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Will Housing Affordability Be a Challenge in 2017?

by Melissa Thompson

Will Housing Affordability Be a Challenge in 2017? | Keeping Current Matters

Some industry experts are saying that the housing market may be heading for a slowdown in 2017 based on rising home prices and a jump in mortgage interest rates. One of the data points they use is the Housing Affordability Index, as reported by the National Association of Realtors (NAR).

Here is how NAR defines the index:

“The Housing Affordability Index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.”

Basically, a value of 100 means a family earning the median income earns enough to qualify for a mortgage on a median-priced home, based on the price and mortgage interest rates at the time. Anything above 100 means the family has more than enough to qualify.

The higher the index, the easier it is to afford a home.

Why the concern?

The index has been declining over the last several years as home values increased. Some are concerned that too many buyers could be priced out of the market.

But, wait a minute…

Though the index skyrocketed from 2009 through 2013, we must realize during that time the housing crisis left the market with an overabundance of housing inventory with as many as one out of three listings being a distressed property (foreclosure or short sale). All prices dropped dramatically and distressed properties sold at major discounts. Then, mortgage rates fell like a rock.

The market is recovering, and values are coming back nicely. That has caused the index to fall.

However, let’s remove the crisis years and look at the current index as compared to the index from 1990 – 2008:

Will Housing Affordability Be a Challenge in 2017? | Keeping Current Matters

We can see that, even though prices have increased, mortgage rates are still lower than historical averages and have put the index in a better position than every year for the nineteen years before the crash.

Bottom Line

The Housing Affordability Index is in great shape and should not be seen as a challenge to the real estate market’s continued recovery. 

Learn more about buying Memphis Real Estate at YourKeyToMemphis.com. 901.729.9526 or Melissa@YourKeyToMemphis.com.

 

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, new roof, crown molding, tile floors, hardwood laminate floors, downstairs master suite with new wood floors, 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. 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.

1306 E. Rolling Oaks Drive

by Melissa Thompson

Welcome home to 1306 E. Rolling Oaks Drive, an amazing, all on one level, East Memphis 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 over $15,000 worth of upgrades, gleaming hardwood floors throughout, fireplace, crown molding, 3 bedrooms, 2 baths, laundry room, walk-through attic with full storage, covered parking for two, side room off carport makes a great office or storage area, and so much more! Enjoy comfortable everyday living in the captivating great room flaunting built-in bookshelves, sliding glass doors leading to the wonderful backyard, and a cozy fireplace, perfect for those cold winter nights. Cooking will be a delight in this incredible updated eat-in kitchen with durable tile floors, pristine white cabinets, pantry, full complement of appliances including a dishwasher, cook-top, stainless steel oven, and microwave. In addition, this kitchen offers a sunny breakfast area open to the great room embellished with a fantastic light fixture, and not to mention a fabulous view of the gorgeous backyard. Family and friends will enjoy gathering in the splendid living room illuminated with tons of natural light beaming in through the windows. Host the finest dinner parties in the romantic dining room with a dazzling chandelier, chair rail, and crown molding. You will rest easy in your very own master retreat with a closet and a private master bathroom with a large walk-in tiled shower, sink vanity, durable tile floor, and updated lighting. This home offers two additional bedrooms complete with hardwood floors, closets, neutral colors, and a shared full hall bathroom with a tub/shower combination. Relax outside in the professionally landscaped, fully drained, tiered, fenced backyard with French drains, beautiful towering trees, and a nice patio, perfect for cookouts and parties! There is no need for a storage shed since this home offers an abundance or outdoor storage. The crawl space has been fully remediated for moisture control with a100% closed system, fully impermeable to water. In 2016 a new gas water tank was installed and a new PVC sewage line and added two cleanouts. In 2015 a new HVAC was installed and was fully serviced in 2016. This amazing home is presented by Melissa Thompson - The Your Key to Memphis Team with Crye-Leike Realtors. 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.

101 Things To Do In Memphis #49: Memphis Grizzlies Games

by Melissa Thompson

Have you caught “Grizz Fever”? Fans, young and old, are standing behind the home team, win or lose! Formerly known as the Vancouver Grizzlies, the team migrated South to Memphis in 2001 and brought Mid-Southerners a major-league sports team right in their backyard. They are the only team in the four major professional leagues that plays in Memphis. The Grizzlies play their home games at FedExForum and are part of the Southwest Division of the Western Conference in the National Basketball Association.

Grizz, the official mascot of the Memphis Grizzlies, was named 2011 NBA Mascot of the Year! Grizz gets help cheering from the popular Grizz Girls, performing throughout the games in between plays and in the stands.

Here’s another reason to cheer for the home team…the Grizzlies have launched the program “Friends of Grizz”, which sends donations and proceedings to St. Jude Children’s Research Hospital. Plus, there is the Memphis Grizzlies Tickets for Kids program. The program, which distributes tickets to nearly 200 organizations across the mid-South, provides opportunities for youth to attend games in one of the best home court environments in the league. 

The next home game is Friday, January 20th, 7 p.m. vs. Sacramento Kings – sure to be an exciting game!
Can’t make it to the game? The Grizzlies appear on television on the cable channel SportSouth and on the radio on their flagship station WMFS ESPN 92.9 FM.

Be sure to visit their website for the full schedule, tickets, gear, and player info. Go Grizzlies!

By and photo credit: nba.com

Open House 5628 Drew Glazier January 22 from 2:00-4:00

by Melissa Thompson
Please join us for an Open House at 5628 Drew Glazier hosted by Lance Vaughn Sunday, January 22 from 2:00-4:00. Welcome home to 5628 Drew Glazier Drive, an amazing home in the sought after Davidson Park Subdivision in Olive Branch 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 wood floors, 3 fireplaces, smooth ceilings, 4 bedrooms (2 down) plus a bonus room, updated fixtures, granite, lots of windows, and so much more! List Price: 295,000.

Open House 5345 Shady Grove Sunday January 22 from 2:00-4:00

by Melissa Thompson

Please join us for an Open House Sunday, January 22 from 2;00-4:00.

Welcome home to 5345 Shady Grove Road, an amazing completely renovated 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, irrigation system, fireplace, crown molding, 6 bedrooms, 5.5 baths, separate in-law living quarters featuring a full kitchen and full bath, smooth ceilings, plantation shutters, laundry room with cabinets, granite and sink, updated fixtures, new HVAC, new windows, 2 car extended garage plus an additional heated and cooled 3 car tandem garage or workshop, attic, granite galore, Kosher kitchen, every exterior door with built-in blinds and keyless locks, sparkling gunite in-ground pool, and so much more!

Getting Organized to Sell Your House

by Melissa Thompson

If you are planning to put your house on the market this spring, there is no time like the present to start getting organized for the process of staging, showing and moving out of your home.

Begin now by following the ten tips listed below and you won’t feel so overwhelmed when it’s time for that first open house!

  • Eliminate piles before you sell.  Some of us suffer from what I like to call “flat surface syndrome”.  If there is a flat surface, it’s covered with “stuff”.  Now is the time to eliminate any of the “stuff” cluttering the horizontal surfaces in your home.  Things such as mail, magazines and other odds and ends that are piled upon the tops of tables, desks and shelves should be removed.  Keeping these spaces clear allows potential buyers to see the space without distractions.
  • Clean out storage areas.  If your closets, bookcases, pantry, and other storage areas are overstuffed, this is a red flag for potential buyers that screams, “not enough storage!”.  Keeping a minimum number of items in your house will leave the impression that there is a generous amount of storage in your home. 

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  • Get rid of excess.  Eliminate or pack up any surplus items you won’t need before your move.  For example, only keep enough dishes, towels, sheets, toys etc.… that you will use during the time your house is for sale.  Why have ten sets of sheets in your linen closet when you will only need one or two?
  • Remove extraneous items.  Pack away things that are seldom used and seasonal items. This will make your house appear spacious, which is what appeals to potential buyers. Some examples are off-season clothing and shoes, holiday decorations and rarely used kitchen appliances.
  • Throw things away.  If something is worn out, broken, rusty, stained, torn or incomplete, it is time to let it go.  If your belongings look shabby and old, your house will look that way too.  Don’t hesitate to throw such items away.
  • Donate before you sell.  When you are cleaning and sorting items, if you come across things you don’t use now and won’t use in your new home, donate them.  There is no point in packing and moving something you will never use.  But if it’s in good shape, someone else will get use out of it.
  • Sell before you sell.  If you find you have a great deal of items to eliminate from your home, think about selling what you don’t store, throw away or donate.  You can sell at a yard sale, bring items to a consignment shop or list items online. Remember to have reasonable expectations regarding how much money to charge for used items.
  • Rent a storage unit. Move large items/equipment that you don’t use often to a storage unit. It can also provide space for packed boxes to give you a head start in preparing for your move. Remember that space is a beneficial asset when selling your home.
  • Spruce up outdoor living spaces.  Remove any clutter (toys, lawn ornaments, garbage bins) from your yard.  The outdoor spaces are usually the first and last impression for potential buyers, so it is important that they look neat and tidy.
  • Hide personal items. Hide as many personal items as you can in drawers and cabinets. For example, place your vacuum cleaner in the utility closet, dish detergent under the sink and your toothbrush in the medicine cabinet.  You want as little clutter as possible to make your home more visually appealing and less distracting for potential buyers.

Selling a home is an important investment. As a Top Real Estate Agent in the Memphis, Collierville, Germantown and the surrounding areas including Arlington, Lakeland, Eads, Cordova, Bartlett and Millington, I have the experience, expertise & track record you are looking for. Contact me, Melissa Thompson by phone (901) 729-9526 or email Melissa@YourKeyToMemphis.com, and discover the difference I can make during your family’s next move.

Is This the Year to Move Up to Your Dream Home? If So, Do it Early

by Melissa Thompson

Is This the Year to Move Up to Your Dream Home? If So, Do it Early | Keeping Current Matters

It appears that Americans are regaining faith in the U.S. economy. The following indexes have each shown a dramatic jump in consumer confidence in their latest surveys:

  1. The University of Michigan Consumer Sentiment Index
  2. National Federation of Independent Businesses' Small Business Optimism Index
  3. CNBC All-America Economic Survey
  4. The Conference Board Consumer Confidence Survey

It usually means good news for the housing market when the country sees an optimistic future. People begin to dream again about the home their family has always wanted, and some make plans to finally make that dream come true.

If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:

HSH.com:

“We think that conforming 30-year fixed rates probably make it into the4.625 percent to 4.75 percent range at some point during 2017 as a peak.”

Svenja Gudell, Zillow’s Chief Economist:

“I wouldn’t be surprised if the 30-year fixed mortgage rate hits 4.75 percent.”

Mark Fleming, the Chief Economist at First American:

“[I see] mortgage rates getting much closer to 5 percent at the end of next year.”

Lawrence Yun, NAR Chief Economist:

“By this time next year, expect the 30-year fixed rate to likely be in the 4.5 percent to 5 percent range.”

Bottom Line

If you are feeling good about your family’s economic future and are considering making a move to your dream home, doing it sooner rather than later makes the most sense.

Contact The Melissa Thompson Team for help answering all your home buying questions! 901-729-9526 or Melissa@YourKeyToMemphis.com.

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101 Things To Do In Memphis #48: Aldo’s Pizza Pies

by Melissa Thompson

Looking for a loaded slice of New York style pizza? A massive beer list? Outdoor dining, plus take-out and delivery? Than Aldo’s Pizza Pies is the place! Head on down to South Main Street in beautiful downtown and you’ll enjoy dining on the two-sided patio or go inside and let the New York Times wallpaper whisk you away to the hustle and bustle of the New York City streets. Have a seat at the bar and enjoy from over 60 beers! Perfect for an outing with the kids or catching the game with friends.

Aldo's Pizza Pies have been designed from start to finish with love and respect for the dough! You can watch the pizza chefs toss handmade dough or see the dough master transform flour into magic! Aldo’s may be known for their pizza, but its certainly not the only thing on the menu. The menu has a lot of variety while still being well-edited, a few nods to regional tastes (one pizza comes with Top's barbecue), and a variety of salads, sandwiches and mouth-watering desserts.

Aldo’s Pizza Pies is earning the reputation of Best Pizza in Memphis! By way of impressive hand-tossed New York style pizza, friendly service and an exciting atmosphere, we understand why. Aldo’s is the place to be!  Call 901.577.7743 or visit their website for more information.

By and photo credit: aldospizzapies.com

Welcome home to 6098 Aubrey Ranch Drive, a stunning home nestled in the Ewing Place Subdivision in celebrated Arlington. 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, smooth ceilings, fresh neutral paint, stone fireplace, lots of storage space, 4 bedrooms plus media room, butler's pantry, covered patio, 2 car garage, and so much more! Come in and drop your jacket, umbrella, and shoes in the mud room for easy pick up the next morning as you are walking out the door. Enjoy comfortable everyday living in the captivating hearth room open to the kitchen with its impressive stone fireplace, perfect for those cold winter nights. Cooking will be a delight in the breathtaking eat-in kitchen with cabinet and counter space galore, tile backsplash, cherry cabinets, granite counter-tops, piano shaped island, pantry, durable tile floors, and a full complement of stainless steel appliances. In addition, this kitchen offers a delightful breakfast area. Host the finest dinner parties in the romantic dining room. Come home after a hard day and relax in the spacious, warm and inviting two-story great room with an overlook. You will rest easy in your downstairs master retreat with 2 walk-in closets and spa-inspired luxury bathroom featuring his and hers granite vanities, relaxing whirlpool tub and a divine walk-thru shower. This home offers an additional bedroom downstairs with a private bathroom as well as two additional bedrooms upstairs. You will also find a large media room offering a great space for relaxing and entertaining upstairs. Relax outside on the covered patio overlooking the spacious backyard. This amazing home is in the sought after Arlington 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.

Displaying blog entries 1-10 of 493

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