Dyersburg Tennessee Area Real Estate Information

While reading online, I happened to run across an excellent article just written about Dyersburg. The feature story was written online and in the magazine
"Southern Business and Development". I have quoted from this source before and believe them to be leaders in forecasting business trends in the southeast.

Their article can be read by clicking on the link over on the side entitled:
Dyersburg-Ready to take off.

Labels: Dyersburg predicted to take-off

Yesterday I went to the dept of ground water protection office here in Dyersburg and their phones were ringing more than mine. I would not have believed it unless I experienced it for myself. I asked the guy what was going on and here is what he said.

I am the 10 county supervisor for Tn ground water protection(septic tanks and fill line)and my office manager here is on vacation. There is another guy working in the office but both of us cannot keep up with all the calls.

He,(Don) then told me for the 10 county area he is covering(in west Tennessee)he is seeing an influx of people relocating from Florida and Oregon. The number one reason for moving (as they are telling him) is the cost of living here being lower and no state taxes). I told Don to add California to his list of states that people are relocating from.

Labels: Moving to West Tennessee from 3 states

Business is really rocking. I am here in the office at 5:30 this Tuesday morning trying to get caught up. I spent the whole day yesterday with a client from California. He is going to work in Memphis but wants to live here in the Dyersburg,Tn area. This client is moving here with a job but told me if he had not been offered the transfer, he would have moved here anyway. He told me the cost of living has gone out of sight, the taxes have gone way up and traffic is unbearable. These are the comments I am hearing alot from the California folks.

My out of town clients seem to be alternating between California and Florida. Both are also telling me they are taking their "big" profits from their home sales and moving here where prices are more than reasonable.I have been selling real estate since 1991 and I have never seen such a mass influx of people moving here from out of state(especially Florida and California).

Because of the increase in relocation to the Dyersburg area, I have recently
recruited more seasoned real estate professionals. My staff and I work as a team to assist our clients and we are ready to help you buy or sell real estate here in Dyersburg and surrounding areas of west Tennessee.

Labels: Relocation from Florida and California to Tennessee

Today is Good Friday. We have lots of out of town clients here looking at property and some here finalizing contracts.From everything I see, we are running well ahead of this time last year.

As many of you are reading in the news, there are lots of B-paper foreclosures across the country. Let me be the first to inform our readers that we too are experiencing our share of foreclosures. There are a few things driving the foreclosures here.

One, the desire of the subprime lenders to make loans regardless of the credit. Many of these purchasers should never have been allowed to purchase in the first place as their credit is bad.

Second, new real estate companies here working with these "marginal" purchasers. I would love for everyone to be able to purchase a home but sometimes people cannot afford to purchase. The loans these subprime lenders are pushing are ARM loans which has the payment locked for 2 years then a variable rate for remaining 28 years with the sky as the limit. These realtors are not doing their clients a service locating this type of financing. Most of these foreclosures happen just after the initial 2 years has passed. I do BPO's for mortgage lenders that have made these bad loans and getting these houses back. Some of the loans are not even going as long as 2 years.

I am getting a new listing that I just finished the BPO on. That home was just purchased in August 2006. I currently have several listings that are foreclosures.

To be a successful realtor in the Dyersburg market or any market, you have to have repeat business. With lenders going out of business that have been making these loans and these "clients" losing their homes and not repurchasing, there will be no repeat business for these realtors in this market niche.

Now what does that mean for the Dyersburg market today? It means foreclosures are going to sell 20-40% under what they sold to these marginal buyers. Initially, I was afraid that it would reduce our prices across the board but I do not see that happening. We currently have a real shortage of rental homes. These foreclosures will be purchased by investors who see the rental need. This should actually help the availability of rental homes in the Dyersburg market. There are lots of people moving to the area with many of these looking to rent initially.

If you are considering investing in rental property, there has never been a better time to buy than right now. There are many realtors buying up these foreclosures but there are more deals coming online everyday. Call me if you are interested in investing in Dyersburg foreclosures.There is lots of money to be made by savvy investors.

Mike 731-589-7841(cell)

Labels: Buying opportunities