Olive Branch, MS

The Olive Branch real estate market is not experiencing as much of a decline as many areas of the country are at present. However, the numbers are not as good as we all would like to see them. Through April 30, 2008 Olive Branch recorded 913 residential home sales compared to 1,327 for the same time frame in 2007. This is slightly more than a 31% decrease in units sold in just one year. The average list price of a home in April 2008, was $164,716 compared to $169,589 in April 2007. That means that, in general, Olive Branch homeowners are listing their homes about 2.9% lower in 2008 than in 2007. Furthermore, the average sales price in April 2008 was $160,054 compared to $166,746 in April 2007. This is a 4% decrease in sales price from 2007 to 2008.

Although these numbers are not what any of us would like to see, the fact remains that Olive Branch is experiencing less of a hit to its market than are many communities across the nation. And remember this, if you are a homeowner looking to move to a larger and more expensive home, there will never be a better time to buy. Why? Let's look at some numbers. If you live in a home that would normally bring $150,000 on the market and you apply the 4% decrease in sales price mentioned above, then you would lose $6,000 ($150,000 x 4%) by selling in the current market. However, if you are looking to buy a home that would normally sell for $200,000 then buying now would save you $8,000 ($200,000 x 4%) by buying now. So, when the market turns around, and the market ALWAYS turns around, then you would actually realize a $2,000 ($8,000 - $6,000) gain on your home investments.

And, of course, if you are a first-time homebuyer, then this is the perfect time to purchase a home in Olive Branch. The prices are low, the inventory plenteous, and the mortgage rates will most likely never be better.

Alan McClurg

Olive Branch Real Estate Agent

www.alanmsellshomes.com

After much anticipation and planning, the new Olive Branch Senior Citizen Center is now open. Located at the Hwy 305 entrance to the City Park, this 10,000 square foot facilitiy will offer entertainment and recreational activities for seniors (age 50+). This is a Computer Lab, Exercise Room, Reading Room, TV Lounge, 200-seat Assemly Room, and areas for all sorts of special activities.

For more information, you can contact the Seniors Coordinator, Missy Powell, at 662-890-7182 . . . or better yet, drop by and see what this great addition to Olive Branch has to offer!

Tracy Kirkley, Broker

www.TracyKirkley.com

To see a full list of all the upcoming activities in Olive Branch, MS, you can go to: http://www.olivebranchms.com/ . . . but here are a few things that are coming up:

April 28 - 4th Annual Olive Branch Arts Council Play: "Laughter on the 23rd Floor" (held @ Olive Branch High School)

May 3 - 4th Annual Mud Bug Bash benefitting Palmer Home for Children from 7pm-12pm. With soulful Zydeco sounds, enjoy all the Mudbugs you can eat while bidding on your favorite auction items and dancing to the music of Almost Famous.

May 10 - Mayfest in Old Towne. Lots of booths, activities, and fun for all ages!

Olive Branch is full of all sorts of fun and activities for its residents and neighbors. This is one of the many things that makes it such a great place to live!!

Tracy Kirkley, Broker

www.TracyKirkley.com

Olive Branch, Mississippi

Real Estate Market Update

March 28, 2008

Residential properties in Olive Branch can be found in a wide array of price ranges. There are currently 828 homes listed for sale with prices ranging from just below $100,000 up to over $500,000 . . . with just a few over the $1,000,000 mark. The pricing breaks down as follows:

< $100,000 = 15 homes

$100,000-$149,999 = 125 homes

$150,000-$199,999 = 193 homes

$200,000-$299,999 = 332 homes

$300,000-$400,000 = 125 homes

> $400,000 = 38 homes

The average days on market for these listed homes is 165 days. The average list price is $259,062. The median list price is $235,505.

In the previous six months in Olive Branch there have been a total of 346 listed homes sell. The sold homes for the last six months break down as follows:

< $100,000 = 35 homes

$100,000-$149,999 = 77 homes

$150,000-$199,999 = 97 homes

$200,000-$299,999 = 81 homes

$300,000-$400,000 = 43 homes

> $400,000 = 13 homes

The average days on market for these sold homes was 129 days. The average sold price was $204,176. The median sold price was $179,950.

Based upon the information above there appears to currently be a 14.3 month overall supply of homes in Olive Branch IF no other homes come on the market. This is Absorption Rate . . . the rate at which the current inventory of homes would be expected to sell. The breakdown regarding supply in the price ranges is as follows:

< $100,000 = 2.6 month supply

$100,000-$149,999 = 9.7 month supply

$150,000-$199,999 = 11.9 month supply

$200,000-$299,999 = 24.6 month supply

$300,000-$400,000 = 17.4 month supply

> $400,000 = 17.5 month supply

OK! That is a lot of information and a whole lot of numbers to absorb, so what the heck does it all mean for the average buyer or seller??? Well, here are my thoughts:

BUYERS

Buyers, your best bets for getting the best deals are going to be for homes $200,000 and above. These sellers are in heavy competition, especially with the builders . . . because this is where the majority of the new construction exists. So, does that mean that you should find a house that you like and then lowball it? The answer to that question lies in what the market analysis says for that house . . . this is something your Realtor can prepare for you once you find a house that you like. It is very possible that the seller has priced their home to sell . . . which means they may have it already priced below what the market indicates it should sell for. If this is the case, even in this market, you may still need to act fast and make a reasonable offer, or someone else may buy the house out from under you. However, if the market analysis shows that the home is priced above the market, then get advice from your agent on how low you should offer . . . and be sure that when presenting the offer on your behalf, your agent provides supporting information for why you offered what you did. The seller may still feel insulted with the low offer, but if there is a supporting CMA, it could lessen the sting for them. Also, keep in mind that nearly any time you make a "lowball offer" you run the risk of making the seller mad, which could make them much tougher to negotiate with in the long run. Talk to your agent about this. Also keep in mind that this is NOT the market to overpay for a house . . . unless you can find nothing else you like and you plan on being in the house for a very long time . . . if that is the case, then buy the house you want.

Deals will also present themselves below the $200,000 mark . . . but you will be in tighter competition for those deals, so be sure to act fast! If you are looking for a home below $100,000, you may be in a situation of "take what you can find" because those are in very short supply in Olive Branch.

SELLERS

Sellers, first, if you have a home in the $200,000+ price range in Olive Branch, let me apologize to you . . . just in case I made you mad by what you may have read above in my comments to the buyers. However, remember "it is what it is" . . . and the numbers "are what they are". So, how, as sellers do you deal with it. Like this:

First and foremost, get a great Realtor, who is backed by a great company and lots of support. This is NOT the time to be looking for "cheap" when it comes to who helps you get your home sold . . . especially if you are in a position that you HAVE TO sell. The agent you hire needs to have a top notch marketing plan and be able to show you that they can get results. Ask the tough questions about their average days on market, what support they get from their company, what they absorption rate is for homes in your price range (if they can't tell you this, then they have not done their home work . . . or they don't know what it is). Hire your agent based upon their marketing plan, their knowledge of the business, if you feel they can be trusted, etc . . . DO NOT hire an agent based solely upon what they tell you they can get for your home. An agent cannot determine a selling price . . . the market does that. The agent can only render their opinion based upon the market's recent history, the current market competition, the absorption rate, etc.

Second, DO NOT overprice your home. There are many reasons for this. In a highly competitive market, overpriced listings stay on the market much longer . . . even if you do reduce your price throughout the life of the listing. Homes that have a longer than average days on market get "shop worn". In other words, folks don't get as excited about them and wonder what is wrong with the house, since it has just been "sitting". Your prime time for attracting buyers is within the first 3-4 weeks . . . so it is imperative that your home is priced right from the beginning. After the first few weeks, all of the "pent up" buyers go away, and then all you have are new buyers coming into the market place. "Pent up" buyers are those who have been looking and haven't found yet what they want . . . so when a new home comes on the market, it is like fresh meat and all of the "pent up" buyers go rushing to it.

Third, BE SURE your home is in tip-top condition. This means that it should be in good repair, squeaky clean (inside and out), and free of clutter. You may also want to consider having a professional stager assist with staging the home to sell. However, if you have hired a great Realtor and you listen to AND do the things that they suggest, you should be in a good position with this regard.

Fourth, focus on the features of your home that set it apart from others. For instance, if in your price range all homes have tile floors in the kitchen and baths, don't focus on that. Instead, focus on the fact that your is in a quiet cul-de-sac and has panoramic views of the countryside . . . or whatever the special features of your home are.

Sellers who see the market for what it is and poise themselves to be one step in front of the competition (whether by marketing, price, condition, features, or all of the above) will see the best results.

Good luck to you all, whether you are buying or selling. Opportunities exist for everyone if you know what your are doing and hire a great Realtor.

For additional information, don't hesitate to contact me at 662-895-8300 or 901-210-8045.

Tracy

P.S. The information regarding homes listed and sold was compiled from the MLS system of the Northwest MS Assoc of Realtors. It is deemed reliable, but not guaranteed.

Olive Branch, MS is my chosen hometown and I love living, working, and playing here. Here are just a few of the reasons I love it here:

LOCATION: Olive Branch is located in the northeast corner of Desoto County, MS and just across the state line and south of Memphis, TN. This location gives us the "best of both worlds". We have the benefit of being in a small-town atmosphere, yet we are literally within a few miles of all types of "big city" attractions (international airport, professional sports, theater, major medical facilities, major colleges and universities, great shopping and restaurants, major industry and employers, plus so much more).

SCHOOLS: One of the biggest draws for all of the communities within Desoto County is the great school system. We have award-winning schools filled with the best teachers anywhere. Because the schools are so good, we continue to have an influx of new families moving here. The Desoto County School System is the fastest growing school system in the state of Mississippi and is projected to be the largest school district in Mississippi in 2008. For detailed information on Desoto County Schools, go to http://www.desotocountyschools.org/.

PARKS AND RECREATION: Olive Branch prides itself on having plenty of places for kids of all ages to gather and play. Whether it is the main City Park with its lakes, ball fields, tennis courts, walking trails, pavilions, playgrounds, and more OR the new soccer complex OR one of many neighborhood parks and playgrounds, you are sure to find a spot that is just right for you. With four great golf courses, including a super country club (http://www.obcountryclub.com/), finding a place to work on your game should pose no problem at all.

OLD TOWNE: This section of town is the heart and soul of the city. Per its name, Old Towne is located in the original part of Olive Branch and is full of quaint shops and restaurants, is the location of City Hall, and plays host to festivals and events all year round (classic car shows, Mayfest, street concerts and dances, plus more). For more information on Old Towne, go to http://www.olivebrancholdtowne.com/.

THE PEOPLE: You just can't beat the friendly folks of Olive Branch. Whether it is they Mayor (who will actually return your calls and e-mails personally), your neighbors, or the clerk at the grocery store . . . you just won't find better people anywhere!

Small town southern charm, all of the conveniences of being in a major metropolitan area, great weather, great schools, great people . . . what more could you ask for!?

For more information about all aspects of Olive Branch, including Real Estate, go to the Featured Links section of my website: http://www.tracykirkley.com/. Don't hesitate to send me an e-mail or give me a call if I can answer any questions for you.