The Southaven 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 Southaven recorded 221 residential home sales compared to 377 for the same time frame in 2007. This is slightly more than a 41% decrease in units sold in just one year. The average list price of a home in April 2008, was $161,998 compared to $163,557 in April 2007. That means that, in general, Southaven homeowners are listing their homes about 1% lower in 2008 than in 2007. Furthermore, the average sales price in April 2008 was $158,646 compared to $160,995 in April 2007. This is only a 1.5% 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 Southaven 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 1.5% decrease in sales price mentioned above, then you would lose $2,250 ($150,000 x 1.5%) 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 $3,000 ($200,000 x 1.5%) by buying now. So, when the market turns around, and the market ALWAYS turns around, then you would actually realize a $750 ($3,000 - $2,250) 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 Southaven. The prices are low, the inventory plenteous, and the mortgage rates will most likely never be better.
The Southaven 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 Southaven recorded 221 residential home sales compared to 377 for the same time frame in 2007. This is slightly more than a 41% decrease in units sold in just one year. The average list price of a home in April 2008, was $161,998 compared to $163,557 in April 2007. That means that, in general, Southaven homeowners are listing their homes about 1% lower in 2008 than in 2007. Furthermore, the average sales price in April 2008 was $158,646 compared to $160,995 in April 2007. This is only a 1.5% 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 Southaven 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 1.5% decrease in sales price mentioned above, then you would lose $2,250 ($150,000 x 1.5%) 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 $3,000 ($200,000 x 1.5%) by buying now. So, when the market turns around, and the market ALWAYS turns around, then you would actually realize a $750 ($3,000 - $2,250) 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 Southaven. The prices are low, the inventory plenteous, and the mortgage rates will most likely never be better.
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.
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.
Today, as happens many days, I had another experience trying to help the unhelp-able client. I feel sorry for the circumstances that some folks find themselves in with regard to real estate. This particular couple bought a beautiful home in our area less than a year ago. The Mr. now finds himself needing to transfer out of state for a job and the couple finds themselves in an all-too-familiar scene. They have not built any equity in the house nor has the area they moved into had time to develop properly. Now, by themselves, these are already difficult barriers to overcome. But, add to the problem a six percent commission and their situation is even bleaker.
That is, however, not the rest of the story. The couple also got a loan from a mortgage broker who found them a loan with a substantial pre-payment penalty. The couple will suffer a penalty for the next five years should they try to refinance or pay off the balance of their loan.
The help I could have offered this couple was about nine months ago. I could have led them to a reputable mortgage company who would have found them a loan that would have fit their lifestyle as well as their pocketbook. As agents, I think we sometimes do not think about our future. We are so greedy for the next sale and closing, we will let our clients accept any and all loan programs available to them as long as we get a commission check.
Let's try to help our clients by giving them the home of their dreams. One that does not tie them in knots if they need to sell the home before their equity is properly built. One that doesn't cost them the proper maintenance and care for the home. One that helps them "live" their dream...not live it down. Otherwise, when they call you for help again in the future, you may find yourself trying to help the unhelp-able client.
You bet I am. Why? Because it will separate the salespeople from the slackers. I am full-time in this business. I work very hard to get what I get. I knock on doors. I make cold calls. I visit with FSBO's (the hardest group of folks there are in this business). In short, I work. I don't GO to work. I work.
I get stressed out when I hear agents who come to the office to get online and see what happened in sports the previous day complain about how slow the market is. How in the world would they know? Their business is slow because they have not developed their business.
I get stressed when I see a group of agents at the office (mostly the same group everyday), stand around the water cooler and talk about how slow the market is. Their business is slow because they are standing and not moving. They are complaining and not resolving. They are gossiping and not gaining.
I do not work from the office anymore. I tried for awhile. I would go and find the same group of agents there just about every day. We would chat, we would gossip, we would worry, and we would complain. What we would NOT do is work. This business is a plant and harvest business. If you don't plant anything, you won't be harvesting anything either.
I am now planting every day. And, I am harvesting a little too. As a matter of fact, I am harvesting a lot compared to others in this business. Let the slow market continue...the slackers will eventually give it up...and I will be able to plant and harvest some of the business they never got. Have a good day!
to the brave and courageous soldiers who put their lives on the line every day so that we can do what we do every day.
As a real estate agent I owe those folks plenty. I have the freedom to work the days I wish to work; to advertise the way and how much I want; the freedom to take the listings I want; the freedom to knock on the doors I want; the freedom to make the phone calls I want; the freedom to drive the car I want (gas guzzler or not). And I have these freedoms because of the men and women who have served our country so valiantly and have gone to the point to give their lives for mine...for my freedom. How can I not remember these individuals on this special holiday? I will take time today to say a prayer for those families who have lost loved ones and friends so that I may sit at my computer today and write this blog. Thank you!
If you find yourself playing solitaire on office duty, or just talking to every other agent in the office to avoid boredom...here are some suggestions as to what you could be doing to build yourself professionally while wasting time during office duty.
1. Catch up on all that filing that you need to do and haven't.
2. Call your sphere...for nothing more than to wish them a good day.
3. Check out the expireds for listings you may want.
4. Send a postcard to 4 former clients telling them that you are glad to have such good folks as references.
5. Identify the newest listing your office has gotten (even if its not yours), then call the 12 closest neighbors to that listing asking if they know of family or friends that they may want to live close to them and are looking for a home in that area.
6. Plan your business for the next week.
7. Call three loan officers and introduce yourself to them. Ask one of them to lunch one day the next week.
8. Call three attorneys who deal in foreclosures in your area. Ask one of them to lunch one day the next week.
9. Through your MLS, identify the last 5 houses to close in your area. Send the homeowner of those homes a postcard telling them how delighted you are to have a new resident in the community.
10. Stop feeling sorry for yourself that everyone else has more business than you do, and go find some!!
1. Why you park in a driveway and drive on a parkway?
2. Why every light is green when you have no schedule to keep, and every light is red when you absolutely have to be someplace on time?
3. Why the real estate market always takes a downturn soon after you become an agent?
4. Why you always get sick during the busiest week of your year?
5. Why the guy who coughed in your face and gave you the flu, never got it himself?
6. Why when you put on your turn signal in order to change lanes, it is a signal for the driver you want to get in front of to become a selfish-minded idiot?
7. Why your pets always love to see you come in when you have only been out to get the mail?
I am sure there will be more later...but for now...I am crazy enough for one day?
I was out the other day riding around in my Ford Expedition at $2.99 per gallon and thinking about something my former broker said to me one day. I had been out all day that day shaking hands, knocking on doors, leaving door hangers on doors, and generally trying to drum up a little business. It worked to. I met a nice couple that day who were ready to sell their home. They had already told another agent they would list with him, but they decided to let me find them a new home. Upon hearing that story, my broker broke a big smile across his friendly face and said to me. "Alan, you've been out stirring the pot". He then went on to tell me that when you do that...something is bound to come up to the top. When it does, he said, you have to grab it.
During this period of slow-down in our market area, I have re-committed myself to start "stirring the pot" more regularly. I will not be too timid to get rejected at a front door, or too timid to be rejected over the phone. I will commit myself to meet more folks each day that I can network with as well as meet more folks in the general public who just might be in the mood to make a move.
Stirring the pot...that is a good description of lead generation. Maybe my spoon will bump into a few of you as I stir...I hope so. See ya later!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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