I Would Like To Take This Opportunity To Thank The Media .... NOT!

Well, we have allowed the media once again to bring the "not-so-positive" news straight to the front page.  As a result the confidence of the buyers and sellers is what is really is at an all time low.  Yes, it is true that our numbers may be down since last year, however, last year (2006) the Memphis Real Estate Market saw lucrative numbers which means the slight drop truly is not as devasting as the news portrays it,

The national media loves to cover the fall of the real estate market and include such inspirational phrases such as "downward spiral" and "sinking values".  The job of the Real Estate Agent has become increasingly more difficult when you constantly have to reassure your clients.  We sell Real Estate home by home and neighborhood by neighborhood, the national media can't tell you what market trends are happening in your community.  So trust in your agent, they know the pros and cons of each neighborhood and can give you specific market information for that defined area.

The Memphis Area Association of REALTORS® (MAAR) reports that homes sales for 2007 as recorded by Memphis-area REALTORS® in the Multiple Listing Service (MLS), totaled 16,791, down 14.9 percent from the record 19,738 homes sold in 2006, making 2007 the fourth-best year on record. Total home sales volume for 2007 was $2.87 billion, down 16.1 percent from 2006. For the full year 2007, the average sales price market wide was down 1.3 percent to $171,000 from $173,200 in 2006. The median sales price showed a similar decline, down 1.4 percent to $136,000 from $138,000 in 2006.

"With the increased negative media coverage of real estate last year, psychological factors continued to play into the weakening results we've seen despite the ongoing strength of our local market and some of the best conditions for buyers in recent history," - MAAR President John Snyder.