Since 2024, the housing market has experienced a noticeable down spiral, with home sales declining by 6.8% and property values falling by 3.3% over the past year, according to Zillow. The average home price is now estimated at around $140,000, reflecting a cooling market that may be influenced by rising interest rates. Buying a home in 2025 comes with growing uncertainty as market conditions remain unstable. While prices have dipped and sales slowed, many buyers worry whether values will drop further. Fluctuating mortgage rates, concerns about inflation, and tighter lending rules contribute to the hesitation, making it difficult to determine if now is the right time to buy.
The Winston County Self Help Cooperative hosted its yearly Homebuyer’s Seminar via Zoom on October 6, 2025, featuring Mrs. Vickie Mackie, a Community Development Lender based in Tupelo, MS, at the Cadence Bank Branch. During the session, participants learned that buying a home can be a lengthy process —one that involves not only finding the right property for their family but also securing proper financing. Mrs. Mackie explained that lenders primarily evaluate two key financial ratios before approving a mortgage. The first is the housing-to-income ratio, which compares your monthly income to your estimated housing costs. The second is the debt-to-income ratio, which considers your total monthly debt payments in relation to your income.
Additionally, credit scores play an essential role in determining eligibility and loan terms. There are several effective ways to boost credit. First, consistently paying all bills on time demonstrates financial responsibility and has a significant positive impact. Second, limiting the number of credit cards in use can prevent unnecessary debt accumulation. Third, it is crucial to manage the credit utilization ratio, ideally keeping it below 30%. This will demonstrate responsible credit usage. Fourth, maintaining consistent and moderate credit use over time builds a strong credit history, and paying it off is essential. Lastly, keeping older credit accounts open can help improve the length of your credit history, a key factor in determining your credit score.
The seminar also addressed housing qualifications and the various types of loan products available. Mrs. Mackie reiterated that the mortgage process is extensive and typically includes the following stages: prequalification, formal application, disclosures, document collection, processing, underwriting, and final approval.
The Winston County Self Help Cooperative remains committed to providing invaluable resources that foster both financial and environmental sustainability. The organization encourages individuals to invest in themselves and pursue homeownership as a means of establishing generational wealth.
A special thank you to the speaker, Mrs. Vickie Mackie, and Mr. Kyle Curran for helping us give an informative and impactful seminar for individuals exploring the path to first-time homeownership.
