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Millennials: What FICO Score is Needed to Buy a Home?

by Melissa Thompson

Millennials: What FICO Score is Needed to Buy a Home? | Keeping Current Matters

In a recent article by the Wharton School of Business at the University of Pennsylvania, it was revealed that some Millennials are not looking to purchase a home simply because they don’t believe they can qualify for a mortgage.

The article quoted Jessica Lautz, the National Association of Realtors’ Managing Director of Survey Research, as saying that there is a significant population that does not think they will be approved for a mortgage and doesn’t even try. The article also quoted Fannie Mae CEO Tim Mayopoulos :

“I do think that there’s a sense out there in the marketplace among borrowers that credit may not be available, especially for people with lower credit scores.”

So what credit score is necessary?

A recent survey reported that two-thirds of the respondents believe they need a very good credit score to buy a home, with 45 percent thinking a “good credit score” is over 780.

In actually, the FICO score on closed loans (as reported by Ellie Mae) is much lower and has been dropping over the last several months.

FICO Score Requirements | Keeping Current Matters

Bottom Line

Millennials who are considering a home purchase should get advice from a local real estate or mortgage professional now. They may be surprised how much the requirements for a mortgage have eased.

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Happy Thanksgiving!

by Melissa Thompson

What is the meaning of Thanksgiving? This American holiday has become a part of our collective traditions. Holidays are not only a time for festive feasts and merry-making; they also serve as representatives of a nation’s identity. So when we ask, What is the meaning of Thanksgiving, we are also considering who we are. Therefore, this question really concerns what Thanksgiving says about the traits and qualities of Americans. Who are we? And how does Thanksgiving embody our collective identity?

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7 Reasons to List During the Holidays

by Melissa Thompson

101 Things To Do In Memphis #90: National Ornamental Metal Museum

by Melissa Thompson
 
 
 
 
 
 
 
 
 
 
 
 
 
The National Ornamental Metal Museum is a museum for the collection, preservation, and exhibition of historical and contemporary metalwork. The museum is housed in a 1930's brick building on a bluff overlooking the Mississippi River that was formerly used as a U.S. Marine Hospital. The Metal Museum is the only institution in the United States devoted exclusively to the art and craft of fine metalwork. Unlike conventional art museums, it isn't just a place where art is displayed; it's a place where art is made. At the Metal Museum you can see works of art, see artists work, learn the craft and craft the art. This is achieved through exhibitions, collections, conservation, restoration and consulting services, classes, internship opportunities, artist residencies and apprenticeships, research and onsite fabrication of artwork and architectural elements.

The museum has over 3000 items in its permanent collection, and also hosts traveling exhibitions. There is also a working smithy and foundry on site. In addition to displaying metalwork inside the museum they also offer hands-on classes in the museums workshops. Whether it’s a three hour, one day, or weekend workshop, you are sure to learn a lot, have fun, and make beautiful metal items that you can be proud of. 
 
Looking for a unique holiday gift? The Holiday Store is open November 21, 2015 – January 3, 2016 bringing in even more work for your buying pleasure! The artists will be sending additional work and expanding their collections, as they turn the Museum Store Sales Gallery into a Holiday Store. From one-of-a-kind jewelry to grilling skewers, you will definitely find those special holiday gifts here. 
 
As the only institution of its kind, it leads the way in recognizing and promoting the careers of metalsmiths. A must visit for a truly unique experience.Plan your visit by calling 901.774.6380 or visiting www.metalmuseum.org 
 
374 Metal Museum Drive, Memphis

Hours of Operation: 
Tuesday – Saturday, 10 am – 5 pm
Sunday, noon – 5 pm
Closed Mondays

 
 
By and photo credit: metalmuseum.org
 

How to Get the Most Money from the Sale of Your House

by Melissa Thompson
 

How to Get the Most Money from the Sale of Your House | Keeping Current Matters

Every homeowner wants to make sure they maximize the financial reward when selling their home. But, how do you guarantee that you receive maximum value for your house? Here are two keys to insuring you get the highest price possible.

1. Price it a LITTLE LOW

This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actuality, this just dramatically lessens the demand for your house. (see chart)

Impact of Price on Visibility | Keeping Current Matters

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so demand for the home is maximized. In that way, the seller will not be fighting with a buyer over the price but instead will have multiple buyers fighting with each other over the house.

In a recent article on realtor.com, they gave this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This too may seem counterintuitive. The seller may think they would net more money if they didn’t have to pay a real estate commission. Yet, studies have shown that typically homes sell for more money when handled by a real estate professional.

Recent research posted by the Economists’ Outlook Blog revealed:

“The median selling price for all FSBO homes was $210,000 last year. When the buyer knew the seller in FSBO sales, the number sinks to the median selling price of $151,900. However, homes that were sold with the assistance of an agent had a median selling price of $249,000 – nearly $40,000 more for the typical home sale.”

Median Selling Price FSBO vs Agent | Keeping Current Matters

Bottom Line

Price it at or slightly below the current market value and hire a professional. That will guarantee you maximize the price you get for your house.

 

101 Things To Do In Memphis #89: Memphis Botanic Gardens

by Melissa Thompson

Memphis Botanic Garden strives to enhance lives by connecting people with nature, increasing awareness and appreciation of our environment. The 96-acre property includes 28 specialty gardens, which provide an in-depth look into various families of plants, flowers, and trees.

Open to the public daily, guests can take a stroll through various gardens on the grounds. My Big Backyard, the children’s garden, offers a place for jumping, splashing, digging, creating, and discovering the joys of time spent outdoors. The renowned Seijaku-en, Japanese Garden of Tranquility, is a popular attraction, with its recognizable red drum bridge and unique cultural features. Plus, the newly-opened Herb Garden is one of the largest in the nation, and offers unique opportunities for programming and visitor experience.

The garden also offers a range of educational programs for youth and adults. Serving over 40,000 school-aged children annually offering them the opportunity to get outdoors and learn through hands-on activities and nature play. Plant sales and a concert series are held throughout the year to benefit its educational and horticultural programs.

Memphis Botanic Garden hosts many community events each year, such as the Daffodil Dash Race, The Family Egg Hunt, and Mother's Day Jazz Brunch. The year-round schedule of special events and programs, including the Live at the Garden Summer Concert Series, monthly wine tastings, farmers markets, family activities, art exhibits, classes, workshops, and more. For the upcoming holiday season, be sure to visit for the Snowy Nights and Breakfast with Santa events! There truly is something for everyone!

Central Daylight Time Hours: 9 a.m.-6 p.m.
Central Standard Time (Winter) Hours: 9 a.m.-4:30 p.m.

Admission
Adults: $8.00
Seniors (62 and over): $6.50
Children (2-12): $5.00
Children (under 2): FREE
Members: FREE

750 Cherry Rd, Memphis, TN 38117

901.636.4100 or www.memphisbotanicgarden.com for additional information.

 

By and photo credit: memphisbotanicgardens.com

 

5633 Blackburg Drive - Fabulous Home 3BR Home!

by Melissa Thompson

Welcome home to 5633 Blackburg Drive, an amazing home that you will have to see to believe! Built for entertaining, this spacious home offers impressive formal rooms, plus comfortable everyday living spaces. Quality features include a gracious entry hall, gleaming wood floors, a fireplace, 3 bedrooms, soaring ceilings, updated fixtures, new security doors, attic, laundry room with cabinets, fresh exterior paint, storage building with electricity, and so much more! Enjoy comfortable everyday living in the captivating great room flaunting a cozy gas log fireplace. Cooking will be a delight in this incredible eat-in kitchen equipped with ceramic tile, pantry, pristine white cabinetry, and full complement of appliances. In addition, this kitchen offers a sunny breakfast area with a tons of natural light beaming in through the windows. Host the finest dinner parties in the romantic dining room embellished with a dazzling chandelier. Relax outside in the fenced backyard with a nice patio, perfect for cookouts and parties! The adorable storage shed has electricity and would also make a great playhouse for those little ones. Don't miss out on this fabulous home!

Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale.

Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

2615 Everett Avenue - Completely Remolded Memphis Home!

by Melissa Thompson

Welcome home to 2615 Everett Avenue, an amazing, completely remodeled, move-in ready, all on one level home you will have to see to believe! Quality features include 3 bedrooms, fresh neutral paint, new roof, new plumbing, new electrical, new HVAC, new windows, updated light and water fixtures, new tile floor, smooth ceilings, huge attic, laundry room, gleaming hardwood floors and more! Enjoy comfortable everyday living in the captivating great room flaunting a cozy fireplace. Cooking will be a delight in this incredible kitchen equipped with new countertops. Relax outside in the fenced backyard with a nice patio, perfect for cookouts and parties! The one car detached garage has a storage area and would make a great workshop! Don't miss out on this fabulous home!

Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale. Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

Why It Pays to List Your Home in Winter

by Melissa Thompson

If you're listing your home now, use these ideas to make a great cold-weather impression.

Spring may still be peak home-shopping season, since most families want to move when the kids are out of school. Yet it actually pays to list in the winter, when buyers tend to have more urgency: A study by online brokerage Redfin found that average sellers net more above asking price during the months of December, January, February, and March than they do from June through November, even in cold-weather cities like Boston and Chicago. And homes listed in winter sold faster than those posted in spring.

Should you put your home on the market now? Unless you need to sell (say, you’ve purchased your next home or are relocating for a job), “timing always depends on supply and demand,” says Indianapolis real estate agent Christine Dossman.

To understand your local climate, check the number of days on the market for current and recently sold listings. If most are sitting for more than 60 days, it’s safer to wait until spring, when more buyers will emerge. Yet “if properties are selling quickly, take that as a green light to list,” says real estate broker Peggy Yee of Vienna, Va.

 
 
 

If you do move forward, these strategies will help make your home a hot seller this winter.

Price It Right

The quieter winter market brings special pricing considerations. Unlike in spring, when there are more shoppers—and it may make sense to price low to try to generate a bidding war—you’re less likely to receive multiple offers.

Winter is also a bad time to test the market and list high. If the house doesn’t sell, you may need to drop below market value to nab a buyer before new properties appear in spring and make yours look stale by comparison.

The upshot: Take a conservative approach and price at market value, Yee advises. Check closing prices of comparable properties sold in the past 30 days, then eye current list prices to make sure your home won’t look overpriced.

Schedule a Tune-Up

Winter buyers are particularly attuned to issues related to heating and maintenance. Get your furnace, HVAC, and roof inspected, and make any necessary repairs. Also on your to-do list: Clean the gutters, change air filters, and weather—strip the windows.

Many cold-weather house hunters will also be thinking about heating costs. Consider low-cost upgrades like insulating the attic or installing energy-efficient windows, which can slash utility bills, says Brendon DeSimone, author of Next Generation Real Estate.

Brighten Your Home

Snow and gray skies make for a gloomy first impression. Warm up curb appeal with basic landscaping, and add inexpensive cool-weather plants like holly to invigorate outdoor space. Fix chipped paint, caulk windows, and repair cracked window seals, which can cause condensation that freezes over and creates an eyesore.

Offset the season’s poor natural light by painting your house off-white throughout—it sets a consistent color palette and makes the space feel larger, says Sacramento interior designer Kerrie Kelly.

And create a sense of warmth throughout the home, starting with the living room, where staging can have the greatest impact, according to a National Association of Realtors report. Items like a throw blanket can set the tone since “people are in winter mode,” says Annette DeCicco, a New Jersey regional sales manager at Berkshire Hathaway. Just don’t tie the space to a specific religion or belief, advises Kelly. To stay neutral, use such seasonal touches as stacked wood by the fireplace rather than holiday decorations.

As always, de-clutter and depersonalize. Put away family photographs so that buyers can see themselves living in the home; instead display pictures that show what the property looks like when the temperature is warmer, like the garden in full bloom or the backyard in the summertime. Just because it’s winter doesn’t mean buyers can’t appreciate what your home has to offer year-round.


 

 

 

 

 

By and photo credit: time.com

 

Welcome home to 1680 Canadaville Loop, an amazing home in Eads situated on 7.38 acres in Fayette County, that you will have to see to believe! Built for entertaining, this spacious home offers an open floor plan with impressive formal rooms, plus comfortable everyday living spaces. Quality features include neutral colors, crown molding, granite galore, smooth ceilings, arched doorways, 4 bedrooms, media room, 2 master suites (1 down and 1 up) 23x17 bonus room, updated fixtures, 2 floored walk-in attics, 1 pull down attic, 24x20 barn which would make a great workshop plus a 48x30 barn with 3 stalls, and so much more! Enjoy comfortable everyday living in the captivating great room. Cooking will be a delight in the incredible eat-in kitchen with cabinet and counter space galore, granite, tile backsplash, and full complement of stainless steel appliances. Family and friends will enjoy gathering in the splendid hearth room located off the kitchen enhanced with a TV niche, built-in bookshelves, and an eye-catching cozy fireplace, perfect for those cold winter nights. Host the finest dinner parties in the romantic dining room embellished with a dazzling chandelier. This 2 car garage has been converted into and awesome 23x17 bonus room complete with multiple double French doors, neutral colors, smooth ceiling, and a cooling ceiling fan. No worries...it is framed and has a header for easily converting back to a garage. You will rest easy in your downstairs master retreat with an awesome walk-in closet with built-in shelves and drawers as well as a spa-inspired luxury master bathroom boasting an elongated dual sink granite vanity, relaxing soaking tub and a divine walk-in shower. Never go out to the movies again….you can just sit back and relax, while enjoying a movie at home in your very own media room with surround sound, screen, movie projector, and walk-in closet. Relax outside and enjoy the peacefulness and the serene view of your 7.38 acres. Raise livestock...there is plenty of room on this 7.38 acre lot, with 5 acres of fenced pastures. Not to mention the incredible 48x30 barn with 3 stalls, tack room, hay storage, 12ft lean-to across the back, concrete flooring, electricity and water. There is also an additional 24x20 barn with concrete flooring, and electricity. It would make a great workshop! The covered patio is perfect for cookouts and parties! Enjoy and nice game of basketball on the half court. Don't miss out on this magnificent home!

Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale.

Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

Displaying blog entries 1-10 of 17

Contact Information

Photo of Melissa Thompson Real Estate
Melissa Thompson
Crye-Leike Realtors
6525 N Quail Hollow Road
Memphis TN 38120
(901) 729-9526
(901) 756-8900
Fax: (901) 435-0620