Memphis Area October 2015 Market Report

The Memphis Area Association of Realtors (MAAR) has released the October 2015 Market Report. The report shows October 2015 sales compared to October 2014 for the overall Memphis area (which includes sales in Shelby, Fayette, and Tipton counties) decreased by 3.5% with 1,336 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database. Sales were down 6.2 percent from September, when there were 1,424 total sales. The average sales price from October-to-October was up 4.3% at $156,692.  Inventory decreased 1.8%, with 6,291 units listed for sale. Monthly sales volume YTD increased 6.8% to $2.2 billion.

Foreclosure Sales continue to decrease. Year-to-date 2014 there were 1,937 bank sales as compared to 1,865 this year – a 3.7% decline. While the average YTD sales price decreased by 3.1% to $71,870, the average YTD sales price for non-bank sales increased by 2.5% to $172,552.

"It's a pretty stable market right now," said MAAR President Thomas Murphree.  "And we're ahead of last year's pace."

For an in-depth report of Market trends for the Memphis area, click on the link below.

October 2015 Market Report

 

All information deemed accurate, but not warranted.

Home Inspection – Do I Really Need One?

Are you are considering purchasing a home?  If you are, a home inspection by a qualified/licensed home inspector is one of the most critical inspections you can have performed. There will be a charge, but it is well worth the investment. At the time of the home inspection, you have the opportunity to thoroughly inspect the home you have placed an offer on with a licensed inspector before you purchase it. You can walk around with the inspector and see in person items of concern to the inspector. Because of the importance conducting a home inspection, inspections are one of the most common contingencies in purchase agreements.

 

Among other things, a good home inspector will climb on top of the roof, inspect the attic, and check the heat and air systems. Their job is to help protect your investment by finding possible issues with the home before you complete the purchase. These issues may include problems with:

• The Roof
• Plumbing
• Electrical Components
• Appliances
• Heating and Air Conditioning Systems
• Windows
• The Fireplace and Chimney
• The Foundation

Once the inspection is completed, your home inspector will provide a detailed, written report outlining issues he discovers, as well as necessary, or recommended, repairs.

If you have placed a home inspection contingency in your purchase contract and issues you are uncomfortable with are noted in the inspection report, you typically have three options. You can:

1. Renegotiate the sales price
2. Require the seller to make the repairs, or
3. Terminate the offer with full refund of your Trust Funds (Earnest Money).

The services of an experienced Realtor® are invaluable in the entire purchase process, but especially during and after the home inspection.

 

Your Realtor® may provide names of reputable home inspectors, attend the home inspection and assist you with the negotiation of repairs or successfully terminate the contract with full refund of your trust funds.

Memphis Area September 2015 Market Report

The Memphis Area Association of Realtors (MAAR) has released the September 2015 Market Report. The report shows September 2015 sales compared to September 2014 for the overall Memphis area (which includes sales in Shelby, Fayette, and Tipton counties) decreased by 9.5% with 1,424 total sales recorded in the Memphis Area Association of REALTORS® MAARdata property records database . The average sales price from September-to-September was down 0.7% at $159,120.  Inventory decreased .95 percent, with 6,404 units listed for sale. Monthly sales volume YTD increased 7.0 percent to $1.98 billion.

Foreclosure Sales continue to decrease. Year-to-date 2014 there were 1,664 bank sales as compared to 1,761 this year – a 5.5% decline. While the average YTD sales price decreased by 1.9% to $72,231, the average YTD sales price for non-bank sales increased by 1.8% to $172,389.

“We’re entering the home stretch of a very solid year,” said MAAR President Thomas Murphree. “The market is competitive and opportunities exist for buyers and sellers.” 

 

For an in-depth report of Market trends for the Memphis area, click on the link below.

September 2015 Market Report

 

All information deemed accurate, but not warranted.

 

 

 

 

Real Estate Again Seen as Best Investment

We are almost back to ‘pre-housing crash’ home values. The inventories of distressed properties (foreclosures & short sales) are shrinking dramatically. The economy is improving. The job numbers are headed in the right direction.

The big question that still remains: Have Americans regained their confidence in real estate as a worthy investment?
According to a survey conducted by Princeton Survey Research Associates, Americans have put real estate back into first place as the best of all investments.

Here are the results of the survey:

Bottom Line

Homeownership never lost its place as a key component of the American Dream for a host of financial and non-financial reasons. It is good to see that it has regained the top spot as best overall investment. more...

http://goo.gl/MmJjo7

July 2015 Market Report for the Memphis Area

The Memphis Area Association of Realtors (MAAR) has released the July 2015 Market Report. The report shows July 2015 sales compared to July 2014 for the overall Memphis area (which includes sales in Shelby, Fayette, and Tipton counties) increased by 12.6%. Sales were up 1.3% from June, when there were a total of 1,663 sales. The average sales price from July-to-July was down 3.3% at $162,773.  Inventory increased 1.0 percent, with 6,539 units listed for sale. Monthly sales volume YTD increased 7.2 percent to $1.48 billion.

Foreclosure Sales continue to decrease. Year-to-date 2014 there were 1,419 bank sales as compared to 1,297 this year – an 8.6% decline. Even the bank sales showed an increase in the average sales price of 3.3% over 2014. This news may not be good news for investors; however, it is good news for the Memphis housing market.  

 

For an in-depth report of Market trends for the Memphis area, click on the link below.

July 2015 Market Report

 

 

January 2015 Market Report for the Memphis Area

The Memphis Area Association of Realtors (MAAR) has released the January 2015 Market Report. The report shows January 2015 sales compared to January 2014 for the overall Memphis area (which includes sales in Shelby, Fayette, and Tipton counties) declined by 5.7%. The average sales price of $144,749 was an increase of 1.5% over 2014.  Supply and Demand - Fewer homes on the market tend to increase sales prices. Foreclosure Sales continue to decrease. January of last year there were 195 bank sales as compared to 146 this year – a 25.1% decline. Even the bank sales showed an increase in value over 2014 or 11.3%. This news may not be good news for investors; however, it is good news for the Memphis housing market.  

As in most cities, some communities are stronger than others. In comparison of January 2015 to January 2014, the two strongest markets were Arlington and Lakeland. January statistics show Arlington with a 133.3% increase in the number of homes sold and a 10.4% increase in the average sales price.  Lakeland also had an increase in home sales of 11.0% plus an increase in the average sales price of 20.0%.

For an in-depth report of Market trends for the Memphis area, click on the link below.

January 2015 Market Report

Homeownership Rates: Are they Crashing?

The Census recently released their 2014 Homeownership Statistics, and many began to worry that Americans have taken a step back from the notion of h ... read more

Home Ownership Matters: Buy or Rent?

There are many people deciding on whether to sign a new lease on a rental property or take the dive into homeownership. Every situation is different. However, with rents, home values and mortgage interest rates projected to rise, buying now might make a lot more sense than waiting until next year.

Here are others who seem to agree:

An article at NPR:

“Economists see several reasons why 2015 might be a banner year for homebuying — and not just in San Francisco and Miami.”

An article on Consumer Affairs:

“If you have been thinking about purchasing a home, the first half of 2015 might be a good time.”

An article on Fox Business News:

“As rent increases, it simply makes more sense to buy a home.”

Bottom Line

Buying earlier in the year probably makes more sense than putting off the decision.

Year End Home Market Report Released Yesterday

The Memphis Area Association of Realtors (MAAR) has released the December Market Report. The report shows year-end sales 2014 compared to 2013 for the overall Memphis area (which includes sales in Shelby, Fayette, and Tipton counties) declined by 3.9% while in comparison the month of December 2014 increased by 20.7% over December 2013.  The end-of-year average sales price increased by 6.6% over 2013.  Supply and Demand - Fewer homes on the market tend to increase sales prices. Foreclosure Sales continue to decrease. December of last year there were 214 bank sales as compared to 187 this year – a 12.6% decline for the month and a 20.0% decline for the year. This news may not be good news for investors; however, it is good news for our housing market.  

As in most cities, some communities are stronger than others. In comparison of 2014 to 2013, the two strongest markets were Millington and Collierville. Year End statistics show Millington with a 35.7% increase in the number of homes sold and an 8.8% increase in the average sales price.  Collierville also had an increase in home sales of 5.5% and an increase in the average sales price of 4.6%. Although both Arlington and Lakeland saw declines in the number of houses sold, both show a more than 4% increase in the average sales price. This is good news going into 2015.

For an in-depth report of Market trends for the Memphis area, click on the link below.

December 2014 Market Report

Existing Home Sales - Inventory - Prices are Up

Home Owenership Matters: Good news for buyers and sellers, according to the December 2014 report from the National Association of Realtors, things are looking up!