Well, it has been too long since I posted an update. For that I apologize.
Below is information that will give you a snapshot of the Real Estate Market in Olive Branch, MS for 2010 (as compared to 2009).
In 2010 708 homes sold in Olive Branch, which was down 5% from the 745 homes that sold in 2009. HOWEVER, the median sales price ROSE 2% to $167,000 in 2010, from $163,685 in 2009. The average sales price remained stable at just over $176,000.
Another piece of good news is that the average time on market for sold homes dropped from 138 days in 2009 to 114 days in 2010. This is a great trend and one that we hope to see continue in 2011.
Homes that had the best chance of selling in 2010 were those priced in the $120,000-$140,000 price range. The homes that had the hardest time selling were those priced above $350,000.
We saw a gain in home sales during the first three quarters of 2010, but a drop in sales in the last quarter as a likely result of the 1st Time Home Buyer Tax Credit expiring.
So, what do we see for 2011? Great question and one that there is no sure answer for. Our best estimation is that sales and home prices should remain fairly steady throughout 2011, with a hopeful gain to begin near the last quarter of the year. Obviously there are a lot of factors in play . . . the interest rates and general economy being at the top of the list.
Speaking of interest rates, they have started sliding up just a little bit over the last month. So, if you or someone you know is sitting on the fence with regard to buying . . . my suggestion is not to wait too long. We anticipate that the interest rates will continue a slow climb - THOUGH, they will still be great in the grand scheme of things.
If you would like a more detailed report on your area, or if you would like to join my NEIGHBORHOOD EXPERT PROGRAM so that you can stay up-to-date with values in your area in "real-time", shoot me an e-mail or give me a call.
Thank you for allowing me to serve you!!
Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts
Monday, January 24, 2011
Thursday, September 2, 2010
Is it time to refinance? Maybe so, maybe not.
The economy is tough right now, but mortgage interest rates are at historic lows, so naturally, many of us with mortgages are thinking . . . "Hey, I could sure use a little extra cash every month . . . maybe I should refinance the house."
Is this the right move for you? Well, it really depends on several things:
Is this the right move for you? Well, it really depends on several things:
- Your current interest rate
- Your current loan balance
- The type of loan your currently have (fixed, adjustable rate, etc)
- The length of time you plan on staying in your current home
- Your current borrowing qualifications (like your credit score and income to debt ratio)
Here are some thoughts:
- Typically the cost to refinance a loan is 2.5%-3% of the loan amount. This cost can usually be financed into the loan, so you don't necessarily need to have that money up front. However, you typically want to make sure that the difference in your monthly payment will recoup the refi costs within 24-30 months . . . AND you need to make sure that you are going to stay in your home at least that long. If the costs to refi will take longer to recoup . . . it might still be something you want to consider IF you plan on staying in your home for a long time.
- Generally speaking, if your loan balance is less than $250,000, then you may need to see at least a 2% rate drop for it to make sense for you to refinance.
- If you currently have an ARM (adjustable rate mortgage) and you are past any "pre-payment penalty" time period, you definitely want to consider refinancing, no matter how much it will save you each month. This is because your rate is not stable and when the market picks up (and it will) there is no telling where your rate may go.
I hope that this information has been helpful to you. If you would simply like to ask questions about refinancing, or check rates, please give Norma Owings with Magna Bank a call at 901-301-4914 . . . or e-mail her at Norma.Owings@MagnaBank.com. She helped me put together this information for you and would love to help you if she can . . . and she is a lot like me . . . helpful, without being pushy (that's how I think I am anyway . . . hope you do too!! LOL).
As always, contact me any time you have any type of real estate need or question . . . AND remember I live off of REFERRALS, so if you can think of ANYONE to whom I could be of service, I would love it if you would give me a shout.
Thanks!!
Your Realtor,
Tracy
Tracy Kirkley
Wednesday, October 8, 2008
This is a Great Time to Buy a House . . . but
But . . . you don't know how to get started?
If you are a First-Time Homebuyer or a Seasoned Veteran Homebuyer, the dilemma can be the same . . . because let's face it, this is not something that most people do every day. So, here are a few pointers for you:
Find a Realtor to Help You. I really cannot stress this enough. By having your own Realtor, you can save time, save headaches, and save money. Your Realtor can help you save time because they are more familiar with the market and where the best places are to look for just the right house for you. So many folks spend time driving around in neighborhoods that end up being out of their price range . . . or they look through the magazines and call on every house that looks interesting, just to find out that the house is out of their range or has already been sold. That is a lot of time wasted. After you have a counseling session with your Realtor, they can "pre-screen" homes to make sure that they have the things your are looking for and are in your price range. Your Realtor can hep you save headaches because they know the ropes. They know what paperwork needs to be used and what it all means; they know how to help protect your interests by recommending home inspections, special contract addenda, financing options, etc; and they know how to help you steer clear of problems, or how to successfully get through problems that may occur. Your Realtor can help you save money because typically they have had special negotiating training and are practiced at it; they regularly become aware of some great deals before they ever come on the market; they know what "incentives" that local builders are willing to give (even thought the builders may not advertise it); and they can pull a Comparative Market Analysis (CMA) and help you analyze what similar properties are selling for. When choosing a Realtor, make sure that they are a good fit for you (see my post on Selecting the Right Realtor for You . . . it is geared more towards if you are selling a house, but many of the points/questions will work for a Buyer's Agent too). Also, once you have found a good Realtor, stick with them and listen to their advice. Also, most Buyer's Agents are paid through the listing side of the transaction, so you don't have to pay them.
Get Pre-Approved for Your Mortgage. Before you go out looking for a home is the perfect time to talk to a mortgage company. Not only will this help you establish the price range in which you should be looking, it will help to give you better negotiating power when you do find the right house. How does it do this? Well, think about this . . . if you make an offer on a house and you already have the backing of a strong mortgage company, the sellers know that they have a "real" buyer who can actually purchase their house and they are going to be much more willing to negotiate with you. This is as opposed to someone who makes an offer and has not been to a mortgage company. In this case, the sellers are not really certain that the buyer can buy, and so therefore may not be as willing to come off of their asking price.
Keep Your Finances Stable Until Closing. This means: don't go buy a new car, don't deplete all of your cash reserves, don't quit your job, don't go buy a new plasma tv (or any other high ticket item). In other words, once you are serious about buying a house, put all of the rest of your spending on hold at least until you have closed on your home.
Do Your Homework. Get online and do a little research about the area that you are thinking of moving to. This might trigger questions that you should ask your Realtor. This will also help you to determine how much house you can get for the money that you are planning on spending.
I could probably go on and on about the process and all of the things you need to look for . . . but if you follow my advice on item #1 (Find a Realtor to Help You), then your Realtor will walk you through everything.
Now, GO BUY A HOUSE . . . BECAUSE THIS IS A GREAT TIME TO DO IT!!!
Tracy Kirkley
Crye-Leike Realtors
662-895-8300
For more information on the home-buying process, go to http://www.tracykirkley.com/.
If you are a First-Time Homebuyer or a Seasoned Veteran Homebuyer, the dilemma can be the same . . . because let's face it, this is not something that most people do every day. So, here are a few pointers for you:
Find a Realtor to Help You. I really cannot stress this enough. By having your own Realtor, you can save time, save headaches, and save money. Your Realtor can help you save time because they are more familiar with the market and where the best places are to look for just the right house for you. So many folks spend time driving around in neighborhoods that end up being out of their price range . . . or they look through the magazines and call on every house that looks interesting, just to find out that the house is out of their range or has already been sold. That is a lot of time wasted. After you have a counseling session with your Realtor, they can "pre-screen" homes to make sure that they have the things your are looking for and are in your price range. Your Realtor can hep you save headaches because they know the ropes. They know what paperwork needs to be used and what it all means; they know how to help protect your interests by recommending home inspections, special contract addenda, financing options, etc; and they know how to help you steer clear of problems, or how to successfully get through problems that may occur. Your Realtor can help you save money because typically they have had special negotiating training and are practiced at it; they regularly become aware of some great deals before they ever come on the market; they know what "incentives" that local builders are willing to give (even thought the builders may not advertise it); and they can pull a Comparative Market Analysis (CMA) and help you analyze what similar properties are selling for. When choosing a Realtor, make sure that they are a good fit for you (see my post on Selecting the Right Realtor for You . . . it is geared more towards if you are selling a house, but many of the points/questions will work for a Buyer's Agent too). Also, once you have found a good Realtor, stick with them and listen to their advice. Also, most Buyer's Agents are paid through the listing side of the transaction, so you don't have to pay them.
Get Pre-Approved for Your Mortgage. Before you go out looking for a home is the perfect time to talk to a mortgage company. Not only will this help you establish the price range in which you should be looking, it will help to give you better negotiating power when you do find the right house. How does it do this? Well, think about this . . . if you make an offer on a house and you already have the backing of a strong mortgage company, the sellers know that they have a "real" buyer who can actually purchase their house and they are going to be much more willing to negotiate with you. This is as opposed to someone who makes an offer and has not been to a mortgage company. In this case, the sellers are not really certain that the buyer can buy, and so therefore may not be as willing to come off of their asking price.
Keep Your Finances Stable Until Closing. This means: don't go buy a new car, don't deplete all of your cash reserves, don't quit your job, don't go buy a new plasma tv (or any other high ticket item). In other words, once you are serious about buying a house, put all of the rest of your spending on hold at least until you have closed on your home.
Do Your Homework. Get online and do a little research about the area that you are thinking of moving to. This might trigger questions that you should ask your Realtor. This will also help you to determine how much house you can get for the money that you are planning on spending.
I could probably go on and on about the process and all of the things you need to look for . . . but if you follow my advice on item #1 (Find a Realtor to Help You), then your Realtor will walk you through everything.
Now, GO BUY A HOUSE . . . BECAUSE THIS IS A GREAT TIME TO DO IT!!!
Tracy Kirkley
Crye-Leike Realtors
662-895-8300
For more information on the home-buying process, go to http://www.tracykirkley.com/.
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