In my last post I pulled some data from my MLS concerning the Dyersburg real estate market and did a market report for the period from Jan 1, 2008-Feb 12, 2008. One of the last things I reported was on the "solds" sales price to list price ratio.
In that report, I pulled out the "solds" that were foreclosures and just looked at the "normal solds". I was very surprised at the results. We had a couple of the properties sell at list price and a couple sell way under list price so those balance each other out. However, the average sales price to list price ratio(for entire group) came out to 93.5%.
In my opinion that is indeed pretty good. A few days ago, I wrote another post about my activities one Saturday. At the end of the post I mentioned showing two Dyersburg Tn area homes to this family and I thought they would pick the Heathridge home. However, just last night we negotiated a deal on the "Farms" home.
I mention this to you to also take us back to the sales price to list price ratio. This home is selling for exactly 93.5% of list price! Now what are the odds of that unless it is truly in line with the rest of our market today?
Copyright © 2008 By Mike Frazier, All Rights Reserved. *93.5% average sales to list price ratio-Is that good?*
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 12th, 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!*
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My specialty is working with buyers & sellers in the Dyersburg area. Much of my new business comes from internet marketing. I also get a lot of repeat business & referrals from past clients. Thank-you
After graduating high school, I entered the Air Force and travelled around the world. After serving 4 years and being honorable discharged, I went back to college and received a business degree in management. I got my real estate license in 1992 and began not only working with clients but also buying rental property. Soon after that I got my residential contractors license and built many many quality homes. Just recently I retired that license to devote 100% of my efforts to helping buyers and sellers.
I am married(for 27 years now) to Gail Berry Frazier and we have 2 beautiful daughters Lauren 15 yrs and Erin 12 years old. I am so proud of my wife and daughters and let me tell you they are my whole life; second only to God!
Also, I am very proud to be the first and still only realtor here writing online about the Dyersburg real estate market. In addition to staying abreast of the real estate market here, I also actively seek out the latest information in marketing strategies.
I am working very hard to make my mark in the Dyersburg real estate market while putting the needs of my clients above my own. My business is built around trust and as a result I receive many referrals. In 1998 my new company was formed(Carousel Realty of Dyer County) and currently I have 7 agents and a trainer. My trainer and I spend countless hours teaching our agents how to sell real estate but more importantly how to take care of their clients.
My area of expertise is relocating out of town clients into the Dyersburg,Tn area. My agents and I also list residential and commercial property here in West Tennessee. I love my job and love to help my clients with their housing needs.
I also have a passion for selling waterfront property here in West Tennessee. We have two main areas that are waterfront-Lakewood(5 lakes) and historic Reelfoot Lake.
Also, our company works with all the major relocation companies relocating clients into the Dyersburg real estate market area. We relocate people from the Reelfoot Lake area to just south of Ripley,Tennessee. The map of our coverage area can be viewed here along with information and listings for Dyersburg real estate.
Halterman Testimonial
Mike asked us if we would give him a recommendation regarding our home purchase. We are Jeff and Teresa Halterman and we just moved to Dyersburg,Tennessee from Mississippi. We closed on the purchase of our new home on Hwy 78 just yesterday (Oct. 4, 2007).
Teresa gave Mike a long list of possible homes but Mike helped her discard several before we even looked. We spent one entire Tuesday looking at homes(list narrowed down to 8). Teresa kept saying, "this house is just too small" or "I just do not like this location". We completed looking at the entire list of homes at 1:30 and we went to lunch. Mike gave thanks for the food and then asked the Lord to help us find a home!
We returned to Mike's office for one final look through the MLS and Mike came up with one listed home and one unlisted home that he knew the owners were getting ready to sell. Mike set appointments up for both and we were off to look. When we walked into the home on Hwy 78, Teresa smiled at me and said, "this is the one".
This is the first time a realtor has been able to help us find and buy a home on the first day looking. Mike was very patient and very professional. He is definitely one fine realtor. We highly recommend Mike Frazier and Carousel Realty. Thanks again Mike for a job well done!
Hansford Testimonial
My name is Kathy Hansford. Mike Frazier and his team at Carousel Realty just helped my family buy a home. I have been wanting to own a home for quite some time and finally talked my husband into getting serious about purchasing. At the top of my list was buying in this one neighborhood. My husband is very detailed and methodical and his list for my new home was very long.Guy is an appliance repairman by day and an home inspector by night (at least he was when we were looking to purchase a home). Mike found us a great home in my chosen neighborhood. Not only was Mike very patient with my husband as he inspected (everything) but we also found him to be very professional and he made our purchase process go very smoothly. I recommend him to anyone considering a purchase in the Dyersburg area and will be glad to talk to you personally about our purchase. Let Mike know you desire to talk to me and he can arrange that for you.
Reisner Testimonial
Hello, I am Mark Reisner and my wife's name is Lori. About 3 months ago, I employed Mike Frazier with Carousel Realty to sell our home. We lived on Wesley Drive(one of Dyersburg's newest subdivisions).We debated trying to sell by owner but I got a job offer in Tulsa,Ok that I could not turn down and we had to be in Tulsa by the August 10th.
Mike did a market analysis and told us where to position our home on the market. He stated that if we price it where we did, it should sell within 90 days.We had several showings before we left for Tulsa but the home sold about 3 weeks after we left. Mike had it on the market for 86 days. Another agent in his office made the sale but Mike was really skillful in his negotiations on our behalf. We are now homeless in Tulsa; but are purchasing very soon.
Thanks Mike for a job well done!
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