Dyersburg real estate market update for period ending May 15th, 2008
By Mike Frazier, Northwest Tennessee Realtor
(Carousel Realty of Dyer County)
For the last several weeks, real estate sales(in Dyersburg area) have been going up in numbers of pending and closings. The sales numbers for Carousel Realty agents is up substantially from this time last year. Last year our total sales numbers were $7,165,209 and currently our numbers stand at $4,020,890. If my projections hold, Carousel should sell about $9,000,000 this year. What is driving this numbers? Just over half the sales currently are either REO owned property or bank foreclosures. Also, rental property is starting to sell. Usually rental property is the last to recover after a slowdown. I have also noticed a high number of foreclosures and rental properties being sold to real estate agents. Many of these real estate agents are remodeling these "houses" and putting them back...