Memphis Area Real Estate Blog

2012 Outlook: Memphis Real Estate

2012-01-11T11:51:00.000-08:00

The fourth quarter sales reports for November have already
begun to roll in from the Memphis Area Association of Realtors. Playing off
some numbers that were finally encouraging at the end of the summer, the Memphis real estate market
saw some sharp jumps in November, especially in the total sales column.
One of the big take homes for the winter was the fact that
November 2011 hit a 28 percent sales increase over the same month in 2010. With
1,076 units moved this November, the Memphis area saw almost 240 more homes
sold than last year at the same time. The area has still struggled to keep up
with the sales for the year however, as 2010 is maintaining about eight percent
more than the current numbers. The last few months have been improving however,
as the full year for 2012 could see significant improvement.
Existing sales also thrived in November. There was a 30
percent increase in units between 2010 and 2011. In November 2010, there were
only 785 existing sales in the Memphis area and this November there was 1,025
units.
Another factor that could play a part in a steadily
improving area market is the raising of rental rates. Rental rates have been
climbing across the nation and that’s no different here in Memphis. One bedroom
apartments are major factors for many couples and individuals trying to make a
decision on whether to buy a home. Right now, Memphis apartments
are averaging at $703 a month, which is almost $50 more than 2010 and about an
eight percent increase in total.
Buyers could also soon be swayed by the continuously low
level mortgage rates. Throughout the country, they’ve dipped during 2011 and
they have in Memphis as well. Right now, a 30 year fixed rate mortgage is 3.987
APR in Memphis. These sub four levels of mortgage
rates are hitting levels that many have never seen in their lifetime. This,
combined with the fact that apartment rental rates continue to soar, could
always be an attractive cue for potential buyers.
One area that will need to hit an upswing is in new home
sales. The 2010 and 2011 numbers for new home sales broke completely even this
year. While total sales are increasing this winter, new home sales will be a
key factor in the local market’s ability to hit a stride. In the end, these
numbers are certainly telling and it’s also encouraging that November saw some
increases during a month when the market is usually flat. Hopefully the Memphis
area market can continue to build on some of this momentum and get off to a
strong start in 2012.

Happy New Year

2011-01-20T09:32:00.000-08:00

We wish everyone a happy, healthy and successful New Year!!!

The 2010 residential real estate market in the Memphis area was a roller coaster ride for certain.
The home buyer's tax incentives boosted sales in the spring and early summer, but home sales dropped in the last quarter of the year....over 20% drop in our area during December alone.
The foreclosure moratorium during the fall reduced foreclosures to historic lows during the last quarter of the year.
Overall home sales for 2010 were down 8% from 2009. There were 13,358 total sales recorded for the year. Nationally, 2010 was the weakest year for home sales since 1997.
On a positive note, the average home sales price was up 1% since the prior year.
Existing home sales prices were also up by 2% from 2009.
The new construction market took another huge hit, down 9% from 2009 with 992 new home sales recorded. In the fourth quarter, new home sales were down 42% and the average new home sales price also dropped from the prior year.

We are looking for some big changes in 2011. If the economy start to turn the corner, perhaps we will see positive growth in jobs and home sales.

November Area home sale report

2010-12-03T11:57:00.000-08:00

The month of November closed with 876 sales, down 24% from the prior year and down 13% from October.
Average home sale prices were up 4% from November 2009 to $129,266!
Year-to-date. sales are down 7% from the same time in 2009 and average sales prices are up 1%.
Bank sales were down 35% from the prior year with only 221 recorded for the month. Year-to-date, bank sales are down 17% from the same time last year!
New home sales were down 39% from November 2009 with only 57 new sales recorded for the month, but that is up 10% from just the month before. Average new home sale prices for November were $235,083, up 3% from the prior year.
Due to the September foreclosure moratorium, November foreclosures were down by 36% with only 265 recorded.
Sort all of this out and see if you see any direction towards recovery. Let me know if you see some positives.

Memphis Home Sales Update

2010-08-06T08:02:00.000-07:00

After uplifting results in the second quarter of the year, July home sales fel flat with only 1,161 homes sold, down 21% from July 2009 and down 26% from the prior month.
On a positive note, bank sales were down 33% from July 2009 and down 23% from June. Only 359 bank sales were recorded for the month of July. This drop in bank sales is a large portion of the drop for the entire month of July.
New Memphis Home sales were up 11% with 98 closed in July compared to 88 closed in July 2009.
Foreclosures were down for the month with 437 recorded, an 18% decrease from July 2009. There was a decrease in foreclosure notices as well, down 30% from the prior year.
While this report may appear to be a negative indicator for the Memphis homes Market, total sales revenues are still up 3% for the first 7 months of this year compared to 2009.

Memphis Shelby County New Zoning Rules

2010-06-18T07:04:00.001-07:00

After over 25 years, the first major overhaul of zoning codes is taking place in Shelby County and will affect Memphis Homes and Neighborhoods. The proposed rules, formally known as the Unified Development Code, have already passed the Land Use Control Board and a preliminary vote that has already taken place before the Shelby County Commission. These new rules could transform some Memphis neighborhoods by emphasizing the needs of pedestrians and cyclists. Setbacks for new commercial businesses would be adjusted so that smaller lots could be utilized in new construction for new businesses. Commercial areas and residential areas would "come together" in that homes could be more easily built in commercial areas, but commercial growth could not move into existing residential areas without the approval of the current homeowners.

Some areas of Memphis are grandfathered in with this mix now. The Cooper-Young area in midtown, is a good example. Residents in that area can walk to nearby stores and restaurants with no problem. The passing of these new countywide rules and building codes could change the face of Memphis neighborhoods and growth in our area.

Springtime in Memphis Means Memphis in May

2010-03-21T18:15:00.000-07:00

Well Spring has been late getting here this year. This Old Man Winter is dragging his feet leaving town. Finally the trees have started to bud, a few weeks later than usual, and lawns have yet to turn green except from the dye used in the sprayed on fertilizer. As it warms up though, you can catch the smell of charcoal briquettes and bar b q warming on someone's grill. It won't be much longer and Memphis in May will roll out with the Music Fest ...this year featuring blues, rock, gospel, and soul - a musical variety guaranteed to shake your soul. The month long event is dedicated this year to the country of Tunisia, bringing home to Memphis it's music, arts, and cultural diversities.
The International Bar B Q contest is up next during the month and the competition will surely heat up for over $100,000 in prizes and of course bragging rights.
Lastly and at the end of May, is the Sunset Symphony starting with picnics and an air show right over the Mississippi River. At sunset, the live music starts with KC and the Sunshine Band!
Don't miss all or part of this year's Memphis in May festival....it's right around the corner.

2009 Memphis Home Sales Report

2010-01-07T16:07:00.000-08:00

Good News! Bad News! Irresponsibly reported News!

OK...here it is...Shelby County 2009 home sales were down 27% from 2008 home sales.

December sales, however, were up 9% over the previous December and most likely due to the first time home-buyers' program for this increase.

Here is where the irresponsible part comes in. It has been reported that "home sales values had a whopping 20% increase" over the prior year's month of December. What really took place was this; the average price of homes sold went up because fewer lower priced foreclosures were sold and more homes in slightly higher price ranges were sold. Also, after being on the market for sometimes in excess of a year or more, many new construction homes were sold at highly reduced pricing...sometimes as much as anywhere from 50k to 100k off the original asking prices. This was done to prevent the banks from taking these homes from builders who could no longer carry them in inventory. So, naturally, when more homes sell in the upper two hundred thousand dollar up to 350k price range, on homes that were once priced at 325k to 425k...then the average price of sold homes goes up....and up....BUT...the HOME VALUES (as reported) do not go up. Mainly because you now have what were once four hundred thousand dollar homes selling for just over three hundred thousand dollars...actually making home values do down.

It is a sad state when reported information may lead to both home sellers and home buyers to think the wrong thing...and that is....that the value of their Memphis homes just had a "whopping increase". This is poor reporting and should be corrected.

"Price Reduced" on your For Sale Sign

2009-11-26T08:14:00.001-08:00

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.

Home Buyer Tax Credit -- New and Improved

2009-11-06T06:27:00.000-08:00

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.

Memphis Hauntings - Ghost Stories - Real Estate Sales

2009-10-31T09:08:00.000-07:00

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

Memphis Real Estate Market News

2009-10-09T12:57:00.000-07:00

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?

Memphis Pyramid Future Plans vary among Mayoral Candidates

2009-10-05T19:46:00.000-07:00

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.

Memphis Loses Historic Landmark

2009-09-13T12:07:00.000-07:00

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.

Memphis Realtors & Top Notch Services

2009-09-08T16:09:00.000-07:00

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.

First Time Home Buyer Questions

2009-08-19T06:41:00.000-07:00

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!

Elvis and Michael Jackson..Another Graceland in the works!

2009-07-03T19:03:00.000-07:00

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.

CLEAN MEMPHIS WATER – BUT IS IT STOLEN?

2009-06-13T05:58:00.000-07:00

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.

Mixed Reports on Real Estate Recovery

2009-05-27T07:32:00.001-07:00

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.

Top 10 things You Don’t want to say to your Listing Clients

2009-05-22T11:54:00.000-07:00

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..

HUD NEWS to HELP MEMPHIS HOMEBUYERS

2009-05-13T06:46:00.000-07:00

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.

Memphis TN..America's First Aerotropolis

2009-04-26T16:37:00.000-07:00

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.

Have Memphis Home Prices Hit Bottom?

2009-04-02T06:40:00.000-07:00

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.

Memphis area Home Values

2009-03-31T07:14:00.000-07:00

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.

Springtime in Memphis...Memphis in May Music Festival

2009-03-05T07:02:00.000-08:00

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.

Memphis Weather & The Drop of A Hat

2009-03-01T05:28:00.000-08:00

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.

Things to Do to Help Sell My Memphis Home

2009-02-25T08:12:00.000-08:00

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.

January Home Sales In Memphis

2009-02-18T17:18:00.000-08:00

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.

Memphis Home Sellers Might Just Say This to their Agent

2008-12-22T16:07:00.000-08:00

1) We need to sell at this price because we need the money.
2) I thought we priced it correctly to begin with.
3) We can always reduce the price later on.
4) Any prospective buyer can just make an offer.
5) Can we just try this price for the first couple of weeks?

When you hear this from someone who wants to sell their home, they don't understand the market and their agent may not be presenting the facts to them on the current market conditions. Also, this seller may only "want" to sell their home. You might even rethink it before you take on a listing and spend your time and efforts marketing an overpriced home in this market.

On the other hand, if someone "needs" to sell their home and they are provided with the current sales information on homes comparable to their own home, and with professional advice, are more likely to price their home to sell in this market.

Harold Crye is right....You must win the Price Contest and the Beauty Contest in order to sell your home today. If you lose in either category, then you will be waiting and waiting to sell your Memphis area Home.

Mortgage Rates Now at 1960's Level

2008-12-22T07:17:00.000-08:00

Available mortgage rates are now as low as they were in the early 1960's. Holy cow! What a deal! Even if you are not ready to purchase a home, it may be time to consider refinancing for sure. Be careful when refinancing to make certain that your new rate and payment are beneficial to you and your family.
If you are in the position to purchase a Memphis area home though, now is surely the time. Inventories are still relatively high and sellers are straining to sell. The biggest difference today is that you must have good credit to get a loan.....no exceptions...and also will need funds for a down payment. But if all those things are in place, man is it time to get a fantastic deal on a home. Don't miss out on this prime time to purchase. If the market is not at the bottom..then it is at an all time best time to purchase a new Memphis home for your family.

Limted Loan Choices for Memphis Home Purchases

2008-12-18T19:17:00.000-08:00

In the not so distant past, getting a loan for a mortgage on Memphis Homes, was as easy as opening a bank account, just about anyone could do it! Those days are long gone; there are only two types of mortgage loans left; the loans that are for the people with impeccable credit scores and can afford a large down payment, and the loans that are backed by the Federal Housing Administration (FHA). The FHA loans haven't been the most popular loans in the not to distant past; however, nowadays they are necessary. The FHA loans are now easily one third of all processed loans.

The FHA will insure the mortgage loans owned by the bank with an upfront fee and a monthly premium, however, your credit does not have to be shiny and the down payment can be as low as 3%. The down payment amount is due to increase to 3.5% at the first of 2009. The low down payment is the attraction to this type of loan, which is why many are calling the FHA loans the new Subprime Mortgage. Unlike the subprime market, however, employment and income will be verified to ensure that the mortgage can be covered.

Improved Good Faith Estimate will help Memphis Home Buyers

2008-12-09T09:31:00.000-08:00

echeouablordFor the first time in more than 30 years, the U.S. Department of Housing and Urban Development has issued long-anticipated mortgage reforms that will help all home buyers to shop for the lowest cost mortgage and avoid costly and potentially harmful loan offers. HUD will require, for the first time ever, that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. HUD estimates its new regulation will save consumers nearly $700 at the closing table.

In announcing HUD's final changes to the regulatory requirements of the Real Estate Settlement Procedures Act (RESPA), HUD Secretary Steve Preston said that changes in the housing market and increases in home foreclosures demands action. "It has been a long road but today we can finally announce a better way to buy homes in America," said Preston. "Consumers need and deserve to know what they're getting themselves into before they sign on the dotted line. After carefully considering the concerns of consumers and the different businesses in the housing sector, we have developed an approach that empowers the average family to shop for the most appropriate loan to meet their needs."Last March, HUD proposed reforms to the longstanding regulatory requirements of the Real Estate Settlement Procedures Act (RESPA) by improving disclosure of the loan terms and closing costs consumers pay when they buy or refinance their home. Last May, HUD extended the rule's comment period to June 12th to allow for more opportunity for comment on the Department's proposed GFE form.Brian Montgomery, HUD's Assistant Secretary of Housing, Federal Housing Commissioner, said, "We have carefully considered the concerns expressed from every corner of the mortgage market in developing this rule. I am convinced that we successfully balanced the needs of consumers with those in the business of homeownership. None of us can lose sight of the fact that millions of Americans simply don't understand all the fine print of their mortgages and this, in many respects, is at the heart of today's mortgage crisis."Since 1974, little has changed about the process Americans endure when they buy and refinance their homes. Now, HUD's final reform will improve disclosure of the key loan terms and closing costs consumers pay when they buy or refinance their home.

HUD received approximately 12,000 comment letters following the proposal of its new RESPA rule. In considering those comments, the Department made considerable modifications to its proposal. For example, HUD originally proposed that settlement agents read a closing script at the closing table and that a copy be provided to borrowers. HUD ultimately discarded the script in favor of a new page on the HUD-1 Settlement Statement that allows consumers to easily compare their final loan terms and closing costs with those listed on their Good Faith Estimate. HUD has shortened the GFE form to three pages including an instructional page to help borrowers understand their loan offer. HUD continues to believe that consumers need to be aware of the key aspects of their loan as well as associated settlement costs.HUD agreed with many commenters’s who suggested the new GFE allow consumers to compare their estimated closing costs with the actual costs included on their HUD-1 Settlement Statement.
HUD's standard Good Faith Estimate
HUD-1 Settlement Statement

HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at http://www.hud.gov/ and http://www.espanol.hud.gov/ . For more information about FHA products, please visit http://www.fha.gov/ .

Fact Sheet on HUD's final RESPA Rule

For the first time ever, HUD will require mortgage lenders and brokers to provide borrowers with an easy-to-read standard Good Faith Estimate (GFE) that will clearly answer the key questions they have when applying for a mortgage including:
What's the term of the loan?
Is the interest rate fixed or can it change?
Is there a pre-payment penalty should the borrower choose to refinance at a later date?
Is there a balloon payment?
What are total closing costs?

HUD estimates that by improving upfront disclosures on the GFE, and limiting the amount estimated charges can change, consumers will save nearly $700 in total closing costs.
HUD will now offer a new page on the HUD-1 Settlement Statement that allows consumers to easily compare their final closing costs and loan terms with those listed on the GFE.
HUD's new Good Faith Estimate has been reduced from four to three pages; including an instructional page to help borrowers better understand their loan offer. In addition, the GFE will consolidate closing costs into major categories to prevent junk fees and display total estimated settlement charges prominently on the first page so the consumer can easily compare loan offers. HUD will specify the closing costs that can and cannot change at settlement. If a fee changes, HUD will limit the amount it can change.
To help borrowers compare their Good Faith Estimate with their HUD-1 Settlement Statement, each designated line on the final HUD-1 will now include a reference to the relevant line from the GFE. Borrowers will now be able to easily compare their estimated and actual cost.
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HUD will require lender payments to mortgage brokers (often called Yield Spread Premiums) to be disclosed in a more meaningful way. These payments are directly dependent on the interest rates that consumers agree to. To ensure that HUD's new requirement will not create a consumer bias against brokers, the Department did rigorous consumer testing and found the new Good Faith Estimate helped consumers to select the lowest cost loan nine-out-of-10 times, regardless of whether the loan was originated by a lender or a broker.
Loan originators will be required to provide borrowers their Good Faith Estimate three days after the loan originator's receipt of all necessary information. To facilitate shopping, loan originators could not require verification of GFE information (tax returns etc.) until after the applicant makes the decision to proceed.
HUD will allow lenders and settlement service providers to correct potential violations of RESPA's new disclosure and tolerance requirements. Lenders and settlement service providers will now have 30 days from the date of closing to correct errors or violations and repay consumers any overcharges.
The new, standardized GFE and revised HUD-1 will not be required until January 1, 2010

Memphis...One of the South's largest Healthcare Cities

2008-11-15T08:28:00.000-08:00

Did you know that Memphis was one of the south's largest health care and medical products cities? One in nine jobs in the area is health care related bringing a $10.4 billion annual economic impact along with it. There are 2400 companies with nearly a $2 billion annual payroll.
Memphis is the second largest U.S. medical device manufacturing center.
St. Jude Children's Research Hospital is located here with $1.2 billion expansion in the last 5 years. St Jude is a renowned Nobel prize-winning institution adding over 1200 scientists to it's staff.
University of Tennessee Medical School is also located in Memphis.
Let's not forget to mention 19 area hospitals with over 4100 beds.
The Southern college of Optometry is also located in Memphis.
The Shea Ear Clinic, also world renowned, is located here as well.
So now you can see that along with the other major companies with headquarters or distribution centers located here, where all the Memphis real estate is selling.

Memphis...North America's Distribution Center

2008-11-13T16:16:00.000-08:00

Did you know this about Memphis...?
Memphis International Airport
____#1 busiest cargo airport in the WORLD...handling 2.5 million metric tons of cargo
____ Economic impact statewide of $20.7 billion annually...largest in the state
____ Local distribution centers account for 1 in 4 jobs in the Memphis area

Memphis a leading intermodal Logistics Center

____#1 in percent of logistics workforce
____#1 busiest cargo airport in the world
____#3 in Class 1 railroad service in the U.S.
____#4 U.S. inland port
____#3 trucking corridor in the U.S.

FedX World Headquarters and World Hub

____ $1 billion expansion in the last 7 years
____30,000 local employees
____Location of FedX World Technology Center
____Flying the largest cargo airplanes in the world..nightly..each able to handle loads
of 30 tractor trailers

Memphis is also a major UPS hub

Source Memphis Regional Chamber of Commerce

Memphis Area Real Estate Home Sales

2008-11-09T09:37:00.000-08:00

Memphis Area Real Estate Sales

Sales for the Memphis area picked up in September and then slowed down a bit in October. But that did not stop the lookers and those testing the waters. Interest in the Memphis real estate market is one of the fastest growing in the nation, according to Realtor.com.
During September, search activity for real estate listings in the Memphis MSA rose 17.5 percent compared to September 2007, which makes Memphis “one of the nation’s markets where search activity by potential homebuyers has grown the fastest,” according to the official Web site of the National Association of Realtors.
These searches were a combination of investors, local buyers and sellers, and out of the area buyers who are hoping to sell their homes soon. The election is over now. Banks have capitol provided by the bailout package. Let’s hope they start using those funds provided by this package to begin funding loans for home buyers. No one wants any more bad loans…but it’s time to loosen up and get this market started again. Any questions?

Memphis Home Sales still lagging behind National Sales

2008-10-28T12:28:00.000-07:00

The National Association of Realtors annouced a 5.5% increase in existing home sales nationally during September. This is a glimmer of hope that we have hit bottom and may see a light at the end of the tunnel.
Since it did take some time before the Memphis Homes market was effected by the national epidemic of foreclosures and bubbles bursting, it will also take some time before Memphis home sales will feel any effect from a turnaround in the national market. It's kind of like a trickling down effect. The downturn in housing nationally started in 2005, but the Memphis market did not really start downturning until the middle of 2006. The reason is that our market here is normally much more stable and has no skyrocketing home values that will burst as do other markets around the country. Once sales pick up in other markets, our home sales will pick up some steam as well.
Times and conditions seem to be working towards a recovery of some type. A mix of low rates, lower home prices, and tax credits makes a perfect opportunity for first time home buyers and investors to jump into the home buying market. The biggest home discounts are of course foreclosures and distress sales. Other homes on the market may only have 5% to 10% decreases as these are sellers who are selling due to normal life events and not due to distress. Home inventory is till higher than normal, but latest figures show that listed homes are now down by 25% from their highs just a few months back.
The market appears to be headed for better times, but we may not see the best results until after the elections and after the holidays.

My Memphis Home Needs to be More Appealing to Snag a Home Buyer

2008-10-23T07:26:00.000-07:00

The combination of a high-rate of foreclosures, qualified buyers being farer and few in between, and with record amounts of homes inventory to compete with; sellers must up the ante to convince potential homebuyers that their property offers what many want most: Top value for dollar and move in ready. If your Memphis Home needs some help, then read on.
Here are some fast inexpensive fixes that will help your home standout with homebuyers. In the past 8+ years, most new homes in our area have included items that use to be considered upgrades. Granite or hard surface counter tops, stainless steel appliances, tile, wood flooring, hand textured & finished walls, crown molding, the list goes on. For those of us selling our homes built before these construction trends, and whose homes may have Formica counter tops, painted appliances, worn carpeting, some tile, wallpaper, and other dated items, then you may need to invest some time, and possibly money to compete with homes selling with these and more upgrades.
Buff up curb appeal. You’ve heard it before, but it’s critical to get buyers to want to look on the inside. Be objective. View your home from the street. Check the condition of the landscaping, paint, roof, shutters, front door, windows, and even how window treatments look from the outside. Clean your windows inside and out, it’s well worth the time & effort. The home’s first impression is on the photo seen in the MLS and then when walking up to your front door. Knock down the cob webs and hose it down to clean it up.
Paint is cheap and an easy way to update. Don’t get too avant-garde with jarring pinks, oranges, and purples. Recommend soft colors that say welcome, and lead the eye from room to room, with flatter and neutral tones. Remove dated wallpaper that you are use to and freshen up each room.
Upgrade the kitchen and bathroom. These make-or-break rooms can spur a sale. Make each of these rooms squeaky clean and clutter-free. Update the drawer pulls, sinks, and faucets. Besides the living space and floor plan, these two rooms absolutely must stand out.
Buyers favor wood over carpet. Consider installing a wood veneer or laminate, as these are popular and less costly than more expensive styles of hardwood flooring. Replace worn vinyl kitchen floors with new updated vinyl squares or better yet, tile.
Clean out and organize closets. Start sorting and organize your piles. Donate old clothing to charity or have a yard sale. Closets must be only half-full so buyers can visualize fitting their stuff in.
Update window treatments. Buyers want light and views, not dated, fancy-schmancy drapes that darken. To diffuse light and add privacy, consider energy-efficient shades and blinds.
Hire a home inspector.
Do a preemptive strike, since busy homeowners seek maintenance-free living. Fix problems before you list the home and then display receipts and wait for buyers to offer kudos to sellers for being so responsible. It’s also a nice perk to a buyer as you may have just saved them the cost of a home inspector.

Memphis Real Estate Market Trends

2008-10-14T09:05:00.000-07:00

Where is the Memphis real estate market headed? With all the foreclosures and roller coaster ride on Wall Street, many home buyers and home sellers need to keep up with what they should expect from today's real estate market.
Urban areas are making a comeback, along with smaller homes. Many areas of downtown Memphis, midtown and East Memphis are still very popular. Shorter commutes give you more family time and cut down on the gas bill. Smaller homes offer lower utilities which have also recently increased in price.
Flipping properties is almost at a stand still, but that has not stopped investors from making timely and smart purchases while prices are low and sellers are anxious. So the strategy is buy and hold until the market picks up.
Many homeowners are going green by adding energy efficient bulbs, more insulation in attics, and on-demand hot water with the new tankless systems. Even builders have picked up on adding these green features to help sell their inventories.
We can all hope that the Feds have picked the right path to help straighten out the mess that they got us all into in the first place.

Icing on the Financial Cake..Memphis Viewpoint

2008-09-21T09:29:00.000-07:00

A serious faced President Bush acknowledged risks to all taxpayers in what will be the most sweeping government intervention in the rescue of failing financial institutions since the 1929 stock market crash. Bush declared though "The risk of not acting would be far higher."

The jaw dropping price tag of over half a trillion dollars is the projected cost to taxpayers to stave off financial catastrophe and takeover the bad debt created by worthless mortgages now held by numerous financial institutions. Relieved investors sent stocks soaring on Wall Street and around the globe when the news of the bailout was made public by the federal government.

The Feds stepped in to help save Bear Stearns from total collapse just last Spring and backstopped the purchase of Bear by JP Morgan. Then, in just the last month, the Feds took control of Fannie Mae and Freddie Mac, both reeling from bad loans and then of course they also saved the world's largest insurance company, AIG, from going under. The current move this week hopefully will prop up the economy from further collapse, as loans had been created and issued to current homeowners who had no way to pay their mortgages....even from the beginning...they had no way to pay. But greed had stepped in and the issuing mortgage companies really did not care if the loans could be paid as they knew they would be selling the loans off in packaged form, to Wall Street, thus passing the time bomb along to others to contend with down the road. Here we are now....down the road...and greed did in fact destroy the confidence and backbone of our economy. Any questions?

Other major steps being taken by the Feds include giving money market funds the same federal protection, at least temporarily, that now applies to savings and checking accounts and certificates of deposit at banks. Also, the securities and exchange commission acted separately to block short-selling of stocks in financial securities. This type of investing has been blamed for accelerating the plunge in stock prices of banks and other financial institutions. So again, you see, that investors are partially controlling both the markets ups, like oil prices, and downs, like stock prices. Greed has really sparked the flames that is taking our economy to its knees.

It looks like there will be allot of crawling before we can get up and walk again.

Memphis Home Purchase - Down Payment Assistance

2008-08-23T08:40:00.001-07:00

There has been much concern as of late, among both buyers and sellers, with regards to the changes produced by the new Housing Bill that has passed in Congress and will go into effect in October of this year. This bill, intending to help the current real estate market conditions, may do just as much harm, by not allowing seller participation in down payment assistance and virtually eliminating government down payment assistance programs.
Apparently, someone in Congress has realized this glitch, which could cause more harm than the bill may repair in the market.
There may be hope on the horizon though, as Nehemiah has announced a new bill. This bill was introduced on July 31st of this year; The FHA Seller-Financial Down payment Reform and Risk-Based Pricing Authorization Act of 2008 (H.R. 6694). If this bill is passed and signed into law, it would allow down payment assistance to continue indefinitely.
Home buyers and sellers should contact their representatives to voice their desire to have this bill passed.

Memphis Home Loan Rates

2008-07-28T10:55:00.000-07:00

In today’s real estate market, when you find advertised loan rates on the Internet or any advertised home loan rate, they may not be specific to YOUR loan. Unlike years past, your rate will be specific to your situation. Lenders haven't always relied on your situation to determine your rate because it was always assumed that home values continue to go up in value. Well, of course that has changed, which is why we also now see changes in the way rates are figured. There are more defaults/foreclosures on loans around the country and investors are now looking at every angle to get a little higher return on their money to offset this risk.
In today’s marketplace, the lender will need to know your credit score, loan amount/loan to value, down payment amount, property type (primary, investment property, second home), income verification, debt ratio, employment verification, and more just to give you a proper rate quote. If anyone gives you a quote and has not had an in-depth conversation with you about your situation and your needs, most likely it will be inaccurate. Even if your current credit scores reflect some minimal flaws in your record, you might have a slightly higher rate because of it. Make sure you are dealing with a reputable lender and ask someone you know and trust to refer you to someone who they know to be an ethical loan originator. You need a mortgage advisor who understands the process and can see your loan through to closing with no surprises.If you follow this process and then get a rate that you like…lock it in!! There have been up to 4 rate changes per day and new rates come out every morning. Most lenders will do this for you with a verbal commitment. The markets are as volatile as ever, so take out the risk of higher payments and lock it in! Today’s rates are still some of the best in recent history.

OTHER RESULTS OF A SLOWED REAL ESTATE MARKET

2008-07-08T07:59:00.000-07:00

The Memphis real estate market has slid into the biggest buyer’s market in years, and shows no sign of a recovery in the short term. By recovery, I mean, a more stable market where sellers can anticipate a better return on their home investment. The Memphis home market has “dominoed” into this state because of the national real estate market. If misery loves company, then scoot over. The world real estate market is also faltering as many of the investors in defaulted home loans span the globe and are not contained to the local USA.

Here is an example of that:
New figures from the Real Estate Institute of New Zealand (Reinz) released recently, show the number of real estate agents, salespeople, licensees and branch managers in Canterbury-Westland fell 8 per cent in the first half of this year. Nationally, the 19,059 people working in the industry in December 2007 fell to 17,453 at the end of June. The 2201 people left working in the Canterbury-Westland district shared 619 sales in May less than half of the 1276 sold in May 2007.

This market has become devastating to families around the world in free markets where real estate sales have blossomed over the last decade.
There is not a doubt that many Memphis real estate agents have also left the industry. This may help in the long run, as many agents were either part time and did not offer full service to clients, or they really had just started in the last year or two and were lucky enough to “ride the wave” of the home-selling market. Now that this is over, these agents don’t know how to sell or prospect and eventually throw in the towel. In the long run, this is a good thing for the consumer home-buyer.

LOWERING LISTING PRICE OF MEMPHIS REAL ESTATE

2008-06-20T14:49:00.000-07:00

Many Memphis home sellers are wondering when and how much to lower their listing prices in order to sell their homes. Memphis is not a market where home values shot upwards each year, which is why the seller's dollar goes so far in purchasing Memphis real estate.
It may be time to "get real" about pricing to sell, because it seems like buyers are shopping less with emotions and more "looking for the best deal" in mind. For that reason, it may be time for a seller's reality check before their home sits on the market for too long. The following may be signs of being overpriced for the current market:
1) Very few or no showings. The first couple of weeks on the market is the best time to be priced right along with having your home in order.
2) Some showings..but no offers.
3)Similar homes in the area selling for less. The median home selling price must be continually monitored and your home's asking price must be in line with current home selling prices.
4)Repeated negative feedback. In this case, the seller either needs to correct issues causing the negative feedback, or if not correctable, the change the asking price accordingly.

In this market, it is easy to "blow it" by overpricing.

FOUR GREAT REASONS TO PURCHASE A MEMPHIS HOME NOW!!

2008-06-19T05:46:00.000-07:00

The National Association of Realtors and of course the Memphis Area Association of Realtors, are doing their best to help stimulate the home buying and selling market. Each organization has programs in place to keep the market alive and well no matter how much bad press it gets. As a matter of fact, much of the bad press simply makes recovery of our market even harder.
At any rate, there are good reasons to buy a home in the Memphis real estate market and here they are.

1) Mortgage rates are still hovering around 40 year lows. Today, rates are around the 6% mark as they were 45 years ago!
2) Inventory is at a 15 year high, with over 12000 homes for sale in the Memphis real estate market. Normally, there are around 7 to 8 thousand homes on the market. This gives more choices to find the right home for your family.
3) FHA is just now announcing higher low amounts available in our area for individual mortgages, allowing higher dollar purchases for those who qualify.
4) If you have been renting while waiting to purchase, you are losing out on the two best tax deductions of mortgage interest and property taxes. Both of those make home ownership a much better financial position rather than paying the mortgage on rental property for someone else while your funds give you no return when they are used for rent rather than a mortgage payement.
So there you are….four good reasons to Hop the Fence and find the home that will suit you and your family.

More Memphis Foreclosures

2008-06-18T08:15:00.000-07:00

I wanted to follow up on my list post. Some clients have found a web site while they are looking to find a foreclosure windfall to purchase. This web site is Realty Trac. This web site gives limited information regarding foreclosed properties, in an effort to get individuals to pay them the membership fee to join their web site. Once you join, you are able to get all the information about the properties they have on their site.
Now let's talk about those properties on their site. Several of the homes our clients found, did have enough information, that I could find them in the local MLS. They were listed for anywhere between 45k to 80k more than the price mentioned in Realty Trac. Today, they emailed a home showing 94k as a price. The footnote on this property states that :
This property is a Notice of Default. This is the initial document filed by an attorney or trustee on behalf of the foreclosing lender that starts the foreclosure process.
So basically, they are reporting the loan balance and not the asking price for the property once it is listed. This can be deceiving to individuals who don't understand that this web site survives on the membership fees and any information (or lack of information) they can provide to induce you to pay this fee is to their benefit. Thus, they are preying on people, who as mentioned in my last post, are looking for a financial windfall by purchasing a home for pennies on the dollar. This just feeds the notion that most home buyers today can find and purchase homes for half price. Perhaps this is possible in areas of the country where home prices skyrocketed due to loaning practices, but that did not take place in the Memphis area. This is why we were not "on the bubble" as many parts of the country were, and also why our real estate values are pretty solid in fact. That's not to say that we too are not suffering from the "value bubbles" that were in place in different parts of the country. Home buyers that do want to purchase a home in our area, and they are moving from those "bubble affected" areas, find that they can not sell their homes to easily and therefore can not purchase a home here in our area...the bad domino effect.

MEMPHIS REAL ESTATE FORECLOSURES

2008-06-06T07:37:00.000-07:00

Memphis homes in foreclosure, like most city’s real estate markets today, are easy to find but not always so easy to purchase. Consumers receive the message from media hype, that they can find real bargains or even achieve wealth by purchasing bank-owned homes. In rare cases, a buyer may find a foreclosed home that is in fair conditon. Unfortunately, this is the exception and not the rule. Most foreclosures, even those advertised as needing some “TLC”, are usually in need of major work. Many have been stripped of light fixtures and appliances, and have been treated unkindly, to say the least, most likely by the owner that was foreclosed on or the tenant that was forced to move out.
Real estate agents are bombarded with information on how to get rich selling foreclosures and emailed offers to teach Realtors on how to become an expert at marketing this type of property. Opportunities do exist for investors and agents who want to run a high-volume, low-commission business, but the homes and the opportunities are not as wonderful as the marketing leads us to believe.
Foreclosures are a growing part of the inventory and Realtors work with them because we have buyers who say they want to find a “deal” on a foreclosure. The process of buying a home from a bank is different than buying it from a private party—it is slower, and there is more paperwork and it always seems as if the bank is in no hurry whatsoever to close one of these transactions. Not to mention the very poor condition that most of these homes are in, leaving a Realtor chasing a turkey… for a buyer looking for the golden goose.
Buyer’s may wait a week or so to get a response from an offer on a foreclosed property, and the answer may be a counter offer or a rejection rather than an acceptance. Banks would like to get as much as they can for these homes to cut their losses, so they are in no hurry to take the first offer or a lowball offer.
Unless a buyer has years of experience in buying this type of property, they will have no idea what they may be in for after a purchase. It’s not the easy to see repairs that are the costly repairs, but the “hidden” repairs and “surprise repairs” that take the value added profit or added equity away from the investor. If a buyer ends up with so much invested in repairs that the homes value is worth less than or the same as the amount invested, then they now own a home where they are waiting for equity to buiid, not much different than if they had just purchased a home in good conditon that was not a foreclosure.About 25 to 30 percent of the inventory of available homes are foreclosures in our area and that number is growing. It will be interesting to see how this shakes out in a few years. The number of foreclosures locally and nationwide have a measurable impact on the fabric of our neighborhoods and on our economy. Although someone always figures out a way to make money off of this scenario, it is not evident who will be the winners and who will be the losers. One thing is for sure, this entire market shakeup will have to work itself out, or the spiral will grow stronger and pull our entire economy to it’s knees. Lets hope this does not happen.

MEMPHIS HOMES - RENT vs PURCHASE

2008-05-26T11:23:00.000-07:00

I'm moving to Memphis and not sure if I should rent or purchase a Memphis Home, as I only plan to be there for about three years. We hear this allot from our clients. We usually give them some rental leads and information to help them make a good decision for their family. Of course the answer is to purchase, but that is a decision they will have to weigh out in their own minds.

The person that benefits from the rental is the landlord...that is why they purchased property as an investment in the first place. Renters never see their rent money again, while homeowners, in worst case scenario may break even in three years. Additionally, renters can not use their rent payments as a tax deduction, and if you ask, you would find out that the mortgage interest tax deduction is one of the very best deductions that exists for homeowners. This deduction is also the single best financial argument for buying rather than renting. Check out this example..:

If you can afford a mortgage or rental for $1200 a month (this would be principle and interest only for a homeowner), then if your credit is in proper order, you can purchase a home valued at up to $200,000 and put down 10% on a 30 year mortgage at a rate of 7% (current rates are as much as one percent less that this). In the first twelve months of a fiscal year starting in January, you would have paid in approximately $11,300 in interest which is entirely deductable for tax purposes. If you are in the 27.5% tax bracket, then you would save $3107 in taxes, or $259 per month. Effectively, this would make your monthly payment actually equal to $941 per month. Additonal expenses on your note would be property taxes....and guess what....they are tax deductable as well.

So the question is not "Can a renter afford to purchase?" The question is can a renter afford NOT to Purchase.
For answers to more questions, please visit http://www.BluffCityRealEstate.com .

MEMPHIS MEMORIAL DAY 2008

2008-05-23T08:49:00.000-07:00

It's already close to 90 degrees in Memphis. Yes, summertime is almost here and things are heating up. This is Memorial Day Weekend and along with BBQ and Swimming pools, you will find American Flags everywhere. We are a patriotic group here in Memphis and proud to be Free in our glorious country today. Enjoy your holiday weekend and BBQ if you are lucky enough to be having the ribs or pork shoulder and during all the festivities of welcoming summer, Don't forget our troops who are fighting for our freedom and the American Way of Life. Also, our Veterans, who are home....go out of your way to say thank you and if they are in need...invite them into your Memphis homes to enjoy part of your celebration for Memorial Day in Memphis 2008.

REAL ESTATE FOR SALE IN MEMPHIS TENNESSEE

2008-05-21T10:10:00.000-07:00

One of the most beautiful areas with Homes for Sale in Memphis is "old" East Memphis. Here you can find wonderful homes..some of which have already been renovated and some homes ready for someone to come take care of renovation to their particular needs. One such home located at 1340 Pebble Creek, situated on a half acre corner lot, is waiting for the buyer who wants the prestige of this fabulous home and location. To learn more about this opportunity, please visit our featured listings page today.

HOMES FOR SALE IN MEMPHIS TENNESSEE

2008-05-19T14:57:00.000-07:00

Homes for sale in Memphis Tennessee are in abundance now and rates are low. There is no doubt that it is a buyer's market. Negotiating is tougher on the sellers and Memphis homes for sale need to be in tip top condition so as to beat their competition in getting sold.
Here is an example of tip top condition....1352 Winfield, Memphis, 38116. This 3 bedroom ..one and a half bath...home is ready to move in........ includes...range, dishwasher, refridgerater. New carpets, new vinyl floor in kitchen, newly refinished kitchen cabinets. Security doors, storm windows, fenced yard, private patio.....
Visit our featured listings page to learn more.

BARTLETT TN HOME FOR SALE

2008-05-18T14:13:00.000-07:00

Bartlett Home for Sale and ready to move in...already inspected and all repairs completed. This home has a great location for schools and commuting to Memphis or NAS. For additional information about this great home, please visit our featured listings page.

ARLINGTON TENNESSEE REAL ESTATE FOR SALE

2008-05-17T08:41:00.000-07:00

Arlington Tennessee home for sale in excellent move-in condition. Corner lot with private fenced yard. Professional landscaping with expanded patio. Upgraded light fixtures and counter tops, tile flooring, pergo in den. Bonus room finished upstairs. Learn more about this home on our featured listings page.

HOMES IN COLLIERVILLE TENNESSEE

2008-05-16T14:58:00.000-07:00

Homes in Collierville Tennessee available immediately. Elegant zero-lot home in Historic Collierville Tennessee. Enjoy a wrap around porch, granite and stainless steel appliances. Professionally landscaped and much much more. Learn more about this home, visit our Featured Listings page.

HOUSES FOR SALE IN MEMPHIS

2008-05-16T05:29:00.000-07:00

Houses for sale in Memphis are in great abundance creating a "buyer's market". The home at 1195 Wellsville is a great buy and includes all the appliances; washer, dryer, dishwasher, refrigerator, gas stove, and microwave. This house for sale in Memphis also has fresh interior paint. For more details, visit our featured listings page.

MEMPHIS AREA REAL ESTATE FOR SALE

2008-05-15T19:40:00.000-07:00

Memphis area real estate and homes for sale. Now available at a reduced price is this fine home on Stable Run Drive just on the outskirts of the city limits of Memphis TN. Please visit our featured listings on our web site to learn all about this home. The owners have been transferred and will miss this move-in ready home in the Memphis area.

EVERY MEMPHIS HOME BUYER SHOULD HAVE A BUYER'S AGENT

2008-04-27T07:17:00.000-07:00

Every Memphis Home Buyer Should have a Buyer’s Agent
Most everyone is really in the dark as to what role an agent plays in a real estate transaction. I know, I know…it’s not like people are buying houses every other day, and they tend to forget how their last buying (or selling) experience went. They may remember more about it if it was a disaster rather then if it was a smooth easy ride. In any case, having an agent to represent you to help you find and negotiate for your property is a very good idea. Although the listing agent in Tennessee can also represent the buyer and facilitate the transaction for both buyer and seller, they still have their loyalties tied to the seller since their listing agreement came first.
Now trust me, I would much rather sell my own listing. If no other agent is involved, there is no commission splitting. I would of course perform all my duties for both the buying and selling side in a diligent and professional manner and be much happier with my commissions.
But you should know that everyone should have their OWN representation to look out for their interests. There is not a charge to the buyer to have this representation and hopefully you will have picked out a knowledgeable agent to help you with each and every step in the transaction process in a professional and respectful manner. Your buyer’s agent is paid from brokerage fees that are charged to the seller.
If you do decide to have your own agent, and then if you should find any homes that may interest you while either out looking on your own or looking through a homes magazine or in an open house, please show YOUR agent the courtesy to phone him or her and let them find out any information you need about those properties. Once you go around your own agent and contact the listing agent of a property, those listing agents begin to feel like they “own” you as their client. If you must or have to contact another agent either by phone or at an open house, you should tell them right at the beginning that you are working with an agent to help you purchase. That way, they know where they stand and may not pester you as much as well.
Once you have found the home that will work for you, putting in an offer with your own agent makes much more sense. That agent can help you as if he were the captain of YOUR team and try to score big for you. If you decide to put an offer in with the listing agent, they already have an impression from the seller as to just how low they might go in price or what they will or will not fix in the house…. but that may be a false impression put in their minds by the seller…and unless an offer is put in and fashioned after YOUR interests, then how would you ever find out just what is the best price on that home? So it may not be that the listing agent would intentionally deceive, but only lead you down the wrong path because they too were told only what the seller wanted them to hear. If you have “neutral” representation or someone on YOUR side, (Not the seller’s side) then you may have a better chance of attaining the best transaction price and extras that is possible.
Remember, purchasing and owning a home may the one of if not the biggest investment you will have for you and your family. You deserve the best representation you can get….and if it’s free…why not have it?If you would like professional buyer representation for your next purchase, why not contact Connie Chambers or Don DeBaer. Visit their web site here http://www.bluffcityrealestate.com/ for complete information about their services.

The Most House for the Least Money

2008-04-04T09:03:00.000-07:00

The Most House for the Least Money

Our real estate work places us with many out of town buyers and we take pride in helping those individuals or families to find the neighborhoods, school systems, and homes that fit their wants and desires. Many preconceived ideas come along with those buyers…one of the biggest is that we only want to sell homes listed by our company. This is furthest from fact. Our job is to show any home and every home available that meets the needs of our clients making no difference as to the listing company; and this is exactly what we accomplish. We have met many clients who tell us that they have had experiences with Realtors who do just that, but our goal is to find a home that suits your needs, no matter what company has the listing.

The next biggest idea of course is a normal one and that is, how much house can I get for my dollar. This will always be true and especially in our market where it is very well known that you get much more house for your dollar in our area anyway. Of course, the home selling price range will also depend on what size home and location of that home the buyer is requesting. Now that the market has turned into a buyers market, the buyer’s are on the hunt for the elusive “bargain” home. Many people come here not understanding that our market did not go through years of tremendous property value growth as did many areas of the country and that our home values may have risen, but have done so slowly and gradually; which of course is why we have such a stable market where you do in fact get more home for your money. But if you move here from a market where home prices have skyrocketed over the last ten years, and you have seen home prices drop by 25%, 30%, or more; well that just has not happened much here because we never had that huge appreciation in home value in the first place. This becomes even a larger hurdle when those buyers had to, in fact, drastically reduce their own homes where they moved from, in order to sell. This may also cause additional frustration when they feel they could in fact purchase a home in the area where they moved from for tens of thousands of dollars less than the asking prices-- but not so much here.

When I have asked buyers what they mean by finding a “bargain” home, even they are not too certain. If they are still looking for great school zones and good resale somewhere down the road, then they need to look at neighborhoods and suburbs that offer those perks first, and then decide to look at available homes located there. Obviously, this puts location, location, and location as number one as it has always been. Even in these areas, you may find foreclosures, but those homes are ones that may have been on the market for a while, no one else wanted to purchase them, and now a bank owns it. The bank may be willing to sell it at a deflated price, but for some reason or reasons, no one else wanted to buy it before it was foreclosed on, so it may be in need of repairs and fixing up or worse. This may be exactly what some buyers want…but in my experience, many buyers still want a move-in ready house at these low low prices; and this does not really happen too much in our market. In other words, if a really great property went into foreclosure, it most likely would not last too very long on the market, as someone at the bank or someone who knows someone at the bank or some realtor would have bought it already.
So now we are back to looking for a “bargain” house. I guess it will always depend on what some buyer considers to be a bargain, but if you are looking for homes that are neat and clean and move-in ready, you can still get a bargain, but not a giveaway. If a home is selling for a giveaway price, it would be wise to do some due diligence regarding everything about that home; especially location but also and mainly the general condition of that home.There are many great deals to be found in our market. It is the perception of what a “great deal” happens to be that has the biggest variety of conclusions. Buyers need to understand the things that add value to property and of course we are back to location as number one. Next would be cost of ownership, then quality of construction, and the laws of supply and demand. As native Memphians with years of real estate experience, Connie and I offer the expertise of knowing neighborhoods, builders, demographics and other data at our fingertips that can help you to make those choices best for your family. If you start by finding the neighborhood you want and then purchase a home from a motivated seller in that area, that one day, you will feel like you did find your “bargain” home.

Memphis Real Estate Market amoung "Least Risky"

2008-03-31T16:18:00.000-07:00

Home Buyers Find Memphis Market among “Least Risky”

The risk involved in home buying among buyers, sellers, and lenders, is seen nationwide as being the least risky in the top five “least risky” home markets of San Antonio, Cincinnati, Indianapolis, Pittsburgh, and Memphis real estate Markets.

This coming from BizJournal.com and also reporting the largest increases in risk were in the cities of Minneapolis, Virginia Beach, Baltimore, Newark, New York, and Washington DC.
Home appreciation is almost at a stand still, compared to just over a year ago, while the most drastic changes being in the once hot markets such as Las Vegas and San Diego. Phoenix, on the other hand, saw the greatest home appreciation with home values rising in some cases as much as 33.4 percent.

The same study found the 48 of the country’s 50 largest metropolitan statistical areas face increased risk of declining home prices this quarter. However, PMI Mortgage Insurance Co. predicts that the housing market will “cool gradually” due to the strength of the national and local economies.

PMI’s study also concluded that owning a home in one of the top 50 largest MSAs for 10 years or more resulted in a positive return in 100 percent of the cases and although this drops to 95% at 7 years and 92% at 5 years, the return was still seemed as impressive as expressed in the results of this study.
Again, Memphis and it’s suburbs were included in the top five places to be able to purchase in a more stable market.

Memphis Real Estate offers Buyer's Market

2008-01-02T14:16:00.000-08:00

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.

EMERGENCY KIT AT HAND

2007-11-09T10:51:00.000-08:00

Create An Emergency Supply Kit

When preparing for a possible emergency situation, it's best to think first
about the basics of survival: fresh water, food, clean air and warmth.

The United States Department of Homeland
Security recommends the following items
as part of a basic emergency supply kit.
• One gallon of water per person, per day for at
least three days or up to ten days, for drinking and sanitation
• At least a three-day supply of non-perishable
food and up to ten days if possible.
• Battery-powered or hand crank radio and a
NOAAWeather Radio with tone alert and
extra batteries for both
• Flashlight and extra batteries as well as candles.
• First aid kit
• Whistle to signal for help
• Dust mask, to help filter contaminated air, and
plastic sheeting and duct tape to create an air tight shelter if needed.
• Moist towelettes, garbage bags and plastic ties
for personal sanitation
• Wrench or pliers to turn off utilities
• Can opener for food
• Prescription medications and glasses
• Infant formula and diapers
• Pet food and extra water for your pet
• Important family documents such as copies of
insurance policies, identification and bank
account records in a waterproof, portable
container
• Cash or traveler's checks and change
• Emergency reference material such as a first
aid book or information from www.ready.gov
• Sleeping bag or warm blanket for each person.
Consider additional bedding if you live in a
cold-weather climate.
• Complete change of clothing including a long
sleeved shirt, long pants and sturdy shoes.
Consider additional clothing if you live in a
cold-weather climate.
• Household chlorine bleach and medicine
dropper - When diluted nine parts water to
one part bleach, bleach can be used as a
disinfectant. Or in an emergency, you can use
it to treat water by using 16 drops of regular
household liquid bleach per gallon of water.
Do not use scented, color safe or bleaches with
added cleaners.
• Fire Extinguisher
• Matches in a waterproof container
• Feminine supplies and personal hygiene items
• Mess kits, paper cups, plates and plastic
utensils, paper towels

No one can predict when an emergency situation will arise. A dire situation can result from more than just terrorism…but also weather related storms, natural disasters such as earthquakes. It is always best to be one step ahead and be ready to take care of yourself for a minimum of three days and up to ten days.

Memphis still ripe for the Investor Market

2007-10-07T16:06:00.000-07:00

According to the Memphis Business Journal, the Memphis mid-south area is still ripe for real estate investment. The magazine reports that Memphis currently ranks No. 6 on the list of the best cities for real estate investments. Business 2.0 worked with Moody's Economy.com to identify 10 cities that have "just about hit rock bottom -- and offer opportunities for savvy investors to get in while the getting's good," the magazine wrote.
The projected median sales price for a single-family home in Memphis for the first quarter of 2008 is $143,550, and $150,730 in the fourth quarter of 2009. "Memphis' housing market should hit bottom within the next few months, and the average home bought in 2003 still managed to sell for 12 percent more last year," according to Business 2.0. "Even better, prices have held steady this year, although the average number of days that homes sit on the market has grown larger." The current inventory of homes is larger than it has ever been and offers many choices for the homebuyer and the investor.
The PMI Risk Index ranks Memphis as one of the nation's least vulnerable markets and a survey by Global Insight and National City Corp. has listed Memphis as one of the most undervalued markets in the country, according to Business 2.0.

Time is Right for Buyers

2007-09-10T07:09:00.000-07:00

Despite mid-year figures showing home sales to be only slightly behind last years numbers, the doom and gloom of a slowing marketplace has finally caught up with the Memphis real estate market. Existing home sales have slowed dramatically and builders inventory is climbing as they continue to build at a slower pace, but sales of new homes have fallen off as well. Foreclosed homes are at an all time high for this area.
What does this all mean? It is now a buyer’s market in full bloom and with rates holding and perhaps dropping soon, now is the time to be looking to make a purchase. Choices have never been better and sellers are definitely negotiating to make a successful transaction. So buyers….now is your time to make a great deal on a home. Once you have completed the pre-qualification process with a direct mortgage lender, You can then be on the top of negotiations for a new home. Visit www.BluffCityRealEstate.com for details on how we can help you make your dream home come to reality.

2007-07-09T13:22:00.000-07:00

Mid Year Home Sales Still Strong

Most people read and are influenced by national headlines and news stories raising flags about home sales being down for the year by almost double digits and singing the blues regarding the gray future of home sales. This may be true in some high profile markets.

The Memphis home market has remained fairly strong, and although mid-year figures are slightly down over 2006, they are still above mid-year 2005 levels. Last year was a record year for sales in our area and for that matter; the record it broke was from home sales in 2005. So although our sales are not quite as strong as the record breaking 2006, they remain above 2005 levels and are on target to exceed 2005 sales.

There are many more homes on the market. Foreclosures have played a large part in homes inventory being elevated to where it is currently. Sales, though, remain strong and stable even with the larger inventory. Basically, buyers have more choices and home prices may be down slightly as well. The results here in Memphis and the Memphis area do not resemble the national headlines at all.

Other than our economy and business and military transfers to our area, there are other reasons why our market has remained as strong as it is today.

1) AARP has named Memphis as one of the top five cities for retirees based on cost of living, weather, recreational opportunities, transportation, and access to quality health care.

2) Primacy Relocation and Worldwide ERC, the association for workforce mobility, recently reports that Memphis is one of the top cities for relocating families among metro areas with populations greater than 1.25 million.

3) PMI Mortgage Insurance Company consistently ranks Memphis as one of the most affordable housing markets in the United States and one least at risk for real estate value declines.

So, while in your decision process of where to retire or where to apply for your new career, you may not want to leave Memphis Tennessee off of your list for review.If you should need any help in factors involving real estate, don’t hesitate to visit http://www.bluffcityrealestate.com/ for answers or contact us direct using the contact information you will find on our web site.

Secrets to Selling for Top Dollar

2007-06-18T14:34:00.000-07:00

Secrets to Selling for Top Dollar

Selling your home in the shortest amount of time and receiving top dollar is of course a seller’s desire. Maybe you have heard some agents claiming they can accomplish this feat for you if you list your home with them. Perhaps those agents also suggested that they have a list of buyers just waiting to buy a home just like yours and in your neighborhood. Now all you have to do is sit back and wait for this agent to follow through with their claim and you can count your money soon.

It would be nice if it was that easy….but just because an agent has allot of listings, doesn’t necessarily mean that they actually get homes sold, let alone sold at a top price. What it does mean is that they were good at convincing homeowners to list with them. If that agent gets enough homes listed, they know that eventually the homes priced at market value will sell; the ones in poor condition or the ones that are overpriced will eventually be reduced in price enough and then they too will sell. They just hope to still have the listing when that happens. Then they take a chunk of their commission and spend it on more image advertising to get more listings.

You may be wasting your good time believing allot of the hype from this image advertising. There is not an agent who has that special “secret”. The best thing is to find someone YOU can trust to give you good sound advice that will look out for your interests.

Find the agent that will help you face the facts and help you to take the necessary steps to get your home ready to be sold at top dollar. Marketing and negotiation are just half the equation. The two most important things that will get your home sold the fastest is price and condition…both of which are in the homeowner’s control.

Connie and I offer a pre-listing package with a 68 step system that has proven successful time and time again with the homes we have listed. Before we even meet with you, we can provide a checklist to you of items to help you get the process started. When we do meet, we can discuss what steps to take to make your home more attractive to potential buyers and also a strategy to help sell in the shortest time and for the highest price. We will explore your home and make suggestions that will put your home in a position where it will compete with other similarly priced homes on the market in the same area of town. You must know your competition to compete with it…because once your home goes on the market…that is exactly what is happening…you are competing with other homes in your area for the buyers who are ready to purchase. If you cannot get their attention with the price and condition of your home, then you will wait many months for an offer. We will make suggestions when needed to help your home sell. Many times, homeowners have the tendency to just “get used to” the loose hinges on the kitchen cabinets or overlook some small defect in workmanship because “it was that way when we bought the house”. But today’s buyers, and inspectors, don’t overlook very much at all. When your home is going on the market, it is time to face reality and may be time to make up for years of deferred maintenance. Should you decide to just skip this step, it will definitely impede the sale of your home.

One of the best things to help you get ready to sell, is to tour your competition. Allow us to make appointments and take you to four or five homes that would be in the price range of your home…so you can see first hand what you will be competing against. Remember, that buyers looking in your price range will see those homes as well, and no one can talk anyone into “buying” a home. It is a decision that buyers will make for the betterment of their families. If you make your home “sing” to buyers when they tour your home, it makes it easier for them to decide on your property over the others and may also make them feel that if they don’t act quickly that someone else will beat them out of a great home.

So, if you are ready to get started…simply call or email to
Connie Chambers or Don DeBaer. We are here to help you and ready to start when you are.
Visit http://www.Bluffcityrealestate.com for all of our contact information.

Memphis...Home to the Pyramids

2007-06-06T13:12:00.000-07:00

Memphis .. Home of the Pyramids

The 32 story Pyramid arena in Memphis Tennessee is one of the most uniquely designed structures on Earth. It is taller than the Statue of Liberty or the Taj Mahal and is also the tallest Pyramid in the world.

Since the FedX Forum was completed, both the NBA Grizzlies and the University of Memphis Tigers left the Pyramid and it has stood mostly empty for several years. It was nicknamed the “tomb of doom” by the Tigers and rightly so due to their record of home game wins, but now it almost seems to be doomed unless someone brings it back to life. The last activity there was not a sporting event though, as a Hollywood group made use of it as stage space in movie productions rented it.

Now, several companies have looked but no one has made any firm decisions to purchase or rent and make use of this one of a kind structure. Bass Pro Shops is one of those companies, who would open an attraction and store that would attract thousands of visitors each year. Most currently, an investors group is also looking at opening an entertainment venue and offer shops, shows, and entertainment for the general public.

Whichever group wins this location for their future endeavors, they are guaranteed to have a drawing card in the premises along, and along with whatever they provide for the people of Memphis and tourist traffic with their own brand of recreation and entertainment.

Here are a few quick facts about The Pyramid Arena:
On the bank of the Mighty Mississippi River, the arena is housed inside a 32-story stainless steel pyramid, paying homage to the Memphis' namesake - Memphis on the Nile River.
This giant pyramid has more than a half million square feet of usable space inside.
With a footprint larger than six football fields, The Pyramid's base covers 360,000 square feet.
Seating capacity is approximately 21,000 for concerts and just over 20,000 for basketball.Twenty-six lower level luxury suites are located on the plaza concourse.

University of Memphis Tiger fever

2007-02-18T10:06:00.000-08:00

Another successful basketball year for the University of Memphis is in the making. Yesterday, they squeaked by Gonzaga in overtime and increased their winning streak to 15 games in a row. This is the nations top college basketball winning streak and has moved Memphis up to number 8 in the nation. They have not lost one game in their conference and Coach John Calipari has molded this team into a very disciplined group. This team should make the final four this year and hopefully go all the way. If you have not attended any of their home games, you should definitely make it a point to check their schedule and see them at the Memphis Fed X Forum when you can....you won't be disappointed.

Memphis Area Home Sales Sets Another Record

2007-01-17T13:36:00.000-08:00

Real Estate Market Sets Another Record in Memphis TN
And Surrounding Suburbs

The final numbers are in showing home sales in the Memphis TN and surrounding areas are up once again. Although a few areas are either flat or slightly down, the overall home sales figures were up over 4.5% and the dollar volume was up over 7% for the year 2006 compared to 2005. Crye Leike Realtors, now the 6th largest full service realty firm in the U.S. can account for 72% of that volume. Home sellers and buyers put their trust and confidence in Crye Leike and CryeLeike sales associates and it shows in the numbers.
If you are moving to our area and anticipate selling your current home here, don’t hesitate to call Connie W Chambers and Don DeBaer to fulfill your real estate needs.

Fayette County..Tenneessee's Fastest Growing County

2006-12-15T10:55:00.000-08:00

The population of Memphis and Shelby County continues to spill over into Fayette County, just East of Shelby County.....so much so that it is now the fastest growing county in Tennessee.

Hickory Wythe, immediately over the Shelby County line, is becoming a hot bed for growth. It has been the home of the last two Vesta Home Shows, where builders erect showcase homes in upscale communities. These homes as well as others being built in this town often offer larger lots, an acre or more, and the community also offers a more rural atmosphere while being only a short drive to the shopping and other conveniences just inside of Shelby County.

Oakland is a town in Fayette County, in the Memphis metro area. The community was originally named for a large grove of oak trees growing there. Although Oakland is growing rapidly, it offers the small town atmosphere and is only minutes from the Memphis metro area. Many people have moved here to escape some higher property taxes while also knowing that their commute to the Memphis Metro area will be shortened within just a year or so with the completion of Interstate 385 which when completed will make a new outer belt around the Memphis area.

The town of Somerville began in the middle of the Fayette County and it was named Somerville in honor of Lt. Robert Somerville, who fought in the War of 1812. Memphis was six years old at this time and La Grange, a small village that took its name from LaFayette's home in France, had become the home of a number of families of wealth and refinement. Today, the city of Somerville is experiencing some of the fastest growth in the state of Tennessee. Mostly a rural and farming area, subdivisions, schools, shopping, and more are springing up as more and more residents from Memphis move out to more rural areas.

Watch over the next few years as property values continue upward in this once rural farming area that is now becoming the bedroom community to Memphis.

GREAT NEWS FOR MEMPHIS AREA HOME SALES

2006-03-06T09:17:00.000-08:00

GREAT NEWS FOR MEMPHIS AREA HOME SALES

Germantown, Collierville, and for that matter, all of Shelby County home sales defy the national trend downwards in home sales.
In January 2006, Germantown home sales were up 26.5 percent over one year earlier. That’s better than the pace in all of Shelby County, which was still a healthy 23 percent higher than the same time last year, according to reported sales to the Memphis Area Association of Realtors.
The suburbs and the entire Memphis area are apparently ducking the national downward trend in real estate. Nationally, the sales of previously owned homes dropped 2.8 percent in January from a year earlier, the National Association of Realtors reported just last week. The Commerce Department has also reported a 5 percent drop in new home sales from 2005 figures.
But not in Shelby County.Shelby County is still experiencing slow and steady expansion, consistent with the growth of our entire marketplace. Our employment figures have also remained stable which is important in people’s decision to make a home purchase.

Hollywood in Memphis

2005-11-23T12:44:00.000-08:00

Memphis itself has very little manufacturing. Our city is known as “America’s Distribution Center” because of our central location and various transportation advantages for delivery of products. Of course Federal Express is headquartered here and that helps by making our airport one of the busiest in the U.S. for freight distribution. UPS service also has a large center here that plays a large role in the airfreight business as well. Interstate 40, which crosses the country, runs right through Memphis and that provides a huge amount of eighteen-wheeler transportation that crosses the Mississippi River.

Many companies have warehouse space here in Memphis and use all of these modes of transportation to deliver their products all over the U.S. in a timely manner.
So who would ever think, with the “not so sexy” business of distribution being one of our main sources of employment, that Memphis could also become a hotbed for movie making?

Well, somebody must have thought it was a good idea.
Over the last number of years, many movies have been shot and produced here in the Bluff City. One of my favorites is The Firm, a John Grisham film. This movie shows many scenes in downtown Memphis and in areas of midtown and even Germantown. The home used as the residence of the main characters was in Chickasaw Gardens and the closed International Harvester plant here had been converted and was used for most of the scenes inside the offices of the law firm involved in the story. The Client, also a John Grisham film, was shot mostly in Memphis and in Horseshoe Lake Arkansas. Most recently, Walk the Line, the life story of Johnny Cash was filmed here and of course movies about Elvis Presley’s life as well as Jerry Lee Lewis have also been filmed in Memphis. Other recent movie releases include Forty Shades of Blue and Hustle & Flow, both also showing many scenes and views of Memphis and Memphis streets. More movies filmed here include The People vs. Larry Flint, Hallelujah, 21 Grams, Mystery Train, Black Snake Moan, A Family Thing, and Slow Down You’re Dating Too Fast. The Indie Memphis Film Festival has become a much larger event than in the past and you can visit their web site at www.Indiememphis.com/film.htm to read more about this film festival.

So who would have ever thought?

All Shook Up in the Home of the King

2005-11-01T13:01:00.000-08:00

Elvis sold one billion records worldwide, had eighteen ‘number ones’, fourteen Grammy nominations (three wins), a Grammy Lifetime Achievement Award, Gold, Platinum and Multi-platinum awards for 150 albums and singles – and was, of course most famous for his foot-tappin, finger-snappin, pelvis-swayin rock and roll sound.

Today, Elvis Aaron Presley remains the top earner of deceased recording stars and no doubt the King of Rock and Roll music everywhere. ……everywhere around the world in fact.

Elvis’s home Graceland is here for everyone to visit. There are two occasions during each year that his home is packed with fans. Those are of course his birthday and the day marking his death. Fans come from around the world to visit his home and see it exactly as it was when he was alive and well. This attraction spans several generations. This is very evident as his last number one hit was only seven years ago…many years after his death. Elvis was a top performer and entertainer in Las Vegas and was a generous man with his fame and wealth.
Don’t miss seeing his home when you visit Memphis or if you relocate to the Memphis Mid-south area.

Memphis..2nd Most Undervalued Housing in the U.S.

2005-10-23T20:52:00.000-07:00

Like many areas of the South, the Memphis housing market is a steal compared to sizzling housing markets in other regions of the country. The metropolitan area's median home price of $150,100 in the second quarter was about 28% lower than the national median of $208,500 and the average monthly apartment rental rate of $538.24 was the lowest of 54 major markets surveyed by Property & Portfolio Research Inc., a Boston-based real estate consulting firm.
This three-bedroom, two-bath home in a gated neighborhood of Memphis is on the market for $139,900.
Memphis also had the dubious distinction of being the seventh most undervalued housing market in the country in the second quarter, according to a study of 299 housing markets, conducted by Richard DeKaser, chief economist for National City Corp. The study found that Memphis homes were about 13% below fair market value. College Station, Texas, was the most undervalued market at 20% below fair value while Naples, Fla., ranked as the most overvalued market at about 79% above fair value.
Bargain prices are something of a double-edged sword for homeowners in Memphis. Housing may be affordable and the market at less risk of a correction, but local homeowners also aren't amassing equity at a rapid pace. "It's unfortunate that [Memphis residents] are not realizing the full value of their asset," Mr. DeKaser said. But he added, "anyone living in what we deem to be an undervalued market should take this talk of a housing bubble with a huge grain of salt."

______________Memphis Market Snapshot ______________

_________________2nd qtr 2005 _________2nd qtr 2004
Median Home price....................$150,100........................$138,300
Total Homes sold.........................4844...............................4402
Active listings.............8880...............................7998
Foreclosure rate..........................0.63% ............................0.73%
Avg rent per month...................$538.24...........................$542.58
Apartment vac rate........................9.9% ...............................10.5%

*Active listings were for June of the year specified.

Sources: Memphis Area Association of Realtors, National Association of Realtors, Property & Portfolio Research Inc., LoanPerformance.com

Memphis Bar B Q....the best anywhere around.

2005-09-21T17:26:00.000-07:00

Memphis…..Well Known for Bar B Q

Memphis is very well known nationwide for the taste of Bar B Q pork ribs and Bar B Q pork shoulder. Each year for as long as I can remember, the International Bar B Q competition is held at Tom Lee Park on the Bluffs overlooking the Mississippi River. This competition is held during our Memphis in May festival and the event takes up to a week…..from setup time to judging to trophy presentations. Teams come from all over the United States, Canada, and as far away as Australia to compete. It is a huge event that has spawned from our great Bar B Q preparations in our Memphis restaurants. There are no less than 40 specialty Bar B Q restaurants in and around Memphis…some of them are world renown such as the Rendezvous and Corkey’s as well as Neely’s. There are quite a few smaller shops that have great sandwiches and we all have our favorites….like Three Little Pigs or Showboat. There is nothing better than Memphis Bar B Q. Ask anyone who has lived here and now lives elsewhere..they will tell you that nothing compares with the smokey..sometimes sweet…sometimes dry…sometimes wet…taste of Memphis Bar B Q. Don’t miss out and try some for yourself.

Memphis Tennessee Real Estate & Relocation

2005-09-18T08:47:00.000-07:00

Memphis Tennessee Real Estate

Professional Relocation services and more…

Visit http://www.bluffcityrealestate.com/
This site offers access to the MLS for Memphis and surrounding communities. Memphis history, Memphis business links, Memphis utility information, Memphis mortgage company links as well as information about Germantown Tennessee, Collierville Tennessee, Bartlett Tennessee, Arlington Tennessee, Millington Tennessee, Lakeland Tennessee, Cordova Tennessee, Tipton county Tennessee, and Fayette county Tennessee.

Urban expansion and Renewal

2005-09-18T08:27:00.000-07:00

Real Estate Sales

Property sales in Memphis and the surrounding communities remain quite brisk. Memphis is a very large city square mile-wise, and as most cities, has areas where sales of homes are very competitive and fast-paced. Currently, Harbor Town and the Downtown area in general, has astounding growth in sales and property values.
The suburbs around Memphis, such as Collierville, show solid sales as well. Areas with the most growth in new construction and swelling neighborhoods and schools are Lakeland, Arlington, and parts of Bartlett and Bartlett Reserve and neighboring Fayette County as well. With the progress and near completion of the “outer loop”, which will connect Arlington and Collierville, many families looking for lower property taxes and lower home prices have opted to move to these areas.
Visit us and email us through our web site
http://www.Bluffcityrealestate.com with any questions about subdivisions and neighborhoods that you will find in these and other areas around the Memphis and tri-county area.

Offering Unsurpassed Relocation Services in Memphis TN

2005-09-17T17:44:00.000-07:00

Don DeBaer & Connie Chambers

The Bluff City ...part of Memphis History

2005-09-17T17:29:00.000-07:00

9/17/2005

Memphis and The Bluff City name

First on the agenda is to explain our name to all of those who find our site and do not live in the Memphis or mid-south area. Memphis, or “The Bluff City” as it is referred to, has been called the Bluff City for many many years. Part of our history is that the city was founded on the bluffs of the Mississippi River. These bluffs provide the city with some protection of rising waters in the Mississippi River each spring and many tell of how they may guide tornados away from the city. There have been many companies named using this cognomen…..Bluff city insurance, Bluff city heating and air, Bluff city plumbing, and the list goes on. Even newscasters on both radio and TV and the local newspaper in our area refer to Memphis as the Bluff City. So this is how we came up with this name for our web site.
Not to confuse matters any, but there is an actual Bluff City TN. This city is located on the extreme other end of the state from Memphis and is in the mountains. Here is a link that will tell you all about the real city named Bluff City TN
http://www.city-data.com/city/Bluff-City-Tennessee.html .

Come visit here http://www.Bluffcityrealestate.com