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Displaying blog entries 1-10 of 65

What Does Downsizing Mean for You?

by Melissa Thompson

People downsize to smaller homes for many reasons:

  • Your children have grown up and moved out leaving you with an empty nest.
  • You have retired or you are planning to retire soon.
  • You are tired of the upkeep it takes to maintain a large house.
  • You would rather spend your free time traveling or on your hobbies rather than cleaning your house.
  • Increased taxes and upkeep have made your current home too expensive.
  • You’ve lost a spouse or partner and you’re living alone.
  • You’ve always wanted to live at the beach, in the mountains, on a lake, etc. and want a smaller dream house in one of those locales.
  • You’ve built up a lot of equity in your current home and want to start using it for other things.

    Whatever the reason, downsizing is a good move that will likely bring you more joy.  Here are the reasons why:
     
  • Your house will be easier to maintain and you will spend less time cleaning.
  • You will spend less money on everything from your mortgage, taxes and insurance to your heating, cooling, and electricity. 
  • Having less debt will eliminate the financial stress that comes with a huge mortgage payment.
  • A home that doesn’t drain your resources and energy will give you peace of mind.  And that is priceless.
  • A smaller home has a positive impact on the environment because it requires less resources to build and maintain.
  • You will have more free time for living the life you want.
  • It will force you to cut back on your belongings and keep you from buying more.
  • If decorating is not your thing, a smaller house will make it less overwhelming for you.
  • When the time comes to sell, a smaller, more affordable home will appeal to a larger percentage of the population.

Downsizing doesn’t mean you should move into one of the tiny houses that are trendy right now.  It might be just going from four bedrooms/three baths to three bedrooms/two baths.  A professional Realtor can assist you in finding a smaller home that will suit all your needs and provide you with a happier, more peaceful lifestyle.

 

http://www.yourkeytomemphis.com/Blog/Why-Americans-Consider-Moving-to-Another-State

http://www.yourkeytomemphis.com/Blog/Four-Reasons-to-Buy-a-Home-Now

http://www.yourkeytomemphis.com/Blog/5-Important-Things-to-Fix-Before-Putting-Your-House-on-the-Market

Inventory Drops Again, Sales Slow

by Melissa Thompson

Highlights:

  • Existing Home Sales are now at an annual pace of 5.52 million.
  • Inventory of existing homes for sale dropped to a 4.3-month supply, marking the 25th month in a row of declines.
  • The median price of homes sold in June was $263,800. This is the 64th consecutive month of year-over-year price gains.

By: KCM Crew

Contact your local expert’s at The Melissa Thompson Team 901-729-9526 for all your real estate needs! 

Luxurious Laundry Rooms

by Melissa Thompson

The laundry room is probably not the first space you think of when you hear the word luxurious.  But it is a room you spend a lot of time in.  Doing laundry is a necessary part of life, so why not make it more appealing by creating a comfortable, practical and pretty environment that will make it feel less like a chore and more like a pleasant task. You don’t have to spend a lot of money to make your laundry room a calm and soothing work space.  There are opulent touches you can add that will improve your disposition while performing the essential duties of washing, drying, folding and ironing.

 
  • Paint the room in a soft, neutral color - choose from greens, blues or yellow.
  • Hang some art on the walls.  Pick pieces that you love or are meaningful to you. You don’t have to spend a lot of money…just choose paintings or pictures that bring 
  • you joy.
  • If you lack storage in your laundry room, add some simple shelves with clean lines.  Get some clear containers for your detergent, fabric softener sheets, clothes pins etc. so you can dispose of the unsightly bags and boxes they come in. 
  • Use baskets or bins to pre-sort clothes into whites, colors, sheets, towels etc.
  • If your laundry room is spacious, create a folding area.  You can have a table or if you are using front loading machines, design a counter to go on top of them.  Add a small, wall-mounted television and a comfy chair, and folding clothes won’t seem so boring anymore.
  • Add a small vase with fresh flowers.  Being amidst the beauty of nature will make you feel better about being stuck indoors doing laundry!
  • Remember, guests are not likely to see your laundry room, so make it all about YOU.  Be funky and unique with your décor and have fun with it!  Before you know it, you will look forward to doing all that washing, drying and folding.  Ok…maybe you won’t look forward to it, but at least you won’t dread it! 

http://www.yourkeytomemphis.com/Blog/Quick-Fix-Tricks-to-Make-Your-House-Sparkling-Clean

http://www.yourkeytomemphis.com/Blog/Top-Home-Renovations-for-Maximum-ROI

http://www.yourkeytomemphis.com/Blog/Clearing-the-Clutter

Singles Are Falling for Their Dream Home First

by Melissa Thompson

Some Highlights:

  • According to NAR’s Profile of Home Buyers & Sellers, the share of recent homebuyers who were single at the time of purchase held steady at 24% last year.
  • The percentage of first-time buyers who were single females rose to 17% (up from 16%), as the share of single men dropped from 11% to 8%.
  • The primary reason for buying a home amongst singles was the desire to own a home of their own (38% for women and 37% for men).

​​Contact your local expert’s at The Melissa Thompson Team 901-729-9526 to find out if you qualify to buy your dream home! 

By: KCM Crew

The 5 Greatest Benefits of Homeownership

by Melissa Thompson

Recently, Freddie Mac reported on the benefits of homeownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.”

  1. Homeownership can help you build equity over time.
  2. Your monthly payments will remain stable.
  3. You may have some tax benefits.
  4. You can take pride in ownership.
  5. Homeownership improves your community.

Let’s expand on each of Freddie Mac’s points:

Homeownership can help you build equity over time.

Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

In a Forbes article, the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun reported that now the net worth gap is 45 times greater.

Your monthly payments will remain stable.

When you purchase a home with a fixed rate mortgage, the majority of the payment (principle and interest) remain constant. On the other hand, rents continue to skyrocket. Your housing expense is much more stable if you own instead of rent.

You may have some tax benefits.

According to the Tax Policy Center’s Briefing Book -“A citizen’s guide to the fascinating (though often complex) elements of the federal Tax System” – there are several tax advantages to homeownership.

Here are four items from the Briefing Book:

  • Mortgage Interest Deduction
  • Property Tax Deduction
  • Imputed Rent
  • Profits from Home Sale

You can take pride in ownership.

Most surveys show that a major factor in purchasing a home is the freedom you have to design the home the way you want. From paint colors to yard accessories, you don’t need a landlord’s permission to make the house feel like a home.

Homeownership improves your community.

The National Association of Realtors recently released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study explained:

“Homeownership does create social capital and provide residents with a platform from which to connect and interact with neighbors…Owning a home means owning part of a neighborhood, and a homeowner’s feelings of commitment to the home can arouse feelings of commitment to the neighborhood, which, in turn, can produce interactions with neighbors.”

Bottom Line

There are many benefits to homeownership. That is why it is still a critical piece of the American Dream.

Contact your local expert’s at The Melissa Thompson Team 901-729-9526 for all your home buying needs. 

By: KCM Crew

Get Pre-Approved and Stand Out from the Crowd!

by Melissa Thompson

Across the country right now, the number of buyers seeking homes far outnumbers the number of homes available.  Because of this, the housing market is super competitive and buyers often need to do something to stand out.  One way to show that you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search.

Even in a less competitive market, knowing your budget will give you security of knowing if a home is within your reach.

One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you with this process.  Once you have chosen a lender, you will need to fill out their loan application and provide them with vital information regarding your credit, debt, work history, down payment and residential history.

There are 4 Cs that aid in determining the amount you will be qualified to borrow:

  • Capacity: Your current and future ability to make payments.
  • Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash.
  • Collateral: The home or type of home that you want to purchase.
  • Credit: Your history of paying bills and other debts on time.

Getting pre-approved not only shows sellers you are serious, but also speeds up the process of completing the purchase once your offer has been accepted.

Many people overestimate the down payment and credit scores needed to qualify for a mortgage.  If you are ready to buy, you may find yourself pleasantly surprised at what you can afford!

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

Epic Housing Shortage Being Reported

by Melissa Thompson
Epic Housing Shortage Being Reported | MyKCM

The Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study.

The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction.

Regarding Existing Home Inventory:

“For the fourth year in a row, the inventory of homes for sale across the US not only failed to recover, but dropped yet again. At the end of 2016 there were historically low 1.65 million homes for sale nationwide, which at the current sales rate was just 3.6 months of supply - almost half of the 6.0 months level that is considered a balanced market.”

Regarding New Home Inventory:

“Markets nationwide are still feeling the effects of the deep and extended decline in housing construction. Over the past 10 years, just 9 million new housing units were completed and added to the housing stock. This was the lowest 10-year period on records dating back to the 1970s, and far below the 14 and 15 million units averaged over the 1980s and 1990s.”

Bottom Line

The biggest challenge in today’s market is getting current homeowners and builders to realize the opportunity they have to maximize profit by selling and/or building NOW!!

Call your local expert’s at The Melissa Thompson Team 901-729-9526 for all your Real Estate needs!

By: KCM Crew

Help for First Time Homebuyers

by Melissa Thompson

Have you been hesitant to purchase your first home because you are worried about having enough cash for a down payment or that you won’t qualify for a loan?  Don’t despair!  There is help out there for you.  Owning a home is a sound financial investment and there is no reason to keep paying a landlord’s mortgage when you could be paying your own and building equity for your future.

The Tennessee Housing Development Agency has the Great Choice Home Loan program which was designed specifically to help first-time homebuyers overcome obstacles such as:

  • Not enough savings for a down payment
  • Being unsure of how the home-buying process works
  • Worrying that you won’t qualify for a loan
  • Being concerned about high-risk mortgages

Most Great Choice Home Loans are insured by FHA or USDA-RD, which means that you can borrow up to 96.5% of the total price of the home you are purchasing. So, you will only need a minimum of 3.5% for a down payment.  In addition, financial assistance is available to every approved homebuyer!  You can utilize your financial assistance for any loan-related costs, including down payment and closing costs.

The THDA offers homebuyer education classes and taking one of these classes is a great first step toward understanding all you need to know before you start your home search.  The class teaches things such as:

  • What makes a home right for you
  • What questions to ask when looking at a home
  • How to qualify for a home loan
  • What’s involved in maintaining a home

If you plan to apply for down payment assistance, it is required that you take this class.

The real estate professionals at Your Key to Memphis can explain this program to you and answer any questions that you have.  Contact them and start your home search today!

 

http://www.yourkeytomemphis.com/Blog/What-Would-You-Sacrifice-to-Save-For-Your-Next-Home

http://www.yourkeytomemphis.com/Blog/Four-Reasons-to-Buy-a-Home-Now

http://www.yourkeytomemphis.com/Blog/Buying-a-Home-in-a-Sellers-Market

Top Home Renovations for Maximum ROI

by Melissa Thompson

Top Home Renovations for Maximum ROI [INFOGRAPHIC] | Keeping Current Matters

Some Highlights:

  • Whether you are selling your home, just purchased your first home, or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most Return On Investment (ROI).
  • While big projects like adding a bathroom or a complete kitchen remodel are popular ways to increase a home’s value, something as simple as updating landscaping and curb appeal can have a quick impact on a home’s value.
  • For more information about top renovation projects that net you the most ROI, you can check out the complete list here.

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

 

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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.

 

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Displaying blog entries 1-10 of 65