MARKET AND TRENDS:
- How would you describe the current real estate market here in Oxford?
The Oxford market is beginning to pick up with better weather and lower mortgage rates for home buyers. Spring has always been a busy season with many activities in Oxford. The condo market has continued to move rapidly with the increase in enrollment and rising rental rates. Several new condo and home development projects are coming on the market in the next 16 months, which will help stabilize the market and increase inventory. The current state of our sports teams at Ole Miss is very exciting and promising for many future seasons. We are lucky to have top-notch coaches in all sports, and this adds to the excitement buzzing through not only Oxford but also college sports everywhere.
- What type of buyers are moving here—families, retirees, investors?
Our community continues to see an influx of people from all areas. Many are investors looking to purchase rental properties. Families continue to move to our area for the low crime rate and the great school systems, both public and private. Retirees continue to move here for the many perks: Ole Miss sporting events, a bustling art scene, live music, fabulous restaurants, theater productions, and the overall kindness and true southern hospitality. Students across Mississippi and many states choose Ole Miss and Oxford for the coveted SEC atmosphere. Oxford is often listed in many publications as one of the “nicest small towns” in the nation due in part to the overall unique charm.
- What are the key factors buyers should consider when choosing a neighborhood in Oxford?
Oxford is fortunate to have many different types of neighborhoods to suit various families’ needs. Everyone always wants to live within walking distance to the “Square”. The Square is unique and the hotspot for downtown, yet Oxford is expanding and has many facets for a quality life. Taylor and Water Valley are also experiencing tremendous growth, which is directly impacting the LOU community.
- What must-have features are buyers looking for in Oxford homes?
Most buyers seek homes with at least two bedrooms on the main level. Open-concept homes with large kitchens for gathering are extremely popular. Of course, well-maintained homes with updated features always sell quickly. Many people are now selling condos fully furnished, allowing for an easier transition for out-of-town buyers.
- How does the University of Mississippi influence the housing market?
Increased enrollment has led to a campus housing shortage for Ole Miss students. Parents are therefore looking to purchase second homes as investment property. This allows their kids to have a safe home and is also used by their parents when visiting. Rent currently averages $1,000-$1,250 per bed, so it can be cost-effective for the homeowner.
- How do short-term rentals (like Airbnb) impact our housing market?
Airbnb and VRBO are always in high demand and many purchase condos/etc. to earn rental income. With SEC schools going to 8 home ballgames- up from 7 last year- it offers another chance to earn even more revenue. With parents weekends, weddings, Double Decker, sporting events, graduation and quick getaways, there are many opportunities for short-term rentals.
- What is your prediction for the Oxford housing market over the next five years?Will prices continue to climb?
I am hopeful that home prices in Oxford will stabilize soon. Much like the rest of the country, Oxford experiences fluctuations in pricing according to the market. One of the biggest challenges facing our community is affordable housing. Often, people are forced to move out of our community to find something they can afford either to purchase or rent.
ABOUT YOU:
Tell us about yourself!
I enjoy traveling with my wife, Terri, playing golf and duck hunting. I am blessed to be a lifelong Oxford resident and cannot imagine living elsewhere. While fortunate to have my real estate career as the main focus of my work days, I can always enjoy the perks of this quaint town. I am happy to devote my full attention to my clients and enjoy helping families find their dream homes. I also always enjoy spending time with my family. I am blessed to have my son, Pittman, living in Oxford again and working as a Realtor with me at Crye-Leike after working in Washington, D.C. and Memphis. I wish my step-daughter, Grace, lived closer, but she completed her masters degree in psychology from Arizona State and is working for a non-profit for victims of domestic violence.
What is your favorite part about selling homes in Oxford?
Helping families find their first homes is always a joy. Also, I love watching my clients’ faces when they walk into a home and realize they have finally found the home of their dreams. God has been good to me and helped me find the property they have envisioned, whether it be land, commercial or residential, which makes being a Realtor worth everything.
