As expected, the latest housing report showed inventory at 6,190 on Dec. 16, down 4.8 percent from a month earlier.
The average days on market in November rose 15 percent to 92 days and existing home sales fell 15.9 percent to 1089 total sales. The average sales price was $144,608.
In Germantown, TN 40 homes sold with an average sales price of $362,408. One home was sold in Germantown, TN over the million dollar mark and Devonshire Gardens boasted the highest average price of $725,000.00.
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As recently as 1985, the shift began from all agents representing the seller to agents representing buyers. That realignment of roles gave buyers representation, which they lacked before. Now, most buyers in a real estate transaction have an agent who represents them, and the listing broker represents the seller, and that’s a much healthier marketplace. But accomplishing the change wasn’t like flipping a switch. It took place over many years, about 10 years.
The knowledge and help of a REALTOR® can make all the difference! You should also understand what’s involved in having a REALTOR® represent you as your own agent. It’s your choice. In Tennessee, a REALTOR® does not become your representative or agent until you have signed a Buyer Representation Agreement with that REALTOR® – an actual contract for representation – spelling out how you will work together. In the course of a transaction, you may sign other forms such as an agency disclosure or a confirmation of agency
status. However, until you have signed a Buyer Representation Agreement, you don’t have an agent. You are going it alone, without anyone representing your best interest. Once you have signed a Buyer Representation Agreement, this contract obligates your agent to be your loyal advocate and to promote your best interests above all others in the negotiation and closing of a successful purchase.
When it’s time for you to buy a home, make sure you know who is representing your best interests and get that representation contract signed. Start your home search here.
For the month of November, the average sales price for Memphis area homes was $143,341. Many have heard the talk of less inventory which helps to drive prices up.
For December, the inventory (number of homes on the market) is 6481 compared to 7194 in December 2011. It’s all about supply and demand. The area with the highest increase in average sales price for 2013 is Midtown. The average sales price YTD is $133, 558 compared to $102,856 for 2012. The only area that has seen a decline is in Germantown. Although the decline in average sales is a measly -0.2. Germantown has an average sales price of $314,255.
The increase in average sales price is something to get excited about for Memphis area home owners.
The October 2013 Consumer Preference Survey told a story of what is important to folks when deciding where to live.
- A majority of respondents prefer houses with small yards and easy walks to schools, stores and restaurants over houses with large yards where you have to drive to get to schools, stores and restaurants (55 percent to 40 percent).
- An even larger majority prefers houses with smaller yards but a shorter commute to work over houses with larger yards but a longer commute to work (57 percent to 36 percent).
- However, when given a choice between a detached, single-family house that requires driving to shops and a longer commute to work and an apartment or condominium with an easy walk to shops and a shorter commute to work, a strong majority prefer the single-family home even with the longer commute (57 percent to 39 percent).
When deciding the most important factor, privacy from neighbors topped the list followed closely by sidewalks and places to take walks.
Thanks to T.J. Doyle for summarizing the report so nicely.
Search here to find your preferred place to live.
Here are 11 reasons you should list during the Holiday Season.
11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring when there are traditionally more houses on the market which could ultimately drive prices down. This could mean you sell high and buy low.
10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year.
9. Even though your house will be on the market, you still have the option to restrict showings during the six or seven days around the Holidays.
8. January is traditionally the month for employees to begin new jobs. Since transfers cannot wait until Spring to buy, you need to be on the market during the Holidays to capture the market.
7. Some people must buy before the end of the year for tax reasons.
6. Buyers have more time to look for a home during the Holidays than they do during a work week.
5. Buyers are more emotional during the Holidays, so they are more likely to pay your price.
4. Houses show better when decorated for the Holidays.
3. When supply goes down it means there is a greater opportunity to capture motivated buyers AND a better sales price for you.
2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you.
And the number one reason why your seller should list during the Holidays …
1. People who look for homes during the Holidays are more serious buyers!
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3463 Broadway St, Bartlett, TN 38133
3 Bedrooms / 2 baths
Come see this well kept home located in Bartlett with walking trail in your backyard. Split bedroom plan, eat in in kitchen and separate dining room, landscaped back yard and large bonus room upstairs. built-in in microwave and pantry in kitchen. Stained concrete floors, eat in kitchen and dining room, split bedroom plan. Professional landscaping in back. Located off Hwy 70 in desirable Bartlett neighborhood.
Take a peek at the home
I love Bartlett because it is safe, clean, friendly, and everything required (shopping, gas, etc.) is close by. Response times for police, ambulance, fire department are very low – they show up within minutes of a call being made. Large articles can be left on trash pick-up day and will be removed without any extra fees. Also, Bartlett had a wonderful school district and has been approved to have their own school district again.
Our neighborhood is very safe, friendly, groomed, and has access to a walking trail. My house has a Bartlett policeman on one side and a Bartlett fireman on the other. A Memphis policeman lives in the cove across the street and a Shelby County deputy lives a few houses down.
We love to eat at Los Polaris and Longhorn Steakhouse on Stage, Chili’s and On The Border on Germantown Road. We also love Fat Larry’s and MiMi’s Café on Summer Ave.
Two Kroger grocery stores are minutes from the house – one on Summer and one on Kirby-Whitten. At least four Walgreen’s and two CVS Pharmacies are also within minutes from the house. Everything I have ever needed is within the Bartlett or Cordova city limits so I did not need to shop in Memphis.
When we bought the property we were drawn to the wetland behind the house as well as the house itself and school district. It was very nice knowing my backyard would not backup to anyone else and I could see lots of trees and grass.
A few other things I can mention are the nice parks and fitness facilities. The house is close to two parks, Bartlett Community Center (including a park, tennis court, and walking trail), and the Bartlett Recreational Center.
We enjoy sitting on the patio looking at the trees and watching the birds in the spring and summer time and really love working upstairs in the bonus room. We had the bonus room setup as a study and arts / crafts room. It worked as a great way for us to spend time together as a family.