Sign riders stating "Reduced Price" have always given me a chuckle....especially if it is on a "For Sale by Owner". In those cases....the question is....reduced from what? Where was the benchmark price posted on record for all to verify the "reduced price"?
And then, there are the home shoppers, who may continually ride through an area, and maybe those signs mean just a bit more to them...but many people who are just starting their search, then these signs portray a problem of sorts. Many prospective buyers look at this "Price Reduced" sign as an open invitation for a lowball offer, whether one is warranted or not. Many buyers may wonder if the home was originally overpriced....or maybe the seller is desperate. Is the house in poor condition and in need of cosmetic fixes or repairs? This simple sign rider can make a problem where none exists. Why not add a rider that is more positive and leaves less questions?...like...."MUST SEE INSIDE" or "GREAT PRICE" or if the listing offers a web site to visit ..."SEE ME ON THE WEB". There are many ways to market a property and a smart listing agent will show his client the best way for better results in selling their Memphis Real Estate.
Thursday, November 26, 2009
Friday, November 06, 2009
Home Buyer Tax Credit -- New and Improved
The much anticipated home buyer tax credit extension has finally been approved by a vote of 98-0 in the Senate. It has also passed in the House and now waits for the President's signature.
First time home buyers have been eligible for tax credits up to $8000 since January 2008 as part of the year's economic stimulus package. The newly proposed program will expand the credit to include existing home owners along with first time home buyers.
Under the revised program, those who have owned a home for at least five years will be able to apply for tax credits of up to $6500 when they purchase their next home. To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close by June 30th, 2010.
The maximum purchase price on a home will be $800,000 for a primary residence only. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.
Both The National Association of Home Builders and The National Association of Realtors have been lobbying hard for this extension and expansion of the tax credit. NAR claims that of the 104 million who have taken advantage of the tax credit so far, that 350,000 of these first time home buyers made the move specifically to earn this credit and otherwise, would not have made the purchase. Bringing more buyers into the market will reduce a still heavy inventory and hopefully stabilize home values.
The tax credit is also set to be extended for another year for military personnel serving outside the United States until June 30th, 2011.
The recovery of the housing market is and should be a top priority in bringing our economy back around to positive growth. Let's hope with this newly revised tax credit, that more
Memphis home buyers will see their way to a closing table before the deadline of June 2010.
First time home buyers have been eligible for tax credits up to $8000 since January 2008 as part of the year's economic stimulus package. The newly proposed program will expand the credit to include existing home owners along with first time home buyers.
Under the revised program, those who have owned a home for at least five years will be able to apply for tax credits of up to $6500 when they purchase their next home. To qualify, buyers will have to sign a purchase agreement by April 30, 2010 and close by June 30th, 2010.
The maximum purchase price on a home will be $800,000 for a primary residence only. Income limitations are $125,000 for single tax payers and $225,000 for joint filers.
Both The National Association of Home Builders and The National Association of Realtors have been lobbying hard for this extension and expansion of the tax credit. NAR claims that of the 104 million who have taken advantage of the tax credit so far, that 350,000 of these first time home buyers made the move specifically to earn this credit and otherwise, would not have made the purchase. Bringing more buyers into the market will reduce a still heavy inventory and hopefully stabilize home values.
The tax credit is also set to be extended for another year for military personnel serving outside the United States until June 30th, 2011.
The recovery of the housing market is and should be a top priority in bringing our economy back around to positive growth. Let's hope with this newly revised tax credit, that more
Memphis home buyers will see their way to a closing table before the deadline of June 2010.
Saturday, October 31, 2009
Memphis Hauntings - Ghost Stories - Real Estate Sales
The Stambovshys found a nice Victorian home in the New York village of Nyack and in 1991 they made an offer on the home. The offer was accepted and they purchased the home for $650,000.
A couple of months after the contract was signed, Mr Stambovsky was horrified when he learned that the home was well known in the community to be a Haunted House!!
Apparently, the phantasmal reputation of the house was commonly known in the village. The sellers had even publicized the "hauntings" in the local media as well as Readers Digest. In 1989, the house was included in a five home tour of Nyack and described in a November newspaper article as a "riverfront Victorian (with ghost)". The Stambovskys were not from the area and did not know about the poltergeists.
Soon, they brought legal action against the sellers and the seller's agent based on the non-disclosure of the presence of ghosts in the home. They wanted out of the contract because of this non-disclosure.
The trial court said no way! However, the case went on appeal and the appellate court ruled in favor of the Stambovskys because " as a matter of law, the house is haunted".
The court reasoned that because the seller had promoted the hauntings to several publications, that they could not now deny the existence of ghosts. Therefore, the appellate court ruled that under the equitable principals of the law, the Stambovskys were entitled to a refund of their down payment of over $32,000.
This by the way, was the Amityville house... Stambovsky v. Ackley. ..decided in the New York state appellate court in 1991.
So, sellers of Memphis Homes beware and Realtors take notice; if selling a haunted house, it is best for the seller to disclose this in the Tennessee property disclosure form. Whether you believe in ghost and spirits of the afterlife or not, it is best to be covered just in case.
The most haunted spots in Memphis, according to Memphis Paranormal Investigations LLC :
Old Tennessee Brewery Earnestine and Hazels
Cotton Exchange Theatre Memphis
Meeman-Shelby Forest State Park
A couple of months after the contract was signed, Mr Stambovsky was horrified when he learned that the home was well known in the community to be a Haunted House!!
Apparently, the phantasmal reputation of the house was commonly known in the village. The sellers had even publicized the "hauntings" in the local media as well as Readers Digest. In 1989, the house was included in a five home tour of Nyack and described in a November newspaper article as a "riverfront Victorian (with ghost)". The Stambovskys were not from the area and did not know about the poltergeists.
Soon, they brought legal action against the sellers and the seller's agent based on the non-disclosure of the presence of ghosts in the home. They wanted out of the contract because of this non-disclosure.
The trial court said no way! However, the case went on appeal and the appellate court ruled in favor of the Stambovskys because " as a matter of law, the house is haunted".
The court reasoned that because the seller had promoted the hauntings to several publications, that they could not now deny the existence of ghosts. Therefore, the appellate court ruled that under the equitable principals of the law, the Stambovskys were entitled to a refund of their down payment of over $32,000.
This by the way, was the Amityville house... Stambovsky v. Ackley. ..decided in the New York state appellate court in 1991.
So, sellers of Memphis Homes beware and Realtors take notice; if selling a haunted house, it is best for the seller to disclose this in the Tennessee property disclosure form. Whether you believe in ghost and spirits of the afterlife or not, it is best to be covered just in case.
The most haunted spots in Memphis, according to Memphis Paranormal Investigations LLC :
Old Tennessee Brewery Earnestine and Hazels
Cotton Exchange Theatre Memphis
Meeman-Shelby Forest State Park
Friday, October 09, 2009
Memphis Real Estate Market News
As we are deep into this buyer’s market now, everyone is looking for signs of stabilization. Although no one really expects major changes in the housing market over the next few years in terms of major appreciation, there appears to be some smaller market cities that fare better than others. Memphis TN is one of those markets and has been named as the fourth best metropolitan area based on Case-Shiller Index figures. Another source, Moody’s Economy.com, has also forecast the ten best and ten worst markets for home appreciation between 2009 and 2013. Since the Memphis real estate market has been known for its lack of major swings in pricing up or down, it has placed the Memphis homes market in the top ten markets for appreciation….Listed as number four.
This all sounds good for sellers in the sense that a market turn around for values may be close at hand. On the other side of the coin, and good news for buyers, is that36% of Memphis home listings took a price decrease in September, which is the highest percentage on a list of the 50 largest cities. This information is based on data compiled by Trulia Inc, a real estate research firm. The average price reduction for Memphis homes was 9%. In dollar terms, that depreciated the homes values by about $27 million. Overall, Memphis residential real estate has seen a 24% increase in price reductions between June and October, the seventh highest of the fifty cities being watched on Trulia’s research during that time frame.
What does this all mean? I guess we have to keep watching. Rates are still very good, home prices are down, but unemployment is close to an all time high for the last thirty years. Which way are we going?
This all sounds good for sellers in the sense that a market turn around for values may be close at hand. On the other side of the coin, and good news for buyers, is that36% of Memphis home listings took a price decrease in September, which is the highest percentage on a list of the 50 largest cities. This information is based on data compiled by Trulia Inc, a real estate research firm. The average price reduction for Memphis homes was 9%. In dollar terms, that depreciated the homes values by about $27 million. Overall, Memphis residential real estate has seen a 24% increase in price reductions between June and October, the seventh highest of the fifty cities being watched on Trulia’s research during that time frame.
What does this all mean? I guess we have to keep watching. Rates are still very good, home prices are down, but unemployment is close to an all time high for the last thirty years. Which way are we going?
Monday, October 05, 2009
Memphis Pyramid Future Plans vary among Mayoral Candidates
Opened in 1991, the Pyramid has in the past cost the city close to $1 million a year to keep shuttered and secure. City officials say they've since reduced costs to close to $300,000 a year.
The last concert held there, Bob Seger & The Silver Bullet Band, was in 2007. In years prior to this, the Pyramid was known as the “Tomb of Doom” and was the home basketball court to the University of Memphis Tigers. Now, it stands empty and is such a waste, when it could be utilized in any number of ways as a museum, an aquarium, a casino, an addition to St Jude children’s hospital, or some type of tourist attraction for our city. Instead, it has sat empty while years of negotiations have supposedly taken place with Bass Pro Shops. This company has stretched past the limit on procrastination regarding their megastore plans.
This beautiful structure, part of the downtown Memphis skyline, could be used in so many other ways to reflect some of the history of our city. Memphis does have a sister city in Egypt…Memphis Egypt… and the Pyramid could be used as a museum for the University of Memphis' Institute of Egyptian Art and Archaeology. If relocated there from the University of Memphis campus, not only the museum but also international symposiums could be featured in the arena. Restaurants with an international flavor as well as some retail could be located in the facility to create a destination for visitors and generate revenue.
Another mayoral candidate would like to see the building donated to the St Jude Children’s Research Hospital and converted into a United Nations for Children, furthering the hospital’s worldwide fundraising.
Other mayoral candidates also have other unconventional ideas for the Bluff City’s iconic but vacant structure. Some of the other suggested ideas include a casino and a Memphis music hall of fame venue. Another candidate thinks that with its all glass sides, the pyramid could be turned into a power generator and supply power to all of downtown. Another candidate sees it as a possible home of the blues entertainment and museum center.
Meanwhile, Mayor Pro Tem Myron Lowery's administration is pushing to close a deal that would turn The Pyramid into an outdoors megastore for Bass Pro Shops. The county mayor also thinks that the Bass Pro Shop which would also include restaurants, a museum, an entertainment facility and a hotel would bring an anchor to the entire north side of downtown and help with the economy of the area.
However it ends up, let’s just hope it adds to our downtown and does not end up being the deserted building that it has been for several years now. It is surely a waste of a landmark that took years to build and does make an impression next to the mighty Mississippi River.
The last concert held there, Bob Seger & The Silver Bullet Band, was in 2007. In years prior to this, the Pyramid was known as the “Tomb of Doom” and was the home basketball court to the University of Memphis Tigers. Now, it stands empty and is such a waste, when it could be utilized in any number of ways as a museum, an aquarium, a casino, an addition to St Jude children’s hospital, or some type of tourist attraction for our city. Instead, it has sat empty while years of negotiations have supposedly taken place with Bass Pro Shops. This company has stretched past the limit on procrastination regarding their megastore plans.
This beautiful structure, part of the downtown Memphis skyline, could be used in so many other ways to reflect some of the history of our city. Memphis does have a sister city in Egypt…Memphis Egypt… and the Pyramid could be used as a museum for the University of Memphis' Institute of Egyptian Art and Archaeology. If relocated there from the University of Memphis campus, not only the museum but also international symposiums could be featured in the arena. Restaurants with an international flavor as well as some retail could be located in the facility to create a destination for visitors and generate revenue.
Another mayoral candidate would like to see the building donated to the St Jude Children’s Research Hospital and converted into a United Nations for Children, furthering the hospital’s worldwide fundraising.
Other mayoral candidates also have other unconventional ideas for the Bluff City’s iconic but vacant structure. Some of the other suggested ideas include a casino and a Memphis music hall of fame venue. Another candidate thinks that with its all glass sides, the pyramid could be turned into a power generator and supply power to all of downtown. Another candidate sees it as a possible home of the blues entertainment and museum center.
Meanwhile, Mayor Pro Tem Myron Lowery's administration is pushing to close a deal that would turn The Pyramid into an outdoors megastore for Bass Pro Shops. The county mayor also thinks that the Bass Pro Shop which would also include restaurants, a museum, an entertainment facility and a hotel would bring an anchor to the entire north side of downtown and help with the economy of the area.
However it ends up, let’s just hope it adds to our downtown and does not end up being the deserted building that it has been for several years now. It is surely a waste of a landmark that took years to build and does make an impression next to the mighty Mississippi River.
Sunday, September 13, 2009
Memphis Loses Historic Landmark
More than just a music store, Poplar Tunes was a Historic Landmark in our city. Founded in 1946 by Joe Cuoghi and John Novarese, Poplar Tunes closed its doors for good this week. The closing is understandable in so much as the music business has changed dramatically with the advent of downloadable music, making it more difficult for the typical record and cd/dvd retailer to remain a viable brick and mortar business. A few smaller niche stores remain open here since these stores also have used records and cds to offer. In just the last year, vinyl records have started making a comeback. Apparently, it must be “camp” to have a turntable and be able to play music in this manner. Digital sounds have taken over the marketplace, leaving the demand for cds and other forms of music mediums in a slump, but there are still collectors and those of us who also maintain a collection of albums. I just need to order a new belt for my belt drive turntable..you guessed it..the old belt dry rotted from age.
Poplar Tunes, also Pop Tunes, has had its home in Memphis for over 50 years, but now will simply be a memory for those of us who grew up here. The original location, at 308 Poplar and a second location on Faronia were closed by Music City Record Distributors of Nashville, who purchased the stores in 2001.
Poplar Tunes, also Pop Tunes, has had its home in Memphis for over 50 years, but now will simply be a memory for those of us who grew up here. The original location, at 308 Poplar and a second location on Faronia were closed by Music City Record Distributors of Nashville, who purchased the stores in 2001.
Tuesday, September 08, 2009
Memphis Realtors & Top Notch Services
I’ve always been a believer in offering complete and thorough service and expect the same when I am on the buying end. Therefore, both Connie and I do our best to offer our clients, what we call, “Unsurpassed Services”, applying what we know we would expect if we were the buyers or sellers of Memphis area real estate. I can tell you that of the few homes I purchased before I met Connie, that service and an actual attitude of caring was lacking in the agents that I had come in contact with for my home purchases.
Don’t get me wrong. I know that things can go wrong. Now that I am an agent for over twelve years and Connie over 28 years, we still find new things that can go amiss as the market and buyers and sellers change. Mistakes can be made as there are many different things that a Realtor should be monitoring and keeping their finger on the pulse of in each transaction so that things keep their proper course. Constant file checks and a massive amount of communications is always needed to keep tabs on all the moving parts and participants—not to mention working with personalities and emotions of both buyers, sellers, and a cooperative agent on the other side of the transaction.
Especially in this market, we have found that the sellers may feel they sold their Memphis Home too low and the buyers feel that they may have paid too much for their New Memphis Home…but that is a sign of this particular market we are in today. As long as both agents know their job and know how to work the contract and related forms properly, all should run smoothly.
Don’t get me wrong. I know that things can go wrong. Now that I am an agent for over twelve years and Connie over 28 years, we still find new things that can go amiss as the market and buyers and sellers change. Mistakes can be made as there are many different things that a Realtor should be monitoring and keeping their finger on the pulse of in each transaction so that things keep their proper course. Constant file checks and a massive amount of communications is always needed to keep tabs on all the moving parts and participants—not to mention working with personalities and emotions of both buyers, sellers, and a cooperative agent on the other side of the transaction.
Especially in this market, we have found that the sellers may feel they sold their Memphis Home too low and the buyers feel that they may have paid too much for their New Memphis Home…but that is a sign of this particular market we are in today. As long as both agents know their job and know how to work the contract and related forms properly, all should run smoothly.
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