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.
Wednesday, August 19, 2009
First Time Home Buyer Questions
First time home-buyers may be just nervous and in some cases terrified trying to understand the processes involved in buying a home and assuming the responsibilities of home-ownership. Can I afford it? Who can I trust to help me? Where is the best area to purchase? How do I get started? These questions can add up to first time home buying fear. Let's see how we can overcome those fears and move toward the buying process.
To begin with, there is no perfect time to buy, any more than there is a right time to sell. Although some times are better than others, the fact is, if you are in the right financial position and find the right home NOW, then don't try to second guess interest rates or the housing market by waiting. Changes do not usually occur fast enough to make that much difference in price, and remember that a good home won't stay on the market too long. There are others looking for the same "item" you are looking for and may purchase it before you have the chance. Each home is mostly one of a kind...so if you find the one for you, move on it.
Don't try to be a "killer" negotiator. Negotiation is part of the real estate process, but trying to "win" by getting an extra-low price may lose you the home you desire. If you are bidding on a highly desirable home, you want to make sure your offer is attractive on all fronts, stands out and gets the seller's acceptance. A "low ball" offer may be alright on an "as is" home, but making an offer on a desirable home may take some finese and positioning to get all that you may want as a buyer and end up with a successful transaction for you as well as the seller. If you really feel the home is a fit for you and your family's needs, then negotiate appropriately, fairly and wisely. Why miss out on the right home because you are going back and forth over $1500? In a thirty year mortgage, $1500 is a mere $4.16 per month on the principle portion of a payment. Don't lose your dream home over pennies.
Don't wait until you have found a home you would like to make an offer on, to get approved for a mortgage. Investigate insurance, get mortgage pre-approval, and decide on a moving schedule. Presenting an offer is more than just price-- and any unresolved issues will make your bid much less attractive to sellers. Remember that there are other buyers in the market who may be looking at the same properties that you are considering. Be prepared and ready to handle business to help ensure a smooth transaction.
Let us not forget about buyer's remorse. Everyone gets a touch of this and maybe more so with first time home-buyers. It is inevitable and will usually pass along with other emotions. Home buying and selling is an emotional event, especially for the first time. It is a big commitment, but also yields big benefits!
To begin with, there is no perfect time to buy, any more than there is a right time to sell. Although some times are better than others, the fact is, if you are in the right financial position and find the right home NOW, then don't try to second guess interest rates or the housing market by waiting. Changes do not usually occur fast enough to make that much difference in price, and remember that a good home won't stay on the market too long. There are others looking for the same "item" you are looking for and may purchase it before you have the chance. Each home is mostly one of a kind...so if you find the one for you, move on it.
Don't try to be a "killer" negotiator. Negotiation is part of the real estate process, but trying to "win" by getting an extra-low price may lose you the home you desire. If you are bidding on a highly desirable home, you want to make sure your offer is attractive on all fronts, stands out and gets the seller's acceptance. A "low ball" offer may be alright on an "as is" home, but making an offer on a desirable home may take some finese and positioning to get all that you may want as a buyer and end up with a successful transaction for you as well as the seller. If you really feel the home is a fit for you and your family's needs, then negotiate appropriately, fairly and wisely. Why miss out on the right home because you are going back and forth over $1500? In a thirty year mortgage, $1500 is a mere $4.16 per month on the principle portion of a payment. Don't lose your dream home over pennies.
Don't wait until you have found a home you would like to make an offer on, to get approved for a mortgage. Investigate insurance, get mortgage pre-approval, and decide on a moving schedule. Presenting an offer is more than just price-- and any unresolved issues will make your bid much less attractive to sellers. Remember that there are other buyers in the market who may be looking at the same properties that you are considering. Be prepared and ready to handle business to help ensure a smooth transaction.
Let us not forget about buyer's remorse. Everyone gets a touch of this and maybe more so with first time home-buyers. It is inevitable and will usually pass along with other emotions. Home buying and selling is an emotional event, especially for the first time. It is a big commitment, but also yields big benefits!
Friday, July 03, 2009
Elvis and Michael Jackson..Another Graceland in the works!
Elvis is forever the King of Rock & Roll and a Memphis legend. His reputation mostly ends up mentioning his big generous heart and love of his Mother. They try to negate the entourage that he kept, but were unable to help him beat down his drug problems. When you have that much money, fame, and power at such a young age, it can be easy to see how and why it can overcome a persona.
In the case of Michael Jackson, the self proclaimed King of Pop, and a huge musical genius, also succumbed to many influences…not just the money, fame, and power…but he had a closet that included the treatment he received as a child, his stolen childhood, and the biggest skeleton in his closet was the question of his guilt in child molestation. I still always questioned why a parent would let their child hang out with Michael, especially after he had the first run in with the law regarding this matter, but then of course there is the scheming parents waiting for their chance at millions…which they did receive. So if their son had really been molested, they sold their son’s innocence for a price. OK…I won’t continue down this road. The main reason I mention this is because the stigma of this accusation against MJ is the shadow that keeps him down in the eyes of some..but even in that group, they still recognize his talent and genius.
I just hope they can open a Neverland Ranch...similar to a Graceland…for this great star….but the Jackson family must have so much strife within, it will never work successfully. Maybe they can make enough money from the release of his recorded videos to pay off his debt and keep his children healthy and on the right road.
So this article is not as much about Memphis Homes…but about the similarities between the Memphis son, Elvis Presley and Michael Jackson. They surely do have their likenesses and differences…but no one can ever doubt the musical genius of both Men.
In the case of Michael Jackson, the self proclaimed King of Pop, and a huge musical genius, also succumbed to many influences…not just the money, fame, and power…but he had a closet that included the treatment he received as a child, his stolen childhood, and the biggest skeleton in his closet was the question of his guilt in child molestation. I still always questioned why a parent would let their child hang out with Michael, especially after he had the first run in with the law regarding this matter, but then of course there is the scheming parents waiting for their chance at millions…which they did receive. So if their son had really been molested, they sold their son’s innocence for a price. OK…I won’t continue down this road. The main reason I mention this is because the stigma of this accusation against MJ is the shadow that keeps him down in the eyes of some..but even in that group, they still recognize his talent and genius.
I just hope they can open a Neverland Ranch...similar to a Graceland…for this great star….but the Jackson family must have so much strife within, it will never work successfully. Maybe they can make enough money from the release of his recorded videos to pay off his debt and keep his children healthy and on the right road.
So this article is not as much about Memphis Homes…but about the similarities between the Memphis son, Elvis Presley and Michael Jackson. They surely do have their likenesses and differences…but no one can ever doubt the musical genius of both Men.
Saturday, June 13, 2009
CLEAN MEMPHIS WATER – BUT IS IT STOLEN?
Memphis Tennessee is known for its clean and tasty tap water. The city of Memphis is situated on top of an underground aquifer that has kept our ground water one of the cleanest, if not the cleanest, in the nation. As the city continued to grow over the years, additional pumping stations were added as needed. We have been quite fortunate to have such a sparkling water supply.
So what is the problem? The problem started when northern Mississippi, the border towns connected to Tennessee and just south of Memphis, also started a huge growth spurt. They too benefit from the underground aquifer. As a matter of fact, they accused Memphis of siphoning some of Mississippi’s underground water and filed a lawsuit against The Memphis Light, Gas, and Water Company alleging theft of water. That’s right! You read correctly. This suit has been around since 2005 brought on by the Mississippi Attorney General. This suit insisted that the city of Memphis, which owns the Memphis LGW Company, pay damages to Mississippi for ground water that was pumped into the borders of Tennessee. Of course, the attorneys hired by the MLGW argued that the aquifer is an interstate resource that is shared between all states that it runs beneath.
On June 5th, the 5th Circuit Court of Appeals upheld MLGW previous victory in the federal lawsuit brought on by Mississippi officials. And most of us thought the days of fighting for water rights were long over. In this case, they are over now.
MLGW is the largest three-service public power utility in the nation, serving more than 420,000 Memphis area homes in Memphis and Shelby County.
So what is the problem? The problem started when northern Mississippi, the border towns connected to Tennessee and just south of Memphis, also started a huge growth spurt. They too benefit from the underground aquifer. As a matter of fact, they accused Memphis of siphoning some of Mississippi’s underground water and filed a lawsuit against The Memphis Light, Gas, and Water Company alleging theft of water. That’s right! You read correctly. This suit has been around since 2005 brought on by the Mississippi Attorney General. This suit insisted that the city of Memphis, which owns the Memphis LGW Company, pay damages to Mississippi for ground water that was pumped into the borders of Tennessee. Of course, the attorneys hired by the MLGW argued that the aquifer is an interstate resource that is shared between all states that it runs beneath.
On June 5th, the 5th Circuit Court of Appeals upheld MLGW previous victory in the federal lawsuit brought on by Mississippi officials. And most of us thought the days of fighting for water rights were long over. In this case, they are over now.
MLGW is the largest three-service public power utility in the nation, serving more than 420,000 Memphis area homes in Memphis and Shelby County.
Wednesday, May 27, 2009
Mixed Reports on Real Estate Recovery
It was reported last week that HUD Secretary Shaun Donovan told the National Association of REALTORS that the First-Time Homebuyers Tax Credit could be “monetized” and used as a down payment under forthcoming HUD guidelines.
Since then, there have been a variety of news reports — some confirming and others denying that this would in fact happen. Some sources have claimed that the government was backing away from this proposal for a variety of reasons including possible IRS complications. In a May 21 news story, however, NAR reaffirmed the original plan:
“The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site,” Lemar Wooley, a HUD spokesperson, told REALTOR magazine.
Under the guidance that’s under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their down payment. The loans would be repaid with the proceeds from the households’ federal tax credit.
[SOURCE: REALTOR Magazine Online]
More mixed results include problems with newly issued modified loans that were to help homeowners about to go into foreclosure.
Fitch Ratings is slated to release a report this week showing that 65 percent to 75 percent of modified subprime loans will still fall behind by 60 days or more within one year of the loan change. Although some experts believe that reducing the principal amount owed is the best way to keep distressed borrowers in their homes, Fitch found that 30 percent to 40 percent of loans that had lowered principal amounts were still redefaulting after 12 months. Borrowers are redefaulting at a high rate because home prices continue to fall, unemployment is rising, and because of public pressure to help homeowners — even those who are still likely to default even after receiving assistance.
And then there is this. The foreclosure rate seems to have stabilized a bit, but get ready for the second round. Experts know that more foreclosures are on the way. If you are selling your Memphis home right now, it is best to get it priced right for a sale now…because waiting may be more painful. There is a great possibility that more property values will decline during the next big wave of foreclosures.
This is the third of three mixed results regarding the “turning of the corner” on the real estate market and economy in general. More bad news on the horizon is the shuttering of car dealerships nationwide.
It would be great to write a peachy keen blog with all good news. I look forward to that day. Unfortunately, the current news is not all great. So here it is. You will need to plan around it, so there is no sense in sugar coating.
Since then, there have been a variety of news reports — some confirming and others denying that this would in fact happen. Some sources have claimed that the government was backing away from this proposal for a variety of reasons including possible IRS complications. In a May 21 news story, however, NAR reaffirmed the original plan:
“The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site,” Lemar Wooley, a HUD spokesperson, told REALTOR magazine.
Under the guidance that’s under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their down payment. The loans would be repaid with the proceeds from the households’ federal tax credit.
[SOURCE: REALTOR Magazine Online]
More mixed results include problems with newly issued modified loans that were to help homeowners about to go into foreclosure.
Fitch Ratings is slated to release a report this week showing that 65 percent to 75 percent of modified subprime loans will still fall behind by 60 days or more within one year of the loan change. Although some experts believe that reducing the principal amount owed is the best way to keep distressed borrowers in their homes, Fitch found that 30 percent to 40 percent of loans that had lowered principal amounts were still redefaulting after 12 months. Borrowers are redefaulting at a high rate because home prices continue to fall, unemployment is rising, and because of public pressure to help homeowners — even those who are still likely to default even after receiving assistance.
And then there is this. The foreclosure rate seems to have stabilized a bit, but get ready for the second round. Experts know that more foreclosures are on the way. If you are selling your Memphis home right now, it is best to get it priced right for a sale now…because waiting may be more painful. There is a great possibility that more property values will decline during the next big wave of foreclosures.
This is the third of three mixed results regarding the “turning of the corner” on the real estate market and economy in general. More bad news on the horizon is the shuttering of car dealerships nationwide.
It would be great to write a peachy keen blog with all good news. I look forward to that day. Unfortunately, the current news is not all great. So here it is. You will need to plan around it, so there is no sense in sugar coating.
Friday, May 22, 2009
Top 10 things You Don’t want to say to your Listing Clients
Top 10 things You Don’t want to say to your Listing Clients
(But may have to say them anyway)
1. I’m worth every penny I charge in brokerage fees.
2. Your Memphis house is nice, but it isn’t special. I’ve been in countless homes, and your home does not stand out. What can we do to remedy that?
3. I collect things too, but I am not selling my house. Put all that stuff away.
4. You way overpaid when you bought this house in 2006.
5. Do you really think a blue room with a neon green stripe going around it will help your home to sell? Your wallpaper is from the early 70’s…its 2009…
6. I love your collection of small kitchen appliances and canisters. Please add more to your counters so I can see all of them. Do you think you can add another 50 photos of your family to your refrigerator?
7. Open houses are a waste of your time and mine. Don't believe HGTV. The Sunday tire kickers in our market are not buyers. This is not Chicago. Today’s QUALIFIED buyers are coming with their agents and can set an appointment up for a private showing almost anytime.
8. Your house hasn’t been cleaned in months.. Not just a few days; it’s obvious that no one living here picks up after themselves.
9. You spent well over $75,000 on home upgrades, but your neighborhood will not support this investment and your home will never appraise for that much for a return on your investment.
10. I love your two cats, but they sure make your house smell.
11. I am sure that you must be a great cook…but your frying grease is all over the wall behind your cooktop and caked on your burners…maybe you could make that look new again?
Ok..so I gave you eleven…just a blogger’s bonus.
Good Luck..
(But may have to say them anyway)
1. I’m worth every penny I charge in brokerage fees.
2. Your Memphis house is nice, but it isn’t special. I’ve been in countless homes, and your home does not stand out. What can we do to remedy that?
3. I collect things too, but I am not selling my house. Put all that stuff away.
4. You way overpaid when you bought this house in 2006.
5. Do you really think a blue room with a neon green stripe going around it will help your home to sell? Your wallpaper is from the early 70’s…its 2009…
6. I love your collection of small kitchen appliances and canisters. Please add more to your counters so I can see all of them. Do you think you can add another 50 photos of your family to your refrigerator?
7. Open houses are a waste of your time and mine. Don't believe HGTV. The Sunday tire kickers in our market are not buyers. This is not Chicago. Today’s QUALIFIED buyers are coming with their agents and can set an appointment up for a private showing almost anytime.
8. Your house hasn’t been cleaned in months.. Not just a few days; it’s obvious that no one living here picks up after themselves.
9. You spent well over $75,000 on home upgrades, but your neighborhood will not support this investment and your home will never appraise for that much for a return on your investment.
10. I love your two cats, but they sure make your house smell.
11. I am sure that you must be a great cook…but your frying grease is all over the wall behind your cooktop and caked on your burners…maybe you could make that look new again?
Ok..so I gave you eleven…just a blogger’s bonus.
Good Luck..
Wednesday, May 13, 2009
HUD NEWS to HELP MEMPHIS HOMEBUYERS
HUD Secretary, Shaun Donovan announced yesterday that FHA Lenders are going to allowed to let First Time Homebuyers use the up to $8000.00 tax credit as a down-payment.
To quote Mr. Donovan, speaking at the Mid-year conference of NAR in Washington:
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
It will be interesting to see what the rate is on the bridge loans, but regardless this is a great step in the right direction. I appreciate NAR spear-heading the effort for Memphis home-buyers.
To quote Mr. Donovan, speaking at the Mid-year conference of NAR in Washington:
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
It will be interesting to see what the rate is on the bridge loans, but regardless this is a great step in the right direction. I appreciate NAR spear-heading the effort for Memphis home-buyers.
Sunday, April 26, 2009
Memphis TN..America's First Aerotropolis
For many years, Memphis has been known as "America's Distribution Center". Actual manufacturing jobs have all but gone from our area, while distribution centers for many national and international companies have sprung up. The reason is our central location in the U.S. and Federal Express's main hub located here. Although FedX accounts for many jobs here as one of if not the largest employer, the Memphis International Airport accounts for one in three jobs in the metro area.
The local airport authority in conjunction with the Chamber of Commerce are working tirelessly to create the world's first "aerotropolis". While this term has been tossed around for several years now, public and private officials now have a plan to make this a reality.
A local study conducted by the University of Memphis shows that business owners rated passenger and cargo services highly and also reported a strong correlation between business success and airport services.
The impact on our local economy by the substantial growth of both air cargo and passenger services at the Memphis International airport is phenomenal. Airport authority president and CEO Larry Cox is scheduled to report on this study regarding our airport at an Airport Cities World Conference in Athens Greece. Memphis will host this conference in 2011.
The local airport authority in conjunction with the Chamber of Commerce are working tirelessly to create the world's first "aerotropolis". While this term has been tossed around for several years now, public and private officials now have a plan to make this a reality.
A local study conducted by the University of Memphis shows that business owners rated passenger and cargo services highly and also reported a strong correlation between business success and airport services.
The impact on our local economy by the substantial growth of both air cargo and passenger services at the Memphis International airport is phenomenal. Airport authority president and CEO Larry Cox is scheduled to report on this study regarding our airport at an Airport Cities World Conference in Athens Greece. Memphis will host this conference in 2011.
Thursday, April 02, 2009
Have Memphis Home Prices Hit Bottom?
Have the home prices in Memphis hit bottom? If you read April's issue of Money magazine, it appears that may be true. It states that both Greenville S. C. and Memphis TN., property values may be at or near the bottom. It also states that within the next ten to twelve months, the other top 100 markets will have also seen the bottom of home prices. These two markets never had huge price appreciations in home values, so they did not have as far to fall to get to the bottom.
One can not predict or "time" hitting the bottom, but with the rates at all time lows and pricing at or near the bottom, it may be just that time to make the move towards your home purchase. Of course there is also that $8000 tax credit for qualifying first time home buyers. That in itself is a huge benefit not to be left on the table. Inventory of homes is already creeping downward. Just a few months back, there were over twelve thousand homes on the market in the Memphis and surrounding suburbs. The normal was about half of that figure. Now, there is just over nine thousand listed homes. Based on the recent activitites in appointment centers, home inspection companies, and actual contracts being turned in for closings, I'd say...Jump Off the Fence...time to go make the best deal you can and seal the purchase of a new home in Memphis.
One can not predict or "time" hitting the bottom, but with the rates at all time lows and pricing at or near the bottom, it may be just that time to make the move towards your home purchase. Of course there is also that $8000 tax credit for qualifying first time home buyers. That in itself is a huge benefit not to be left on the table. Inventory of homes is already creeping downward. Just a few months back, there were over twelve thousand homes on the market in the Memphis and surrounding suburbs. The normal was about half of that figure. Now, there is just over nine thousand listed homes. Based on the recent activitites in appointment centers, home inspection companies, and actual contracts being turned in for closings, I'd say...Jump Off the Fence...time to go make the best deal you can and seal the purchase of a new home in Memphis.
Tuesday, March 31, 2009
Memphis area Home Values
Memphis real estate historically offers a steady, more measured return on investment.
Unlike some other U.S. home markets that have seen huge increases in real estate prices followed by equally large decreases, Memphis real estate has enjoyed a more measured rate of appreciation (see chart). So although overall sales prices are lower in the Memphis area, those declines have been much smaller as compared to other markets and should be quicker to recover. And keep in mind that a decline in average sales prices doesn’t necessarily translate into a decline in your home’s value – a much larger percentage of lower-priced and smaller homes are being sold as compared to the historical norm. Sales of foreclosed homes have also had a huge effect in the decline in the average sales prices.
Unlike some other U.S. home markets that have seen huge increases in real estate prices followed by equally large decreases, Memphis real estate has enjoyed a more measured rate of appreciation (see chart). So although overall sales prices are lower in the Memphis area, those declines have been much smaller as compared to other markets and should be quicker to recover. And keep in mind that a decline in average sales prices doesn’t necessarily translate into a decline in your home’s value – a much larger percentage of lower-priced and smaller homes are being sold as compared to the historical norm. Sales of foreclosed homes have also had a huge effect in the decline in the average sales prices.
Thursday, March 05, 2009
Springtime in Memphis...Memphis in May Music Festival
Hopefully the groundhogs prediction is now over, and spring weather will start to fill our days. Trees have already started blooming and it won't be long before our dormant lawns will green up again. This means Memphis in May and the Music Festival are just around the corner. Times may be difficult, but let's not forget to have a party to lighten the load...if you know what I mean.
This year, head liners like Elvis Costello, Bonnie Rait and Al Green will appear and perform at the festival. The Steve Miller Band is also scheduled to perform at Tom Lee Park on May 1-3rd. There will be over 60 acts and all will be released today at the Memphis Hard Rock Cafe on Beale. The list of performers will also appear on www.memphisinmay.org web site for your convenience. Local well known music stars such as Jerry Lee Lewis and the Bar Kays will also make the stage.
For those that did not know, the music festival started way back in 1977, when it was on Beale Street...but due to its size, is now held at the nearby Tom Lee Park right on the Mississippi River. The music fest is just the beginning of Memphis in May, which this year is dedicated to the country of Chile. The International Bar-B-Q contest will also be taking place on Tom Lee Park as well as the Sunset Symphony and an international cultural exchange. Tickets for the music festival go on sale today at all ticketmaster outlets.
So, if you are not from Memphis...but plan to be in Memphis...don't miss out on these great events; all held right by the mighty Mississippi River in downtown Memphis.
This year, head liners like Elvis Costello, Bonnie Rait and Al Green will appear and perform at the festival. The Steve Miller Band is also scheduled to perform at Tom Lee Park on May 1-3rd. There will be over 60 acts and all will be released today at the Memphis Hard Rock Cafe on Beale. The list of performers will also appear on www.memphisinmay.org web site for your convenience. Local well known music stars such as Jerry Lee Lewis and the Bar Kays will also make the stage.
For those that did not know, the music festival started way back in 1977, when it was on Beale Street...but due to its size, is now held at the nearby Tom Lee Park right on the Mississippi River. The music fest is just the beginning of Memphis in May, which this year is dedicated to the country of Chile. The International Bar-B-Q contest will also be taking place on Tom Lee Park as well as the Sunset Symphony and an international cultural exchange. Tickets for the music festival go on sale today at all ticketmaster outlets.
So, if you are not from Memphis...but plan to be in Memphis...don't miss out on these great events; all held right by the mighty Mississippi River in downtown Memphis.
Sunday, March 01, 2009
Memphis Weather & The Drop of A Hat
One thing about Memphis that is really true, and that is; if you don't like Memphis weather, just wait a few minutes. We surely have four seasons, but in between, we have such a variety you would not believe. I am sitting here right now, looking out of my window of my
Memphis Home, at at least 12 inches of snow drifts and at least 8 to 10 inches everywhere. Well, it's winter you say....so what's so odd about that. Well, let's remember Friday morning...two days ago...at this same time....it was 71 degrees outside. Trees have started blooming and lillies are breaking ground in the flower beds.
That is real change....no political agenda intended here.
The best part about this snow, is that it is wet snow ...and by the afternoon hours, there will be snowmen everywhere. There are already photos on Facebook from midnight last night of snowmen already standing through the wee hours of the morning.
The worst part about this snow, at least for students....is that it will be all gone by tomorrow am and they did not get a snow day from school....oh well.
Hey...going out to play now. Don't forget to stop and smell the roses if you can find them.
Memphis Home, at at least 12 inches of snow drifts and at least 8 to 10 inches everywhere. Well, it's winter you say....so what's so odd about that. Well, let's remember Friday morning...two days ago...at this same time....it was 71 degrees outside. Trees have started blooming and lillies are breaking ground in the flower beds.
That is real change....no political agenda intended here.
The best part about this snow, is that it is wet snow ...and by the afternoon hours, there will be snowmen everywhere. There are already photos on Facebook from midnight last night of snowmen already standing through the wee hours of the morning.
The worst part about this snow, at least for students....is that it will be all gone by tomorrow am and they did not get a snow day from school....oh well.
Hey...going out to play now. Don't forget to stop and smell the roses if you can find them.
Wednesday, February 25, 2009
Things to Do to Help Sell My Memphis Home
There are many things we can do to help sell our homes just a bit faster. We surely need all the help we can get in this market. Recently, I heard this saying and found it to be very true. If you want your home to sell the fastest in your price category and in your area of town...then you need to be prepared to win two contests....the price contest and the beauty contest.
Pricing high to start your listing off...."just to see what we can get"....is a mistake. You should carefully review the area sales prices.....NOT asking prices...but sales prices. The day of interviewing Realtors and then picking the Realtor that says they can get you the highest price for your home is also a mistake. Read reality in the home sale prices and then pick a Realtor who will market your home based on reality and also using proven marketing techniques.
If your home needs carpet or paint or caulking in the kitchen or bathroom....then get it done. If your home is in a price category with ten or twelve or twenty other homes...then your home needs to look like it is move in ready. Why? Because that is the home that will sell first among the other homes in the same price category. I usually suggest to our lising clients to go ahead and spend a couple of hundred dollars and get your home inspected. Make ALL the repairs and then you have just one more reason why a buyer should consider purchasing your home above all the others. When a prospective buyer sees a completed home inspection and completed repairs, they know that the home has been taken care of properly.
Need some professional help and advice in selling your home? Please contact us today.
Pricing high to start your listing off...."just to see what we can get"....is a mistake. You should carefully review the area sales prices.....NOT asking prices...but sales prices. The day of interviewing Realtors and then picking the Realtor that says they can get you the highest price for your home is also a mistake. Read reality in the home sale prices and then pick a Realtor who will market your home based on reality and also using proven marketing techniques.
If your home needs carpet or paint or caulking in the kitchen or bathroom....then get it done. If your home is in a price category with ten or twelve or twenty other homes...then your home needs to look like it is move in ready. Why? Because that is the home that will sell first among the other homes in the same price category. I usually suggest to our lising clients to go ahead and spend a couple of hundred dollars and get your home inspected. Make ALL the repairs and then you have just one more reason why a buyer should consider purchasing your home above all the others. When a prospective buyer sees a completed home inspection and completed repairs, they know that the home has been taken care of properly.
Need some professional help and advice in selling your home? Please contact us today.
Wednesday, February 18, 2009
January Home Sales In Memphis
Overall January 2009 home sales in the Memphis area declined by 38.8 percent as compared to home sales occurring in January 2008. Foreclosure sales plunged 41 percent. One of the reasons for this was the amnesty placed on homes going into foreclosure in December 2008. Those homes were given a grace period and may not make it to foreclosure if the President's new plan were to go into effect and actually work. Many of those homes had already been vacated and we will see if the former owner would actually move back in and take up new payments. That will be a good question, since they were not able to make payments before, then if their payments went down a couple of hundred dollars, would they move back in to the home and put it back in good condition. If you have been in any of these homes, you will know that for the most part, they are in poor to bad condition and some in horrid condition. The end results will remain to be seen regarding these foreclosures.
The average sales price for existing homes in January declined by another 11 percent compared to last January while Memphis new home sales prices showed an increase of 18 percent. Again, this increase can be deceiving, as many "new" homes that were sold had already had their prices lowered and more new homes may have been sold due to these severely lowered prices, but then when comparing these two January's, 2008 to 2009, the percent of homes price increase could be an anomaly created by the market itself. The numbers are way to skewed to come to many conclusions other than we are still in the thick of a sellers market and a major market downturn. Hopefully, inventories will decrease and rates will continue to go down and maybe the available buyers will come out and start to purchase soon.
The average sales price for existing homes in January declined by another 11 percent compared to last January while Memphis new home sales prices showed an increase of 18 percent. Again, this increase can be deceiving, as many "new" homes that were sold had already had their prices lowered and more new homes may have been sold due to these severely lowered prices, but then when comparing these two January's, 2008 to 2009, the percent of homes price increase could be an anomaly created by the market itself. The numbers are way to skewed to come to many conclusions other than we are still in the thick of a sellers market and a major market downturn. Hopefully, inventories will decrease and rates will continue to go down and maybe the available buyers will come out and start to purchase soon.
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