Wednesday, January 02, 2008

Memphis Real Estate offers Buyer's Market

It’s A Buyer’s Market
The Best Reasons to Buy Right Now!!

1. Selection. Selection…Selection. There are over 12000 Memphis area homes on the market now…normally there are around 8000. This gives buyers more selection in every price range and every suburb around Memphis Tennessee. Existing home sellers are more willing to negotiate price and terms and builders of Memphis Real Estate are offering more incentives and upgrades. Some homebuilders will also negotiate to take your current home as a “trade-in”; which allows you the benefit of getting the home you want and moving NOW.

2. Less competition for negotiations. In other words…ten months ago, the nicest homes had more than one buyer trying to purchase that home. Today, there are fewer buyers so you may not have to compete with another buyer for the same property.

3. More room to negotiate an offer. If you are a qualified buyer, you can make an offer for much less than you may have had to offer less than a year ago. Sellers are getting frustrated as their homes sit and are more likely to take less for their homes giving you the opportunity to make lower offers or ask for more funds towards your closing costs.

4. More time and more patience. Less than a year ago, in a hot seller’s market, everything was more rushed to get the property you wanted before another buyer could make an acceptable offer. Today, a buyer can take more time to look at more Memphis real estate, take more time to think about your initial offer and any counter offers.

5. In this buyer’s market, more due diligence is suggested on home inspections and even negotiations after the inspection if needed. No need to waive any inspections or repairs as some buyers had to do in the recent seller’s market.

6. There are more new construction spec homes to choose from today. Builders have to continue to build homes in the Memphis area including Fayette and Tipton Counties, to keep their business from folding. They may build slower, but they still have more finished product to sell and are anxious to do so.

7. There are fewer investors purchasing Memphis Real Estate right now. In 2005, it is estimated that one third of all home sales were to investors. Since this part of the buyer market has slowed down, it adds to today’s buyer advantages not to have to compete with investors.

8. Location, Location, Location. Since there are so many additional Memphis area listings on the market, it makes sense that buyers can find more homes to chose from that would be convenient for either their work or for their children’s schools.

9. Mortgage rates are still very low and qualified buyers can lock in some terrific rates. FHA has increased their home value for their loans and has also decreased the amount of down payment required. There are also first time homebuyer programs still available as well.

Are these enough reasons?? Why not also go for top professional services by using our team? Connie Chambers and Don DeBaer offer their
“Promise of Unsurpassed Service” to meet your real estate needs.Visit http://www.bluffcityrealestate.com/ to learn more about us and all about the Memphis Tennessee and surrounding suburbs and communities.