DeLois Smith Adam WatkinsLinda Seifert Debra Pace Scott HolmesBrenda Blackwell Wendy Gay Dennis Baum

Elizabeth Liggett Josh Bellew

Volume 17, Issue 2 / February 2015

4 Willow Bend Drive, Hattiesburg509 S. Main Street, Petal

601.545.3900 • 1.800.DELOIS.SDeLoisSmith.com • GoAllStarTeam.com

Andrew Bird

Dana Quesenberry Antwain Ross

About a year and half ago my dad and stepmom came to Hattiesburg for two weeks to visit my brother and me. It was the first time they had made the trip to Mississippi, and I wanted it to be a good one. And though my parents did not come for any other reason except to see us, I wanted to try to show them around the area and point out some of the highlights of Hattiesburg that I have come to learn and discover in my tenure here. But the truth is that Hattiesburg is not a great place to visit just for the sake of visiting. Sure, we went the Mississippi Armed Forces Museum at Camp Shelby, The Lauren Rogers Museum of Art in Laurel and Leatha’s Bar-Be-Que, but otherwise Hattiesburg just did not have a lot to offer in the way of tourist attractions. It was their first real visit to Mississippi and I wanted to show them the charm of living in the Deep South. What I came to realize is that Hattiesburg is a great place to live, even if it is not a great place to visit.

I had always known this about Hattiesburg, buy my parents’ visit made it more apparent. Recently, though, I had an opportunity to point out what a great livable community Hattiesburg really is. Two weeks ago I was asked to give a tour of Hattiesburg to a candidate for a teaching position at USM. The head of the Hiring Committee who asked me to show the candidate around said, “sell them on Hattiesburg; make them want to move here.” With that charge I felt almost at a loss as to what to show this person in only a few hours, especially without knowing anything about the candidate. I did know that everyone likes a good cup of coffee, though, and that would be a good place to start.

I met the candidate (we’ll refer to this person as John) on campus and drove him over to T-Bones Record and Coffee shop for one of their signature Cold Brew coffees. Not only is T-Bones a great place for refreshments and music, it has a great atmosphere that lends itself well to being a local hangout. This also gave me a chance for John

to talk about his interests and the interests of his family, where he was from, and what his priorities were in finding a community to call home. This allowed me to help tailor a tour of Hattiesburg that pointed to the things he and his family would be able to appreciate such as a good coffee shop, a walkable neighborhood, a good place to go hear live music, an arts scene, an area with charm, and plenty of places of worship to choose from.

The fact is that Hattiesburg has much to offer. We are a great destination for retirees because of affordable living and a good medical establishment. If you are a young couple with several children and want a good school and a safe neighborhood with a vibrant faith community, we have that. If you are a young professional wanting more of a chill nightlife with good music, food and coffee, we have that. Those are just a few of some very general profiles of people living in and moving to Hattiesburg, and we are unique in Mississippi, and maybe even in the US, for being more than just a college town, and for having so much to offer to so many diverse interests.

A great place to live

By Andrew Bird

By: Dona DeZube, HouseLogic.comOwning a home can pay off at tax time. Take advantage of these

homeownership-related tax deductions and strategies to lower your tax bill:Mortgage Interest Deduction One of the neatest deductions itemizing homeowners can take advantage

of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home — and your home can be a house, trailer, or boat, as long as you can sleep in it, cook in it, and it has a toilet.

Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately — is deductible when you use the loan to buy, build, or improve your home.

If you take on another mortgage (including a second mortgage, home equity loan, or home equity line of credit) to improve your home or to buy or build a second home, that counts towards the $1 million limit.

If you use loans secured by your home for other things — like sending your kid to college — you can still deduct the interest on loans up $100,000 ($50,000 for married filing separately) because your home secures the loan.

PMI and FHA Mortgage Insurance PremiumsYou can deduct the cost of private mortgage insurance (PMI) as mortgage

interest on Schedule A if you itemize your return. The change only applies to loans taken out in 2007 or later.

By the way, the 2014 tax season is the last for which you can claim this deduction unless Congress renews it for 2015, which may happen, but is uncertain.

What’s PMI? If you have a mortgage but didn’t put down a fairly good-sized downpayment (usually 20%), the lender requires the mortgage be insured. The premium on that insurance can be deducted, so long as your income is less than $100,000 (or $50,000 for married filing separately).

If your adjusted gross income is more than $100,000, your deduction is reduced by 10% for each $1,000 ($500 in the case of a married individual filing a separate return) that your adjusted gross income exceeds $100,000 ($50,000 in the case of a married individual filing a separate return). So, if you make $110,000 or more, you can’t claim the deduction (10% x 10 = 100%).

Besides private mortgage insurance, there’s government insurance from FHA, VA, and the Rural Housing Service. Some of those premiums are paid at closing, and deducting them is complicated. A tax adviser or tax software program can help you calculate this deduction. Also, the rules vary between the agencies.

Prepaid Interest DeductionPrepaid interest (or points) you paid when you took out your mortgage is

generally 100% deductible in the year you paid it along with other mortgage interest.

If you refinance your mortgage and use that money for home improvements, any points you pay are also deductible in the same year.

But if you refinance to get a better rate or shorten the length of your mortgage, or to use the money for something other than home improvements, such as college tuition, you’ll need to deduct the points over the life of your mortgage. Say you refi into a 10-year mortgage and pay $3,000 in points. You can deduct $300 per year for 10 years.

So what happens if you refi again down the road? Example: Three years after your first refi, you refinance again. Using the $3,000 in points scenario above, you’ll have deducted $900 ($300 x 3 years) so far. That leaves $2,400, which you can deduct in full the year you complete your second refi. If you paid points for the new loan, the process starts again; you can deduct the points over the life of the loan.

Home mortgage interest and points are reported on Schedule A of IRS Form 1040.

Your lender will send you a Form 1098 that lists the points you paid. If

not, you should be able to find the amount listed on the HUD-1 settlement sheet you got when you closed the purchase of your home or your refinance closing.

Property Tax Deduction You can deduct on Schedule A the real estate property taxes you pay. If you

have a mortgage with an escrow account, the amount of real estate property taxes you paid shows up on your annual escrow statement.

If you bought a house this year, check your HUD-1 settlement statement to see if you paid any property taxes when you closed the purchase of your house. Those taxes are deductible on Schedule A, too.

Energy-Efficiency UpgradesIf you made your home more energy efficient in 2014, you might qualify

for the residential energy tax credit.Tax credits are especially valuable because they let you offset what you

owe the IRS dollar for dollar for up to 10% of the amount you spent on certain home energy-efficiency upgrades.

The credit carries a lifetime cap of $500 (less for some products), so if you’ve used it in years past, you’ll have to subtract prior tax credits from that $500 limit. Lucky for you, there’s no cap on how much you’ll save on utility bills thanks to your energy-efficiency upgrades.

Among the upgrades that might qualify for the credit:Biomass stovesHeating, ventilation, and air conditioningInsulationRoofs (metal and asphalt)Water heaters (non-solar)Windows, doors, and skylightsTo claim the credit, file IRS Form 5695 with your return.

Homebuyer Tax CreditThis isn’t a deduction, but it’s important to keep track of if you claimed it

in 2008. There were federal first-time homebuyer tax credits in 2008, 2009, and 2010. If you claimed the homebuyer tax credit for a purchase made after April 8, 2008, and before Jan. 1, 2009, you must repay 1/15th of the credit over 15 years, with no interest.

The IRS has a tool you can use to help figure out what you owe each year until it’s paid off. Or if the home stops being your main home, you may need to add the remaining unpaid credit amount to your income tax on your next tax return.

Generally, you don’t have to pay back the credit if you bought your home in 2009, 2010, or early 2011. The exception: You have to repay the full credit amount if you sold your house or stopped using it as primary residence within 36 months of the purchase date. Then you must repay it with your tax return for the year the home stopped being your principal residence.

The repayment rules are less rigorous for uniformed service members, Foreign Service workers, and intelligence community workers who got sent on extended duty at least 50 miles from their principal residence.

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

Don’t Miss These Home Tax Deductions

Current real estate market statisticsHattiesburg Area Single Family Median Sold Home Prices (January 01-January 31)

2014 2015

Hattiesburg $102,000 $150,000

Oak Grove $147,500 $205,470

Petal $152,500 $138,500

Hattiesburg Area Single Family Homes SOLD (January 01-January 31)

2014 2015

Hattiesburg 12 7

Oak Grove 20 23

Petal 13 14

Call us at 601-545-3900 for your no obligation home price consultation.

Looking for a new home? Visit DeLoisSmith.com to view all of the latest listings!

Client Quotes

“If you are having a hard time paying your mortgage payment, you do have another option besides foreclosure, you can do a short sale. A short sale is when your mortgage company allows you to sale the property for less than you owe on it. The most important thing that you will have to do is turn all paperwork in on time and be patient. The DeLois Smith All Star Team is the best! You really do have a team working for you. My realtor was Debra Pace and I think she is amazing. Debra worked day and night for us to complete the sale of the property on time. ”

-The Magee’s

“Den willingly helped me on a prior transaction knowing he would not be compensated for it. I was so impressed with his professionalism that I knew he would be my agent on future purchases. I located this property on my own and could have easily called the listing agent. I was happy for the opportunity to prove good guys don’t always finish last. Thank you Den!”

-Tom Burlette

SELLING THIS SPRING?

If you are planning on listing your home this spring, NOW is the perfect time to contact us for your personal listing consultation.

Our experienced listing team will walk you through the entire process.

Call 601-545-3900

Tour of Homes Sunday, February 8, 2015, 1:30-5 PM

Serene Hills 3BD/2BA - $185,000CHARMING AND OPEN SPLIT PLAN, LOCATED ON A

BIG CORNER LOT. MOTIVATED SELLER. VACANT AND READY. Directions: Hwy 98 to King Road. Turn right into Serene Hills

subdivision.

201 Serene HIlls

Oak Grove

2:30 to 3:00 pm

Canebrake 4BD/3.5BA - $435,000 EXQUISITE PROPERTY W/ EVERY IMAGINABLE

UPGRADE. IMPECCABLE DECOR THROUGHOUT. Directions: Hwy 98 West, take 2nd Canebrake Entrance, house on left.

61 Bienville Trace

Canebrake

1:30 to 2:00 pm

Barton Park 3BD/2BA - $129,900BUILT BY CRAIG FLANAGAN. BRIGHT AND AIRY WITH NEW PAINT AND CARPET! LOTS OF EXTRAS Directions:

Hwy 98 to Jackson Road, cross over W 4th Street, turn right into Barton Park subdivision.

18 Hawthorne Drive

Oak Grove

1:30 to 2:00 pm

187 Balboa Drive

Oak Grove

3:30 to 4:00 pm

28 Hickory Hollow

Oak Grove

4:30 to 5:00 pm

Lake Serene 4BD/5BA - $595,000MASSIVE AND PALATIAL, TWO-STORY COLONIAL WITH

PRIVATE IN-GROUND POOL - 6234 SQ. FT. ON 1.6 ACRE LOT AND 3 CAR GARAGE. Directions: Hwy 98 West to

West Lake Road, turn right on Balboa and cross over the lake.

Burks Place 5BD/3.5BA - $249,500BUDGET APPRECIATING, BRICK, TWO-STORY, JUST

OFF OAK GROVE ROAD. FRESHLY PAINTED AND NEW CARPETING THROUGHOUT W/ WOOD BURNING

FIREPLACE. Directions: Oak Grove, turn onto Hickory Hollow.

Willows of Trailwood 3BD/2BA - $199,500IMMACULATE, EXCELLENT DESIGN-AWARDED, 3 BD, 2 BA

W/OFFICE/SUNROOM. BIG BACK YARD TOO! Directions: Hwy 42 past Petal High School and Trailwood West entrance. Next right into

The Willows onto Redfern Tr, left onto Backwood Tr.

32 Backwoods Trail

2:30 to 3:00 pm

4 Grand Bayou

Canebrake

3:30 to 4:00 pm

100 S. 22nd Ave.

Hattiesburg

1:30 to 2:00 pm

Canebrake 6BD/4.5BA - $689,500THE MOST COMFORTABLE & BEAUTIFUL, MULTI-GENERATIONAL HOME ON OUR MARKET. HEATED

WORKSHOP & 3-CAR GARAGE. Directions: Hwy 98 to main Canebrake entrance, right on Acadian Cr, right on Grand Bayou.

Oak Grove - $350,000 MULTI-PURPOSE, PRIME O.G. PROPERTY. 165’ OF

O.G. RD. FRONTAGE INDEAL FOR NUMEROUS SMALL BUSINESSES. WAREHOUSE SPACE, RV PARKING, PLUS

MUCH MORE! Directions: Adjacent to OG Heating and Air.

2871 Oak Grove Road

Oak Grove

2:00 to 2:30 pm

111 N. 24th Avenue

Hattiesburg

3:30 to 4:00 pm

SE Hattiesburg 3BD/2BA - $169,500 WELCOME HOME TO THIS 1910 WHITE STUCCO

CASTLE! SO MANY LOVELY WINDOWS, SIDE COURTYARD, HARD SURFACED FLOORING! Directions:

Hardy Street, turn right onto S. 22nd Avenue.

Hattiesburg 3BD/2BA - $124,900TOTALLY RENOVATED HOME CONVENIENTLY LOCATED TO USM W/ BEAUTIFUL VIEW OF CHURCH & CAMPUS ACROSS THE STREET. CHARMING HOME, LARGE LOT.Directions: Hardy to North 24th Avenue. Home across from church.

SW Hattiesburg 4BD/2BA - $89,900ATTRACTIVE, CLOSE-IN SW HATTIESBURG

NEIGHBORHOOD. FRESHLY PAINTED & CLEANED ESTATE HOME. Directions: Hardy Street, right on S. 28th Ave., left

on Arcadia, second right on Parker.

819 Parker Avenue

Hattiesburg

4:30 to 5:00 pm

161 Wildwood Trail

Petal

2:00 to 2:30 pm

Trailwood 5BD/3BA - $299,500 VALUE-PACKED, 3200 SQ. FT, 5 BD, 3 BA ON BIG

BEAUTIFUL ACRE + LOT - $299,500. COME HOME TODAY! Directions: Evelyn Gandy Parkway east past Petal High School. Right

into Trailwood. Home on left about 1 mile from entrance.

Trailwood 4BD/2.5BA - $295,000 MAGNIFICENT SOUTHERN COLONIAL, TOTALLY UPDATED AND MOVE-IN READY! 1.3 ACRE LEVEL LOT. Directions: Hwy 42 past Petal High School, right on Wildwood Trail, at first stop sign turn

left on Sweet Bay Trail, then right at next stop. House on right.

101 Sweet Bay Trail

Petal

3:30 to 4:00 pm

Petal

610 S. 19th Avenue

Hattiesburg

2:30 to 3:00 pm

Hattiesburg 3BD/2BA - $129,900A+ LOCATION! CONDITION! PRICE! REVITALIZED

CHARMING 3/2 W/PICKET FENCE! Directions: Hardy Street to South 19th Avenue.

The Trace 5BD/3BA - $299,900BEST FIND AROUND! IMMACULATELY KEPT WITH

NEW CARPET. FANTASTIC FLOOR PLAN W/ STORAGE GALORE, LARGE CORNER LOT, LARGE DECK.

Directions: King Rd to Courtland Dr., RT on Auburn Pl, LT on Waverly, RT on Collinwood, LT on Morrell.

216 Morrell Circle

Oak Grove

4:00 to 4:30 pm

112 W. Canebrake Blvd.

Canebrake

2:30 to 3:00 pm

Canebrake 4BD/3.5BA - $429,900DISTINCTIVE, SOUTHERN COLONIAL, TWO-STORY,

FORMAL PLAN W/ HARDWOOD FLOORING AND CLASSIC APPOINTMENTS THROUGHOUT. Directions: Hwy 98 to Canebrake

Golf Entrance, right on W. Canebrake Blvd.

25 Honors Lane

Hattiesburg

1:30 to 2:00 pm

The Village 3BD/2.5BA - $399,500CLASSIC COUNTRY FRENCH, 1.5 STORY BRICK DESIGN BY

STEPHEN MATHIS. SUPERB TASTE IN DECOR & CONSTRUC-TION QUALITY THROUGHOUT. Directions: Hwy 49 N to Classic

Drive, drive into The Village, turn left on Honors Lane.

The Trace 4BD/2.5BA - $229,500FRESHLY PAINTED AND MOVE-IN READY. BONUS ROOM UPSTAIRS, TWO LIVING AREAS, GAS RANGE, STAINLESS APPLIANCES. Directions: West Fourth Street to Lake Throurea Road,

left on Jubilee Point.

28 Jubilee Point

Oak Grove

2:30 to 3:00 pm

9 Courtland Drive

Oak Grove

3:30 to 4:00 pm

The Trace 4BD/3BA - $269,000 SPARKLING NEW, STATELY, ONE-STORY COLONIAL

ON 2 LARGE LOTS! EXCELLENT DESIGN & UPSCALE DETAILS. Directions: Hwy 98 W to King Road, right onto Courtland.

38 Elks Lake Road

Hattiesburg

3:00 to 3:30 pm

Dixie 4BD/2.5BA - $294,500ALMOST 8 ACRE SPREAD ON ELKS LAKE ROAD!

MOVE-IN READY WITH FRESH PAINT. Directions: Take Elks Lake Road from Hwy 49 South @ Beverly

Drive-In. 2nd house on left after bridge.

103 High Meadows Circle

Petal

4:30 to 5:00 pm

The Meadows 3BD/2BA - $167,900FABULOUS NEW CONSTRUCTION BY AAA HOMES W/ OPEN AND INVITING FLOOR PLAN. GREAT ROOM W/ VAULTED CELIING AND LAMINATE WOOD FLOORING.Directions: Hwy 42 to Sunrise Road, turn right onto High Meadows.

Timberton 3BD/2.5BA - $199,500ENCHANTING TIMBERTON WATERFRONT WITH THREE ELEVATED PORCHES FOR RESTING AND DREAMING! MOVE IN NEXT WEEK! Directions: Veterans Memorial Drive to Timberton Subdivision, follow Timberton Drive around curve, turn

left on Troon Circle.

40 Troon Circle

Hattiesburg

3:00 to 3:30 pm

The Meadows 3BD/2BA - $162,250SPARKLING NEW AND VALUE PACKED BY AAA HOMES!

OPEN & INVITING FLOOR PLAN W/ WELL PLANNED KITCHEN, KING-SIZE MASTER SUITE. Directions: Hwy 42 to

Sunrise Road, turn right onto High Meadows.

107 High Meadows Circle

Petal

4:30 to 5:00 pm

Trailwood West 3BD/2.5BA - $227,500BRAND NEW, GOURMET, DREAM KITCHEN, PERCHED

ON A LARGE HILLTOP LOT, HOME OFFICE, LARGE MASTER SUITE, BEAUTIFULLY LANDSCAPED. Directions: Hwy 42, right into Trailwood West, house at corner of Broken Arrow

Trail and Mossy Oak Point.

3 Mossy Oak Point

Petal

1:30 to 2:00 pm

For more information and photos of these homes visit

DeLoisSmith.com/Tour-of-Homes