Let's take a look at how the housing sales have faired through the first quarter of 2008. According to the Memphis Area Home Sales Report, a total of 3203 homes sold compared to 3940 the same time last year. That represents an 18.77 dip. This area includes Shelby, Fayette, Tipton, Hardeman, Hardin and McNairy Counties.

Although the average sales price range of homes sold in 2008 was $142,000 compared to $166,800 in 2007, it does not necessarily mean that the consumers purchased smaller homes. Also, there are more homes on the market for sale. At the end of this quarter (March), there were 12,320 homes on the market for sale compared to 12,396 the same time last year.

Because there is a high inventory of homes on the market for sale, sellers have to be more competitive in order to sell their homes. There are more homes for sale in the price range of $200,000-$249,999 than the others. However, sellers in all price ranges are willing to negotiate. This enables the buyers to get more bangs for the buck. Therefore, the climate is right for negotiating. There are several things that can be negotiated. In order to reach your fullest potential of negotiations, enlist the service of a good Realtor to work on your behalf.

There were times when sellers expected their home to sell within 90 days. In today's economy, homes are staying on the market more than 120 days. There are extra things that sellers can do to get more lookers. Ask your Realtor how.

Now that we have some insight of what's going on in the housing market, it's time to get to moving. Spring is here and the housing market is beginning to take off in a positive direction. If you haven't purchased your new home yet, it is time to take the plunge and spring into your new home.

Call us today so you can be ahead of the game plan. We will be talking with you soon!

Another year has ended and it's time for an end of the year housing report. Although home sales were down all over the U.S, the Memphis area faired pretty good.

According to the Memphis Area Association of Realtor's (MAAR's) Multiple Listing Services (MLS), 16,791 homes were sold in 2007, down 14.9 percent from the record 19,738 homes sold in 2006. The homes stayed on the market longer than they have in previous years. This is partly due to the fact that there were more homes in the inventory to choose from and sub-prime mortgages suffered a great hit from its creditors - which generated fewer buyers.

The average sales price in the Memphis market was $171,000, down 1.3 percent from $173,200 in 2006. The median sales price was $136,000, down 1.4 percent from $138,000 in 2006.

The Memphis MLS covers listings in Shelby, Fayette, Tipton, Hardeman, Hardin, McNairy and Desoto counties.

New construction was very prevalent in 2006. That was not the case in 2007. As a result of the slowdown, builders took a great hit. According to the Chandler Report, sales of new homes declined 36 percent compared to 2006. 3,776 homes were sold in 2006, and only 2412 were sold in 2007.

As we all know, supply and demand control the economy. Because of the large supply of homes on the market, the value of the homes went down. This made the homes very affordable for home buyers. This is the perfect time for them to buy. It's sort of like the stock market - buy low and sell high. Other advantages of buying a home now are: interest rates are low - which mean you can get more home for your money, most sellers will negotiate their sale prices, and will pay some or all of the buyers' closing costs. Homes are so affordable today that your rent may be higher than your house note. Also, take advantage of the tax break your self and put more money in your pockets - not your landlord's.

This year when you receive your income tax check, instead of purchasing a big item that has no value, invest in the purchase of a new home. If you already have a home, upgrade, downgrade, move to the neighborhood you really enjoy, or just become the land lord to some one else and pocket the extra money.

When you make that purchase and it begins to appreciate, you will be glad you did.

Call us today so you can be ahead of the game plan. We will be talking with you soon!

MEMPHIS, Tenn. - The Memphis Area Association of REALTORS® (MAAR) reports that total homes sales for September 2007, as recorded by Memphis-area REALTORS(R) in the Multiple Listing Service (MLS), totaled 1,143, down 24.9 percent from the record sales level in September 2006. Despite the decline in actual sales, Memphis-area home values continue to hold relatively steady, with the average sales price declining just 1.3 percent from September 2006 levels. September 2007 home sales contributed more than $195 million to the Memphis-area economy.

Year-to-date home sales were 13,152, down 14.3 percent from the 15,354 sales reported for the first nine months of 2006 - the best year on record for Memphis home sales. Inventory levels are moderating, with current active listings as of October 15 down 1.2 percent from September levels.

Memphis Was Ranked as Most Affordable Real Estate Market in the Nation.

We really felt honored to discover the rankings reported by CNNMoney.com. They published a list that Memphis was number one on aranking of the most affordable housing markets in the country.

We were so honored that Neil Hubbard, President of the Memphis Area Association of Realtors stated, "Memphis is a strong and stable real estate market, and affordability is a key indicator of market strength." "Individuals both locally and from across the country continue to invest here in this area, so it's no surprise to us that Memphis is ranked at the top of this list."

Although the market is down from last year, we are still staying afloat because our homes are so affordable. We have smart buyers out there and they recognize that ownership of homes is still one of the greatest investments that one will ever make. The object of purchasing a home is similar to the stock market -- you buy low and sell high.

So potential buyers who think it is not the right time to buy, just the opposite is true. This is the best time to buy. The inventory is high and the harvest is ripe for the pickings. This is when you can get the really good deals. You know that the market won't be suppressed always. You can always count on real estate to increase in value sooner or later.

Call us today so you can be ahead of the game plan. We will be talking with you soon!