Will We Ever See 3% Mortgage Rates Again?

by rexannesellshomes | May 9, 2025 | Buying a Home, Selling Your Home

Will We Ever See 3% Mortgage Rates Again?

Let’s be honest—those 3% mortgage rates we saw during the pandemic weren’t just rare… they were historic. And unless another once-in-a-generation crisis rolls through (please, no thank you), those days are probably gone.

Sure, anything’s technically possible. But based on what financial pros are saying, don’t bet the farm on rates dropping back into the 3% range anytime soon. Why? Because the only thing that pulled them that low in the first place was economic chaos. We’re talking pandemic-level disruption or a full-blown financial meltdown like 2008.

Mortgage expert Michael Merritt put it plainly: getting back to those rock-bottom rates would require “a dramatic economic event.” Translation? If rates do drop that low again, it likely means something has gone very, very wrong.

And Kevin Leibowitz, another industry veteran, flat-out said the chances are “close to zero.” That’s about as subtle as a sledgehammer.

Here’s the main issue: The Federal Reserve is still laser-focused on keeping inflation in check. That means interest rates need to stay higher than we got used to in the COVID years. The near-zero benchmark rates that made those sweet 3% mortgages possible? They’re off the table unless the economy takes a hard hit.

So while we all loved those ultralow rates while they lasted, hoping for a repeat could mean waiting for the kind of economic storm nobody wants to weather.

Bottom line: plan for today’s reality, not yesterday’s anomaly. A good mortgage strategy is less about chasing unicorns—and more about working with a pro who can help you win in this market.

red brick city building with an American flag in Oxford MS

Are you thinking about buying or selling a home in Oxford, MS or the surrounding communities? I’m here to help you navigate all aspects of the process so you can buy smart. Call or text me to talk strategy.

Rexanne Collins
REALTOR @ Epique Realty – Oxford

“Because the right changes everything.”

C: 662.586.1640
O: 888-893-3537
Email: RexanneSellsHomes@gmail.com

Rexanne Collins Top Real Estate Agent Oxford MS

Why Is the Cost of Housing so HIGH in Oxford, MS

by rexannesellshomes | Mar 1, 2025 | Buying a Home

Struggling to Understand the Oxford Housing Market?

Understanding the High Cost of Housing in Oxford, MS: A Deep Dive into the Local Real Estate Market

Nestled in the heart of Lafayette County, Oxford, Mississippi, is a picturesque embodiment of Southern charm and sophistication. Known for its rich literary heritage and the prestigious University of Mississippi, Oxford exudes a unique blend of cultural richness and academic vigor. However, this allure comes with a price—specifically, the soaring costs of housing that have puzzled many prospective homeowners and investors. This blog post explores the various factors contributing to the high real estate prices in Oxford, painting a vivid picture of a market shaped by its exceptional characteristics.

a historic building at the university of mississippi

1. The University's Influence

At the core of Oxford’s real estate dynamics is the University of Mississippi, fondly known as Ole Miss. Universities often act as economic engines in their cities, and Ole Miss is no exception. It attracts a continuous influx of students, faculty, and staff, all needing housing. This steady demand has naturally driven up property values as investors and developers vie to capitalize on the rental market. Moreover, the university’s national reputation brings in alumni and sports enthusiasts who drive demand for second homes and vacation properties, further straining the local housing supply.

2. Rapid Urban Growth

Oxford’s status as the fastest growing city in Mississippi adds another layer to its real estate narrative. This rapid expansion is not just in terms of population but also in the economic and cultural development that accompanies such growth. As more businesses and industries set up shop, the demand for both residential and commercial real estate climbs, making Oxford a hotspot for real estate investors and homebuyers alike.

3. Limited Supply Meets Growing Demand

Oxford’s charm is encapsulated within its historic town square, antebellum architecture, and lush, rolling landscapes. However, these same features limit the expansion possibilities. Strict zoning laws designed to preserve the city’s historical integrity mean that new construction is often restricted, limiting the supply of new homes and contributing to higher prices. As more people are drawn to its idyllic setting and high quality of life, the competition for available properties intensifies, pushing prices upward.

4. Lifestyle and Luxury Market Appeal

Oxford is not just a college town; it is a lifestyle choice. Its vibrant literary scene, seasonal cultural events like the Oxford Film Festival, and the renowned Faulkner and Yoknapatawpha Conference add layers of appeal that attract a demographic with discernible taste and the means to invest in premium real estate. The demand for luxury homes, especially those offering privacy, expansive grounds, or historical significance, often exceeds supply, creating an upper market segment that sees some of the highest price tags in the region.

Grand two story home with white brick and exterior lighting

5. Economic Stability and Growth

Despite its small size, Oxford boasts a robust local economy. It is not solely dependent on the university but is supported by a thriving healthcare sector, growing tech startups, and local businesses that cater to a well-to-do demographic. This economic diversification supports higher income levels and, subsequently, a real estate market where higher prices are the norm rather than the exception.

Conclusion

The high cost of housing in Oxford, MS, is the product of a complex interplay of demand driven by educational and economic factors, limited supply due to geographical and regulatory constraints, and a lifestyle that appeals to those seeking a blend of traditional Southern living with a touch of modern luxury. While this is a perfect storm making it difficult for many who live in Oxford, for those looking to invest in Oxford’s real estate, the market offers long-term value driven by its unique characteristics and enduring appeal.

As Oxford continues to grow and evolve, understanding these dynamics will be crucial for anyone looking to live and work, (or attend Ole Miss) in its real estate market. Whether you are a potential homeowner, an investor, or simply a curious observer, the story of Oxford’s housing market is one of balancing growth with preservation, sophistication with charm, making it a fascinating subject for anyone interested in the economics of beautiful, historic locales.

Are you considering buying or selling in Oxford, MS? Text or call me at the number below to schedule a time to meet and discuss your options.

Rexanne Collins
HomeGirl & Real Estate Pro
@ Epique Realty

“Because the right changes everything.”

C: 662.586.1640
O: 888-893-3537
Email: RexanneSellsHomes@gmail.com

Debunking Common Mortgage Myths

by rexannesellshomes | Jan 11, 2025 | Buying a Home

Empowering Your Homeownership Journey

Embarking on the path to homeownership is a significant milestone, often accompanied by a mix of excitement and apprehension. Amidst the anticipation, various misconceptions about mortgages can cloud judgment and deter potential buyers. Let’s shed light on some prevalent mortgage myths to help you navigate the home-buying process with confidence.

a couple searching for homes online at their wooden kitchen table

Myth 1: "I Can't Afford to Buy a Home."

Reality: If you’re comfortably managing monthly rent payments, transitioning to a mortgage might be within your reach. Many prospective homeowners underestimate their purchasing power. Engaging with a qualified mortgage lender can provide clarity. Through a prequalification process, which offers a non-binding estimate, or a more detailed pre-approval involving verification of your financial documents, you’ll gain insight into the loan amount you might secure. This knowledge positions you to make informed decisions and explore housing options aligned with your budget.

Myth 2: "A 20% Down Payment Is Mandatory."

Reality: While a 20% down payment can eliminate the need for private mortgage insurance (PMI) and reduce monthly payments, it’s not a strict requirement. Various loan programs cater to buyers with lower down payments. For instance, government-backed Federal Housing Administration (FHA) loans allow qualified borrowers to put down as little as 3.5%. Additionally, Veterans Affairs (VA) loans offer eligible service members and veterans the possibility of zero down payment. It’s essential to explore these options and determine what aligns best with your financial situation.

a living room with white wall a vitage black piano

elegant living room with light colored walls and tall windows

Myth 3: "Only Perfect Credit Scores Secure Mortgages."

Reality: While a high credit score can facilitate better loan terms, it’s not the sole determinant for mortgage approval. Lenders assess a combination of factors, including employment history, income stability, and debt-to-income ratio. Various mortgage programs are designed to assist borrowers with less-than-perfect credit. For example, FHA loans are accessible to individuals with credit scores as low as 580, requiring a 3.5% down payment. It’s advisable to review your credit report, address any discrepancies, and consult with lenders to understand your options.

Myth 4: "Renting Is More Affordable Than Buying."

Reality: At first glance, renting may seem less expensive due to the absence of responsibilities like property maintenance and taxes. However, homeownership offers the advantage of building equity over time. With each mortgage payment, you’re investing in an asset that can appreciate, enhancing your net worth. Moreover, fixed-rate mortgages provide predictable monthly payments, shielding you from potential rent hikes. In contrast, rent payments contribute to your landlord’s equity without offering you long-term financial benefits.

modern living room with what walls and furniture

Myth 5: "The Lowest Interest Rate Is Always the Best Choice."

Reality: While a low interest rate is appealing, it’s crucial to consider the broader financial picture. The interest rate represents the cost of borrowing but doesn’t account for additional expenses like origination fees, closing costs, and other charges. The Annual Percentage Rate (APR) provides a more comprehensive view, encompassing the interest rate and associated fees, reflecting the total cost of the loan annually. When comparing loan offers, evaluating the APR alongside the interest rate ensures a more accurate assessment of affordability.

Empowering Your Homeownership Journey

Dispelling these myths is a step toward making informed decisions on your path to homeownership. By understanding the realities of mortgage financing, you can approach the process with clarity and confidence. Engage with experienced mortgage professionals, conduct thorough research, and assess your financial readiness to embark on this rewarding journey. Remember, homeownership is not just a transaction; it’s an investment in your future stability and prosperity.

Are you ready to consider home ownership? Call or text me today.

Rexanne Collins
HomeGirl & Real Estate Pro
@ Epique Realty

“Because the right changes everything.”

C: 662.586.1640
O: 888-893-3537
Email: RexanneSellsHomes@gmail.com

Real Estate Market Trends in Oxford, MS – Understanding the High Cost of Renting in Oxford

by rexannesellshomes | Dec 4, 2024 | Buying a Home, Real Estate

Real Estate Market Trends - Oxford, MS

Understanding the High Cost of Renting in Oxford, MS

The conversation around rising rent prices in Oxford, MS is becoming more common, and it’s natural to feel concerned when costs go up. It’s also easy to jump to conclusions without fully understanding all of the factors at play. Often, the reasons behind rent increases are more complex than they seem, and taking a moment to reflect on the bigger picture can help foster understanding.

For instance, even property owners with fixed-rate mortgages—who seemingly enjoy predictable housing costs—aren’t immune to rising expenses. Property taxes and insurance premiums can increase year after year, often without warning. These adjustments are largely beyond anyone’s control, yet they quietly raise the cost of property ownership continually over time.

A row of brick homes for student housing

Landlords, in turn, face similar pressures. When property taxes rise or insurance costs jump, those increases often need to be absorbed—or reflected in rent. Add to this the need for ongoing maintenance, repairs, and inflation-driven service costs, such as pest control, lawn care, or waste disposal, and it becomes clear that managing a rental property is far from effortless.

It’s also worth noting that most landlords aren’t sitting on large profit margins. In many cases, the income they receive from rent is set aside for future expenses: replacing appliances, addressing emergency repairs, or saving for significant upkeep projects. Despite what some may assume, many landlords are simply trying to break even while maintaining their properties responsibly.

When rent increases are necessary, transparency is essential. Tenants deserve to know why costs are going up, and a simple explanation can go a long way in maintaining trust. If you’re a landlord, consider sharing the specific reasons behind a rent adjustment. Perhaps it’s the rising cost of property taxes, or maybe inflation has made everyday services more expensive. Clear, honest communication helps tenants feel respected rather than blindsided.

On the other side, as renters, it’s helpful to approach these conversations with an open mind. Not every rent increase stems from greed or exploitation. More often than not, it’s about adapting to rising expenses or investing in the long-term upkeep of the property. When both sides take the time to understand the realities at play, it can lead to more positive landlord-tenant relationships and mutual respect.

For those who feel stuck in a cycle of rising rents, it may be worth considering homeownership. Owning your own home allows you to lock in a fixed monthly mortgage payment, providing more stability and control over your housing costs. While the idea of buying a home can seem intimidating, the process may be more accessible than you realize. And unlike renting, every payment you make builds equity and helps you invest in your own future.

Sometimes, stepping back to consider all the factors—both seen and unseen—can change the way we view a situation. Whether you’re a tenant, landlord, or someone exploring homeownership, understanding the complexities behind rising housing costs can lead to better decisions and stronger connections. What are your thoughts? Let’s keep the conversation going.

long, open, grand luxury hallway featuring natural wood features

If you would like to discuss purchasing a home in Oxford, MS so that you have a little more control over your cost for housing, please reach out to me. I’m happy to help you look at your options.

Rexanne

If you are interested in talking about purchasing a home so you have more control over your housing payment, reach out to me.

Rexanne Collins
HomeGirl @ Epique Realty
C: 662.586.1640
O: 888.893.3537

”Because the right agent changes everything.”

Shaking Things Up with a Big Personal Change

by rexannesellshomes | Oct 24, 2024 | Buying a Home, In the News, Real Estate

I earned my real estate license over 8 years ago in March 2016 and joined Market Realty, a small boutique brokerage in Oxford, MS. I’m a creature of habit when it comes to big changes, so they aren’t easy for me. Even though I knew it was the right decision, taking the leap was difficult.

However, in June of this year, I made the move to eXp Realty, and was really optimistic for great things! There are many things I liked about eXp, but a few weeks ago, they closed our Oxford branch, and my license was sent to the Ridgeland office.

Why This Change Wasn’t Going to Work for Me

I like a sense of community and this change really bothered me. So I made the best decision I could make under these circumstances which was to leave eXp Realty.

But I have BIG news to share! As of today, I’ve officially joined a new, up and coming brokerage in Oxford, Epique Realty. I’m really excited to be part of it’s beginning here in Oxford and the surrounding areas, calling it my new home.

neutral living room with sofa and flowers

I couldn’t be more thrilled to take this next step with a dynamic team of agents in the Oxford office, all of whom are passionate about real estate and delivering exceptional service. I look forward to providing all of my clients with the same great support and service they have come to expect from me over the years.

Epique (pronounced like “epic”) touts itself as a “disruptive brokerage for modern Realtors”.

What does it mean to be a “disruptive brokerage“? Epique (EPIC) Realty offers a proactive environment where the company actively helps agents achieve their goals. It provides over a dozen tools not offered by any other brokerage in the world, with a total of 50+ amazing benefits for its agents. Epique stands out as the most agent-focused and agent-centric brokerage ever constructed.

What does this mean for my buyers and sellers?

Because of all the tools Epique Realty offers its agents, it’s easier for me to provide my clients with the best service while using the most innovative tools in the industry.

Ready to talk about your real estate goals? Use your phone’s camera to scan the QR code to the right to schedule a video call with me. Don’t worry! This is just for us to talk and see if we’re a good fit to move forward together.

Rexanne

Rexanne Collins, HomeGirl @ Epique Realty
“Because the right changes everything.”

C: 662.586.1640
O: 888-893-3537
Email: RexanneSellsHomes@gmail.com

Why an Exclusive Agent is the Key to Your Success in the North Central MS Real Estate Market

by rexannesellshomes | Aug 26, 2024 | Buying a Home, Selling Your Home

When navigating the real estate market, whether you’re buying or selling in Oxford, MS, the stakes are high. Every decision can have long-lasting financial impacts, and you don’t want to go through this journey alone. That’s where the benefits of an exclusive agent come into play—an expert who is fully dedicated to your success, with no conflicting interests.

The Power of Focused Representation

Imagine you’re excited about a home in Oxford. It’s got everything you’ve ever wanted—except for the nagging doubt that your agent is also working with the seller. Or, maybe you’re the seller, wondering if your agent is really pushing for the best deal for you, given that they also represent buyers. In both scenarios, the lines of loyalty can blur, and that’s where problems begin.

An exclusive agent clears away this uncertainty. For sellers, this means having an agent who’s solely committed to marketing your home effectively and negotiating the best deal possible. For buyers, it means having an advocate whose only goal is to find you the perfect home at the best price. There’s no hidden agenda, no juggling of competing interests—just focused, dedicated representation.

a white background with a woman in a white blouse, gray hair, and glasses

Navigating Market Complexities with Expertise

Oxford’s real estate market is unique, influenced by factors like the presence of the university, seasonal trends, and the town’s rich history. An exclusive agent brings deep, local knowledge to the table. They understand real estate market trends in Oxford MS, whether it’s for sellers looking to time their sale perfectly or for buyers searching for hidden gems. Their insights can make all the difference, ensuring that you make informed, strategic decisions.

Streamlining the Closing Process

Whether you’re buying or selling, the closing process can be fraught with potential delays and complications—from mortgage approvals and inspections to title searches and negotiations. Having an exclusive agent means you have someone fully committed to managing these details, ensuring that the process stays on track. For sellers, this might mean closing the deal before a competing listing hits the market. For buyers, it could mean securing a home before the competition even knows it’s available.

a cozy living room with plush white sofa and modern coffee table adorned with books and flowers

Trust and Transparency

Real estate is a complex game, and trust is crucial. An exclusive agent offers a partnership built on transparency and dedication. For sellers, this means marketing strategies tailored to maximize your home’s exposure and value. For buyers, it means an agent who is always looking out for your best interests, from the initial viewing to final negotiations.

Conclusion: A Winning Strategy for Buyers and Sellers

In a market as dynamic as Oxford’s, having an exclusive agent—whether you’re buying or selling—is not just an advantage; it’s a game-changer. They provide focused representation, expert guidance, and unwavering commitment to your success. So, if you’re serious about making the most of your real estate journey in Oxford, MS, working with an exclusive agent is the smartest move you can make.

Ready to talk about your real estate goals? Click or use your phone’s camera to scan the QR code to the right to schedule a video call with me. Don’t worry! This is just for us to talk and see if we’re a good fit to move forward together.

Rexanne

Rexanne Collins, HomeGirl @ EXP Realty
“Because the right changes everything.”

C: 662.586.1640
O: 855-647-7397
Email: RexanneSellsHomes@gmail.com