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.