Statistics on Jackson/Madison County
The Jackson Real Estate Market
The Question? Sellers are asking more than ever, “Why is my home not selling?”
The background-The housing bubble began to burst some 48 months ago when homeowners began to default on their mortgages. Many purchased houses with questionable credit and some were over extended when they closed on the house. It was just a matter of time.
Then Wall Street- Then the Wall Street calamity of September 2008 with the collapse of Lehman Brothers, which interestingly was formed by two brothers in Alabama in the mid 1800’s.
Jobs- The economic slowdown brought about the loss of jobs, the likes of which not seen in 60 years. This still affects the housing market today. There are prospective buyers who could have afforded a home but have lost their job; many others who are still working are afraid to purchase.
The result-This has resulted in many families doubling up or even moving back home to live with parents or relatives to weather the storm. The pool of buyers has shrunk.
Foreclosures- The Jackson market has seen an unprecedented number of real estate foreclosures in the last 36 months. We observe foreclosures in neighborhoods that formerly had never known a foreclosure.
Impact on the traditional seller-The avalanche of foreclosures on the market has slowed in many cases the sale of homes owned by traditional home sellers. We observe almost weekly that buyers are able to purchase foreclosed property sometimes 20% or more below traditionally priced property. This is absorbing some buyers that would normally buy a traditional home.
The outlook-We sense that things are improving somewhat. Several months recently have been encouraging.
What can an owner do? In the present market, more than ever, pricing needs to be competitive and the property needs to be merchandised, put simply, look good, feel good, smell good. Buyers buy on emotion and they many times will know immediately when they walk into a home and it does not meet those criteria. Visit our website, www.towncountryrealtors.com for more information on merchandising under the services tab.
Thank you for letting us be part of serving your real estate needs and we wish you the best for 2011.
Below you can download the top 2 business articles of 2009 ranked by the Memphis Business Journal Dec. 28-31, 2009.
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