Real Estate Market Conditions in Mississippi
State Mississippi with its hilly landscape in the north and a wide belt of longleaf yellow pine in the south along with the Mississippi river delta that is a flat alluvial plain between the Mississippi and Yazoo rivers in the western part - those are the most scenic places reflecting the state's nature amenities. The climate of Mississippi is subtropical in the southern part of the state and temperate in the northern part with pretty high average annual rainfall that reaches 50 in. The temperature extremes lie within -19F and 115F range.
Mississippi is one of the more rural states and its agriculture-oriented economy is the one of most ranked in the nation in the production of cotton, rice and soybeans. Today the state's agricultural economy concentrates on broiler chicken production, dairying, poultry, cattle and catfish farming.
Mississippi's economy has taken a blow due to the impact of the devastation of Hurricane Katrina in 2005. Development of oil resources has boosted the state's industry. Revenue from industrial products, including foods, chemicals, plastics, and wood products, have exceeded those from agriculture in recent years. Fishing and seafood processing industry on the Gulf coast is a profitable and one of the work-place creating industrial sectors. After disaster of 2005, the state is rebuilding that area and is revamping its casino and gambling institutions which prove to be large economic boons to the state. Manufactured products include furniture and other wood products, food processing, apparel, transportation equipment and electrical machinery. Nevertheless, the state's per capita income has been among the lowest in the nation for decades.
Mississippi's music heritage is evident everywhere all across the state. The Mississippi Blues Trail, the Delta Blues Museum and Elvis Presley's home in Tupelo are just a few notable sites.
Current Mississippi Real Estate Market Conditions
Consequences of hurricane Katrina have completely changed the real estate market in Mississippi. Of course, this fact should be taken into account for proper understanding current market conditions and predicting where the market is going.
Despite the extensive property damage caused by hurricane, there are a lot of opportunities in the current market, especially for investors. There are many factors affecting the market now and things you may need to consider in the future, to make sure that your decision is the best one for your situation.
Buying the Real Estate in Mississippi
Due to tough economic conditions, life in Mississippi has gotten rough. State tax collection has dropped for more than a year indicated the worst economic downturns in the state's history. It is expected the state budget to get much worse before things get better.
Nevertheless, because of Hurricane Katrina, the state got federal money for reconstruction and infrastructure re-building. As a result, communities north of the Gulf survive construction booms and improving home sales in MS shows the signs of life.
The federal government's has developed a special tax incentive program, spurred by Katrina, and run it up before the housing crash. This "Gulf Zone" program had to assist for more businesses move to the area. These measures along with additional tax credits should improve home sale market and as a result spur home buyers up.
All across the state's counties, the local banks within the government program have started with lending to homeowners and businesses. The federal funds that are coming to the area must stimulate the destroyed infrastructure of the state. It is naturally that home prices rose after the hurricane since new home builders constructed many new houses for those who relocated from the gulf following the storm.