REAL ESTATE NEWS
The market is off to a strong start and could be even stronger if more homes were on the market. Affordable homes in good condition continue to be in short supply, and some buyers are paying above list price if multiple offers are received. Rising interest rates may impact this some, but I believe 2018 will continue to be a strong year for our local markets.
Here are a few highlights from the latest Chandler Reports:
• February sales in Shelby County were up 6% over February, 2017.
• Average sales price was 3% above last year.
• Year to date sales are 6% above last year.
• 46% of sales were investor purchases.
• Fayette County sales were up 10%.
Have you heard of MoviePass? If not, I encourage you to check it out at Moviepass.com. It is basically a subscription to go to the movie theater as often as you’d like. You pay $9.95 per month, and you can attend a movie every day of the month. My wife and I enrolled in January and we have been to more movies over the past two months than we went to over the past two years. And my daughter Stacia, who is at UT Knoxville, received a six-month Moviepass subscription for Christmas which she has absolutely loved!
Investor Purchases Continue to Rise
Did you read my Real Estate Update? That’s right...46% of all sales in February were to investors…almost half! And half of those sales were to out-of-town buyers. Nearly 1/3 of all homes in Shelby County are currently owned by investors. So what does this mean? It means that our area continues to attract large investors who are buying thousands of homes in certain cities across the country. Our area is one of these because even though prices have increased, we still have a relatively high Rent to Value ratio. In addition, because Memphis has one of the highest bankruptcy rates in the U.S., the demand for rental property remains high. It also means that it has become increasingly difficult for many first-time buyers to purchase a home, due to the stiff competition from these large investment groups. In most cases, they offer fair prices with no repairs and no financing contingencies.
Workout Humor from a Friend
I feel like my body has gotten totally out of shape, so I got my doctor’s permission to join a fitness club and start exercising. I decided to take an aerobics class for seniors. I bent, twisted, gyrated, jumped up and down, and perspired for an hour. But, by the time I got my leotards on, the class was over!
1011 W. Poplar, Suite 8
From a Recent Client
“Ken was a pleasure to work with in purchasing my new home. His knowledge of the area and his flexibility were very helpful, and his professionalism was truly appreciated. I highly recommend Ken for your Realtor needs."
MORTGAGE RATE UPDATE
30-year fixed rate 4.5%
(Rates provided by Patriot Mortgage on 3/6/18.)
If you are looking to buy or sell a home, give me a call. I have some ideas that can help you and I would love to serve as your Realtor!
Robot Real Estate
Yes, you read it right…according to a recent Wall Street Journal article, several west coast real estate companies are experimenting with robots as a way to become more productive. One property management company in Santa Clara, CA, is testing this technology. Here is how it works…when the prospective tenant arrives at the property, they receive a text message with an access code to the apartment. Once inside, the robot on wheels approaches her, introduces himself, and proceeds to give her a tour around the apartment, bringing attention to all of the special features. The prospective tenant can use the robot’s touch screen to answer commonly asked questions. If they have a question that is not pre-programmed into the system, they can contact an actual agent, and communicate with them directly. It will be interesting to see where this one leads in the years ahead.
SOLD BY KEN
SOLD in 1 DAY
LAKEFRONT + POOL
Nearly 5000 SF with pool & updated kitchen in Germantown. Newly renovated and professionally landscaped home in Oakleigh Subdivision with a huge yard and pool. Fresh paint and new downstairs A/C unit.
2821 Oakleigh — $474,900.
VILLAGE AT SCHILLING FARMS ... COLLIERVILLE SINGLE-STORY CONDO WITH NEARLY 1900 SQ FT. WOOD FLOORS, GRANITE COUNTERS, TILED BACKSPLASH, STAINLESS APPLIANCES, UNDER-CABINET LIGHTING, PLANTATION SHUTTERS, 2 CAR GARAGE & MORE. INCLUDES 2 BEDROOMS, OFFICE & SUNROOM…ALL ON ONE LEVEL.
778 STONEVILLAGE COVE — $279,900.
NOT MANY LIKE THIS ONE...UPSCALE ZERO-LOT HOME WITH 3 CAR GARAGE IN GERMANTOWN/COLLIERVILLE AREA. APPROX 3500 SQ FT WITH TONS OF UPGRADES…WOOD FLOORS, GRANITE COUNTERS, STAINLESS APPLIANCES, PLANTATION SHUTTERS, COV’D PATIO, IRRIGATION, N’HOOD POOL & MORE. TWO BEDROOMS DOWN + 2 BRs & BONUS UP.
SOLD BY KEN
UPSCALE ZERO-LOT HOME WITH 3-CAR GARAGE & UPGRADES THROUGHOUT. TWO BEDROOMS DOWN, NAILDOWN HARDWOOD, GRANITE, STAINLESS, IRON STAIR RAIL, PLANTATION SHUTTERS, UNDER-CABINET LIGHTING, HIDDEN SAFES...THE LIST GOES ON AND ON. UPSTAIRS ARE 2 MORE BRs + A LARGE BONUS.
1897 PENSHURST — $459,900.