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.
Friday, July 03, 2009
Saturday, June 13, 2009
CLEAN MEMPHIS WATER – BUT IS IT STOLEN?
Memphis Tennessee is known for its clean and tasty tap water. The city of Memphis is situated on top of an underground aquifer that has kept our ground water one of the cleanest, if not the cleanest, in the nation. As the city continued to grow over the years, additional pumping stations were added as needed. We have been quite fortunate to have such a sparkling water supply.
So what is the problem? The problem started when northern Mississippi, the border towns connected to Tennessee and just south of Memphis, also started a huge growth spurt. They too benefit from the underground aquifer. As a matter of fact, they accused Memphis of siphoning some of Mississippi’s underground water and filed a lawsuit against The Memphis Light, Gas, and Water Company alleging theft of water. That’s right! You read correctly. This suit has been around since 2005 brought on by the Mississippi Attorney General. This suit insisted that the city of Memphis, which owns the Memphis LGW Company, pay damages to Mississippi for ground water that was pumped into the borders of Tennessee. Of course, the attorneys hired by the MLGW argued that the aquifer is an interstate resource that is shared between all states that it runs beneath.
On June 5th, the 5th Circuit Court of Appeals upheld MLGW previous victory in the federal lawsuit brought on by Mississippi officials. And most of us thought the days of fighting for water rights were long over. In this case, they are over now.
MLGW is the largest three-service public power utility in the nation, serving more than 420,000 Memphis area homes in Memphis and Shelby County.
So what is the problem? The problem started when northern Mississippi, the border towns connected to Tennessee and just south of Memphis, also started a huge growth spurt. They too benefit from the underground aquifer. As a matter of fact, they accused Memphis of siphoning some of Mississippi’s underground water and filed a lawsuit against The Memphis Light, Gas, and Water Company alleging theft of water. That’s right! You read correctly. This suit has been around since 2005 brought on by the Mississippi Attorney General. This suit insisted that the city of Memphis, which owns the Memphis LGW Company, pay damages to Mississippi for ground water that was pumped into the borders of Tennessee. Of course, the attorneys hired by the MLGW argued that the aquifer is an interstate resource that is shared between all states that it runs beneath.
On June 5th, the 5th Circuit Court of Appeals upheld MLGW previous victory in the federal lawsuit brought on by Mississippi officials. And most of us thought the days of fighting for water rights were long over. In this case, they are over now.
MLGW is the largest three-service public power utility in the nation, serving more than 420,000 Memphis area homes in Memphis and Shelby County.
Wednesday, May 27, 2009
Mixed Reports on Real Estate Recovery
It was reported last week that HUD Secretary Shaun Donovan told the National Association of REALTORS that the First-Time Homebuyers Tax Credit could be “monetized” and used as a down payment under forthcoming HUD guidelines.
Since then, there have been a variety of news reports — some confirming and others denying that this would in fact happen. Some sources have claimed that the government was backing away from this proposal for a variety of reasons including possible IRS complications. In a May 21 news story, however, NAR reaffirmed the original plan:
“The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site,” Lemar Wooley, a HUD spokesperson, told REALTOR magazine.
Under the guidance that’s under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their down payment. The loans would be repaid with the proceeds from the households’ federal tax credit.
[SOURCE: REALTOR Magazine Online]
More mixed results include problems with newly issued modified loans that were to help homeowners about to go into foreclosure.
Fitch Ratings is slated to release a report this week showing that 65 percent to 75 percent of modified subprime loans will still fall behind by 60 days or more within one year of the loan change. Although some experts believe that reducing the principal amount owed is the best way to keep distressed borrowers in their homes, Fitch found that 30 percent to 40 percent of loans that had lowered principal amounts were still redefaulting after 12 months. Borrowers are redefaulting at a high rate because home prices continue to fall, unemployment is rising, and because of public pressure to help homeowners — even those who are still likely to default even after receiving assistance.
And then there is this. The foreclosure rate seems to have stabilized a bit, but get ready for the second round. Experts know that more foreclosures are on the way. If you are selling your Memphis home right now, it is best to get it priced right for a sale now…because waiting may be more painful. There is a great possibility that more property values will decline during the next big wave of foreclosures.
This is the third of three mixed results regarding the “turning of the corner” on the real estate market and economy in general. More bad news on the horizon is the shuttering of car dealerships nationwide.
It would be great to write a peachy keen blog with all good news. I look forward to that day. Unfortunately, the current news is not all great. So here it is. You will need to plan around it, so there is no sense in sugar coating.
Since then, there have been a variety of news reports — some confirming and others denying that this would in fact happen. Some sources have claimed that the government was backing away from this proposal for a variety of reasons including possible IRS complications. In a May 21 news story, however, NAR reaffirmed the original plan:
“The technical details are still being finalized and will soon be published in a mortgagee letter and posted on our Web site,” Lemar Wooley, a HUD spokesperson, told REALTOR magazine.
Under the guidance that’s under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their down payment. The loans would be repaid with the proceeds from the households’ federal tax credit.
[SOURCE: REALTOR Magazine Online]
More mixed results include problems with newly issued modified loans that were to help homeowners about to go into foreclosure.
Fitch Ratings is slated to release a report this week showing that 65 percent to 75 percent of modified subprime loans will still fall behind by 60 days or more within one year of the loan change. Although some experts believe that reducing the principal amount owed is the best way to keep distressed borrowers in their homes, Fitch found that 30 percent to 40 percent of loans that had lowered principal amounts were still redefaulting after 12 months. Borrowers are redefaulting at a high rate because home prices continue to fall, unemployment is rising, and because of public pressure to help homeowners — even those who are still likely to default even after receiving assistance.
And then there is this. The foreclosure rate seems to have stabilized a bit, but get ready for the second round. Experts know that more foreclosures are on the way. If you are selling your Memphis home right now, it is best to get it priced right for a sale now…because waiting may be more painful. There is a great possibility that more property values will decline during the next big wave of foreclosures.
This is the third of three mixed results regarding the “turning of the corner” on the real estate market and economy in general. More bad news on the horizon is the shuttering of car dealerships nationwide.
It would be great to write a peachy keen blog with all good news. I look forward to that day. Unfortunately, the current news is not all great. So here it is. You will need to plan around it, so there is no sense in sugar coating.
Friday, May 22, 2009
Top 10 things You Don’t want to say to your Listing Clients
Top 10 things You Don’t want to say to your Listing Clients
(But may have to say them anyway)
1. I’m worth every penny I charge in brokerage fees.
2. Your Memphis house is nice, but it isn’t special. I’ve been in countless homes, and your home does not stand out. What can we do to remedy that?
3. I collect things too, but I am not selling my house. Put all that stuff away.
4. You way overpaid when you bought this house in 2006.
5. Do you really think a blue room with a neon green stripe going around it will help your home to sell? Your wallpaper is from the early 70’s…its 2009…
6. I love your collection of small kitchen appliances and canisters. Please add more to your counters so I can see all of them. Do you think you can add another 50 photos of your family to your refrigerator?
7. Open houses are a waste of your time and mine. Don't believe HGTV. The Sunday tire kickers in our market are not buyers. This is not Chicago. Today’s QUALIFIED buyers are coming with their agents and can set an appointment up for a private showing almost anytime.
8. Your house hasn’t been cleaned in months.. Not just a few days; it’s obvious that no one living here picks up after themselves.
9. You spent well over $75,000 on home upgrades, but your neighborhood will not support this investment and your home will never appraise for that much for a return on your investment.
10. I love your two cats, but they sure make your house smell.
11. I am sure that you must be a great cook…but your frying grease is all over the wall behind your cooktop and caked on your burners…maybe you could make that look new again?
Ok..so I gave you eleven…just a blogger’s bonus.
Good Luck..
(But may have to say them anyway)
1. I’m worth every penny I charge in brokerage fees.
2. Your Memphis house is nice, but it isn’t special. I’ve been in countless homes, and your home does not stand out. What can we do to remedy that?
3. I collect things too, but I am not selling my house. Put all that stuff away.
4. You way overpaid when you bought this house in 2006.
5. Do you really think a blue room with a neon green stripe going around it will help your home to sell? Your wallpaper is from the early 70’s…its 2009…
6. I love your collection of small kitchen appliances and canisters. Please add more to your counters so I can see all of them. Do you think you can add another 50 photos of your family to your refrigerator?
7. Open houses are a waste of your time and mine. Don't believe HGTV. The Sunday tire kickers in our market are not buyers. This is not Chicago. Today’s QUALIFIED buyers are coming with their agents and can set an appointment up for a private showing almost anytime.
8. Your house hasn’t been cleaned in months.. Not just a few days; it’s obvious that no one living here picks up after themselves.
9. You spent well over $75,000 on home upgrades, but your neighborhood will not support this investment and your home will never appraise for that much for a return on your investment.
10. I love your two cats, but they sure make your house smell.
11. I am sure that you must be a great cook…but your frying grease is all over the wall behind your cooktop and caked on your burners…maybe you could make that look new again?
Ok..so I gave you eleven…just a blogger’s bonus.
Good Luck..
Wednesday, May 13, 2009
HUD NEWS to HELP MEMPHIS HOMEBUYERS
HUD Secretary, Shaun Donovan announced yesterday that FHA Lenders are going to allowed to let First Time Homebuyers use the up to $8000.00 tax credit as a down-payment.
To quote Mr. Donovan, speaking at the Mid-year conference of NAR in Washington:
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
It will be interesting to see what the rate is on the bridge loans, but regardless this is a great step in the right direction. I appreciate NAR spear-heading the effort for Memphis home-buyers.
To quote Mr. Donovan, speaking at the Mid-year conference of NAR in Washington:
Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home.
“We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
It will be interesting to see what the rate is on the bridge loans, but regardless this is a great step in the right direction. I appreciate NAR spear-heading the effort for Memphis home-buyers.
Sunday, April 26, 2009
Memphis TN..America's First Aerotropolis
For many years, Memphis has been known as "America's Distribution Center". Actual manufacturing jobs have all but gone from our area, while distribution centers for many national and international companies have sprung up. The reason is our central location in the U.S. and Federal Express's main hub located here. Although FedX accounts for many jobs here as one of if not the largest employer, the Memphis International Airport accounts for one in three jobs in the metro area.
The local airport authority in conjunction with the Chamber of Commerce are working tirelessly to create the world's first "aerotropolis". While this term has been tossed around for several years now, public and private officials now have a plan to make this a reality.
A local study conducted by the University of Memphis shows that business owners rated passenger and cargo services highly and also reported a strong correlation between business success and airport services.
The impact on our local economy by the substantial growth of both air cargo and passenger services at the Memphis International airport is phenomenal. Airport authority president and CEO Larry Cox is scheduled to report on this study regarding our airport at an Airport Cities World Conference in Athens Greece. Memphis will host this conference in 2011.
The local airport authority in conjunction with the Chamber of Commerce are working tirelessly to create the world's first "aerotropolis". While this term has been tossed around for several years now, public and private officials now have a plan to make this a reality.
A local study conducted by the University of Memphis shows that business owners rated passenger and cargo services highly and also reported a strong correlation between business success and airport services.
The impact on our local economy by the substantial growth of both air cargo and passenger services at the Memphis International airport is phenomenal. Airport authority president and CEO Larry Cox is scheduled to report on this study regarding our airport at an Airport Cities World Conference in Athens Greece. Memphis will host this conference in 2011.
Thursday, April 02, 2009
Have Memphis Home Prices Hit Bottom?
Have the home prices in Memphis hit bottom? If you read April's issue of Money magazine, it appears that may be true. It states that both Greenville S. C. and Memphis TN., property values may be at or near the bottom. It also states that within the next ten to twelve months, the other top 100 markets will have also seen the bottom of home prices. These two markets never had huge price appreciations in home values, so they did not have as far to fall to get to the bottom.
One can not predict or "time" hitting the bottom, but with the rates at all time lows and pricing at or near the bottom, it may be just that time to make the move towards your home purchase. Of course there is also that $8000 tax credit for qualifying first time home buyers. That in itself is a huge benefit not to be left on the table. Inventory of homes is already creeping downward. Just a few months back, there were over twelve thousand homes on the market in the Memphis and surrounding suburbs. The normal was about half of that figure. Now, there is just over nine thousand listed homes. Based on the recent activitites in appointment centers, home inspection companies, and actual contracts being turned in for closings, I'd say...Jump Off the Fence...time to go make the best deal you can and seal the purchase of a new home in Memphis.
One can not predict or "time" hitting the bottom, but with the rates at all time lows and pricing at or near the bottom, it may be just that time to make the move towards your home purchase. Of course there is also that $8000 tax credit for qualifying first time home buyers. That in itself is a huge benefit not to be left on the table. Inventory of homes is already creeping downward. Just a few months back, there were over twelve thousand homes on the market in the Memphis and surrounding suburbs. The normal was about half of that figure. Now, there is just over nine thousand listed homes. Based on the recent activitites in appointment centers, home inspection companies, and actual contracts being turned in for closings, I'd say...Jump Off the Fence...time to go make the best deal you can and seal the purchase of a new home in Memphis.
Tuesday, March 31, 2009
Memphis area Home Values
Memphis real estate historically offers a steady, more measured return on investment.
Unlike some other U.S. home markets that have seen huge increases in real estate prices followed by equally large decreases, Memphis real estate has enjoyed a more measured rate of appreciation (see chart). So although overall sales prices are lower in the Memphis area, those declines have been much smaller as compared to other markets and should be quicker to recover. And keep in mind that a decline in average sales prices doesn’t necessarily translate into a decline in your home’s value – a much larger percentage of lower-priced and smaller homes are being sold as compared to the historical norm. Sales of foreclosed homes have also had a huge effect in the decline in the average sales prices.
Unlike some other U.S. home markets that have seen huge increases in real estate prices followed by equally large decreases, Memphis real estate has enjoyed a more measured rate of appreciation (see chart). So although overall sales prices are lower in the Memphis area, those declines have been much smaller as compared to other markets and should be quicker to recover. And keep in mind that a decline in average sales prices doesn’t necessarily translate into a decline in your home’s value – a much larger percentage of lower-priced and smaller homes are being sold as compared to the historical norm. Sales of foreclosed homes have also had a huge effect in the decline in the average sales prices.
Thursday, March 05, 2009
Springtime in Memphis...Memphis in May Music Festival
Hopefully the groundhogs prediction is now over, and spring weather will start to fill our days. Trees have already started blooming and it won't be long before our dormant lawns will green up again. This means Memphis in May and the Music Festival are just around the corner. Times may be difficult, but let's not forget to have a party to lighten the load...if you know what I mean.
This year, head liners like Elvis Costello, Bonnie Rait and Al Green will appear and perform at the festival. The Steve Miller Band is also scheduled to perform at Tom Lee Park on May 1-3rd. There will be over 60 acts and all will be released today at the Memphis Hard Rock Cafe on Beale. The list of performers will also appear on www.memphisinmay.org web site for your convenience. Local well known music stars such as Jerry Lee Lewis and the Bar Kays will also make the stage.
For those that did not know, the music festival started way back in 1977, when it was on Beale Street...but due to its size, is now held at the nearby Tom Lee Park right on the Mississippi River. The music fest is just the beginning of Memphis in May, which this year is dedicated to the country of Chile. The International Bar-B-Q contest will also be taking place on Tom Lee Park as well as the Sunset Symphony and an international cultural exchange. Tickets for the music festival go on sale today at all ticketmaster outlets.
So, if you are not from Memphis...but plan to be in Memphis...don't miss out on these great events; all held right by the mighty Mississippi River in downtown Memphis.
This year, head liners like Elvis Costello, Bonnie Rait and Al Green will appear and perform at the festival. The Steve Miller Band is also scheduled to perform at Tom Lee Park on May 1-3rd. There will be over 60 acts and all will be released today at the Memphis Hard Rock Cafe on Beale. The list of performers will also appear on www.memphisinmay.org web site for your convenience. Local well known music stars such as Jerry Lee Lewis and the Bar Kays will also make the stage.
For those that did not know, the music festival started way back in 1977, when it was on Beale Street...but due to its size, is now held at the nearby Tom Lee Park right on the Mississippi River. The music fest is just the beginning of Memphis in May, which this year is dedicated to the country of Chile. The International Bar-B-Q contest will also be taking place on Tom Lee Park as well as the Sunset Symphony and an international cultural exchange. Tickets for the music festival go on sale today at all ticketmaster outlets.
So, if you are not from Memphis...but plan to be in Memphis...don't miss out on these great events; all held right by the mighty Mississippi River in downtown Memphis.
Sunday, March 01, 2009
Memphis Weather & The Drop of A Hat
One thing about Memphis that is really true, and that is; if you don't like Memphis weather, just wait a few minutes. We surely have four seasons, but in between, we have such a variety you would not believe. I am sitting here right now, looking out of my window of my
Memphis Home, at at least 12 inches of snow drifts and at least 8 to 10 inches everywhere. Well, it's winter you say....so what's so odd about that. Well, let's remember Friday morning...two days ago...at this same time....it was 71 degrees outside. Trees have started blooming and lillies are breaking ground in the flower beds.
That is real change....no political agenda intended here.
The best part about this snow, is that it is wet snow ...and by the afternoon hours, there will be snowmen everywhere. There are already photos on Facebook from midnight last night of snowmen already standing through the wee hours of the morning.
The worst part about this snow, at least for students....is that it will be all gone by tomorrow am and they did not get a snow day from school....oh well.
Hey...going out to play now. Don't forget to stop and smell the roses if you can find them.
Memphis Home, at at least 12 inches of snow drifts and at least 8 to 10 inches everywhere. Well, it's winter you say....so what's so odd about that. Well, let's remember Friday morning...two days ago...at this same time....it was 71 degrees outside. Trees have started blooming and lillies are breaking ground in the flower beds.
That is real change....no political agenda intended here.
The best part about this snow, is that it is wet snow ...and by the afternoon hours, there will be snowmen everywhere. There are already photos on Facebook from midnight last night of snowmen already standing through the wee hours of the morning.
The worst part about this snow, at least for students....is that it will be all gone by tomorrow am and they did not get a snow day from school....oh well.
Hey...going out to play now. Don't forget to stop and smell the roses if you can find them.
Wednesday, February 25, 2009
Things to Do to Help Sell My Memphis Home
There are many things we can do to help sell our homes just a bit faster. We surely need all the help we can get in this market. Recently, I heard this saying and found it to be very true. If you want your home to sell the fastest in your price category and in your area of town...then you need to be prepared to win two contests....the price contest and the beauty contest.
Pricing high to start your listing off...."just to see what we can get"....is a mistake. You should carefully review the area sales prices.....NOT asking prices...but sales prices. The day of interviewing Realtors and then picking the Realtor that says they can get you the highest price for your home is also a mistake. Read reality in the home sale prices and then pick a Realtor who will market your home based on reality and also using proven marketing techniques.
If your home needs carpet or paint or caulking in the kitchen or bathroom....then get it done. If your home is in a price category with ten or twelve or twenty other homes...then your home needs to look like it is move in ready. Why? Because that is the home that will sell first among the other homes in the same price category. I usually suggest to our lising clients to go ahead and spend a couple of hundred dollars and get your home inspected. Make ALL the repairs and then you have just one more reason why a buyer should consider purchasing your home above all the others. When a prospective buyer sees a completed home inspection and completed repairs, they know that the home has been taken care of properly.
Need some professional help and advice in selling your home? Please contact us today.
Pricing high to start your listing off...."just to see what we can get"....is a mistake. You should carefully review the area sales prices.....NOT asking prices...but sales prices. The day of interviewing Realtors and then picking the Realtor that says they can get you the highest price for your home is also a mistake. Read reality in the home sale prices and then pick a Realtor who will market your home based on reality and also using proven marketing techniques.
If your home needs carpet or paint or caulking in the kitchen or bathroom....then get it done. If your home is in a price category with ten or twelve or twenty other homes...then your home needs to look like it is move in ready. Why? Because that is the home that will sell first among the other homes in the same price category. I usually suggest to our lising clients to go ahead and spend a couple of hundred dollars and get your home inspected. Make ALL the repairs and then you have just one more reason why a buyer should consider purchasing your home above all the others. When a prospective buyer sees a completed home inspection and completed repairs, they know that the home has been taken care of properly.
Need some professional help and advice in selling your home? Please contact us today.
Wednesday, February 18, 2009
January Home Sales In Memphis
Overall January 2009 home sales in the Memphis area declined by 38.8 percent as compared to home sales occurring in January 2008. Foreclosure sales plunged 41 percent. One of the reasons for this was the amnesty placed on homes going into foreclosure in December 2008. Those homes were given a grace period and may not make it to foreclosure if the President's new plan were to go into effect and actually work. Many of those homes had already been vacated and we will see if the former owner would actually move back in and take up new payments. That will be a good question, since they were not able to make payments before, then if their payments went down a couple of hundred dollars, would they move back in to the home and put it back in good condition. If you have been in any of these homes, you will know that for the most part, they are in poor to bad condition and some in horrid condition. The end results will remain to be seen regarding these foreclosures.
The average sales price for existing homes in January declined by another 11 percent compared to last January while Memphis new home sales prices showed an increase of 18 percent. Again, this increase can be deceiving, as many "new" homes that were sold had already had their prices lowered and more new homes may have been sold due to these severely lowered prices, but then when comparing these two January's, 2008 to 2009, the percent of homes price increase could be an anomaly created by the market itself. The numbers are way to skewed to come to many conclusions other than we are still in the thick of a sellers market and a major market downturn. Hopefully, inventories will decrease and rates will continue to go down and maybe the available buyers will come out and start to purchase soon.
The average sales price for existing homes in January declined by another 11 percent compared to last January while Memphis new home sales prices showed an increase of 18 percent. Again, this increase can be deceiving, as many "new" homes that were sold had already had their prices lowered and more new homes may have been sold due to these severely lowered prices, but then when comparing these two January's, 2008 to 2009, the percent of homes price increase could be an anomaly created by the market itself. The numbers are way to skewed to come to many conclusions other than we are still in the thick of a sellers market and a major market downturn. Hopefully, inventories will decrease and rates will continue to go down and maybe the available buyers will come out and start to purchase soon.
Monday, December 22, 2008
Memphis Home Sellers Might Just Say This to their Agent
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.
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
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.
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.
Thursday, December 18, 2008
Limted Loan Choices for Memphis Home Purchases
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.
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.
Tuesday, December 09, 2008
Improved Good Faith Estimate will help Memphis Home Buyers
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.
.
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
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.
.
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
Saturday, November 15, 2008
Memphis...One of the South's largest Healthcare Cities
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 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.
Thursday, November 13, 2008
Memphis...North America's Distribution Center
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 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
Sunday, November 09, 2008
Memphis Area Real Estate Home Sales
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?
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?
Tuesday, October 28, 2008
Memphis Home Sales still lagging behind National Sales
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.
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.
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