Dyersburg, TN

Every 4-6 weeks, I pull data from the Dyersburg/Dyer County Board of Realtors MLS system and bring you my breakdown of activity for the Dyersburg real estate market area.

•1.) From January 1-February 12^th, 2008 there were 31 single family homes that sold within our MLS! For the same period last year there were 44.

•2.) Of the "solds" for this period, 12 of these were foreclosures.

•3.) The days on market average for all 31 "solds" is 121 days verses 89 days on market last year for the same period.

•4.) For the price range of $90,000 and up there were 16 single family homes that sold with 3 of these being foreclosures.

•5.) The average sales price for this period is $100,392 verses $93,070 for the same period last year.

•6.) Of the remaining 13 homes $90,000 and up that sold already this year, the average sales price to list price ratio is 93.5%.

Now for new single family listings:

•1.) From January 1, 2008 - February 12, 2008 there were 77 single family home listings within our MLS. For the same period last year there were only 3 new listings.

•2.) The average list price this year is $104,038 verses $94,800 for the same period last year.

First the bad news:

With the increase in inventory of 74 units, this should increase the days on market average for our entire market.

Most of the slower sales appear to be in the price range below $90,000.

A higher than normal percentage of new "solds" was foreclosures.

Now the good news!

Interest rates continue to plummet. The average market rate went from about 5.93% to about 5.5% right now!

The average sales price increased by almost 8%.

The sales price to list price ratio is about 93.5%. Not many markets can boost about that high a ratio for list to sold prices!

There are still some great deals out there for investors and home buyers!

Copyright © 2008 By Mike Frazier, All Rights Reserved. *Market update for period Jan 1,2208-Feb 12,2008*

Boy it sure has been a great Saturday! I got up this morning and reviewed a few blog posts here on activerain. Then my family and I went to the park to walk and enjoy the sunshine. We grabbed a bite at McD's and then decided to go out to a friend's house and fish off the dock(Lakewood Community-I will do a post in a few days about this area).

My girls got the shovel out and dug for worms while I loaded up the fishing poles and tackle. When we got there, our friends were already fishing so we joined in. We did not catch very many but I was with my family and friends. We finally said our good byes and I took my family home and I went to meet my clients.

We only looked at two homes, one at "The Farms" priced at $199,000 and the other at "Heathridge" priced at $187,000. Both of these properties just got listed and are very nice. I will return to this post on Monday and add a few pictures. This family I showed homes to today have been looking for a few weeks here in the Dyersburg area. The reason it is taking so long to sell them a home is because they are looking for a real motivated seller and a lower than appraisal price.

I told them they have been watching too much TV "bad news". Our market is actually doing very well! Over and over again I show them the comps for homes in the area and continue to explain that Dyersburg is doing very well economy wise and is actually a growing area. If I were in the market for a new home here in Dyersburg,Tennessee I would want to buy a house that is still going up in value and not going down.

This family liked both homes today and I really believe they will pick the Heathridge home because it is on a small lake(I built this home 9 years ago when I was a contractor). Both of these areas(The Farms & Heathridge) are very "hot" areas in which to purchase and sell. I have written an earlier post about two other hot areas (in a little lower price range) and will return to write about these areas very soon!

Dear Dyersburg Homeowner:

The purpose of my letter is to inform you that right now is an excellent time to sell your home and buy another. I know the national media is saying that real estate is bad everywhere and nothing is selling. Actually, the demand for homes in our area is exactly the opposite. If you live in a good area and only ask appraised value, there is a good chance of getting your home sold within a few short weeks or months. Actually the available inventory for homes in the best selling subdivisions of Dyersburg is shrinking. I wrote an article on-line mentioning just a couple of these "hot areas" . These are not the only hot areas. I will be writing later about several more great neighborhoods.

My agents and I are really busy helping clients relocate into the Dyersburg area. The factories in and around Dyersburg (for the most part) are doing very well. Also, in addition to the two new factories here in Dyersburg, there also several more new factories just across the river(that employee a lot of our people) and other factories just across the river that have been adding more employees like crazy. Good available jobs are keeping the demand for Dyersburg real estate quite high. Right after the new year, I wrote an article discussing how busy my team is in assisting our clients. My company and I work with several very reputable relocation companies that hire us to relocate families into the Dyersburg Tennessee area.In addition to Dyersburg, we also help them relocate families to the Newbern, Ripley, Halls and Tiptonville areas as well. Many for sale by owners miss out entirely on this segment of our buyers. I wrote an article on-line discussing this group of buyers.

Our local Dyersburg folks are also starting to buy. With interest rates at historic lows, many people can now afford to purchase instead of renting. And, many are moving up to more expensive homes. This may very well be the best time to sell your home. While your neighbor sits on the sideline thinking homes are not selling, jump out there and get yours sold and move on to that "dream home".

Now who can get your home sold and how will they market your home? Of course all of the agents know about conventional marketing but how many of them know how to really market your home on the Internet? More and more people are looking for homes on-line before contacting any real estate agent (over 70%). Did you know that I get over 75% of my new business from the Internet? How did you find this article? That's how many of my new clients find me also! Call or e-mail me today if you are ready to sell your home and hire a "professional, connected Realtor".

Sincerely,

Mike Frazier

Broker/Owner e-mail Mike@dyersburgrealestate.com

Carousel Realty office # 731-285-2277 cellphone 731-589-7841

1021 E. Tickle Street

Dyersburg, Tn 38024

I just got off the phone with a client in Maryland who is considering a move to our area. She currently owns 3 rental homes here(that I sold her over the last 2 years). When she started buying here her plans were to move here.

Jackie called today to tell me she has almost decided to move to Jackson,Tn instead. I asked her the reasoning for this and she made the statement that there is more happening in Jackson. She likes a little larger town than Dyersburg.

I asked her if she knew that I69 has selected to go right through the Dyersburg Tn area? I also asked her if she knew that we have landed a new river port very close to Dyersburg that is projected to really impact our area!

I asked her if she has been seeing all the new restaurants coming into the area? I asked her if she has been seeing all the new factories moving into the area? I forgot to mention the hugh new ethanol plant being built near here. I forgot to mention all the plants just across the river that have just recently opened and many residents are working there now!

I failed to mention the new additions and new departments at the local hospital and all the doctors we have now!

I failed to mention the new schools that have just been built!

Anyway, when we finished our conversation she told me that it sounds like Dyersburg is ready to explode!!! She also said that she thinks she was hasty in thinking about Jackson and it sounds like Dyersburg is the place she wants to be!

Copyright © 2008 By Mike Frazier, All Rights Reserved.*Dyersburg's Boom is Coming!*

Dyersburg TN,38024

The real estate market in Dyersburg is improving according to the latest numbers provided by the Dyersburg MLS. These numbers reflect the data for the city of Dyersburg only.

In January of this year (08) there were 11 new sales verses new listings of 21 for a percentage sold of 52.38%.For the same period last year there were 15 new sales with new listings of 36 for a percentage sold of 41.67%. That reflects an improvement in sales with a decline in new listings(signs of improving market)

Other improvements noted in our MLS data is(days on market). In January 2007 the DOM was 136 and for the same period in 2008 was 134.

Still another improvement is the sales price/list price ratio. For January 2007 that ratio was 95.66% and in same period 2008 it is 96.17%.

Here are some other numbers for this time period of January 2008.

Average list price sold-$103,618

Average sale price sold-$99,651

Today, there are 181 active single family listings in Dyersburg with an average list price of $103,947.

Earlier this month I did a post about the Dyersburg real estate market conditions and another post about the market as we were closing out 2007 and entering 2008 .

Copyright © 2008 By Mike Frazier, All Rights Reserved. *Real Estate Market Conditions for Dyersburg for month ended January 2008*