My Southern Magnolia tree blooms flowers but looks dead, is it sick?

My husband wants to replace it, but I think as long as it is still blooming flowers it is not dead. It has hardly any leaves and the few it has are very yellow.My Southern Magnolia tree blooms flowers but looks dead, is it sick?
Put ';yellowing leaves on Magnolia'; into the Answers search box. This question has already been advised on and quite well, too. It could be too much water or not enough nutrients causing the yellowing leaves according to that answerer.

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