107 Manchester 39402

My friend Bin and I have worked together on a few transactions. This is a home that belonged to his father and has been updated with new paint and carpeting being only a few of the improvements. It’s clean as a whistle and ready to accommodate you and your large family. Interestingly enough, it’s one of only a few homes in Kensington Woods that offers 4 bedrooms with 3 FULL baths.

Here are the notes from the MLS: We’re highly motivated and our price shows it; bring us an offer! Centrally located in beautiful Kensington Wood, and close to everywhere you want to be, this lovely 4 bedroom, 3 bath with a study and two living areas offers 2700(+/-) square feet of very usable and well planned living area. There is a covered deck in the back, and a LARGE backyard. You’ll appreciate the new finishing touches, carpeting, and paint throughout.

MLS#: 108829 
List Price: $ 144,900
Subdivision: Kensington Wood
Area: Hattiesburg Southwest
City Limits:Yes
Bedrooms: 4
Bathrooms: 3
Half Baths: 0
Type: Single Family
Status: Active
Year Built: 1983

June 2017 Hattiesburg Real Estate News YOU Can Use!

Hattiesburg Zip Code 39401*

In May of 2017, 133 Hattiesburg Homes Were Sold. In May of 2016, 126 Hattiesburg Homes Were Sold. This represents a 6% increase.

In May of 2017, the Average Number of Days on the Market for a home was 95. In May of 2016, the Average Number of Days on the Market for a home was 115. This represents a 17% decrease.

In May of 2017 the Average Sales Price of a Home was $114K. In May of 2016, the Average Sales Price of a Home was $105K. This represents a 8% increase.

Hattiesburg Analysis: Nothing unusual to report. Anecdotally, I’m hearing that sales midtown and uptown happen quickly. It’s best to be pre-approved on your loan, and even better to bring cash if you’re planning a purchase in these areas!

Oak Grove Zip Code 39402 *

In May of 2017, 246 Hattiesburg Homes Were Sold. In May of 2016, 275 Hattiesburg Homes Were Sold. This represents a 11% decrease.

In May of 2017, the Average Number of Days on the Market for a home was 75. In May of 2016, the Average Number of Days on the Market for a home was 100. This represents a 25% decrease.

In May of 2017 the Average Sales Price of a Home was $205K. In May of 2016, the Average Sales Price of a Home was $205K. This represents a 0% increase/decrease.

Oak Grove Analysis: Fewer homes sold in May of 2017 than they did in the corresponding month in 2016; 11% fewer! I would much prefer if it were the other way around. However, those fewer homes that sold, sold faster in May of 2017 than they did in May of 2016 by 25%

Petal 39465*

In May of 2017, 121 Petal Homes Were Sold. In May of 2016, 93 Petal Homes Were Sold. This represents a 30% increase.

In May of 2017, the Average Number of Days on the Market for a home was 72. In May of 2016, the Average Number of Days on the Market for a home was 99. This represents a 28% decrease.

In May of 2017 the Average Sales Price of a Home was $152K. In May of 2016, the Average Sales Price of a Home was $134K. This represents a 9% decrease.

Petal Analysis: More sold in May of 2017 than they did in the corresponding month in 2016; 30% more! And that increase in homes sales occurred sold 28% faster in May of 2017 than they did in May of 2016! That’s all good news.

* All statistics are year-to-date.

Your referrals are VERY MUCH appreciated. Please contact me if you know anyone who needs to buy or sell a home. Thank you in advance!

All the best,

DEN

Dennis “DEN” Baum

All Star Team Realtors

Dennis@AllStarTeam.com

601-402-1993

 

 

 

 

What Could Go Wrong?

I just took a listing that when it sells (and I definitely will get it sold) will result in a severe “haircut” for the sellers. Let’s not sugarcoat the pain; ultimately, the sellers will lose thousands of dollars.

What could possibly go wrong? There was a time when housing prices for homes in Hattiesburg were appreciating at a steady clip of 5% per year, year after year. Even a sophisticated buyer could become lulled to sleep by the melodic sound of that type of appreciation. Unfortunately, around 2008 (the year this home was built) the “music” stopped. These owners were playing musical chairs, and when the music ended, they were left standing.

What could possibly go wrong? If you have plenty of money (and sometimes even when you don’t) it’s fairly easy to get a loan to build a home. Everyone wants to own their own home, and the fact is that the only limiting factors to home ownership on any scale is one’s imagination and money. If you have plenty of money, you can build whatever you want, wherever you want.

What could possibly go wrong? Let’s say you moved to Hattiesburg and needed a home in 2008, shortly after Katrina destroyed thousands of homes on the coast in 2006. Pickings were mighty slim for homes in Hattiesburg because demand was high, and inventory in the $400K+ price range was low. This couple couldn’t find what they wanted, so naturally they decided to build a dream home and hired a builder.

What could possibly go wrong? Location, location, location. If you’re going to build a $400K+ home, it should be built in a $400K+ neighborhood, not in a $250K+ marginal neighborhood, as this home was. The plan when buying a home in Hattiesburg, or in any neighborhood should be to buy the least expensive home in a more expensive neighborhood, not the other way around.

What could possibly go wrong? When the plans were drawn, did you really need to add the $35K detached shop? Shouldn’t you have sprung for hardwoods in the main living area instead of carpeting? Why add 2 rooms and 1000 sq ft upstairs without a bath or even a closet?

What could possibly go wrong? So in sum, an expensive home was built at the wrong time, in the wrong place, and with the wrong finish-out. The home is lovely, and has been well maintained during the tenure of the 3 years and 4 Realtors that have been responsible for it’s care and sale. The differential between the original list price and what this home will eventually sell for is staggering. I can’t calculate the financial pain that the sellers have and will endure based on the eventual sales price and 3 years of carrying costs.

Therefore, when you decide to build a house or buy a house; work with a knowledgeable and competent Realtor, someone you can feel comfortable with an individual who will answer the question, “what could possibly go wrong” long before you ever might have to.

New Home Construction in Hattiesburg, MS

For some home buyers, nothing excites and gets the juices flowing like the prospect of purchasing a NEW home. The smell of new paint and carpeting, unleashing one’s pent up creative nature by way of choosing your favorite colors is a heady experience for many. But these fun and challenging decisions also require a well developed sense of taste and style. Mistakes can be costly in terms of money and anxiety when considering how many years you’ll be living with your decisions.

real-estate-hattiesburg-mississippi

When counseling new home buyers regarding purchasing a home in Hattiesburg, I always caution them to consider how a future buyer will appreciate the choices made in the final finish out. Your love of the color egg plant for your formal the dining room  could easily be remedied with a couple of coats of paint when you decide to move. But use a good deal of consideration if you decide to use a very “unique” color of granite in the kitchen because you like it, or even more extreme, adding a mother-in-law suite to your new home (for your dear, sweet mama who has no intention of ever coming to live with you in the first place), these mistakes can be costly.

When working with new home construction and the remodeling of an existing home, I always encourage clients to take the “long view”. Give due consideration to the most important design choices you make now, relative to what you think the next owner might like and appreciate!

Many builders work with design centers like Anderson’s Design Center in Hattiesburg who employ top notch interior designers who consult with new home buyers regarding their paint, flooring, cabinets, and the entire range of design options. Their expert counsel is designed to keep costly mistakes to a minimum.

The All Star Team always endeavors to stay abreast of whatever is happening in the market place. Every week, every Monday after our staff meeting, the Team tours our new listings and area new home construction in order that we become familiar with our product.

 

May 2017 Hattiesburg Real Estate News YOU Can Use!

Hattiesburg Homes with Zip Code 39401*

In April of 2017, 103 Hattiesburg Homes Were Sold. In April of 2016, 97 Hattiesburg Homes Were Sold. This represents a 6% increase.

In April of 2017, the Average Number of Days on the Market for a home was 99. In April of 2016, the Average Number of Days on the Market for a home was 100. This represents a 1% decrease.

In April of 2017 the Average Sales Price of a Home was $106K. In March of 2016, the Average Sales Price of a Home was $106K. This represents a 0% increase/decrease.

Hattiesburg Analysis: Our Hattiesburg Home Market Place has become much more competitive lately! Anecdotally, I’m hearing that sales midtown and uptown happen quickly. It’s best to be pre-approved on your loan, and even better to bring cash.

Oak Grove Homes with  Zip Code 39402 *

In April of 2017, 188 Hattiesburg Homes Were Sold. In April of 2016, 197 Hattiesburg Homes Were Sold. This represents a 5% decrease.

In April of 2017, the Average Number of Days on the Market for a home was 73. In April of 2016, the Average Number of Days on the Market for a home was 108. This represents a 32% decrease.

In April of 2017 the Average Sales Price of a Home was $201K. In April of 2016, the Average Sales Price of a Home was $202K. This represents a 1% decrease.

Oak Grove Analysis: Note the decrease in DOM for Oak Grove! Homes are selling at a brisk pace according to the latest “Days on Market” statistics. This is a very good indicator for an upward trend in housing prices.

Petal Homes with Zip Code 39465*

In April of 2017, 92 Petal Homes Were Sold. In April of 2016, 69 Petral Homes Were Sold. This represents a 33% increase.

In April of 2017, the Average Number of Days on the Market for a home was 77. In April of 2016, the Average Number of Days on the Market for a home was 104. This represents a 26% decrease.

In April of 2017 the Average Sales Price of a Home was $147K. In April of 2016, the Average Sales Price of a Home was $148K. This represents a 1% decrease.

Petal Analysis: Note the decrease in DOM for Petal! Homes are selling at a brisk pace according to the latest “Days on Market” statistics. This is a very good indicator for an upward trend in housing prices.

* All statistics are year-to-date.

Your referrals are VERY MUCH appreciated. Please contact me if you know anyone who needs to buy or sell a home. Thank you in advance!

All the best,

DEN

Dennis “DEN” Baum

All Star Team Realtors

Dennis@AllStarTeam.com

601-402-1993

What is Section Sixteen Land in Mississippi?

A fair number of homes in the State of Mississippi are built on what is called “16th Section Land” of which, in  trust, the State of Mississippi owns over 640,000 acres. Trustees manage this land and 108 Mississippi public school districts serve as trustees for 16th Section Land.  The Mississippi Secretary of State FAQ serves as the supervising trustee. The allocation of 16th section property dates back to the Land Ordinance of 1785, which set aside section number 16 in each township for the use and benefit of public schools.

Basics of 16th Section Land

The 108 trustee school districts raise public education funds by leasing 16th Section Land, which is partitioned and classified for different uses. Classifications include agricultural, forestry, farming, hunting and fishing, recreational, residential, industrial and mining. The local school districts advertise the land through notices and newspapers, and the highest bidder wins the lease. When renewing a lease, the land is appraised at fair market rental value. The lessee is responsible for paying the taxes as if the lessee owned the property. The beneficiary of the funds are the various school districts throughout the state.

The All Star Team currently has two homes listed at 1137 and 1145 Grantham (check availability), both listed at $151,500 which are on 16th Section Land. These homes in Hattiesburg were built by Kent Williamson who is a quality builder who has built many similar homes throughout the Hattiesburg area. Buying a home on 16th Section Land is not a complicated proposition. You own the house, but you don’t own the land; you only pay taxes on the land which is leased to you on a long term basis. All in all, the tax burden for owning a home on 16th Section land is the same as any other residential property in any given county.

 

Your Home Only Has One Chance to Make a Good FIRST Impression!

I am a proactive and aggressive Realtor. A large amount of my business is derived from soliciting business from For Sale By Owners, and Expired listings. I recently called a seller whose listing had expired after being on the market with three other Realtors for a combined time of almost 400 days. FOUR HUNDRED DAYS! It didn’t take long to make the determination that the property needed lots of work, and that addressing and solving the many blemishes and issues the property faced would cause the home to sell. I was surprised to learn that the sellers were unaware of the poor condition their home was in. Their most recent Realtor had failed to bring these issues to their attention. It was even unknown to them that the front door lock was kaput, preventing agents with buyers in tow to gain entry. That’s not good!

When I first began selling homes in Hattiesburg for the All Star Team in 2012, I remember attending a Hattiesburg Realtor Association luncheon around that time. I had the good fortune of being seated next to a well recognized, successful, and established agent with a competing firm. Sometime during the event, she leaned over and confided in a conspiratorial tone, “You know that in this town when a seller has been through several Realtors, and still hasn’t been able to get their home sold, they always call DeLois.”

I didn’t know that at the time, but her statement made perfect sense. Whereas so many other Realtors will take any ‘ol listing, stick a sign in the front yard, cross their fingers and hope it sells; the All Star Team (previously the DeLois Smith All Star Team) won’t.

A home that hasn’t sold, just like a crime scene, leaves clues. It is my job as your Realtor to uncover the tell-tale evidence. Perhaps it’s the price that hasn’t been adjusted to reflect current market conditions or trends. Perhaps those kitchen counters really do need to be replaced to attract a buyer in a particular neighborhood. Sometimes it is as simple as new paint and carpeting. We know that most clients don’t have the time and wherewithal to tackle these tasks. You can rely on the All Star Team can handle all the details of preparing you home for market. Granted, it will cost the seller some hard earned money, but in the end, it will be money well spent.

By way of disclaimer, I should point out that the vendors who perform the myriad of tasks that we contract for, do not work for the All Star Team. As a convenience to our customers, we arrange for work to be done with knowledgeable and competent vendors that have a proven track record. Vendors that we can and do depend upon to do the job right.