Friday, December 15, 2006

 

Dyersburg taking off!!!

After having a good talk with the outgoing mayor-Bill Revell yesterday, I wanted to tell my readers his thoughts on the Dyersburg market.

First of all let me say that I approached the mayor a few weeks ago about selling a piece of his property to one of my clients. We negotiated back and forth and finally negotiated a contract that both parties signed. The mayor called me yesterday and asked me if my client got his loan and I said yes. He then told me someone else wanted to buy this property and the balance of his property around this parcel. The mayor then said that a deal is a deal. I have alot of respect for a man that keeps his word.

Then, right after this discussion the mayor told me "Mike, Dyersburg is about to take off". I told him I have been writing about that very thing for some time on this blog. All the dynamics are in place and indeed Dyersburg has already started "taking off". The property the mayor is selling is a piece of commercial property in a great location.

You are going to see the commercial market heat up very soon. You will see new car dealerships relocate their dealerships to new growing visable areas of the city and with their relocation you will see them on larger segments of land in order to increase their inventory. I also forsee a Sam's club coming to Dyersburg in the coming months and other shifts in the retail arena including new restaurants.

How does this affect the residential real estate market in Dyersburg? All of this commercial activity will indicate that the retail market for automobiles and other goods and services will be expected to grow at a much faster clip. All of these players are betting that Dyersburg will start growing. With this commercial growth comes more jobs and with more jobs comes more people and with more people the demand for housing will increase. In my opinion we will continue to experience a increase demand for existing homes and new homes. I also believe that home prices will continue to go up at least 3-5% annually for the next few years. In many parts of the country, home prices are declining but here in Dyersburg the housing market is still very good.

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