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Handling Multiple Real Estate Offers

by Melissa Thompson

How to Handle Multiple Real Estate Offers

There was a time when getting multiple real estate offers in Memphis was on par with your odds of finding a unicorn. But the market has changed. Boy, has it changed.

Now, we find ourselves in the position of counseling our seller clients on how to handle a multiple offer situation.

First things first

Do you want to review offers on a first come first served basis or do you want to allow your property a little time on the market (say 5-10 days) before you’ll review? This is a conversation you need to have with your agent before you are faced with the dilemma of an offer in hand and another coming your way. There’s nothing like the feeling that you’ve left money on the table because you made a hasty decision, so have a plan.

What are your options?

Choose the highest price. This is the obvious choice, isn’t it? You want the best price possible for your house and it makes sense that the buyer offering the highest price would be the correct choice. But there are other things to consider as well.

Choose the best terms. It may be that a buyer is offering the highest price, but needs assistance with closing costs, which can be an indication that they are short on cash. If another offer has a lower price, but no assistance is needed and a higher down payment or deposit offered, those terms may outweigh the price.

Choose the shortest closing date. If you need to move and move fast, it may be worth your while to accept a little lower price in exchange for not having to make another mortgage payment.

Choose the best qualified loan applicant (or the cash buyer). A pre-approved buyer is making a much stronger offer than simply a pre-qualified buyer or one who hasn’t taken the time to arrange for financing at all. And, of course, a cash offer is the ideal.

Choose to call for highest and best offers from all buyers.  Know that you’ll run the risk of losing some buyers that may not be interested in participating in a bidding war.

What’s most important to you?

Is it terms or is it price? Only you know the answer to that question. In the event of multiple offers, you’ll need to have a serious conversation with your agent about what works best for you.

Don’t forget

In a multiple offer situation, it’s important to treat each buyer fairly. Once you’ve made a decision on how you are moving forward, your agent should respond to all offers promptly.

Need a plan for selling your Memphis home in this market? Call us today at 901.230.2610 and we’ll be happy to help you navigate through the current real estate maze. 

By and photo credit: crescentcityliving.com

101 Things To Do In Memphis #24: Open Arms Care Jazz & Wine Event

by Melissa Thompson

WUMR Radio Personality, Tony Nichelson, is hosting the Open Arms Care (OAC) 5th Annual Jazz & Wine Event, Friday August 5th, 2016 from 6:00-9:00 p.m.

The Event features the jazz styling of saxophonist, Mark Baker. There will also be appearances by other artists including Tameka “Big Baby” Goodman, and Lyrics Band featuring Bird Williams. Mark Baker, a local Memphis saxophonist and composer, has been performing his inspired music all over the world for over 20 years.

The wine reception will kick off the event from 6pm until 6:45pm; the reception will include music, appetizers, a wonderful silent auction and networking opportunities. The performances begin at 7:00 p.m.

Tickets are $25.00 in advance and $35.00 at the door. Tables and group rates are also available

Open Arms Care is a local nonprofit organization serving individuals with Intellectual Developmental Disabilities in the state of Tennessee; the Jazz & Wine Event is the annual fundraiser. By contributing to the event, individuals are supporting those with intellectual and developmental disabilities help reach their maximum potential and enabling them to lead dignified and meaningful lives.

The Robinson Gallery, 400 S Front St, Memphis, TN 38103
901-371-9774 or visit their 
website.

By and photo credit: openarmscare.org

You're Invited! Two Open Houses this Sunday, July 24th 3-5 p.m.

by Melissa Thompson

Baby Boomers Are On the Move

by Melissa Thompson

Baby Boomers Are On the Move | Keeping Current Matters

According to a Merrill Lynch study“an estimated 4.2 million retirees moved into a new home last year alone.” Two-thirds of retirees say that they are likely to move at least once during retirement.

As one participant in the study stated:

“In retirement, you have the chance to live anywhere you want. Or you can just stay where you are. There hasn’t been another time in life when we’ve had that kind of freedom.”

The top reason to relocate cited was “wanting to be closer to family” at 29%, a close second was “wanting to reduce home expenses” at 26%.

A recent Freddie Mac study found similar results, as “nearly 20 percent of Boomers said they would move closer to their grandchildren/children compared to 13 percent who said they would move to a warmer climate.”

Not Every Baby Boomer Downsizes

There is a common misconception that as retirees find themselves with fewer children at home, they will instantly desire a smaller home to maintain. While that may be the case for half of those surveyed, the study found that three in ten decide to actually upsize to a larger home.

Some choose to buy a home in a desirable destination with extra space for large family vacations, reunions, extended visits, or to allow other family members to move in with them. According to Merrill Lynch:

"Retirees often find their homes become places for family to come together and reconnect, particularly during holidays or summer vacations."

Bottom Line

If your housing needs have changed or are about to change, meet with a local real estate professional in your area who can help with deciding your next step.

 

101 Things To Do In Memphis #23: Lichterman Nature Center

by Melissa Thompson

A certified arboretum, and a nature center, Lichterman Nature Center offers many outdoor and indoor exhibits, activities, and events. The Lichterman Nature Center is one of the facilities within the Pink Palace Family of Museums featuring exhilarating new exhibits, beautiful gardens featuring native wildflowers and trees, and a tradition of excellence in environmental education set in the heart of 65 acres of lake, meadow, and forest.

Located in metropolitan Memphis, the Lichterman Nature Center promotes a sense of stewardship for the earth by increasing the visitor's appreciation and interpretation of the natural world through environmental education and understanding of native wildlife. The nature center places an emphasis on nature related education, including hands-on explorations, microscopic discoveries, a forest boardwalk three stories high, and an underwater viewing area. Enjoy a three mile walk on the nature path which is home to a wide variety of plants, birds, reptiles, amphibians and mammals! Visitors can also partake in wildlife programs, plant sales, festivals and many other entertaining activities designed to expose and build connections between the participants and the natural world. 

Looking to plan an event? This is the perfect venue for birthday parties, weddings and receptions!

Don’t miss the upcoming Scarecrow Building Seminar! You are invited to exercise your artistic and environmental vision to create a Scarecrow for Lichterman Nature Center’s annual Scarecrow Contest. How do you start? Come to our FREE Scarecrow Building Seminar Saturday, August 15, 10am! Being a part of this fun event is easy: we provide the framework for the Scarecrow and you provide the creativity.

For more information, visit the website, email nature.reservations@memphistn.gov or call 901.636.2211.

Admission
Members - FREE 
Adult - $7.00
Senior - $6.00
Child (age 3-12) - $5.00
Children under 3 - FREE

Admission to Lichterman Nature Center is free to public Tuesdays from 1:00 until closing. 

 

By and photo credit: memphismuseums.org/lichterman-nature-center/

Memphis Real Estate Market Report – June 2016

by Melissa Thompson

June was down overall in the Memphis market, but as for our team we were up. My team has closed 71 homes this year. The market had 1688 sales recorded compared to 1784 sales recorded in 2015. Average home sales prices were up 9% from last year. Year-to-date home sales are up 9% and home sale revenue is up 10% from the same period in 2015. 14 out of 33 zip codes had an increase in overall sales activity for the month and 27 zip codes saw an increase in average sales prices. Home sales over $500,000 were down 3% from last year with 61 recorded for the month. Home sales over 1 million are up 400% from June 2015. In fact, we had one in Central Gardens we closed.

Look in the chart below to see where your home falls.

Municipality

No. of Sales 

  Average  Prices

Arlington

56%

0%

Bartlett

0%

5%

Collierville

-14%

4%

Germantown

10%

12%

Lakeland

5%

5%

Memphis

-10%

10%

Millington

38%

14%

Unincorporated

1%

13%

 

Please contact The Melissa Thompson, Your Key to Memphis Team with Crye-Leike for all of your Real Estate needs - 901-729-9526 or melissa@yourkeytomemphis.com.

School Supplies Drives & Tax-Free Weekend

by Melissa Thompson

Tennessee’s sales tax holiday weekend is happening Friday, July 29 through Sunday, July 31. During this weekend clothing $100 or less, school supplies $100 or less and computers $1,500 or less are all tax free. If you can purchase school supplies through your school I highly recommend you do this as it’s so much easier and cheaper, too!

Back to school means back to work for school-aged kids!

Back to school means back to work for school-aged kids!

If you’re looking to help out some local needy kids with much needed school supplies there are several ways you can help!

Fox13 Memphis
Benefiting Communities in Schools Tennessee (CISTN) at Memphis, a drop-out prevention program. through July 30 Donate directly to Communities in Schools, Memphis via PayPal here most needed items

Locations:

  • FOX13 studios at 485 S. Highland
  • Saturday, July 9th: all Knowledge Tree locations including 5000 Summer Ave, 8195 Dexter Road & 2085 Exeter Road (Germantown)
  • Wednesday, July 13: Fox 13 at Poplar Plaza
  • Wednesday, July 27: Jack Pirtle’s Chicken at 3571 Lamar Ave or 2520 Mt Moriah Ave

Purchase supplies online here

Kroger & United Way
Saturday, July 16 and Sunday, 17
supplies needed

Locations:

  • Poplar / Highland | 3444 Plaza Avenue
  • Poplar & Kirby | 6660 Poplar Avenue (Germantown)
  • Riverdale & Shelby | 4770 Riverdale
  • Frayser | 2632 Frayser Blvd.
  • Whitehaven | 1212 E. Shelby Drive

​​By and photo credits: eastmemphismoms.com

​​

Would You Qualify for a Mortgage Now?

by Melissa Thompson

Would You Qualify for a Mortgage Now? | Keeping Current Matters

The widespread myth that perfect credit and large down payments are necessary to buy a home are holding many potential home buyers on the sidelines. According to Ellie Mae’s latest Origination Report, the average FICO score for all closed loans in May was 724, far lower than the 750 or 800 that many buyers believe to be true.

Below is a graph of the distribution of FICO scores of approved loans in May (the latest available data):

Would You Qualify for a Mortgage Now? | Keeping Current Matters

Looking at the chart above, it becomes obvious that not only do you not need a 750+ credit score, but 54.9% of approved loans actually had a score between 600 and 749.

More and more experts are speaking up about the fact that if potential buyers realized they could be approved for a mortgage with a credit score at, or above, 600, the distribution in the chart above would shift further to the left.

Ellie Mae’s Vice President, Jonas Moe encouraged buyers to know their options before assuming that they do not qualify for a mortgage: 

“The high median credit score is due to many millennials believing they won’t qualify with the score they have - and are therefore waiting to apply for a mortgage until they have the score they think they need.” (emphasis added)

CoreLogic’s latest MarketPulse Report agrees that the median FICO score does not always tell the whole story:

“The observed decline in originations could be a result of potential applicants being either too cautious or discouraged from applying, more so than tight underwriting as the culprit in lower mortgage activity.”

It’s not just millennials who believe high credit scores and large down payments are needed. Many current homeowners are delaying moving on to a home that better fits their current needs due to a belief that they would not qualify for a mortgage today.

So what does this all mean?

Moe put it this way:

“Many potential home buyers are 'disqualifying' themselves. You don't need a 750 FICO Score and a 20% down payment to buy.”

Bottom Line

If you are one of the many Americans who has always thought homeownership was out of their reach, meet with a local real estate professional who can help you start the process of being pre-qualified to see if you are able to buy now!

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1344 Charles Bryan Road

by Melissa Thompson

Welcome home to 1334 Charles Bryan Road, a beautiful remodeled 3 bedroom home situated on 0.73Acres! The entire interior is Brand New! New roof, new electrical system, new plumbing system, recessed lighting throughout, smooth ceilings, fresh paint, updated fixtures, and more! The wonderful kitchen offers pristine white cabinets & a full complement of new stainless steel appliances. The spacious Great Room & lovely Dining Room boast gleaming hardwood floors. The 2 baths are completely updated with custom touches. This home also offers a Laundry Room with cabinets and includes a Mobile Home on a permanent foundation with 3 bedrooms and 2 baths! Don’t miss out on this opportunity! 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.

8520 Mysen Cove

by Melissa Thompson

Welcome home to 8520 Mysen Cove, a fantastic move-in ready 4 bedroom home located in the Walnut Grove Lake subdivision in Cordova. Quality features include fresh neutral paint throughout, new plush carpeting, separate Dining Room, quiet cove lot, and so much more! The spacious Great Room offers a cozy fireplace perfect for cool nights. The eat-in kitchen features pristine white cabinets and a full complement of appliances. The formal Living Room is filled with lots of natural light and boasts elegant dental molding. A delightful enclosed balcony/sunroom offers space to enjoy the park-like setting of this home. The patio is perfect for cookouts and parties! Don’t miss out on this listing! 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 379

Contact Information

Photo of Melissa Thompson Real Estate
Melissa Thompson
Crye-Leike Realtors
6525 N Quail Hollow Road
Memphis TN 38120
(901) 756-8900
(901) 230-2610
Fax: (901) 435-0620