Tupelo, MS Real Estate News

By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
Recently back from our company convention in Dallas, I continue to be propelled more now than ever before, towards acceptance of change, and through my own learned convictions. I believe Steve Morris, Founder and CEO of EXIT Realty Corp International, when he says EXIT will own the next decade. It's in his eyes! Last week, I had the priviledge of attending the Mississippi Association of Realtors Convention and Expo in Jackson, MS., where I had the pleasure of hearing renowned author and real estate speaker, Stefan Swanepoel, talk about where our industry is headed. Over the last several years, he has focused his sights on emerging growth trends and technologies in the real estate industry. Radical change is clearly in his thoughts when he speaks of trend leaders.  He is of the strong co...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
  A quick compilation of housing numbers for the month of November 2010 are as follows:   Total Closed Sales:  83 (decrease from 79 for month prior) Total Foreclosures Sold: 28 (increase from 25 for month prior)Foreclosure/sales Ratio: 34%  (32% month prior) Average Sold Price: $117,293 (decrease over last month)Median Price: $93,500  This is a change of -2.56% YTD as compared to last year. Lowest Sold Price: $7,000Highest Sold Price: $300,000 with list to sale price ratio of 91% (585 Days on Market) Average List/Sell Price Ratio  91% (decrease from 93% prior) Average Days on Market 129 (solds) (an improvement for two consecutive months, still driven by quick sales of investment properties and other well priced homes.) Total Homes on Marketas of 12/2/2010 1,263 (increase from 1242 on Oc...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
Attention Prospective Homeowners! Would you like to buy a home but don't have enough money saved for a down payment? Have you heard of the Rural Housing Program? This is a government program that will fund 100% of the qualified purchase of a home that meets the guidelines of location and condition and appraisal. Basically what this means for Northeast Mississippi residents is that most areas outside of Tupelo and Verona qualify.  ‎2011 Guaranteed Rural Housing Funding Available. The following is an excerpt from a letter from Mr. Jones of the USDA that references the success of the program in Mississippi; Mississippi has received $61.3 million in Guaranteed Rural Housing (GRH) funds to begin the 2011 Fiscal Year. We will immediately start obligating the all "Subject to Funding" loans and...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
Yesterday I received a message from a peer reminding me of the emerging importance of real estate agent ranking websites. Many of these sites started out several years ago simply looking to enter the lead generation marketplace. Many sites simply have not evolved into any real benefit to speak of. Until Now! Although I have been involved in real estate sales for 10 years, I've learned that one of the continuing and most difficult things to accomplish in this business is you must spend money to Get Noticed! While referrals are a good part of my business, we are learning that the 25-35 year olds make up the majority of the first time home buyers in most markets. And while they are certainly part of the "I need it now" generation, they rely on digital information streams for recommendation...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
The following 11 reasons below make this the best time to buy real estate. Although each market is different, and can vary widely from region to region of the country, a REALTOR is your best bet when it comes to sizing up the current real estate market in your area. 1. Selection, Selection, SelectionRegardless of the price range, there are plenty of homes from which to choose. In addition to such a great selection of detached and attached homes, condos, townhouses, large lots, small lots, there is also that special lot that will accomodate your boat or RV, or extra acreage for that shop or outbuilding you have always wanted. There are just a lot of options in this market. 2. No Bidding WarsDuring previous years there was a feeding frenzy and buyers bid the properties up substantially fr...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
A quick compilation of housing numbers for the month of October 2010 are as follows:   Total Closed Sales:  79 (decrease from 97 for month prior) Total Foreclosures Sold: 25 (decrease from 30 for month prior)Foreclosure/sales Ratio: 32% (31% month prior) Average Sold Price: $129,145 (a significant improvement over last month and probably driven by low interest rates on mortgages and good pricing on properties)Median Price: $106,000 Lowest Sold Price: 5,500Highest Sold Price: 390,000 (591 Days on Market) Average List/Sell Price Ratio  93% (slight imrovement from month prior) Average Days on Market 146 (solds) slight improvement and is driven by quick sales of investment properties and other well priced homes. Total Homes on Marketas of 10/30/2010 1,242 (decrease of 26)  Numbers compiled ...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
ATTENTION TUPELO and NE MISSISSIPPI  AREALicensed Real Estate Brokers and Salespersons We know that the going has been extremely tough in the real estate business, especially lately. Many licensees are struggling to survive, some have taken part-time jobs or are considering other employment options, and others have just quit the business. WAIT!!! Referral Advantage Group is a licensed holding company for your real estate license.  We consist of a group of licensed real estate salespersons and/or brokers who are not actively engaged in practicing real estate, and by placing license status with us, still MAKE MONEY in real estate.  This registry allows you to earn sizable fees for simply referring homebuyers and sellers to the group, without the stress and headaches associated with today'...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
A quick compilation of housing numbers for the month of September 2010 are as follows:   Total Closed Sales:                   97     (decrease from 116 for month prior) Total Foreclosures Sold:            30     (decrease from  31 for month prior)  Foreclosure/sales Ratio:          31%  (27% month prior) Average Sold Price:          $98,658    Lowest Sold Price:             9,900   Highest Sold Price:         315,000     (1,045 Days on Market) Average List/Sell      Price Ratio                                91.4% Average Days on Market            174     (solds) Total Homes on Market   as of 9/30/2010                1,268       Numbers compiled from Northeast Mississipi Board of Realtor MLS statistics on 10/17/2010 and may be within a slight margin of error based on total and timely r...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
Lately we have been inundated with news articles and blogs about what is happening within the foreclosure industry. Many folks may be concerned whether they should buy a distressed property or wait, or if they buy, whether they may have difficulty in procurring an owners title policy. Difficulties in acquiring title insurance for foreclosure properties are explained in the following blog; Title Insurance Stopped on REO and Foreclosure Sales posted by Richard Zaretsky, Florida Real Estate Attorney.  It is a must read and may help to solidify ones knowledge and insight insight into the foreclosure mess. Everything I have read make me want to question whether I can provide any degree of accurate advice to my clients going forward. I further think that this could be an area of quicksand for...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
How to Choose a REALTOR Whether you are buying or selling, a qualified real estate professional will help you successfully navigate the process of a real estate transaction, regardless of the complexity. Searching for the right real estate professional can be a daunting task and when trying to decide what to look for in a good agent, the following topics and ideas should be considered. Personality is not necessarily a good substitute for skill, nor service (performance).    1. Training/Education.  We all know there simply is no substitute for age and wisdom. They go hand in hand.  When considering "hiring" a professional to assist or handle a real estate transaction, experience, education, and training background should all be considered. Continued professional training and education i...
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By Chris deLambert
Anyone that lives in Northeast Mississippi knows about the Toyota announcement last week.  To re-cap, the plant is finally going to open.  The first cars will roll off the assembly line next fall.  The impact is going to be felt throughout the region, but Lee, Union, and Pontotoc counties will see a dramatic effect almost immediately.  What, exactly, is that effect? First and foremost, the Community Development Foundation predicts that the announcement means 10,000 new jobs for the region.  That, obviously, is great news.  While it may not solve all of our problems, it does mean that we'll see the unemployment rate go doen substantially over the next year and a half.  Over the last two years, unemployment in the area has hovered at around 11%.  Most folks in the know, predict it'll slid...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
Awards and Training Luncheon   EXIT Realty Alabama   Montgomery, Alabama (Grassroots Newswire) 5/12/2010 -- Randy Landis, Broker/Owner, and Gail Collins, Sales Associate with EXIT Realty Premier in Tupelo were invited to Mongomery, Alabama recently,along with other Tupleo guests, to attend the annual EXIT Realty Alabama Awards Presentation and sales rally. Keynote speakers that traveled to the event were EXIT Realty Corp President of U.S. Operations, Tami Bonnell and EXIT Realty's Senior VP of Training, Alex Sinegh. More than 150 EXIT Associates and staff from Alabama and Mississippi attended the event where annual awards were presented and training was conducted. "In my years of real estate, it doesn't get any better than this" Landis said. "EXIT motivates, inspires and creates a level...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
After reading this RISMedia article, I felt it necessary to share this with some folks that I know are considering or have applied for loan modification. This article sheds much light on what is happening in many banks inner circles and how they may be trying to affect the foreclosure market. While I am not endorsing the non-payment of mortgage payments, this article is informative in that it sheds some light on the crisis that has befallen many. It is good information that you may share with friends, family, and clients with the hope that it may help ease fears and eliminate any associated anxieties. Link to: Stay for Free!
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
There are precisely 2 months (60 days) to get a home under contract to qualify for the Homebuyer Tax Credit. While interest rates remain low, and the spring market approaches, now is the time to get a Realtor and get going. If you have been thinking of buying, then now is the time. Nobody knows what will happen after this Tax Credit deadline passes. For information you can visit our website at www.exitpreview.com and begin your search for a Tupelo, Mississippi home today.
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
Residential Finance Specialist designates guides Buyers through mortgage maze and even ad to the value you provide to potential clients.  When I, AKA The EXiT Guy, look at the news and read about the financial woes facing so many homeowners today, I can breathe a sigh of relief, knowing that I am able to guide so many clients safely through the mortgage process. As a Broker with EXiT Realty Premier in Tupelo, MS, I am among fewer than one-tenth of one percent of all Realtors nationwide, and one of only two in Mississippi, who have earned the Residential Finance Specialist (RFS)TM designation awarded by the Residential Financing Council.  The Residential Finance SpecialistTM certification program goes into great detail about how the lending system works, how the various players-the banks...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
After reading some comments by Mr. Jonathan Miller of Miller Samuel, Inc., and his suggestion that the strong third-quarter numbers were the result of time shifting of second-quarter demand spurred on by mostly the first time homebuyer tax credit, I had to run our local numbers for comparison and here is what I found: Tupelo and the NE Mississippi market (MLS reported sales only) Year-over-Year comparision of 4th Quarter-to-date MLS numbers indicate that overall sales were up by 7% and volume was up by 19% while inventory declined by 6%. These numbers would normally be feel-good numbers but when one considers that they could be artificially driven by the tax credit deadline, then you must look closer. Most areas around the country are reporting slight year-over-year increases in sales a...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
I know this picture is going on a couple of years old, but I still enjoy looking at it and wishing for a White Christmas in North Mississippi. If all things line up correctly, ie., air masses, fronts, moisture, etc, it can happen. In other words its kinda of like bad chili - if one ingredient is left out it doesn't work! If we could only be so lucky.
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
Choosing a REALTOR in these Changing Times Sorry for the length of this blog, but it was necessary to accomodate the case-and-point. The importance of choosing the right professional has never been more important in today's real estate climate. Whether you are buying or selling, a qualified real estate professional will help you successfully navigate the entire process of a real estate adventure-transaction, regardless of the complexity. Searching for the right real estate professional can be a daunting task and when trying to decide what to look for in a good agent, the following topics and ideas should be considered. 1. Training/Education. We all know there simply is no substitute for age and wisdom. They go hand in hand. When considering "hiring" a professional to assist or handle a ...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
Yesterday, Ben Bernanke, Fed Chaiman, announced while taking questions after a speech that the recession was over.  Although unemployment levels are alarmingly high, his stance was that on most technical levels, the recession has ended, but that it would be a long painful recovery, well into next year. Recently, Standard & Poor's reported that its S&P/Case-Shiller U.S. National Home Price index of real-estate values increased during the second quarter over the first quarter of 2009, the first quarter-on-quarter increase in three years. Its index of 20 major cities also rose for the three months ended June 30 over the three months ended May 31, with only hard-hit Detroit and Las Vegas experiencing declines. The week before that, the National Association of Realtors reported that sales vo...
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By Randy Landis, Overseas Retirement Consultant
(Retired in Samar)
I posted information in January about market timing and today I was reminded how tough it is, or isn't to do so. Watching the news over and over has been verifiably disheartening and recently, the few positive things thrown in the press mix are starting to have a positive effect on me.  I believe my mind has choosen to ignore the "bad" and pay strict attention to the "good".  When the good news hits the airwaves, it is resounding to me.  Am I re-programmed?  I believe that one can be so tired of hearing nothing but negative, that subconciously, it's all tuned-out and then tuned-back automatically when we hear positive things. Can somebody please launch a "good-news" channel?  Just think of the people that would tune in.  Now, there is a whole new untapped market just waiting to be had! ...
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