There's plenty of news coverage about foreclosures, bankruptcies, and rising inventory. Most of the puclic assumes that NO SALES are occurring. Food for Thought: there IS light amongst the darkness.
Memphis Homes Are Selling
A simple search of "Pending Sales" in a few areas covered by the Memphis MLS shows the following: Did you know there are...
- 184 Pending Sales in Cordova
- 65 Pending Sales in Collierville (including reserves)
- 48 Pending Sales in Germantown
- 87 Pending Sales in Bartlett
Communicate the Message
Realtors you can show the same to the people you work with. Search your market and get the pendings or closed sales for the past 60 days. COMMUNICATE the message to people you talk to. If you are in the media and reading this, consider contacting a local Realtor and doing a story about sales that are taking place.
4th Quarter 2007 Report from National Association of Realtors (NAR)
This week NAR distributed a report for the 4th quarter of 2007 showing "increasing" or "decreasing" prices in 150 U.S. markets. 73 (nearly half) of the markets report RISING home prices. (Don't look for that statistic in the USA Today or Wall Street Journal or New York Times.) In fact, sales VOLUME is falling in most markets, but prices are a different story. It's a mixed bag.
Good News on the Mortgage Front
The new FHA maximum loan limit for the Memphis market has increased to $271,500 effective March 14th, 2008!
- These are assumable (with qualifying) loans with more liberal underwriting guidelines;
- Reasonable appraisal/repair guidelines;
- Seller concessions of 6% of loan amount allowed;
- Low downpayment requirements;
- "Gift funds" are allowed from approved sources,
- Great rates, hovering around 6%.
Do your own searches of pending and sold activity. Get the word out: SALES ARE OCCURRING. Whether buying or selling, it's time to get real.
Executive Corner
From the Desk of...
Steve Brown
Executive Vice-President
Crye-Leike
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