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Selling Your House: Here’s Why You Need A Pro In Your Corner! | MyKCM

 

With home prices on the rise and buyer demand still strong, some sellers may be tempted to try to sell their homes on their own rather than using the services of a real estate professional.

Real estate agents are trained and experienced in negotiation while, in most cases, the seller is not. Sellers must realize that their ability to negotiate will determine whether or not they get the best deal for themselves and their families.

Here is a list of just some of the people with whom the seller must be prepared to negotiate if they decide to For Sale by Owner (FSBO):

  • The buyer, who wants the best deal possible
  • The buyer’s agent, who solely represents the best interests of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies, which work for the buyer and will almost always find some problems with the house
  • The termite company, if there are challenges
  • The buyer’s lender, if the structure of the mortgage requires the sellers’ participation
  • The appraiser, if there is a question of value
  • The title company, if there are challenges with certificates of occupancy (CO) or other permits
  • The town or municipality, if you need to get the CO permits mentioned above
  • The buyer’s buyer, in case there are challenges with the house your buyer is selling

Bottom Line

The percentage of sellers who have hired real estate agents to sell their homes has increased steadily over the last 20 years. Let’s get together to discuss all that we can do to make the process of selling your house easier for you.

Are Low Interest Rates Here to Stay?

by

Are Low Interest Rates Here to Stay? | MyKCM

 

Interest rates for a 30-year fixed rate mortgage have been on the decline since November, now reaching lows last seen in January 2018. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates came in at 4.12% last week!

This is great news for anyone who is planning on buying a home this spring! Freddie Mac had this to say,

“Mortgage interest rates have been steadily declining since the start of 2019. These lower mortgage interest rates combined with a strong labor market should attract prospective homebuyers this spring and could help the housing sector regain its momentum later in the year.”

To put the low rates in perspective, the average for 2018 was 4.6%! The chart below shows the recent drop, and also shows where the experts at Freddie Mac believe rates will be by the end of 2019.

Are Low Interest Rates Here to Stay? | MyKCM

Bottom Line

If you plan on buying a home this year, let’s get together to start your home search to ensure you can lock in these historically low rates today! Call The All-Star Team, REALTORS at 601-545-3900.

Updates and Changes

by DeLois Smith

Dear Friends and Extended Family,

     The hope and reassurance of Easter has been a special blessing this past weekend! All day, on Monday after Easter, I was hearing from clients and friends similar comments “It was such a glorious Easter service at our church” or “It was our best-ever Easter with family and special celebrations at our church!” After so many serious storms and losses of lives and property, we were blessed also by refreshing sunshine and clear skies. Beautiful pop-out roses, Louisiana irises, English dogwood blossoms, red amaryllis, Easter lilies, and gorgeous multi-colored snapdragons have been showing their splendor throughout our community and beyond.

     We are glad to welcome the beautiful milestone month of May once again. For our team and families, there are special birthdays, anniversaries, Mother’s Day, new babies to be born, and significant graduations. Granddaughter Heather is expecting to add to our family on May 14th. Our final “grand” undergraduate from Mississippi State, Robert Lewis, will receive his B.A. on my birthday, May 3rd. What an achievement for the whole family, as he is the senior grandson and the 4th to march down the aisle. After exploring several departments, he finally decided to pursue his real talents of art and photography where he really excels. He makes us proud often when we are invited to events that showcase his work.

     Winds of Change- Emerging trends, challenges, and opportunities have been obvious every day of the first one-third of 2019!  As you review our Market Analysis, November-April 2019, it is obvious there is much competition for inventory $100,000- $299,900. Thankfully, our $300,000- $399,900 is relatively healthy, and the $400,000- $499,900 is healthier than a year ago. The over $500,000 is  8 transactions total closed. Christy McLemore, our team Listing Coordinator, does an outstanding job of always providing this market update as well as a wealth of well-researched information for each team listing appointment and responding to research requests from our buyer and seller clients on a day-to-day basis.  As a present or past client, feel free to call our office for current market data which interests you.

      The geographical size of our market has grown significantly with 386 agents currently serving our Hattiesburg Area Association of Realtors from Wiggins to Laurel and Columbia to Richton. Our jurisdiction extends to six counties- Forrest, Lamar, Marion, Covington, Perry, and Stone. To date, 468 properties, according to the executive officer of Hattiesburg, have closed this year.

       Local landmark changes… Preservation Crossing- Old Hattiesburg High School. This is a project we have hoped would happen for decades. This venture will transform this landmark on Main Street into apartments for seniors age 55 and older. There will be 74 apartments with 575-800 square feet per unit to provide affordable rental rates from $200-$600 per month.

       Former Greentree Apartments are being transformed into Oak Grove Place Apartments at 2000 Oak Grove Road. This project is 65% completed and occupied. Rents begin at $570 for one bedroom and $690 for a two-bedroom unit.

      Three hundred Regions Bank employees recently moved from downtown Hattiesburg to a new mortgage center at the corner of Lincoln Road Extension and Lamar Boulevard. They moved from three buildings downtown- The Kress, Front Street, and Forrest Tower. The Kress and Forrest Tower will be converted to downtown mixed-use facilities and studio and one-bedroom apartments by Rob and Craig Tatum. A new Regions customer service will open on Front Street.

      Do not miss the upcoming 10th anniversary Festival South productions! Sister Act by the incredible Hub City Players is the beginning event June 7th-9th. Beethoven’s Fifth Symphony featuring the Festival South Orchestra with special guest violinist Matthew Hakkarainen will perform on June 13th. The King of Rock and Roll, a tribute featuring Victor Trevino, Jr., is June 14th. Finale is Linda Eder returning to the Saenger on June 22nd. All of this and much, much more you will want to enjoy during the #10 Festival South!

       The Power of the Team has never been more important to me and our team members than now. The complexity of the current market requires more creativity, flexibility, constant change, patience, and collaborative activities. Researchers at the University of Virginia have discovered that the proportion of an employee’s day spent communicating with colleagues and co-workers is a whopping 75%. Shawn Anchor’s new book Big Potential reaffirms the basic instinct that the “more you help people find their light, the brighter you both will shine.” Another conclusion worth considering: “the one thing that really predicts our long-term success and well-being is other people.” Almost every attribute of your potential- from intelligence to creativity to leadership to personality and engagement, is interconnected with others. The Power of the Team is best described as “the power of one made stronger by others.”

       As Christy McLemore, our attentive Listing Coordinator, continues to remind us with  market research, Our TEAM approach works! Among homes listed and sold up to $300,000 in our MLS in 2018, 78% of homes listed with The All-Star Team sold within 12 months! This is 16% higher on average than all competing brokerages. Our homes also sold in an average of 34 days, which is 32% faster than our competition!

Thank you for the privilege of serving as your Realtor Team! We are grateful for the opportunities you provide!

May the joy  and hope of Easter continue to bless you and your family!

DeLois and Team

 

No Worries… Home Prices Coming in for a SOFT Landing | MyKCM
 

Home prices have appreciated considerably over the last five years. This has some concerned that we may be in for another dramatic correction. However, recent statistics suggest home values will not crash as they did a decade ago. Instead, this time they will come in for a soft landing.

The previous housing market was fueled by an artificial demand created by mortgage standards that were far too lenient. When this demand was shut off, a flood of inventory came to market. This included heavily discounted distressed properties (foreclosures and short sales).

Today’s market is totally different. Mortgage standards are tighter than they were prior to the last boom and bust. There is no fear that a rush of foreclosures will come to market. The Mortgage Bankers’ Association just announced that foreclosures are lower today than at any time since 1996.

Case Shiller looks at the percentage of appreciation as compared to the same month the year prior. Here is a graph of their findings over the last ten months:

No Worries… Home Prices Coming in for a SOFT Landing | MyKCM

 

As we can see, home price appreciation is softening as more inventory comes to market. This shows that real estate prices are not crashing, but merely returning toward historic appreciation numbers of 3.6% annually.

Bottom Line

Home prices are leveling off. Long term, that is a good thing for the housing market.

Dancing in the Rain

by Linda Seifert

Most of us have heard the saying ‘Life isn’t about waiting for the storm to pass. It’s about learning to dance in the rain’.  This very appropriate quote is an incentive to me and many of you, I’m sure.  Life is busy, with days that are filled with work and family activities.  To help balance one’s life, we often look for some activity to enhance and add variety outside our routine.  Music is my ‘go to’ and has been a form of self-expression my whole life in one way or the other.  I learned to play the piano, the bass clarinet in my high school band for a while and sang in the church choir.  Now, I have added ballroom dancing to my musical repertoire.  It is in this musical medium where I have experienced the challenges of not only using muscles I forgot I had but using my memory for the many patterns of the various dances.  I have a special affinity for the Latin styles some of which are physically exhausting but so much fun and wonderful exercise!  You cannot help but smile when you are dancing!  Hattiesburg has a lively ballroom dance community with many fine instructors to fit your budget and your availability.  There are evening group classes taught as well as opportunities for private daytime or evening lessons.  You can go to the following websites to find out more about starting on a journey of self-expression and self-awareness that will enhance your life exponentially: msballroom.com, or search USA dance on Facebook. You may also call me at 601-549-4853 and I can be reached by email at linda@allstarteam.com      

What does this all have to do with real estate you ask?  It answers one of the many questions of my clients through the years as to ‘things to do’ in the greater Hattiesburg area.  ‘The Hub City’ as we are justifiably called, is well positioned to reach New Orleans, Mobile, The Mississippi Gulf Coast and Jackson, Ms. within two hours in any direction.  A quick getaway to a larger metropolitan area opens up infinite possibilities for a fun adventure when desired.  However, right here at home and in addition to the ever growing dance community, the University of Southern Mississippi and William Carey University offer theater productions, wonderful concerts, lifelong learning opportunities and so much more.  The local little theater groups have Broadway quality performers and present the community with wonderful theatrical productions throughout the year.  The Paul B. Johnson State Park is a beautiful facility offering family friendly entertainment such as boating, water skiing and camping.  Golf communities abound plus a number of festivals, music venues, farmers markets and a fabulous Zoo to name a few!  For upcoming events all year you can enter visithburg.org to select many forms of entertainment.  Above all, remember that The All-Star Team Realtors not only strive to serve your real estate needs but we want to be a source of information to our new arrivals as you navigate ‘The Burg’. 

Signing off with a favorite quote from Lord Byron:  “On with the dance!  Let joy be unconfined”!

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The All-Star Team, REALTORS®
Bringing you home...again and again!
4 Willow Bend, Suite 2A
Hattiesburg MS 39402
601.545.3900
800.335.6477

The All-Star Team, REALTORS brings you over 200 years of accumulated experience along with the most innovative marketing strategies in the real estate industry. We specialize in the real estate properties located in Hattiesburg, Oak Grove, Petal, Sumrall, Purvis, Columbia, and the entire Pine Belt region. Put The All-Star Team, REALTORS® to work for you as you consider your next home sale or purchase. Experience the team approach to real estate and make us your REALTOR® for life! See how The All-Star Team, REALTORS® really is bringing the Pine Belt home again and again.