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Real Estate & Construction

House buyers, sellers getting what they want in central Mississippi

By JACK WEATHERLY Both sides in the residential real estate market in central Mississippi are getting what they want. First, the seller’s side. Pending sales were up 53.9 percent last month, compared with a year earlier, according to the Central Mississippi Realtors Association. And sellers got 95.4 percent of their listed price, with the average stay on the market of ...

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Shortage of construction workers in state expected to grow to 80,000 in 2 years

By BECKY GILLETTE The issue of work-force availability in the construction trades continues to be an issue in Mississippi due to many workers retiring combined with fewer young people choosing a career in construction. “Finding adequate labor is definitely an issue, especially with bigger contracts,” said Bob Wilson, executive director, Associated General Contractors of Mississippi. “It is not as acute ...

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Watching the House and the Senate — For 2017 session, Realtors advocating passage of bill to help first-time buyers save

By BECKY GILLETTE About 200 members of the Mississippi Association of Realtors attended the annual Realtor Day at the Capitol Feb. 2, hearing from their elected officials, and discussing the Mississippi Realtors 2017 legislative priorities. Clarke Wise, governmental affairs director for Mississippi Realtors, said members heard from Gov. Phil Bryant, Lt. Gov. Tate Reeves, Secretary of State Delbert Hosemann, Treasurer ...

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Commercial real estate market signs optimistic

By NASH NUNNERY Improved job growth and a strong demand for multifamily housing in recent years has resuscitated the commercial real estate market, according to experts. And now with Donald Trump sworn in as America’s 45th president in 2017, what does this mean for commercial real estate in Mississippi? As with all new presidents, uncertainty abounds about a new political ...

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COMMERCIAL FINANCE 701 — The outlook in Mississippi for 2017

Michael Lewis’ new book – The Undoing Project – should be the starting point for any projections about commercial finance in Mississippi during 2017.  The book underscores our defective reasoning process that routinely (1) underestimates uncertainty, (2) places too much weight on limited observations, and (3) ignores biases.  With those caveats in mind, we guesstimate the outlook for commercial finance ...

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Colonial Highlands puts grocery parcel back on market

By JACK WEATHERLY  The Colonial Highlands developer had been talking with Walmart about opening a 35,0000-square-foot store in the mixed-used development in Jackson. But that apparently is not an option now. The world’s largest retailer has decided to cut back drastically in store openings in the coming year. That has forced the project, whose cost is about $250 million and ...

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Post-election uncertainty, market activity result in mortgage spike for potential homebuyers

By LYNN LOFTON  The election has turned the mortgage industry upside down with very quick movement to higher interest rates – an increase of at least .5 percent in just a week’s period of time, said Joe W. McNeese III, president of the mortgage division, Community Bank, Brandon. McNeese said mortgage rates tend to follow what the bond market is ...

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Coming full circle in Livingston?

By JACK WEATHERLY  This Town of Livingston dates to 2014. That was about 190 years after the original  Livingston was created and long after it disappeared. Now, its eighth and ninth buildings are under construction. A Sal & Mookie’s will open in the upscale development at the intersection of Highways 463 and 22 in the rolling hills of Madison County. ...

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New law uncovers secrets: 10 to 15 percent of real estate applicants have criminal convictions

By BECKY GILLETTE  Starting July 1, regulations went into effect that were passed by the Mississippi Legislature to provide more protections for consumers by requiring real estate agents in Mississippi to have fingerprinting and a background check before being licensed. Mississippi Real Estate Commission Administrator Robert Praytor said background checks are showing about ten to 15 percent of applicants have some ...

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