Change! Change! New Opportunities! New Optimism! Looking around here in Hattiesburg, we see great opportunities in excellent housing values and commercial investments. New listings are coming in regularly as the New Year is beginning.
Investors are moving more aggressively toward new projects. The Indigo Hotel is one of those pivotal new developments in the recently renamed area called “Midtown.” With more than fifteen spaces available, downtown is becoming a popular place to hold events. The Bottling Company can accommodate up to 1,000 guests. Cloverleaf Mall has an entirely new group of tenants. Our Team Commercial Realtor, Steve Floyd, has been the manager there for 22 years. Steve has some office and retail spaces with interested new tenants, but with some openings currently not committed. The Western Corridor has numerous new construction sites and new business locations springing up from Turtle Creek Mall to Bellevue. Our team has several of these locations listed for sale out west as well as downtown, up and down 49 North and South and some new locations in Petal too.
New team events were planned recently for 2017 during a two-day session led by Adam Watkins. We carefully looked back at 2016 to determine “our hits” – what we felt we did well. We especially looked hard at “our misses” – areas we felt we can improve in 2017. The exercise is in keeping with our long-term company goal “to build client relations based on honesty, loyalty, understanding, accountability, and to use our creativity and market expertise to help you, our clients, navigate the complex real estate market.” As a result, we are committed to create long-term benefits for you, our clients.
Upcoming events in the first quarter are Real Estate Investment Seminars January 26th and March 23rd scheduled at the Canebrake Club House at 6 pm each evening. March 17th will be a fun day trip to Fairhope Arts and Crafts show hosted by Brenda Blackwell, Linda Siefert, Paula Claret, Lauren Pace, and Alisa Sewell. Stay tuned for more new upcoming events throughout the New Year!
Rising interest rates is a hot topic, but for a move described as “lift off” our interest hike so far is awfully tame. I believe it is realistic to expect at least a 1% over-all rise this new year.
NAR Chief Economic Advisor, Lawrence Yun, Expects These Changes in 2017:
- There will be no doubt a short-term stimulus to the economy.
- Changes to Dodd-Frank financial regulations will occur. A clear position would be the lifting of compliance costs on small banks. Around 10,000 local banks have traditionally been the source of funding for construction and land loans. With less regulations, these banks can make more loans and will boost home building activity – something greatly needed in the current new construction shortage.
- There could be a move away from stringent mortgage underwriting to more normal lending. Credit is still tight for mortgages evidenced by very high credit scores among those who are getting approved. One important reason for overly-conservative lending is due to the exposure of random law suits by the government on lending institutions in recent years.
- There could be less regulatory land-use and zoning burden for home construction, and thereby lower the cost of building.
- Homeowners in flood zone and who suffer natural disasters may get less relief from the government. Currently this federal program to assist in wild fires, hurricanes, earthquakes and other natural disasters is $24 billion in the hole.
Mississippi is one of three states which has been lagging behind the gains being experienced throughout most of the country. However, these and other changes related to the overall economy should help both the residential and commercial markets including our area in the upcoming year.
In 2017, don’t wait for spring to sell your home! Home sellers often wait until spring to put their properties on the market. However, local weather and other market variations can shift the ideal listing time. Right now, new inventory is getting more attention because there are fewer homes available Also, the fact that rates will be rising puts more buyers in the market. Source: Bottom Line. We are prepared to focus on effective results for home buyers and sellers and investors for any of your friends or family. Jennifer Upton, our Marketing Director, just reported 490 unique buyers with over 3,000 page views on our website in one day, the last business day of 2016! Our team is excited about the new opportunities that await in 2017!
Thank you again and again for your continued support and encouragement. Many of you have dropped by or received your new, user friendly calendars in the mail. If somehow you have missed the 2017 calendars, please call our office at 601-545-3900.
May you and your family be blessed with good health and a very Happy New Year!
DeLois and Team