Real Estate Information Archive


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Debunking Real Estate Myths

by Melissa Thompson

Whether you are buying or selling a home for the first time or you are a seasoned veteran of buying/selling real estate, chances are you think you have the knowledge needed to navigate the process based on what you have read or heard from friends and family. Unfortunately there are a plethora of myths circulating about buying and selling houses that have become prevalent, but just aren’t true.  The pitfall of believing everything you hear or read is that real estate myths can hurt you where it counts…in the wallet.  Here are eight common ones that can cause home buyers/sellers to make unnecessary mistakes:

  • Set your home price higher than what you expect to get. Setting your asking price too high may net you a lower price.  That’s because many shoppers and their real estate agents will not look at houses that are priced above market value. While it’s true that you can lower your price if you have not gotten offers in the first few weeks, “Buyers are highly suspicious of houses that have sat on the market for more than three weeks,” says Nela Richardson, chief economist for the brokerage Redfin.
  • You can get a better deal as a buyer if you don’t use a real estate agent.

This is a false assumption. When a house is listed with an agent, the total sales commission is already built into the price.  If the buyer doesn’t use and agent, that just means the selling agent will get the entire commission.

  • You can save money selling your home yourself.

While it is possible to successfully sell your home on your own, there is a great deal of work that goes into it. You must know how to get the home listed online, market it to prospective buyers, negotiate the contract and deal with any issues that arise during the inspection or loan application phases.  In addition, buyers will expect a significant discount, so what you might save on real estate commission may not be as much as you thought it would be.

  • The market will only go up.

Over the years, homebuyers and sellers have experienced a time of increasing home values, then a sharp decline due to the economy and then an upturn where values increase again.  But many people believe the market only goes up.  You need to be aware that prices can fall dramatically.

  • You should renovate your kitchen and bathroom before you sell.

If your kitchen and bathroom are in working order, an extensive remodel could be a mistake. Potential buyers might not like what you’ve done with the place, but they don’t want to change something that has just been renovated.  You are better off adjusting your price accordingly.

  • You’ll earn back what you spend on renovations.

Repairing things like your heating system, air conditioner or roof may help your home to sell faster, but you probably will not recoup what you spend. Per Remodeling Magazine’s 2017 cost-vs-value report, the only renovation that is likely to net you as much as you spent is adding fiberglass attic insulation. You will likely only get back 65.3% on a full kitchen renovation. And redoing your bathroom might get you 59.1%.

  • All the properties listed in the multiple listing service show up online.

Your agent must choose to let the listings show up online. Most do, but it’s a good idea to verify that yours will.

  • Open houses sell properties.

Homes rarely sell to buyers who have visited them during open houses.  Agents like to have open houses because it helps them to find additional potential customers.  If you and your agent opt not to have an open house, it probably won’t hurt the chances of selling.  On the other hand, having a broker’s open house for other agents might be worthwhile.

View our Video Blog

The Impact Your Interest Rate Makes

by Melissa Thompson

The Impact Your Interest Rate Makes [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • Interest rates have come a long way in the last 30 years.
  • The interest rate you secure directly impacts your monthly payment and the amount of house that you can afford if you plan to stay within a certain budget.
  • Interest rates are at their lowest in years… RIGHT NOW!
  • If buying your first home, or moving up to the home of your dreams is in your future, now may be the time to act!

Thinking about buying or selling a Memphis TN home, Call your local expert’s The Melissa Thompson Team 901-729-9526.



Why Americans Consider Moving to Another State?

by Melissa Thompson

Some Highlights:

  • In a recent Harris Poll, Americans listed "change in climate/weather" as their top reason for wanting to relocate.
  • 41% would move for a “better job opportunity.”
  • Being closer to loved ones filled out 3 of the top 6 reasons why Americans move.

If this is your year to make a move - contact The Melissa Thompson Team at yourkeytomemphis.com901.729.9526 or



Tips for Showing Your Home to Potential Buyers

by Melissa Thompson

When potential buyers come to look at your home, it’s vital that they feel like it could be theirs.  Here are some tips for showing your house that will help engage buyers emotionally and leave them feeling like they have found their future home.

  1. Make them feel WELCOME!

The buyer may be a guest in your home, but don’t make them feel like an intruder.  The idea is for them to be able to imagine it as their own.  Leave the house while they are looking so that they can speak freely and comfortably about what they are seeing.  Let them take their time. If they feel rushed they won’t have a positive experience.  Leave a bowl of candy or small treats near the front door with a short note thanking them for coming to see your home.

  1. Check the temperature.

If it is hot outside, turn on the AC. Set the temperature a couple of degrees cooler than usual so that it runs consistently and isn’t kicking on and off while people are looking.  Sometimes HVAC systems can be loud.  The same applies with heat when it is cold outside (set temp a couple of degrees warmer than usual).  You want them to be comfortable in your house so that they will linger as long as possible.

  1. Create a mood.

You want potential buyers to get good vibes from your house the minute they walk through the door.  When weather appropriate, light a fire in the fireplace.  Set your dining table in a way that is appealing.  Have soft music playing.  Create and ambiance that is irresistible!

  1. Be careful with scents.

Some people are very sensitive to certain smells, so don’t spray the air or use plug in deodorizers.  Avoid burning strongly scented candles for the same reason.  If weather permits, open the windows (unless it is too noisy outdoors).  Most people enjoy the smell of freshly baked cookies, but if you are going to bake, make sure you leave some treats out for the visitors so they aren’t disappointed!

  1. Make it visually pleasing.

Open window coverings to let in natural light.  Display appealing seasonal photos in prominent places. If your yard isn’t looking so fabulous, keep window blinds partially closed so that buyers aren’t distracted by what’s outside while looking at the interior of the home.

  1. Light it up!

Turn on every light in the house…even the closet lights. Brighten dark rooms with extra lighting.  A spot light on the floor behind a piece of furniture is a great idea for brightening up a room with few windows. 

  1. Encourage touching.

Drape lush fabrics such as velvet or silk throws over chair arms.  Leave doors slightly ajar so that visitors feel welcome but must open the door to enter the room.  If a room is carpeted, vacuum it in one direction.

  1.  Finish off with food.

Encourage buyers to stick around and notice even more details about your home by offering them food.  You don’t need to have a catered lunch; finger sandwiches, cookies, tea, water and desserts will all suffice. Be sure to have serving utensils, plates, cups and silverware available along with a waste basket in plain sight.

  1. Encourage feedback.

Have a guestbook or a short-pre-printed questionnaire and some pens next to the food.  Feeding the buyers will allow them time to give you some feedback.  This will provide invaluable information to you. Allow buyer anonymity.

Visit our Video Blog for more tips on buying and selling Memphis Real Estate. Contact Melissa Thompson today for assistance in selling your home!

3 Charts That Shout, ‘List Your Home Today!’

by Melissa Thompson

3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters

In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.


The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.

3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters


Every month NAR reports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map below, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC.

3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters

Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream homes (if they are even able to find a home they wish to purchase).

Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.


Many homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do!

3 Charts That Shout, ‘List Your Home Today!’ | Keeping Current Matters

Many homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.

Bottom Line

If you are debating selling your home this year, let The Melissa Thompson Team evaluate the equity you have in your home, as well as the opportunities available in your market. 901.729.9526 or  


Selling a Home in Spring 2017? Here’s What You Should Know!

by Melissa Thompson

  1. It’s a Seller’s Market - According to Lawrence Yun, chief economist and senior vice president of research for The National Association of Realtors, this season is expected to be a great time to be a seller. The spring season is heating up for sellers as there are more buyers and fewer sellers than last year.  Since it is a high-demand, low-supply environment, people trying to sell their homes will see a lot of foot traffic from eager buyers. In addition, if they price their homes right for their market, they could end up with multiple offers for their homes. This trend looks like it will continue despite rising mortgage rates, Yun said, as job growth and the U.S. economy remain strong.
  2. The chief economist for Zillow, Svenja Gudell, says, “We’re seeing a lot of demand for entry-level homes and things that are a little less expensive, as many millennials and first-time buyers are very active.” While starter homes are in high demand and will likely sell more quickly, more expensive homes are selling more slowly. Homes that are priced over $500,000 are staying on the market longer.
  3. Timing is Everything.  Zillow conducted a study of listings in markets across the country and found that, nationwide, homes listed between May 1 and May 15 sold an average of nine days faster and for an average of 0.8 percent more than homes listed at other times. In most markets, listings posted on a Friday or Saturday performed best.
    "These times differ from one market to the next," Gudell said. "It's spread over March, April and May, and warmer markets will start earlier. Markets with deep, snowy winters tend to start a bit later."

  4. Aesthetically Pleasing Homes Sell Faster.  Spring is the perfect time of year to show off your home.  Take advantage of flowers blooming and trees blossoming by keeping your yard neat and tidy.  That first impression may be what draws people to look at your property.
  5. More Options=Greater Odds.  Some people may think that selling in the spring is a bad idea because there is less competition during other months of the year.  But less competition means fewer buyers.  Many realtors feel that competition is a positive thing in the real estate market and can assist homeowners in getting a better deal.
  6. School’s Out for Summer.  Many homeowners want to time their purchase of a new home with the end of the school year so that they are not moving their children to a different school mid-year.  If the closing occurs in early summer, it gives the family a couple of months to get acclimated to their new area before the new school year begins.
  7. More Buyers=More Offers.  The best thing that can happen for a seller is to receive multiple offers that result in a bidding war.  This is most likely to happen in the spring when more people are house hunting.

Spring is a time for new beginnings. The weather is nicer; the days are longer and people are excited to get out and look at homes. So, don’t miss out on this opportunity.  If you are thinking about selling your house this year, put it on the market now with The Melissa Thompson Team901.729.9526 or

Home Prices Up 6.15% Across the Country!

by Melissa Thompson

Some Highlights:

  • The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report.
  • In the report, home prices are compared both regionally and by state.
  • Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more!
  • Alaska, Delaware, West Virginia & Wyoming were the only states where home prices are lower than they were last year.

Learn more about buying or selling Memphis Real Estate at 901.729.9526 or



How Low Supply & High Demand Impacts the Real Estate Market

by Melissa Thompson

Some Highlights:

  • The concept of Supply & Demand is a simple one. The best time to sell something is when the supply of that item is low & the demand for that item is high!
  • Anything under a 6-month supply is a Seller’s Market!
  • There has not been a 6-months inventory supply since August 2012!
  • Buyer Demand continues to outpace Seller Supply!

Learn more about buying or selling Memphis Real Estate at 901.729.9526 or



Where Did Americans Move in 2016?

by Melissa Thompson

Where Did Americans Move in 2016? | Keeping Current Matters

Some Highlights:

  • For the 5th year in a row, the Northeast saw a concentration of “High Outbound” activity.
  • For the first time ever, South Dakota held the top spot for “High Inbound” states.
  • Much of America’s outbound activity can be attributed to Boomers relocating to warmer climates after retiring.



Learn more about buying or selling Memphis Real Estate at 901.729.9526 or

5 Design Trends to Avoid When Selling Your Home

by Melissa Thompson

When preparing your home to sell, you might want to incorporate some current popular design trends to entice buyers.  But there are also design and décor ideas that you may want to avoid for the same reason. Here are some interior design trends that are not currently popular with home buyers:

Breakfast Nooks: According to Country Living breakfast nooks are out. They are charming and cute, but not what buyers are looking for these days.  If you’re renovating your kitchen, you may want to add more cabinets and counter-top space instead.

Bamboo Floors: This once trendy flooring material is on its way out. Buyers are now looking for other options such as synthetic materials that can be easily replaced, or good old fashioned hardwood that can be refinished to their liking.

Shiplap: Shiplap has been hugely popular recently, but according to, “If you’ve ever wondered what 2016's version of tacky wood paneling would be, look no further than this trend that seems to have overtaken TV design shows." It’s challenging to remove and designers say it just doesn’t make sense to have it in some houses such as Colonial or Tudor style homes. 

Brushed Metal: Per House Beautiful, industrial looking metals are out. Shiny metals like bronze and gold are gaining popularity for adding elegance to a home.

Gray Paint: Once a favorite color choice, gray is starting to look, well, gloomy. It has been overused according to Realtor Mag and new color palettes will include warmer colors such as mocha and taupe.

Check this out for trends that are IN:

For other selling tips:

Displaying blog entries 1-10 of 15

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