Randy Landis

Exit Realty is poised to become the largest most productively successful real estate company, ever! That's according to founder and CEO Steve Morris, who has been on the money with all of his prognostications since launching the fastest growing real estate franchise operation in N. American history. When top producing agents from other national franchises show up to join Exit, it is a pure testament to the forsight these agents bring with them and the complete understanding of future success this company can provide them and their families. Vincent Arcuri, previous top producing ERA Real Estate agent, believes that by 2019 Exit Realty will be the largest such franchise operation on the continent.

He also states that during his last full year with ERA that his team paid $56,000 to ERA in commission royalties for 2008. The modest and reasonable transaction fees with Exit Realty are capped and would have saved Vincent $52,300 that year alone. Add to that the money saved because of no desk fees and the money earned with residuals and one begins to understand the earnings potential Exit Realty provides to ALL its Associates. More than 100% split on commissions. Some agents with Exit are said to be earning more than 150%, 200%, 300% or even higher. Valerie Reyes, top sponsoring agent in New York, is said to be earning over 600% of her sales commissions.

Most traditional real estate agents do not understand the power of single level
residuals and should look to Exit Realty's corporate website for complete
information on Residuals, Retirement, and Beneficiary Benefits.

Visit http://exitrealty.com for information or for a confidential discussion on how Exit Realty can benefit you and your family, call or contact Randy Landis at 662-231-9107. Exit Realty Premier, Tupelo, MS.

Yesterday, Ben Bernanke, Fed Chaiman, announced while taking questions after a speech that the recession was over. Although unemployment levels are alarmingly high, his stance was that on most technical levels, the recession has ended, but that it would be a long painful recovery, well into next year.

Recently, Standard & Poor's reported that its S&P/Case-Shiller U.S. National Home Price index of real-estate values increased during the second quarter over the first quarter of 2009, the first quarter-on-quarter increase in three years. Its index of 20 major cities also rose for the three months ended June 30 over the three months ended May 31, with only hard-hit Detroit and Las Vegas experiencing declines. The week before that, the National Association of Realtors reported that sales volume of existing homes was up 7.2% in July from June.

In short, does this data suggest that real-estate prices hit a bottom some time during the second quarter, and have now begun to rise? There's no way to be certain that this marks the end of the long, painful correction that followed the real-estate bubble, but clearly prices are no longer in free-fall. That means if you've been sitting on the fence, it's time to act.

As a real estate agent, broker, homeowner and investor, I can understand why buyers have been cautious. Few want to buy in down markets, just as stock buyers avoid bear markets. And for most people, of course, buying a house is a much bigger decision than buying a stock. But with real-estate prices nationally now down about 30% from their 2006 peak and showing signs of turning up, the prices aren't likely to go much lower. Every real-estate market is local, and so there may be a few exceptions. Overall, though, I can't imagine a better time to buy than now

The real attraction compared to bargain prices is the cost of obtaining a mortgage. Rates since Labor Day have dropped to some of the lowest levels of the last two years. 15 year rates were the most attractive however, there are some reports that lenders are moving loan closing costs upward.

In addition to bargain prices and great rates, buyers also should find plenty of homes to choose from. The national inventory of unsold homes was 4.09 million units in July, up 7.3% from June, according to the National Association of Realtors. Even the stricter appraisal process is working to the advantage of buyers. Appraisals are coming in far lower than most sellers have been expecting, forcing them to face the new reality of sharply lower prices. And with stricter standards, lenders aren't going to let buyers borrow more than they can afford, which protects buyers and helps to keep prices down.

Unless you're really prepared to accept the demands (and headaches) of being a landlord, direct ownership of real estate as an investment is not recommended. The days of buyers lining up to flip Miami Beach and Las Vegas condos are mercifully gone.

There are much easier ways to make money in real estate, such as real-estate investment trusts or buying shares in home builders and other housing-related businesses (such as Home Depot). Historically, the mean rate of return on real estate has been around 3%, according to research from Yale economist Robert Shiller, who co-developed the Case-Shiller index. Shares in REITs and other stocks have often done much better.

But there's a good reason homeownership has been such a central part of the American dream. It delivers security, pride of ownership, a sense of community and decent investment returns as a bonus. On the other side of the foreclosure crisis is another story. For every hardship story, and no doubt there are many, others are realizing their dreams of home ownership and getting what may well turn out to be the deals of their lives.

Partial content courtesy of Jeremy Less, Community Mortgage, Memphis, TN

With permission from our North American President, I am re-posting her blog and invite anyone who wishes to hear about our real estate market or where the housing market is headed, tune in to her Public Webinar on June 24th. Information follows:

Public Q&A on the Real Estate Market with Tami Bonnell, EXIT Realty's US President

Is it still reasonable to dream the dream of home ownership? Although the white picket fence comes in many forms nowadays, from condos to co-ops, from townhomes to bungalows, the dream is still a realistic one for American families this June, Homeownership Month.

"It's not just a platitude to say that this is the best time in years to buy real estate," says Tami Bonnell, President of the US Organization of EXIT Realty Corp. International. "The National Association of Homebuilders recently announced that housing affordability has jumped to its highest point in the past 18 years and the National Association of REALTORS^® reported that existing home sales rose in April."

Industry insiders know this is good news but it has left consumers with many questions. In order to address those questions, Ms Bonnell will be holding two free, half-hour webinars for the general public on Wednesday, June 24^th at 4:00 p.m. and 7:00 p.m. ET. There will be an opportunity for attendees to ask questions during the sessions. Now anyone can ask an objective, experienced real estate executive for the real scoop - and get a straight answer. This is a must-attend event for anyone who is thinking of buying or selling real estate or wondering about where the market is going.

To participate, visit the homepage of www.exitrealty.com and click on either the 4:00 link or 7:00 link to register. You will need an internet connection and speakers to participate.

I posted information in January about market timing and today I was reminded how tough it is, or isn't to do so. Watching the news over and over has been verifiably disheartening and recently, the few positive things thrown in the press mix are starting to have a positive effect on me.

I believe my mind has choosen to ignore the "bad" and pay strict attention to the "good". When the good news hits the airwaves, it is resounding to me. Am I re-programmed? I believe that one can be so tired of hearing nothing but negative, that subconciously, it's all tuned-out and then tuned-back automatically when we hear positive things. Can somebody please launch a "good-news" channel? Just think of the people that would tune in. Now, there is a whole new untapped market just waiting to be had!

Last January I wrote:

"The other day, I asked a friend of mine who plays the stock market, whether he has ever successfully timed the bottom of a market swing. His reply - "No." If market timing were that simple, there would be many more rich people in this world. Everything we were ever taught, while in school and during the course of our entire lives, was to always Buy Low and Sell High! If most buyers would concentrate more on just buying low with historically low interest rates, then market timing isn't really that important. Waiting for prices to drop another 5-10% means nothing when interest rates climb three quarters to a point above where they currently are.

Consumers will lead us out of this recession and when it's all in the rear-view mirror, there will be a big collective sigh of relief and two catagories of post recession comments: 1) "I'm sure glad we bought when we did!" and 2) "I sure wish I would have bought when the market was at the bottom."

You see, nobody knows what the bottom looks like when you are there. It's only when your on the way up that you recognize it. By then, you missed it!"

There are some good things happening and maybe timing this market bottom is not as hard as it seemed it would be. I keep hearing that we are here and we very well could be. Then again, it may take a little while while longer but one thing's for sure, when the ride up comes, it will be a good ride to catch. As we all tune-in to the good stuff, good things will happen!

And if you are in the market to buy...then get in already and buy something!

Tupelo/Lee County Area MS Market Report - April 09

by Randy Landis, GRI, ABR, RFS

Northeast Mississippi Real Estate

The following is a market and sales breakdown for the Tupelo/Lee County and the surrounding region for April 2009.
Because reported sales activity comes from a minimum of a 10 county area, these numbers are divided into two catagories: 1) Tupelo/Lee County and 2) All Other Areas.

Lee County is a regional market and employment center comprised of the following major communities: Tupelo, Belden, Saltillo, Guntown, Baldwyn, Mooreville, Plantersville, and Verona.

All Other Areas inlude the reported MLS market outside the Tupelo/Lee County market area and include other population centers such as Pontotoc, Fulton, Booneville, New Albany, Amory, Baldwyn, Okalona, Corinth, Ripley, and many other smaller communities.

TUPELO/LEE COUNTY

There were 46 residential sales in Tupelo and surrounding Lee County for the month of April 2009. This is down by 10 closings. After two consecutive months of increased sales, this is the first down month in 3 months. The average sales price was $140,261, an increase of over $14,000 compared to last month. The average Days on Market (DOM) was 127, up from 108 one month earlier. A nominal increase was seen in sales in the upper end market with a maximum sale price of $475,000 reported and contributed to the overall increase in the average sale price.

As of May 1st, there were 626 Active residential listings in Lee Co/Tupelo. Up slightly by 11 homes, it represents some stability in the number of homes on the market for sale. An increase in inventory can be considered typical for our spring real estate market. Using a 90 day moving average, this represents a 13.9 month supply of inventory, an increase of .2 months compared to March. Overall, the demand for Tupelo area housing remains stable with below average demand for homes. Some buyers though are taking advantage of historical low interest rates and lower prices. A slowing of declining property values is assumed with sellers doing fewer price reductions and receiving an average of 95% of their asking price.

All OTHER AREAS

There were a total of 44 reported residential sales outside the Tupelo/Lee Co area. Sales reported for April 2009 compared to 42 one month earlier, remaining steady. The average sales price was $75,887 and did represents a decline of just over 9% compared to one month earlier. The highest priced sale reported was $249,000. Sellers list to sales price ratio improved by 2% to .93, lagging slighty behind the Tupelo/Lee market (.95). The average Days on Market (DOM) increased by one week to 153 and using a 60 day moving average, represents 13.0 month inventory. Outside Lee County, there were 559 Active listings for sale.

OVERALL as of May 1st, 2009, there were 1,185 Active residential listings for sale in the NE MS MLS. This is an increase of 21 properties compared to one month earlier. An increase in the number of homes on market is typical for this areas spring real estate market. Based on a 90 day moving average, that represents a 14.48 month inventory compared to 14.8 for March, indicating a slight improvement in total inventory. Last months (Mar) inventory was down approximately 5.0% compared to one month earlier (Feb).

4.5% of all listings are HUD, REO or other foreclosures, and indicates no change from one month earlier.

Although only 4 fewer sales were reported in our market compared to one month earlier, this represents some stability in the overall market. Compared to the same month 1 year earlier, only a 7.5% decline in sales was realized. Our local market appears to be significantly stronger than that of larger regional markets and the national real estate market as a whole.

Days on Market for our area was slightly longer, as it remains closely related to the stagnant upper end market. Qualified buyers are beginning to take advantage of low rates and good home values. Increases in sales for this time of year are considered a normal buying trend of a spring market. The demand for Tupelo area housing remains favorable and the willingness to secure housing not been significantly curtailed by recent economic activity. Any decline in local sales can be directly attributed to the non-availability of loan programs of the recent past, having a big effect on numbers of qualified buyers under altogether different lender's guidelines.

Some parts of our region qualifiy for USDA (Rural Development) loans and there are local lenders that provide this loan program. USDA loans are NO MONEY DOWN, low interest loans. Income limits were increased recently and more buyers should qualify for this great program.

Smartly priced homes continue to become the normal in our market and indicate the willingness of seller's to conform and compete in a buyers market. Attractively priced homes are selling much earlier than the competition and do draw multiple offers.

Showing activity remains steady and can be related to various factors. Buyers are definately looking longer and at more homes before making their decision. Homes that are well kept and marketed well are showing steadily and selling faster.

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About the author:

Randy Landis is a Broker with EXiT Realty Premier in Tupelo, MS. and specializes in residential real estate. Visit www.exitpreview.com for a complete list of area real estate for sale.

Disclaimer; All information provided by this author may be based on information, all or in part, collected from multiple sources, including from the Northeast Mississippi Board of REALTORS, and is believed to be accurate but not guaranteed.

Posted 5/12/2009