Memphis' Blog: All Categories

In May I wrote a blog entry outlining the current market effects on a Collierville TN subdivision named Halle Plantation. I recently received a phone call from a young lady with the Halle Plantation Neighborhood Association asking if I wouldn't mind updating the data on the real estate activity. I would be glad to oblige and have some wonderful data to boot.

At the time I stated that there were 23 active listings with only five solds in the last 90-days or so; but I mentioned that may be mis-leading because there were also 10-pending listings which meant the buyers were out writing contracts. Well, good news! They have continued to write contracts and purchase new homes. The temporary slow down was even more temporary in Collierville and more…

Pending Home Sales UP in the South

       Pending home sales in June increased from the previous month in all four major regions, according to the National Association of REALTORS' (NAR) Pending Home Sales Index (PHSI).

• The 5 percent monthly gain is the largest since March 2004's
  6.1 percent increase.
•  The PHSI in the West increased 8.6 percent to 103.6 but was
  5.5 percent below June 2006.
• The PHSI in the Northeast increased 3.1 percent to 96.0 but is 2.4 percent below June 2006.
• The PHSI in the South increased 4.7 percent to 111.6 but was
  12.7 percent below June 2006.
• The PHSI in the Midwest increased 3.5 percent to 92.5 but was 8.2 percent below June 2006.

       "However, it is too early to say if home sales…

Two-thirds of mothers with children under the age of 12 today are part of Generation X (those born from 1965 to 1979).1 These are today's 28- to 42-year-old parents who are advertising- and finance-savvy — and who typically have a huge say in home purchase decisions. To better understand this market, take a quick look at these insights.

• Gen-X moms want homes that emphasize comfort, beauty, high quality and "homeyness."2
• The average Gen-X mom spends nearly 20 percent more on luxury goods than the average Baby Boomer.4
• Studies show the typical top priority of Gen-X moms is spending time with their kids.2
• Fifty percent of Gen-X moms in households of $120,000 or more don't return to work after maternity leave.3 And nearly 90 percent…

Signature Building Group is a premier Memphis new home builder and developer. With numerous subdivisions in the Shelby County, Olive Branch and Southaven, Mississippi areas.

Founded in June 2005, Signature Building Group is a partnership between Chamberlain & McCreery, Inc. and Compass Pointe Homes, LLC, two of the Mid-South's most respected home builders.

Signature Building Group is building its reputation on quality and value – one home at a time – by building 14 new homes in 2005 and 89 homes in 2006. Signature Building Group is currently building quality new homes throughout the Memphis area where they offer:

• Innovative Floor Plans/Designs
• Customized Interior & Exterior Finishes
• Creative Financing Packages
• Personalized…

LONG- AND SHORT-TERM MORTGAGE RATES REACH 10 MONTH HIGHS

Nationwide, 30-year fixed-rate mortgages averaged 6.53, for the week ending June 7th, up from last week's 6.42%.  The 30-year FRM has not been higher since the week ending August 10, 2006, when it averaged 6.55 percent.  The average for the 15-year FRM this week is 6.22%, up from last week’s 6.12%.  One-year “T”ARMs were up at 5.63% and five-year “T”ARMs averaged 6.20% up from last week’s 6.19%. 

"Mortgage rates climbed this week owing to market concerns of a tight labor force and wage growth. May's unemployment rate remained at the second lowest level since May 2001 while average hourly earnings rose," said Frank Nothaft, Freddie Mac vice president and chief economist. "Additionally, unit labor…

On a more relaxing and hobby note:

Everyone needs hobbies, activities and enjoyment in life other than their work, profession or jobs. Of course Katharine and I (Ed Pierce) have five children between the two of us, so there is plenty there to keep us busy. However, we enjoy playing Texas Hold-em in the low limit tournaments, dinning & movies and the like AND competitive BBQ Team competitions like the World Championship, Memphis In May BBQ Festival.

The general concept sounds really off the wall when not familiar with it and even non-entertaining. Having lived in Virginia Beach and moving here to Memphis from L.A. California I can assure you that the "BBQ Bug" can hit anyone from anywhere. I have been associated with a very successful BBQ Team for the…

The Memphis Area Association of Realtors has begun the soft opening of a dedicated website for listing and searching for open houses in the Greater Memphis area. With the Internet age upon us, open houses have become a less important and affective tool for selling homes. Even when they worked , it had a greater benefit of the listing agent gathering new potential clients then it do to actually sell that particular listing.

With all that said; there is still a demand by the public for open houses and it does work in certain areas. We have one particular area here in Memphis (Midtown) that does very well with open houses, and we Realtors have to "earn" our commission and perform some work from time to time.

Evidently there is quite a demand for listing of…

       As challenges in the industry seem to increase almost daily for our REALTOR members, the just-released 2007 Profile of NAR Members across the country shows - among other findings - that median income for REALTORS is going DOWN.

       The typical REALTOR is:
       -- 51 years old,
       -- works 40 hours per week, and
       -- had a median income in 2006 of $47,700 ...DOWN from $49,300  in 2004 (which  had                 ALSO gone down from 2002).

        Members licensed as brokers earned a median of $73,700 last year, while sales agents earned $34,600.

       REALTORS in the business for two years or less earned a median of $15,300, while those with three to five years of experience earned $44,200. For six to 15 years, the median was…