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.
_________________________________________________________________________________________________
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
Tupelo/Lee County Area MS Market Report - March 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 Mar 2009.
Because reported sales activity comes from a minimum of a 10 county area, these numbers are divided into two catagories: 1) Lee County and 2) All 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 Areas include include the Lee County area and other population centers such as Pontotoc, Fulton, Booneville, New Albany, Amory, Baldwyn, Okalona, Corinth, Ripley, and many other smaller communities, located across the surrounding nine county area.
TUPELO/LEE COUNTY
There were 56 residential sales in Tupelo and surrounding Lee County for the month of March 2009. This is up from 34 and up for 2 consecutive months. The average sales price was $125,416 (increase) and the average days on market (DOM) was 108, a slight decrease. Sale prices ranged from a low of $14,900 to a high of $427,000 and a slight improvement in the upper end market (Tupelo) was noticed as the average sale price was also up.
There are currently 615 Active residential listings in Lee Co/Tupelo, and represents a decline of approximately 8% over last month. Using a 60-day average, that represents a 13.7 month supply of inventory. Overall, the demand for Tupelo area housing was up.
All AREAS
There were a total of 96 residential sales reported for March 2009 compared to 61 one month earlier. The average sales price was $105,921 (increase) and the average days on market (DOM) increased by 5 days to 134. The average sales price was calculated at $105,399 with the median sales price at $82,500, up from $79,000 in March.
There are currently (as of 4/1/2009) 1,164 Active residential listings across the area and based on a 60-day average, that represents a 14.8 month inventory. Inventory was down approximately 5.0% compared to one month earlier.
4.5% of all listings are HUD, REO or other foreclosures, down from 5.5% a month earlier. A decline in March sales compared to March of 2008 was 24%, but represents a improved and stronger sales picture from one month earlier.
Overall, our market continued to show some strength compared to the previous month but figures were lower (as expected) compared to 1 year earlier. This increase in sales for this time of year is a normal trend entering the spring market. The demand for Tupelo area housing was more evident as compared to the surrounding market area. The number of foreclosures actually declined as demand for real estate 'deals' increased. While inventory was down, DOM actually increased slightly and was directly attributed to the more stagnant upper end of the market.
Some parts of our region qualifies for USDA loans and there are local lenders that provide this loan program. USDA income limits were increased and should qualify more buyers for this great program.
Smartly priced homes are becoming the normal in our market and indicate the willingness of sellers to conform and compete in a buyers market. Some attractively priced homes are selling much earlier than the competition and do draw multiple offers.
Increased showing activity remains on the upswing and can be related to the spring market. Homes that are marketed well are showing steadily.
_________________________________________________________________________________________________
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 4/14/2009
I recently posted a blog a couple of weeks ago ( Why Buy Now? ....when who knows whats coming. )with information about why it is such a great time to buy. Because rates and home prices both down, and if buyers are thinking about buying, there would be no better time than now, as compared to recent history.
It came as a surprise to me when I received an anti-comment about my post. This commenter basically stated that it was 'no surprise' that a real estate professional was, once again, giving bad advice to people and that we professional's shouldn't be attempting to 'time' the bottom of the market.
I've been gloating ever since. Our local market has up-ticked slightly (as opposed to shrinking) and there has been more positive reporting lately compared to the negative. Aside from the auto industry and AIG bonuses, I think most folks are ready to move on. Everyone needs shelter and it is more affordable than ever.
NOW GET THIS! I believe that things will get better...sooner. I affirm daily!
0
Tupelo/Lee County Market Report - Jan 2009 (revised 3/11/09) (edit/delete)
Tupelo/Lee County Area MS Market Report - Feb 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 Feb 2009.
Because reported sales activity comes from a minimum of a 10 county area, these numbers are divided into two catagories: 1) Lee County and 2) All 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 Areas include include the Lee County area and other population centers such as Pontotoc, Fulton, Booneville, New Albany, Amory, Baldwyn, Okalona, Corinth, Ripley, and many other smaller communities, located across the surrounding nine county area.
TUPELO/LEE COUNTY
There were 34 residential sales in Tupelo and surrounding Lee County for the month of February 2009. This is up from 28 one month earlier. The average sales price was $108,098 and the average days on market (DOM) was 122. The sale prices ranged from a low of $7,500 to a high of $350,000 with the median sales price at $98,750.
There are currently 666 Active residential listings in Lee Co/Tupelo, a decline of approximately 3% over last month. Using a 60-day average, that represents a 9.3 month supply of inventory.
All AREAS
There were a total of 61 residential sales reported for February 2009 compared to 48 one month earlier. The average sales price was $101,485 and the average days on market (DOM) was 129. The median sales price was calculated at $79,000 for February.
There are currently (as of today's date) 1,224 Active residential listings across the area and based on a 60-day average, that represents a 8.9 month inventory. Inventory was down approximately 2.8% compared to one month earlier.
5.5% of all listings are HUD, REO or other foreclosures, up from 4.8% a month earlier. A decline in February sales compared to February of 2008 was 37%.
Overall, our market improved slightly from the previous month and although foreclosures grew as a percentage of the inventory, inventory and DOM were both improved.
Some parts of our region qualifies for USDA loans and there are local lenders that provide this loan program.
Smartly priced homes are moving more quickly than normal and do draw multiple offers.
Showing activity has reportedly picked up according to several area agents.
_________________________________________________________________________________________________
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 2/11/2009
EXiT Realty Premier - Tupelo, Mississippi. Full service real estate services in Tupelo, Saltillo, MS. Residential sales - new construction, foreclosures, REO's. Technology based marketing solutions.
Welcome to Tupelo, Northeast Mississippi! Tupelo is truly Mississippi's "All America City." It's the place to go for small town friendliness and big city attractions. A vibrant, booming city cradled in the hills of Northeast Mississippi, Tupelo charms visitors the world over with a unique mix of museums, historical sites, shopping centers and entertainment facilities.
Tupelo has been recognized three times as an "All America City," a designation bestowed upon a select few by the National Civic League. Tupelo's most recent selection was in 1999. Tupelo has also been chosen for inclusion in both the first and second editions of the Best Towns in America by author Hugh Bayless.
For all Tupelo area real estate and homes for sale, visit our website www.ExitPreview.com
For up to date market information and statistics for Tupelo/Lee county and the surrounding counties, visit my blog on this site. To preview Tupelo and Saltillo area homes, houses, property, and area real estate via my new MLS Power Search, click here to get to our website and then search the MLS.
EXiT Realty Premier's website also features homes and real estate for the surrounding counties in Northeast Mississippi. Communities include: Baldwyn, Belden, Booneville, Fulton, Guntown, Mantachie, Mooreville, Nettleton, Plantersville, Pontotoc, Saltillo, and Verona.
www.ExitPreview.com also features an other resources area with information and community links for our area.
I was raised in and around the Southern Chicago region, including the rural area south of Kankakee, Illinois. During my formulative years, my parents operated a grocery store, truck stop and restaurant, and then another grocery store and I believe I learned the importance of customer service at an early age. Shortly after high school, I joined the Navy ranks and proudly served with the Naval Weather Service. I obtained my college education while in the Navy and majored in business. After leaving the service, I went to work with the National Oceanographic and Atmospheric Administration - National Weather Service. After a total of 25 years working in oceanography and meteorology, I voted for change and went to work for myself. The restaurant and nightclub business "tried" me for awhile, and for several years thereafter, worked in and around the construction and home remodeling industry.
Just prior to entering the field of real estate, I worked as the Tupelo city carpenter for nearly one year while I studied the Southern Building Code (SBC) and prepared myself for obtaining my state General Contrators License. My experience and study while in the home construction industry provides me with knowledge to better assist my clients with issues of construction, value, maintenance, and home ownership.
I completed course work with the Mississippi Real Estate Institute, and early in 2001, began my career in real estate. While working with a franchise real estate firm in Tupelo, I completed a course of instruction with the Residential Financing Council and received the designation "Residential Finance Specialist" (RFS). After becoming that company's top producer, I obtained my Broker's license and in July of 2003, opened my own brokerage. Since 2003, I have influenced and assisted in the expansion of other national franchises in North Mississippi, North Alabama, and North Louisania. In 2004 I completed all graduation requirements from the Mississippi Realtor Institute and earned the designation Graduate REALTOR Institute (GRI). I finished among the top 5 Realtors in all of NE Mississippi in 2005 with personal production of over 8 million in residential sales and received that franchise's Presidents Club Award.
I have also completed the course work and experience requirements and am certified as an Accredited Buyer Representative (ABR). A past Executive Board member of the NE Mississippi Board of REALTORS, my current membership include:
Northeast Mississippi Board of Realtors; Mississippi Association of Realtors; National Association of Realtors; Real Estate Buyers Agent Council; National Association of Exclusive Buyer Agents, Residential Financing Council, Worldwide ERC, Primacy Relocation LLC, and our local Community Development Foundation.
Activities and hobbies include racquetball, bowling, golf, reading, watching the Cubs WIN play, and working around the yard.
Please contact me for all of your real estate needs in and around Tupelo, Saltillo, Lee County, and Northeast Mississippi. I can assist you locally or can refer you to qualified real estate professionals within and outside this area.
Whether you want to buy or sell a home, or just talk about the weather, call me. GO CUBBIES!
EXIT Realty Premier in Tupelo, Ms. Serving the real estate needs of Tupelo and the surrounding communities of Belden, Sherman, Blue Springs, Saltillo, Guntown, and Baldwyn. We also serve our neighboring counties of Pontotoc, Itawamba, Prentiss, and Monroe, and specialize in the sale of residential and single family homes.
EXIT Real Estate is Real Estate Re-invented. What makes Exit so great? Single level residual income. Offering 10%, 7%, and 5% residuals, this program is Portable (take it with you anywhere in North America), Enhanceable (continue building your income while you enjoy retirement), and Convertible (return from retirement and keep on earning). Never before has it been so easy to build a REAL career in real estate. See why the grass is greener on this side by visiting http://www.Exitrealty.com
You Will Never Forget the Name!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
