Tuesday, October 30, 2007

 

Dyersburg real estate market affected by national scene

Carousel Realty is still working with clients and closing sales. We closed a sale of a home today. We are currently averaging about one a week but I am seeing a slowdown across the board for sales within our board of realtors.

I do not see a problem with the infrastructure here causing this slowdown but the people moving here with their jobs are unable to sell their homes.

I closed on a home last week($156,000) which was a for sale by owner priced at $164,000. I believe this was overpriced but my market analysis valued it at around $156,000 and that is what we negotiated. This home is in one of the "hottest neighborhoods-Camelot)" in Dyersburg and homes in this area are holding their value.

Values are falling however in the lower price ranges that are most affected by the b-paper(subprime) collapse.

What does this mean to you the reader who is moving to Dyersburg soon? After you hire a professional realtor, get him or her to do a market analysis for the neighborhood you want to live in and find out what is really happening. Ask for that realtor to give you the last 5-6 sales for the same size house you are trying to purchase. Also, sign a buyers agreement so that realtor can also seek out those for sale by owners. A good professional dedicated realtor will more than pay for him self both when you purchase and when you try to sell that home in the future.

Also,I am a member of the active rain community(real estate chat community) and I ran across an excellent post by Barry Shapiro(realtor in California). In this post he discusses the opportunities for realtors and their clients in this or any down market. I wanted to mention this because many of the realtors here in Dyersburg,Tennessee read my blog and I want to challenge them to be the type realtor that Barry says(and I agree) that will survive the downturn in real estate sales. The link to his article is over in the right column and is titled "Ethical/Professional Realtor"

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