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Memphis Real Estate Market Report – July 2016

by Melissa Thompson

Home sales slipped in July. 1,585 home sales recorded for the month averaging $159,050. The number of home sales recorded was down 13% while the average sales price was up 13%. The median sales price for a home was $143,000, up 14% from last July. Year-to-date the number of home sales are up 5% and home sales revenue is up 8% from the same period in 2015. Only 8 of 33 zip codes in the county had an increase in overall activity for the month while 20 zip codes saw increases in overall sales prices. Home sales over $500,000 were up 43% from last year with 61 recorded for the month. Year-to-date home sales valued over $1 million are up 38% from the same period in 2015.

Home Sales by Municipality

 

Municipality

No. of Sales 

 Average Prices

Arlington

5%

8%

Bartlett

-1%

8%

Collierville

-19%

9%

Germantown

-8%

-3%

Lakeland

-29%

-3%

Memphis

-12%

18%

Millington

86%

7%

Unincorporated

-27%

29%

 

 

Be sure to 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.

 

2 Myths About Mortgages That May Be Holding Back Buyers

by Melissa Thompson

2 Myths About Mortgages That May Be Holding Back Buyers | Keeping Current Matters

Fannie Mae’s “What do consumers know about the Mortgage Qualification Criteria?” Study revealed that Americans are misinformed about what is required to qualify for a mortgage when purchasing a home.

Myth #1: “I Need a 20% Down Payment”

Fannie Mae’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 76% of Americans either don’t know (40%) or are misinformed (36%) about the minimum down payment required.

Many believe that they need at least 20% down to buy their dream home. New programs actually let buyers put down as little as 3%.

Below are the results of a Digital Risk survey of Millennials who recently purchased a home.

2 Myths About Mortgages That May Be Holding Back Buyers | Keeping Current Matters

As you can see, 64.2% were able to purchase their home by putting down less than 20%, with 43.8% putting down less than 10%!

Myth #2: “I need a 780 FICO Score or Higher to Buy”

The survey revealed that 59% of Americans either don’t know (54%) or are misinformed (5%) about what FICO score is necessary to qualify.

Many Americans believe a ‘good’ credit score is 780 or higher.

To help debunk this myth, let’s take a look at the latest Ellie Mae Origination Insight Report, which focuses on recently closed (approved) loans. As you can see below, 54.1% of approved mortgages had a credit score of 600-749.

2 Myths About Mortgages That May Be Holding Back Buyers | Keeping Current Matters

Bottom Line

Whether buying your first home or moving up to your dream home, knowing your options will definitely make the mortgage process easier. Your dream home may already be within your reach.

 

101 Things To Do In Memphis #28: Best Memphis Burger Fest

by Melissa Thompson

A favored event among local foodies, the annual Best Memphis Burger Fest will be held on August 28th, at Tiger Lane, Liberty Bowl Memorial Stadium. Talented locals and restauranteurs will participate in this cooking competition, which is sponsored by Best Memphis Burger Blog and Memphis Paws, Inc.

The festival runs from 10:30 am to 6 pm with live music playing throughout the day. Cooking teams will compete in four categories: best Memphis burger, best veggie burger, best anything-but-beef burger and best extreme/creative burger. Teams also will kick off the day with an early morning Bloody Mary competition. Meanwhile, hungry attendees can participate in burger eating contests. In addition, there will be vendors, food trucks, pet adoption opportunities, corn hole, kids pickle eating contest and more.

When: August 28, 2016, 10:30am – 6:00pm

Where: Tiger Lane – The Liberty Bowl Stadium

Admission: $10 per person – 12 yrs and older.  VIP All Access $50.  Buy Tickets Online and avoid long lines at the gate.

$10 Admission Covers…

  • Parking
  • Entry into the festival
  • Live music on stage
  • Access to the Jack Pirtle’s Chicken Kidzone: $5 entry / $10 all day
  • Local vendors selling their wares,
  • Eating competitions
  • Cooking teams sharing their burger samples for a small
    suggested donation to Memphis Paws

$50 Admission Covers…

  • Everything the $10 tickets gets you and…
  • Access to a shaded, covered, air-conditioned tent
  • Catered food 12pm – 2pm
  • Sponsored beer and other liquid samples
  • 2 All Day Kidzone passes
  • 1 Burger Fest Souvenir Cup
  • 1 Burger Fest T-shirt
  • 1 Burger Fest Event Poster

What Bands are playing?

  • The Fast Mothers – 12:00 pm
  • Frankie Hollie & The Noise – 2:00 PM
  • Allen, Mack, Myers, Moore –  3:30 pm

Come out and enjoy a delicious, juicy burger - because Memphis is more than just BBQ!

 

By and photo credit: bestmemphisburgerfest.com

1956 Arden Walk Lane - Spectacular 5BR Germantown Home!

by Melissa Thompson

Welcome home to 1956 Arden Walk Lane, an amazing Germantown home 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 gleaming hardwood floors, neutral colors, irrigation system, plantation shutters, gracious entry, fireplace, crown molding, 5 bedrooms, office, sun porch, built-in shelving, smooth ceilings, updated fixtures, 3 new HVAC units, plush new carpeting, and so much more! Cooking will be a delight in this incredible eat-in kitchen with cabinet and counter space galore, desirable granite countertops, tile backsplash, breakfast bar, full complement of stainless steel appliances including double ovens, microwave, dishwasher, double sinks, refrigerator, and cook-top. The sunny breakfast porch is the perfect place to enjoy your morning coffee! Family and friends will enjoy gathering in the splendid hearth room located off the kitchen illuminated with tons of natural light beaming in through the windows, plus French doors leading to the sunroom, built-in bookshelves with cabinets, 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. The cozy living room or sitting room is the perfect place for a quiet retreat. You will rest easy in your downstairs master retreat with his and hers walk-in closets, and a spa-inspired luxury master bathroom boasting an elongated dual sink vanity, make-up area, durable tile floor, relaxing whirlpool tub and a divine walk-in shower. Sit back and relax in the heated and cooled sun porch all year long. This home offers four additional bedroom upstairs. Each comes complete with plush new carpeting, closets, and smooth ceilings. One of the bedrooms has a full private bath, while the other bedrooms share a Jack & Jill bath. Upstairs you will also find a fabulous alcove, office space. Relax outside in the fenced backyard with a stone pond and nice patio which is, perfect for cookouts and parties! This incredible home also offers a 3 car garage, laundry room with cabinets, 2 walk in attics, and not to mention it is in the Germantown Municipal School District! 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.

7561 Nohapa Cove- Incredible 5BR Germantown Home with In-Ground Pool!

by Melissa Thompson

Welcome home 7561 Nohapa Cove an amazing Germantown home 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 a charming front porch, gleaming hardwood floors, neutral colors, cozy fireplace, crown molding, 5 bedrooms(2 down) plus bonus room, walk-in closets, updated fixtures, attic, lots of new windows, sparkling in-ground pool, and so much more! Enjoy comfortable everyday living in the captivating great room flaunting beautiful hardwood floors, built-in bookshelves with accent recessed lighting, double glass doors leading to the incredible backyard, and a cozy fireplace, perfect for those cold winter nights. Cooking will be a delight in this incredible eat-in kitchen with cabinet and counter space galore, durable tile floors, breakfast bar, full complement of stainless steel appliances including a self cleaning oven with smooth cook-top, microwave, dishwasher, and double sinks. In addition, this kitchen offers a sunny breakfast area, which is the perfect spot to enjoy your morning coffee! Family and friends will enjoy gathering in the splendid living room located off the great room. Host the finest dinner parties in the romantic dining room embellished with a dazzling chandelier. You will rest easy in your downstairs master retreat with a walk-in closet, and an updated luxury master bathroom boasting an elongated dual sink granite vanity, durable tile floor, beautiful cabinetry, and a divine tiled walk-in shower. This home offers one additional bedroom downstairs with its own private bathroom. Upstairs you will find three more bedrooms. You will also find a huge bonus room upstairs offering a great space for a home office and recreational fun with built-in shelving, and double doors leading to the deck overlooking the backyard. Relax outside in the fenced backyard featuring a sparkling in-ground pool, lush landscaping, deck, and a nice patio, perfect for cookouts and parties! This amazing home also offers a 2 car garage, laundry room with cabinets, fresh paint, plantation shutters, skylight, and not to mention it is in the Germantown Municipal School District! Don't let this spectacular home pass you by!

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.

 

4 Stats That PROVE This Is NOT 2005 All over Again

by Melissa Thompson

4 Stats That PROVE This Is NOT 2005 All over Again | Keeping Current Matters

Recent research by the National Association of Realtors (NAR) examined certain red flags that caused the housing crisis in 2005, and then compared them to today’s real estate market. Today, we want to concentrate on four of those red flags.

  1. Price to Rent Ratio
  2. Price to Income Ratio
  3. Mortgage Transactions
  4. House Flipping

All four categories were outside historical norms in 2005. Home prices were way above normal ratios when compared to both rents and incomes at the time.

NAR explained that mortgage transactions as a percentage of all home sales were also at a higher percentage:

“Loose credit was one of the main culprits of the housing crisis. Mortgage lending expanded dramatically as unhealthy housing speculation reached its peak and was met by the highest level of credit availability as measured by the Mortgage Bankers Association. The index measures the overall mortgage credit condition by the share of home sales financed by mortgages. This metric does not capture credit quality, but it does set a view of the importance of financing in supporting the housing market.”

House flipping was rampant in 2005. As NAR’s research points out:

“Heightened flipping activity is a clear indication of speculation in the real estate market. A property is considered as a speculative flip if the property is sold twice within 12 months and with positive profit. Flipping is a normal part of a healthy housing market. In an inflated housing market, expectations about short-term profit from pure price appreciation are very high; therefore, the level of flipping activity would show evidence of being heightened.”

Here are the categories with percentages reflecting the unrealistic ratios & numbers of 2005 as compared to the current market. Remember, a negative percentage reflects a positive gain for the market.

4 Stats That PROVE This Is NOT 2005 All over Again | Keeping Current Matters

Bottom Line

They say hindsight is 20/20… Today, experts are keeping a close watch on the potential red flags that went unnoticed in 2005.

 

3558 Johnwood Drive - Renovated Home in High Point Terrace!

by Melissa Thompson

Welcome home to 3558 Johnwood Drive, an amazing completely renovated Memphis home located in the sought after High Point Terrace Subdivision that you will have to see to believe! Curb appeal in excess here with cedar shutters and charming front porch with a swing and not to mention this home is close to the Greenline. Quality features include gleaming hardwood floors, neutral colors, granite, 2” blinds, updated fixtures, crown molding, 2 bedrooms, security system, and more! Enjoy comfortable everyday living in the captivating great room flaunting beautiful hardwood floors, cooling ceiling fan, crown molding, coat closet, and neutral colors. Cooking will be a delight in this wonderful eat-in kitchen equipped with tile floor, desirable granite countertops, tile backsplash, full complement of stainless steel appliances including a smooth cook-top, self cleaning oven, and dishwasher. Raised panel cabinetry and upper cabinets with glass doors add visual interest to this kitchen. Host the finest dinner parties in the romantic dining room with a dazzling chandelier, gleaming hardwood floors, and crown molding. Display your treasures in the 2 built-in cupboards with antique bronze hardware, which adds architectural interest to this room. You will rest easy in your master retreat complete with a soothing ceiling fan, gleaming hardwood floors, smooth ceiling, and a walk-in closet, which is a huge plus! This home offers a fantastic second bedroom featuring a cooling ceiling fan, neutral color palette, gorgeous hardwood floors and a closet. The shared full hall bathroom has a tub/shower combination. Relax outside in the nicely landscaped fenced backyard with a delightful patio, perfect for cookouts and parties! This amazing home also offers an attached garage with its own heating and air if you ever want a place to do a project. High Point Terrace is a great place where neighbors are friendly and life is good. 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.

8139 Short Grass Cove- Beautiful Bartlett Home!

by Melissa Thompson

Welcome home to 8139 Short Grass Cove, a beautiful 2-story home located in sought after Bartlett. Built for entertaining, this home offers a spacious floor plan with impressive formal rooms, plus comfortable everyday living spaces. Quality features include 3 bedrooms, 2.5 baths, high ceilings, crown molding, tile floors, hardwood laminate floors, downstairs master suite, fireplace, bonus room, and more! Enjoy comfortable everyday living in the captivating great room flaunting a cozy gas log fireplace, beautiful hardwood floors, cooling ceiling fan, and neutral colors. Cooking will be a delight in this incredible eat-in kitchen with cabinet and counter space galore, tile floor, pantry, full complement of appliances including a dishwasher, stainless steel oven with cook-top, microwave, and double sinks. In addition, this kitchen offers a sunny breakfast area. Host the finest dinner parties in the romantic dining room with a dazzling chandelier, gleaming hardwood floors, and neutral paint. You will rest easy in your downstairs master retreat with a walk-in closet, plush carpeting, vaulted ceiling, and a cooling ceiling fan/light. The spa-inspired luxury master bathroom boasts an elongated dual sink vanity, durable tile floor, relaxing whirlpool tub and a divine walk-in shower. This home offers two additional bedrooms upstairs. Each bedroom features plush carpeting and a closet. The shared full hall bathroom has a tub/shower combination. Upstairs you will find this fabulous bonus room offering a great space for recreational fun with soft carpeting, and neutral colors. Relax outside in the fenced backyard with a nice covered patio, perfect for cookouts and parties! This amazing home also offers a 2 car garage, laundry room, walk in attic, and fantastic Bartlett Schools! 

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.

101 Things To Do In Memphis #27: Mid-South Renaissance Faire

by Melissa Thompson

Welcome to the Mid-South Renaissance Faire where you can travel back in time to the realm of Queen Elizabeth I… It is the summer of 1576 and the hot crowded city of London has prompted the nobles to visit the wide open spaces of England’s hills and fields.  Her Majesty, Queen Elizabeth I, is on progress through the countryside.  The Queen’s entourage has stopped in the quaint little Shire of Shelby for some much needed relaxation.  The local villagers, wanting to welcome their beloved Queen, have chosen to hold a festival in her honor.  They have persuaded only the finest in local and foreign merchants to make camp and sell their wares.  Join us in the Queen’s entertainment and revelry as we celebrate Her Majesty’s visit.  Shout Huzzah as the jousters enter into combat, join musicians in a merry song, test yourself with games of skill and chance, find familiar and exotic foods, join the nobles in courtly dance, pillage with the pirates, laugh at our fools, be amazed by our magicians and, most importantly, let fun abound in The Shire of Shelby!

WHAT IS A RENAISSANCE FAIRE!?:  A renaissance faire is a public family-friendly outdoor gathering that emulates the Renaissance historical period for the amusement of its guests. Our faire’s theme will be the reign of Queen Elizabeth I.   Come to the faire and travel back in time to the Elizabeth era.  Learn Elizabethan dances, be knighted by the Queen herself, eat a giant turkey leg, browse the merchant rows, enjoy the performers, sail the seas with the Mid-South Buccaneers, and of course, cheer on your favorite jouster on horseback.  Hip Hip! Huzzah! Hip Hip! Huzzah!

WHEN:  August 20, 21, 27, 28 0f 2016 (the last two Sat/Sun weekends of August)

HOURS:  10am – 6pm.

WHERE:  Shelby Farms Park Conservancy in Memphis, TN on the Mullins Station Rd. side of the park between Gates 8 and 9.  Parking entrance is Gate 10. The address for GPS is 7182 Mullins Station Rd, Memphis, TN 38018

PARKING:   FREE!

PRICES for 2016:
Adults: $15       
Children ages 6-12: $8      
Children ages 5 and under: FREE
Seniors 55+/Students/Military discount: $2.00 off (proper ID required)
2-day pass for Adults: $23      
2-day pass for Children ages 6-12: $12
2-day pass for Seniors 55+/Students/Military: $20

Click here for the schedule of entertainment, food, merchants, attractions and special events.

Special coupon offer here!

 

By and photo credit: midsouthrenfaire.com

Home Sales Up in Every Price Range over $100K!

by Melissa Thompson

Homes Sales Up in Every Price Range over $100K! | Keeping Current Matters

The National Association of Realtors’ most recent Existing Home Sales Report revealed that home sales were up rather dramatically over last year in five of the six price ranges they measure.

Homes priced between $100-250K showed a modest increase at 3.4%. This not only points to the lower inventory of homes available for sale in this price range but also speaks to the overall strength of the housing market.

Sales of homes over $250,000 increased by double digit percentages with sales in the $750,000- $1 million range showing the largest increase, up 16.7%!

As prices in many markets continue to accelerate, it is no surprise to see the percentage of homes in the higher price ranges increasing.

Here is the breakdown:

Homes Sales Up in Every Price Range over $100K! | Keeping Current Matters

What does that mean to you if you are selling?

Houses are definitely selling. If your house has been on the market for any length of time and has not yet sold, perhaps it is time to sit with your agent and see if it is priced appropriately to compete in today’s market.

 

Displaying blog entries 1-10 of 396