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.