Memphis, TN Real Estate News

By Cancel Cancel
(Poplar REALTORS, LLC)
One of the best ways to make money in the Memphis Rental market is to acquire homes through the HUD foreclosure program.  It is a mysterious process for some people, but let me guide you through this process. The important thing to remember is that HUD’s primary goal is to create more home owners in the US.  So no matter what you bid on a property a owner occupant can outbid you with a lower bid.  Usually the owner occupants will bid when the house is only available for owner occupants.  We have lost a bid to an owner occupant in the general period. After a property has been foreclosed and the prior occupants evicted if necessary, HUD changes the locks to a standard HUD key.  They inspect the property and do a environmental report and termite inspection.  They also test for lead paint....
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By Sandeep Pednekar
(Advent Enterprises, Inc.)
Sandeep Pednekar His Real Estate expertise lies in the Commercial field, especially the Hospitality Industry. He has clients from Boston to LA whose business prerequisites range from sectors of commerce like Gas Station and Convenience Stores, Dry Cleaners, Fast Food outlets, Investment Properties, Hotel – Motel, etc. He also offers consulting to clients on Hotel Business Operation and Management and Investment strategies in Real Estate. His diversification in Residential Real Estate is currently restricted to the Mid-South. Sandeep Pednekar is the Managing Broker and CEO of Advent Enterprises, Inc., a Real Estate Firm that caters to various aspects of Real Estate, offering to Affiliates an extensive training program rarely seen in the Industry. He devotes a major portion of his time pr...
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By Cal Aycock & Dan Hair Dan Hair
(Keller Williams Realty)
Along with one of the nations most undervalued markets Memphis also has an incredible amount of great real estate buys on the market currently. With a typical area average of around 8,000 listings on the MLS (Multiple Listing Service) Memphis has ballooned to over 12,000 current home listings! What does this mean??? With an increased amount of homes for sale you intern create longer listing periods. With longer listing periods you create anxious sellers. With anxious sellers comes a BUYERS MARKET! From your typical home purchase to your Real Estate Investment buyers have an unprecedented amount of leverage. The key is to be able to recognize these opportunities and know how to capitalize on them quickly. Know your market and know your data. Find a Realtor that can provide you with a dai...
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By Debbie Mitchell, Your "Come to the Country" Realtor
(Keller Williams Memphis East)
Are you starting The University of Memphis next year or taking a job there as a professor in the near future?  Why not spend your time looking for a new home with someone that knows the university and the area like the back of their hand?I worked at The University of Memphis for six years as an office manager and spent numerous days wandering the neighborhoods in and around that area. I can help you find a great fixer-upper, income producing property, or your dream home all within an easy commute of the university.  You have your educational career to think about let me think about finding you the perfect fit in a home.So, if you are planning a move and need help finding just the right neighborhood for you and your family, please feel free to contact me at mitchell.deb@hotmail.comAlso, ...
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
The Memphis Area Association of REALTORS (MAAR) has taken  a proactive step to deal with the mixed messages consumers are receiving about the stability of the real estate industry nationally and the associated effect on the Memphis area Market. MAAR has initiated a multi-media campaign which includes advertising, press releases and information stressing the postives of the real estate market and providing straightforward and useful consumer information. The initiatives of the program are covered in a just-launched website http://www.hopoffthefence.com/.  Check it out for some positive news about Real Estate.Hopefully we will see this type of inititiative in other markets.
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
It's the 30th Anniversary of Elvis Presley's Death on the 17th of August.  The pilgrims are already arriving for days and nights of Elvis tributes, Elvis impersonator shows, tours, and generally enjoying our Dixie oven heat.  If you are an Elvis fan in town for Elvis week give me a call.  If you are an out of Memphis REALTOR in for the tribute, be sure and call me for a special tour of Memphis.
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
Where else in the world, in the course of 2 days can you see perfomances by authentic Delta Blues men, a country singer and his band who did a TV show in the '50s, cooking demonstrations, the high-energy wildness of music icon Jim Dickinson, gospel groups, rock, reggae, funk, rap, bluegrass, singer/songwriter Kate Campbell, a Klezzmar Band, drum lines, native dance?.........  And eat pit barbecue, turnip greens and corn bread, and the best peach cobbler this side of, uh, well, anywhere?The 20th Memphis Music and Heritage Festival, September 1 and 2.  Downtown Memphis - Main and Peabody Place.  And its FREE!!!!Visit http://memphismusicandheritagefestival.com/ for more details.See you there!
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By Derrick Sails
(Mortgage Executives, LLC)
I have been in the business for 11 months. My first 10 months were terrible, but now I am with a GREAT company. This company is family oriented and if we can't help you we will not hurt you. I work with Mortgage Executives, LLC. I've gotten started by sending flyers on our programs to real estate companies in the surrounding areas of Tennessee. I have received a few responses.
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
We are lucky here in the Memphis, TN, area to be in a relatively flat market.  It is unlikely that we will see real estate business drop off the 30, 40% that we hear about in other markets; however,  we ARE in a buyer's market.  As inventory increases, home sellers seem more adamant about holding the line on their prices.  Sellers here cannot seem to come to grips with the laws of supply and demand, and the old real estate saw, " you don't determine the price of your home, the market does."There are real estate professionals here who still happily proclaim that they are the market makers, and use that distinction to get listings which they continue to price incrementally above the market.  This was a very clever and useful listing tool during the recent boom years, as the market makers ...
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By Angie Vandenbergh, A Crye-Leike Blogger
(Crye-Leike, Realtors)
I've lived in Memphis for quite a while now. I had never taken one of the Mississippi River Boat Rides, until last week. We had some out-of-town guests and decided to go on one of the sightseeing cruises. I highly recommend the ride. I learned new things about Memphis. Actually some very interesting history is shared on the tour. You wouldn't believe how much stuff is hidden in the mud of the Mississippi! I got to see the river in a way you can only see on a boat. Also it was surprisingly cool on a June afternoon ride. The breezes keep the decks quite comfortable.Picture I took on the river. Memphis skyline with the Pyramid in the middle and the Hernando-Desoto Bridge on the left.Planning for a Memphis Riverboat RideSightseeing cruises run daily at 2:30 pm. (Get there by 2 to buy your t...
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By Debbie Mitchell, Your "Come to the Country" Realtor
(Keller Williams Memphis East)
 Why do I need a real estate agent to buy a house?  Can't I just do it on my own? How do I find a good agent?If you are looking at a property that is listed by an agent, you most definitely want to be represented by an agent.  Some people make the mistake of phoning the name they see listed on the property "for sale" sign.  When you do this and state that you are not represented by an agent, the listing agent then reverts to a transaction broker (in TN, but not in all states check with your local realty board) which means that they are now a neutral party to the sale of the home.  The agent cannot tip your hand to the seller and cannot tip the seller's hand to you.  For instance, let's say the agent has the home listed for $250,000, but the seller has just stated to the agent the day be...
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By Debbie Mitchell, Your "Come to the Country" Realtor
(Keller Williams Memphis East)
Why do I need to get prequalified for a loan before finding a home I like?  Why do I need a prequalification letter?By getting prequalified, you know how much home you can afford without extending your budget.  I never recommend taking on a mortgage in which you cannot enjoy life after the mortgage.  If you can only afford to stay at home, you can't afford to eat out, you can't afford that new pair of shoes without feeling guilty, then you are overextended.  Do not let yourself get caught into this trap.Prequalification gives you a "leg up" in submitting offers when you do find a home that meets your needs.  Your agent will prepare an offer package to submit to the selling agent and the seller.  As a buyer's agent and as a buyer, you want your package to be the most attractive presented...
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By Debbie Mitchell, Your "Come to the Country" Realtor
(Keller Williams Memphis East)
Are you renting an apartment, searching for a home to rent and finding few homes available that rate above barely inhabitable?  Have you thought about buying a home?  First-time homebuyers enter the market feeling anxious, overwhelmed, and inundated with misleading information from many sources.  Over the next few weeks, I will try to calm somes of your fears and help you enter the first-time homebuyers market prepared and ready to deal with whatever comes your way.What do I need to do to start the process of buying my first home?As an agent, I always recommend that  first-time buyers start at the mortgage company.  Your real estate agent can recommend a mortgage broker or mortgage company. He or she will direct you to a firm that works closely with first-time buyers. Chosing a mortgage...
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By Debbie Mitchell, Your "Come to the Country" Realtor
(Keller Williams Memphis East)
As a FSBO (For Sale by Owner) I appreciate and understand your need to gain the greatest amount of profit from the sale of your home.  However, doing the job by yourself does not always reap the greatest rewards.  For example, there is currently a FSBO in my marketing area that is priced below what I feel is a fair market price for the property.  My view is based on a similar home that I sold only two months ago.  This home was less square footage, had a little more land and sold for $5500 more than what these owners are asking for their property. The two subject properties are less than 1/2 mile from each other.  I don't understand the concept of trying to sell it yourself when you can achieve the same bottom line at closing without all the hassle and work.  Why not hire an agent to do...
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By Angie Vandenbergh, A Crye-Leike Blogger
(Crye-Leike, Realtors)
Crye-Leike is #1 with $2.49 Billion in SalesThe #2 Firm closed $254 Million, #3 $230 Million, #4 $201 Million and #5 had $189 Million.This information includes sales reported to MLS. Figures represent total dollar volume of closed sales per MLS statistics Jan 1, 2006 - Dec 31, 2006. Does not include all companies having sales in the area, only shows top 7.Bar Chart of Greater Memphis Area Real Estate Sales Click Here for PDF file. Are you moving in Memphis, Tennessee and need help buying or selling your home? We specialize in helping families move throughout Tennessee and the South. Crye-Leike offers real estate services in throughout Memphis, Germantown, Collierville, Millington, Arlington, Bartlett, Cordova and, Olive Branch. We will help you find the right community and make the tran...
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By Angie Vandenbergh, A Crye-Leike Blogger
(Crye-Leike, Realtors)
Are you interested in starting a real estate career and need to find a company to work with? Or are you already working in real estate and interested in learning why so many agents choose Crye-Leike? Compare a Real Estate Career with Crye-Leike to Other BrokeragesAdd It Up! Compare common costs of a real estate career.Crye-Leike's Unique Advantage Crye-Leike is 4th in the Nation and has real estate offices throughout the Memphis area open serving buyers and sellers of Memphis, Tennessee Real Estate. We started in Memphis in 1977 and have since been building a reputation as a leading real estate company in the South. Crye-Leike provides the support, on-going training, technological edge, competitive commission splits, market identity and recognition to help our real estate associates exc...
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By Angie Vandenbergh, A Crye-Leike Blogger
(Crye-Leike, Realtors)
Are you buying or selling Memphis, TN real estate? If so here are some recent statistics on Memphis home sales from the Memphis Association of Realtors.Maybe you have heard of slumping home sales in other areas of the country. That's not the case with Memphis home sales. The Memphis real estate market is going well.2.8% increase of average Memphis home price in March 2007 to $169,700 (compared to sales of Memphis homes in March of 2006). 1487 is the total number of Memphis homes that sold in March of 2007. 8% drop in Memphis real estate sales from the record year of March 2006, but current Memphis home sales are inline with March 2005.Crye-Leike has over a thousand Realtors in the Memphis area to help you with your buying or selling needs. Our one-stop shopping concept makes buying or s...
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By Angie Vandenbergh, A Crye-Leike Blogger
(Crye-Leike, Realtors)
Memphis is known for a few things...  Of course one of the first things people think of is Elvis. (I guess the runner up to that would be Elvis marrying you in Vegas - but I'll say I hear people say 'Elvis' first when they talk about Memphis.) Then there's the home of the Blues, Beale Street, Gibson Guitars, BBQ, I could keep going.But what I want to share with you today is a feeling of Memphis in May.I took this picture a couple of years ago. I was walking down Riverside Drive toward the South entrance to the festival. In the background you can see the M bridge. I can never remember the official name of the bridge. I think maybe Hernando/Desoto Bridge. But this bridge is definitely a spot to remember in Memphis. It lights up at night and of course is crosses over the Mississippi River....
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By Angie Vandenbergh, A Crye-Leike Blogger
(Crye-Leike, Realtors)
Real Estate Open Houses in the Memphis, TN AreaAre you interested in attending free real estate open houses in the Memphis, Tennessee area? Crye-Leike real estate agents conduct many open houses each week. Please feel free to stop by any one of our upcoming open houses.Upcoming Open Houses: Click here for a current list of Memphis homes for sale that have upcoming open houses.Are you ready to buy or sale real estate and need help finding a real estate agent in Memphis? Click here and we will help you find a Memphis Realtor. Interested in searching for more Memphis Real Estate?Memphis Homes Search: Property Search of Memphis Homes for Sale Memphis Land Search: Search Memphis Area Land for Sale Memphis Condos Search: Find Memphis Condos for Sale Memphis New Homes Search: Memphis New Homes...
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
In this sub-area of the Memphis, TN, sales have been consistent year to year with much of the area's value being derived from convenience to Downtown Memphis, the Medical Center and East Memphis, the historic homes, strong neighborhood associations, and locally owned shops and restaurants.  There is quite a range of prices and property types.For Midtown in 2006, all-inclusive single family sales totaled 643.  The average sales price was $179,589, 97.28% of the average list price of  $179,589.  Average days on the market was 70.Data provided by Memphis Area Association of REALTORSJoe Spakewww.spake.com 
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