Despite a strong first half of the year, Shelby County’s new housing market appears to have fallen by 17%. During 2013’s third quarter the market saw just 197 new home sales compared to 2012’s third quarter with 238 new home sales. However, October existing home sales are up from last month and year-to-date sales are higher than October 2012. Average and median sales prices are down from last month. The average days on the market are down from last month and the number of homes for sale are down as well. What does this mean?…The homes that are updated and priced correctly, are selling very quickly. Click Here to view a printable copy of our Memphis Real Estate Market Report for October 2013.
Movoto Real Estate released a study which ranked the top suburbs of America. According to the data crunching, Germantown, Tennessee is in the Top Ten based on the following desirable factors:
Cost of Living
Germantown is a suburb of Memphis, TN with 39,161 residents and is tied with Cupertino as safest with its crime rate 59 percent lower than the national average. 127 crimes per 10k residents are committed there each year.
Germantown’s cost of living is 8.7 percent higher than the national average—and 21.7 percent higher than the average for the rest of Tennessee. Median household income is an astonishing 169 percent higher than the state average. There are nine public and eight private schools in this area, the highest scoring suburb for education in the top 10.
Click Here to view a printable copy of our Memphis Real Estate Market Report for September 2013.
1,288 home sales were recorded in September, up 1% from 1,273 in September 2012. Average home sale prices were up 9% to $139,712 from $127,855 last year. Year-to-date home sales and average sales prices are both up 10% from this time last year. Bank sales accounted for 16% of total home sales for the month and were down 27% from last September with 211 recorded. 14 out of 33 zip codes in the county had an increase in overall sales activity and 19 zip codes had an increase in average sales prices. 48% of all home sales for the month were valued under $100,000. Home sales over $1 million were down 83% from last year with only 1 recorded. Foreclosures were down 10% in September compared to this time last year.
Just wanted to pass on this information for the effects of the government shutdown on mortgage lenders. If you are buying or selling a Memphis home that involves a new mortgage, here is what you need to know:
The FHA should not be significantly impacted, providing the shutdown is brief. HUD has provided the following information that applies to our daily operations:
FHA will be able to endorse single family loans, however, only a limited number of FHA staff will be available, so the process may take longer.
Limited FHA staff will be available to respond to questions, emails of other correspondence.
You will still be able to obtain a FHA case number from FHA Connection.
CAIVRS and FHA Total Scorecard will still be available.
Should FHA run out of commitment authority during a shutdown, then all lenders’ Lender Insurance approval will be temporarily suspended.
Continue originating VA loans; the Department of Veterans Affairs (VA) will continue to operate.
Obtaining the Veteran’s Certificate of Eligibility online through the webLGY will still be available.
Submitting applications for new COEs and follow up on COEs requiring more research with the Atlanta Eligibility Center will still be available.
Ordering appraisals the Veterans Information Portal will still be available.
Due to the lapse in federal government funding the offices are closed. They will reopen once Congress restores funding.
Internal Revenue Service (IRS):
The IRS has indicated that they will not process any forms, including the issuance of tax return transcripts (Form 4506T) during a government shutdown, which will delay loan processing.
Social Security Administration (SSA):
In previous shutdowns, the SSA has only retained employees that deal directly with the processing of new claims and benefits. The likelihood is we would not be able to continue to verify SSNs through the SSA, which will delay loan processing.
If you have any additional questions, please call us at 901-230-2610.
Year-to-date home sales for August 2013 were up 11% from the same time last year. 24 out of 33 zip codes in the county had an increase in overall sales activity in August and 27 zip codes had an increase in average sales prices. Home sales over $1 million were up 300% from last August with 3 recorded for the month compared to 0 last year. Bank sales accounted for 16% of total home sales for the month and were down 31% from last August with 275 recorded. It is an especially good time to get your home on the market, since inventory is so low. If you are thinking about buying or selling, NOW is the time!
Just Click Here to view or print a copy of our most recent Real Estate Market Report.
Every Thursday, September 5 through October 24, 3 to 6 p.m. Germantown Tennessee is featuring a Farmers’ Market with locally grown farm fresh produce available for purchase. Great food starts here. The Farm Park Farmers’ Market is a producer-only market offering a wide variety of high quality local foods, produce, meats, and local artisans.
Click here to view a printable copy of our Memphis Real Estate Market Report for July 2013.
July was another great month for real estate. 1,694 home sales were recorded in July up 14% from 1,420 last July. Average home sales prices were up 10% to $156,310 from $142,180 last year. Year-to-date home sales are up 10% and average sales prices up 10% to $136,552. 22 out of 33 zip codes in the county had an increase in overall sales activity in July and 26 zip codes had an increase in average sales prices. Home sales over $1 million were up 100% from last year with 6 recorded compared to 3 in July 2012. Residential foreclosures were down 18%. If you would like to know if your zip code is one of the 22, please call or email me any time at 901-756-8900 or email@example.com.
Click Here to download a printable copy of our Memphis Real Estate Market Report for May 2013.
May home sales were up 6% from last year with 1,457 sales recorded compared to 1,381 recorded May 2012. Average home sales prices were up 9% to $135,374 from $124,055 last year. Bank sales accounted for 19% of total home sales, which was down 24% from last May with 279 recorded. Year-to-date home sales are up 10% from the same time last year. 18 out of 33 zip codes in the county had an increase in overall sales activity in May and 20 zip codes had an increase in average sales prices. Home sales over $500,000 were up 27% from last May with 33 recorded for the month compared to 26 last year. Inventory is low so if you are thinking of putting your home on the market, now is the time! If you are interested in selling your home or are interested in buying a home; please feel free to contact me at 901-756-8900 or email me at Melissa@YourKeytoMemphis.com.