All Categories

Sales of existing homes rose in January by the largest amount in two years, raising hopes that the worst of the severe slump in housing may be coming to an end. Median home prices, however, fell for a sixth straight month. The National Association of Realtors reported Tuesday that sales of previously owned homes rose by 3 percent last month, the biggest one-month increase since a 3.3 percent advance in January 2005, a time when housing was roaring toward the peak of its five-year boom. This i... Read Full Post

Memphis has a very high percentage of HUD loans as compared to the rest of the nation, so this news is a very welcomed one. The Department of Housing and Urban Development will not seek a zero-down payment option as part of its Federal Housing Administration reform package, HUD Secretary Alphonso Jackson has told a congressional panel. "We will remove from the legislation the zero down payment," Secretary Jackson told House appropriators. The HUD secretary noted that there is resistance in th... Read Full Post

NEW ECONOMIC NEWS ALLOWS MORTGAGE RATES TO SLIP FOR SECOND WEEK IN A ROW Nationwide, 30-year fixed-rate mortgages averaged 6.18%, for the week ending March 1, down from last week's 6.22%. Last year at this time, the 30-year FRM averaged 6.24%. The average for the 15-year FRM this week is 5.92%, down from last week’s 5.97%. One-year “T”ARMs were unchanged at 5.49% and five-year “T”ARMs averaged 5.93% down from last week’s 5.96%. "Mortgage rates drifted lower this week largely on th... Read Full Post

Bizjournals.com, the Web site of American City Business Journals Inc., identified 100 cities nationwide where the number of residents over 65 has increased rapidly in the last five years. The business-newspaper chain compared 938 markets in eight statistical categories, to come up with a list that includes communities all over the country, from the beaches to the mountains and everywhere in between. EIGHT (8) Tennessee markets made it into the top 100 list: Crossville, TN - 4th in the nation!... Read Full Post

Approximately 100,000 builders descended upon Orlando, Florida, recently for the International Builders Show! [If you're keeping track of numbers, that's FOUR TIMES the size of NAR's recent 2006 Convention in New Orleans!] For the first time in 24 years, TWO official showcase homes were unveiled at the how. In addition to The New American Home, which has been a traditional showpiece since 1984, the 2007 show also featured The Renewed American Home. The homes were built on adjacent lots in a h... Read Full Post

A study on the "life expectancy" of various home components was also unveiled at the International Builders Show. According to the study (sponsored by NAHB and Bank of America Home Equity), properly installed insulation can last a lifetime as long as it is kept dry and not damaged. A coat of paint can be good for upwards of 20 years, depending on the quality of paint and its exposure to the elements. Aluminum windows can last 15 to 20 years, while wood windows can last up to 30 years. The lon... Read Full Post

Memphis Luxury Real Estate The Prestigious 38120 zip code area in East Memphis is going through a redevelopment of sorts. It is not uncommon to find someone purchasing a home for several hundred thousand and tearing it down to build a much larger home well above the million dollar mark. You can also locate a builder or developer that has bought several lots in the same area to tear them down and build a small community. This is the situation with the new Oak River Green subdivision being deve... Read Full Post

National Interest Rates | Memphis Tennessee Interest Rates Freddie Mac's Primary Mortgage Market Survey showed the 30-year fixed-rate mortgage (FRM) averaging 6.22 percent with an average 0.5 point for the week ending February 22, 2007, down from the previous week when it averaged 6.30 percent. The is the lowest the rate has gone in several weeks. Last year at this time, the 30-year FRM averaged 6.26 percent. The 15-year FRM on Friday averaged 5.97 percent with an average 0.5 point, down from... Read Full Post

Here is an every more common situation in the real estate industry as a whole. It has become almost "normal" in the Memphis area, but should be targeted as unethical at best and could be considered illegal. Don't get caught in this trap, as a buyer a seller or agent/broker. QUESTION: We had a listing for $319,900. It was reduced to $279,900 in the MLS. We received an offer for $279,900 which called for the seller to pay many of the closing costs. It was not accepted, and the buyers then raise... Read Full Post

Save your buyer clients a few dollars by warning them about a scam that is making the rounds: Home buyers get an official-looking letter in the mail telling them that it is important to have a certified copy of their property deed. Companies selling these services use high-pressure sales tactics and charge $80 to $100, according to a warning by Consumer Reports. Chances are high that the buyers will get a copy of their deed at closing, but if they don't, all they have to do is contact their c... Read Full Post