Monday, November 16, 2009

 

Dyersburg real estate market conditions

Today is November 16, 2009 and here is what's happening in our market.

Up until about 3 weeks ago, first time home buyers were scrambling to get their contracts signed and houses closed. Now,those first time home buyers have more time to get this done and many are now back on the fence but still looking for great deals.

The biggest sector for sales right now is with investors. We are still seeing a lot of foreclosures and when these properties hit the market investors are stepping up to purchase. Many of these are initially trying to flip these properties but most end up in the rental market. This trend has softened the demand for rentals right now driving down the monthly rental amounts.

We are still seeing people relocating in with jobs but most of these still have a house to sell back home. Most if not all of these are renting until their houses back home sell.

I told a potential client this morning that I can sell his 2 houses but he will be competing with these foreclosure houses and this means at a much lower sales price. He chose to wait and just rent out his properties.

There are some great deals right now in our market and if you enlist the right Realtor to help you, you can beat these investors and real estate agents at their own game.


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