markets in other areas of the nation are completely stagnant. Homes are still selling, people are still buying and now is a great time for buyers since there are so many homes to chose from and you could get a really good deal, especially if you looked at a foreclosure or short sale and purchase someone else's equity.
I have a lot of info on Foreclosures and Short Sales so let me know if I can be of any assistance.
However, if you're still thinking of renting, I can help with that as well. Either way I can send you listings/info.
Web Reference: http://www.TaraMays.com
0 votes Thank Flag Link Thu Jun 25, 2009
Be weary of agents who try to sell you "their properties" or their "client's properties" as they will be representing the interests of the seller in those cases and may try to use your lack of knowledge of the market to induce you. Using larger real estate companies is good from a seller's perspective because they have many agents at their disposal to show the listing to, however, it is not a great idea to use a large firm for buying because it means they will most likely run into a situation where they are trying to sell you their company listing. This means you end up with no representation as the brokerage firm will represent the seller or they try to push you into a dual agent situation where no one really has any significant representation.

Do your research on the market through websites or agents that can show you factual data and trends. I am right across the bridge from Ocean Springs so I know the market looks good in general and there are a lot of options available but I am not an agent so I do not have access to all the statistics.
0 votes Thank Flag Link Wed Jun 24, 2009
Ocean Springs is a beautiful and desirable community where many military people live. It is a great time to buy because prices are low, interest rates are good, and if you are a first time homebuyer you can take advange of the $8000 tax incentive. The market is expected to improve and if things are going well in South Mississippi properties probably will incease in value before 2011. It is important to work with an agent that keeps up-to-date with the market, researches the area and listings, and knows where the best buys are located. I am an agent that takes care of my client's needs and I work for the largest real estate broker on the Gulf Coast. I would be happy to send you detailed information on houses and my city of Ocean Springs and surrounding areas.
0 votes Thank Flag Link Wed Jun 24, 2009
I have a client who is selling her house at 1639 Vine Street in Biloxi. It is near Keesler and is move in ready. It would be a great purchase for you now and could provide excellent rental income in the future when you move back to Florida. If you would like more info, please contact me.
0 votes Thank Flag Link Wed Jun 24, 2009
I am in California so I can only give you free analysis tool. My website has a rent vs purchase program.
It does the cash flow analysis see which way is better. In west coast you used to be able to make $ as short as 2-3 years. In today's market that is not the case. You can lose $. If you talk to realtors they want to sell your something so the answer is not what I give you which is a cash flow tool.
Let me know if it helps!
Sam Shueh
0 votes Thank Flag Link Tue Jun 23, 2009
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