Do Homeowners Realize Their Equity Position Has Changed?

20160622-DoTheyKnow-STMYesterday, we reported that according to CoreLogic’s latest Equity Report, nearly 268,000 homeowners regained equity and are no longer underwater on their mortgage in the first quarter. Homes with negative equity have decreased by 21.5% year-over-year.

study by Fannie Mae suggests that many homeowners are not aware of how their equity position has changed as their home has increased in value.

For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic’s report shows that only 8% of homes are in that position. 

The study also revealed that only 37% of Americans believe that they have “significant equity” (greater than 20%), when in actuality, 74% do!

Do Homeowners Realize Their Equity Position Has Changed? | MyKCM
This means that 37% of Americans with a mortgage fail to realize the opportune situation they are in. With a sizable equity position, many homeowners could easily move into a housing situation that better meets their current needs (moving to a larger home or downsizing).

Fannie Mae spoke out on this issue in their report:

“Homeowners who underestimate their homes’ values not only underestimate their home equity, they also likely underestimate: 1) how large a down payment they could make with their home equity, 2) their chances of qualifying for mortgages, and, therefore, 3) their opportunities for selling their current homes and for buying different homes.”

CoreLogic’s report also revealed that if homes were to appreciate by an additional 5%, over 800,000 US households would regain positive equity.

Bottom Line

If you are one of the many homeowners who is unsure of your current equity situation, let’s meet up to discuss your options.

BY: KCM Crew

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8653 Heatherly Cove- Incredible Germantown Home


Welcome home to 8653 Heatherly Cove, a stunning home nestled in the Oakley Subdivision in celebrated Germantown. Built for entertaining, this spacious home offers an open floor plan with impressive formal rooms, plus comfortable everyday living spaces. Quality features include gleaming exotic Brazilian maple floors, fresh neutral paint, soaring smooth ceilings, 2 fireplaces, 5 bedrooms plus library/office and playroom, 2 car garage, and so much more! Enjoy comfortable everyday living in the captivating keeping room with its impressive stone fireplace. The Great Room/Living Room also boasts as cozy fireplace. Cooking will be a delight in this breathtaking eat-in kitchen with cabinet and counter space galore, granite, durable tile floors, island, pantry and a full complement of stainless steel appliances. In addition, this kitchen offers a spacious breakfast area. Host the finest dinner parties in the romantic dining room . You will rest easy in your downstairs master retreat with walk-in closet, sitting area, built in bookcases, and spa-inspired luxury bathroom featuring two vanities, relaxing whirlpool tub and a divine walk-in shower. This home offers 3 additional bedrooms downstairs, as well as 1 bedroom upstairs. The downstairs office boasts gorgeous built in bookshelves. You will also find a large media room with fabulous wet bar offering a great space for relaxing and entertaining. Relax outside on the deck overlooking the spacious backyard with pond. This amazing home is in the Germantown School District!

Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale.

Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

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101 Things To Do In Memphis #19: Battlefront Lasertag and Paintball

#19 LasertagSituated in a private 20-acre forest at Shelby Farms Park, Battlefront Laser Tag and Paintball is the newest option for outdoor fun. They offer outdoor laser tag and paintball games like you have never seen or played before!

Whether you are planning a small family outing or a large group game, they have space and equipment for you! The wooded playing fields are loaded with obstacles and bunkers to hind behind. Playing at Battlefront is an experience that you will never forget. They use top-of-the-line equipment to create top-of-the-line fun for players of all ages and skill level, so there are a variety of ways to play.

Lasertag: Players run through the woods and use the natural cover to out last opposition. Teams face off in several 10 minutes games of capture the flag and elimination.

SWAT Laser Tag: Long Range, Working Red Dot Scopes, Voice Feedback, 400 Yard Range. 1 hour of unlimited games for $24.99

Paintball: offer as it was intended to be played, in the woods! The wooded fields offer great cover for snipers, ambushes and fire fights… Teams face off in several 10 minute games of capture the flag and elimination.

Packages:
$24.99 includes admission, semi-automatic paintball gun, a protective face mask, 250 paintballs and unlimited games for 1 hour.

$29.99 includes admission, semi-automatic paintball gun, a protective face mask, 500 paintballs and unlimited games for 2 hour.

Paintball is offered to ages 10 and up, and laser tag is for ages 7 and up.

Players of all ages agree that BATTLEFRONT is the BEST place to play paintball and laser tag in Memphis! Get out and play!

Located at 6791 Walnut Grove Road. For more information, visit their website or call 855.901.7529

By and photo credit: battlefrontmemphis.com

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What’s Happening in the Real Estate Market?

What’s Happening in the Real Estate Market? | MyKCMThis is a pretty common question that a potential home buyer or seller may be asking themselves. Leading economists in real estate converged in New Orleans this past week as they presented their answer to this question at the 50th Annual Real Estate Journalism Conference for the National Association of Real Estate Editors.

Here are the top takeaways from the week of presentations:

Many of the conversations at the conference came back to the impact that Millennials and first-time home buyers will have on the market in the future. Jonathan Smoke, Chief Economist for realtor.com had this to say: 

“At any given time in our history, demographics would explain 60-80% of what’s happening [in the market], and we are in a period of time where Millennials make up a largest demographic group according to the Census, at 84 million.”

According to the National Association of Realtors (NAR), the median first-time home buyer age is 30 and many millennials are entering a prime age to drive the housing market into the future.

Lawrence YunChief Economist for NAR shared that myths and affordability may be holding back potential buyers:

“84% of current renters have the desire to own. While 36% believe they cannot afford a home and 60% of renters believe it would be ‘difficult’ to qualify for a mortgage.

Ellie Mae’s Vice President, Jonas Moe encouraged buyers to know their options before assuming that they do not qualify for a mortgage: 

“Many potential home buyers are ‘disqualifying’ themselves. You don’t need a 750 FICO Score and a 20% down payment to buy.”

The National Multifamily Housing Council (NMHC) revealed that Millennials and Baby Boomers are often competing for the same housing inventory, causing a challenge as these two groups are the largest generations by population.

Both groups are looking for affordable, convenient homes close to city centers and ‘what’s happening.’

Bottom Line

The experts agree that homeownership is still desirable across all demographic groups, with Millennials and Baby Boomers having a great impact on available supply. If your dreams include owning your own home, let’s get together and evaluate your ability to buy now!

BY: KCM Crew

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101 Things To Do In Memphis #18: Peabody Ducks at the Peabody Hotel

#18 Peabody DucksOne of the most popular attractions in Memphis, the Peabody Ducks march to and from the Grand Lobby of the Peabody Hotel daily at 11 a.m. and 5 p.m. in a time-honored tradition dating back to 1933.

So, how did the tradition of the ducks in The Peabody fountain begin? Back in the 1930s Frank Schutt, General Manager of The Peabody, and a friend, Chip Barwick, returned from a weekend hunting trip to Arkansas. The men had a little too much Jack Daniel’s Tennessee sippin‘ whiskey, and thought it would be funny to place some of their live duck decoys (it was legal then for hunters to use live decoys) in the beautiful Peabody fountain.

Three small English call ducks were selected as “guinea pigs,” and the reaction was nothing short of enthusiastic. Soon, five North American Mallard ducks would replace the original ducks.

In 1940, Bellman Edward Pembroke, a former circus animal trainer, offered to help with delivering the ducks to the fountain each day and taught them the now-famous Peabody Duck March. Mr. Pembroke became the Peabody Duckmaster, serving in that capacity for 50 years until his retirement in 1991.

The original ducks have long since gone, but after nearly 80 years, the marble fountain in the hotel lobby is still graced with ducks. The Peabody ducks march at 11 a.m. and 5 p.m. daily.

Fun Facts

  • Ducks were not the first residents of The Peabody’s lobby fountain. Rumor has it that turtles and baby alligators each briefly graced the fountain in the 1920s.
  • The Peabody Ducks do not have individual names. However, the very first team of ducks was named Peabody, Gayoso, and Chisca – named for the three hotels owned by the Memphis Hotel Company in 1933.
  • When off-duty from the Lobby, the ducks live in their Royal Duck Palace on the hotel’s rooftop. The $200,000 structure is made of marble and glass and includes its very own fountain with a bronze duck spitting water. It also includes a small house – a replica of the hotel – where the ducks can nest, with a soft, grassy “front yard.”
  • The Peabody Marching Ducks have appeared on The Tonight Show with Johnny Carson, Sesame Street when Bert and Ernie celebrated Rubber Ducky Day, The Oprah Winfrey Show, and in People magazine and the Sports Illustrated Swimsuit Issue.
  • The Peabody Ducks have been both a question on the TV game show Jeopardy and in the board game Trivial Pursuit.
  • Current Duckmaster Anthony Petrina, a Memphis native, is only the 5th Duckmaster in the hotel’s history. Original Duckmaster Edward Pembroke held the position for 50 years.
  • Raised by a local farmer and a friend of the hotel, each team of Peabody Ducks lives at the hotel for only three months before retiring from their duty and returning to the farm, where they are free to live as wild ducks. With a return to the great outdoors in mind, the hotel recognizes its resident waterfowl as wild animals and does not domesticate them or treat them like pets.
  • Duck is not served anywhere at The Peabody, and has not been seen on the hotel’s menus since its 1981 reopening, quite possibly making Chez Philippe the only French restaurant in the world that does not serve duck.

By and photo credit:.peabodymemphis.com/ducks-en

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4443 Cherrydale Road- Gorgeous 5 Bedroom Charmer!


Welcome home to 4443 Cherrydale, a fantastic home you will have to see to believe.
Well-maintained, this updated home offers quality features including gleaming hardwood and slate floors, 2 fireplaces, 5 bedrooms, 2 bathrooms, 2 car garage, and so much more! Cooking will be a delight in the incredible updated eat-in kitchen with cabinet and counter space galore, granite countertops, and a full complement of stainless steel appliances including washer and dryer. The living room boasts refinished hardwood floors, neutral colors and lots of natural light. The incredible Great room offers a slate floor, fireplace surrounded by built in bookshelves, and wooden beams in the ceiling that were salvaged from Memphis’ Knickerbocker Restaurant. Host the finest of dinner parties in the large dining room with gleaming hardwood floors, neutral color palette, and elegant fireplace. You will rest easy in your master bedroom with neutral colors, hardwood floors, and cooling ceiling fan. This home offers four additional spacious bedrooms with refinished hardwood floors and neutral paint. The large fenced yard, spacious patio, and 2 car garage make this white-picket charmer a prime opportunity!

Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale.
Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

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If you’re going to play, GET IN THE GAME

If competition is a buyer’s biggest concern, for goodness’ sake, get in the game. In a new survey of close to a thousand home buyers conducted by Redfin, affordability is still the number one concern but due to low inventories, competition from other buyers is moving its way up the poll.

26% identified affordability while 19% mentioned competition and 15% mentioned low inventory as their respective top concerns.

get in the game-250.jpg

To win, athletes study the competition to come up with a plan and buying a home is not different.

  1. Ask what terms are important to the seller before you write the offer.
  2. Once you decide to make an offer, do it as fast as you can, hopefully, to be the only one the seller is considering.
  3. Make a good (or possibly, your best) offer in the beginning; you may never get a chance at improving it. In highly competitive situations, offer above the list price.
  4. Attach your pre-approval letter from a respected lender. This means you’ll need to get pre-approved before you even think about writing an offer.
  5. Have your lender call the listing agent to reassure them of your ability to qualify.
  6. Include a higher than normal amount of earnest money to show you are serious.
  7. Eliminate unnecessary contingencies.
  8. Write a personal, hand-written letter telling the seller what you like about their home and why you want it. Consider including pictures of your family.
  9. Minimize seller expenses paid for the benefit of the buyer.
  10. Shorten inspection times.
  11. Don’t ask for personal property.
  12. Be flexible on closing dates to accommodate the seller’s move.

Once you find your dream home, don’t take a chance on losing it. Write a winning offer that will be good for both the sellers and the buyers.

By and photo credit: Pete Doty & Company, Inc. – Metro Brokers 

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101 Things To Do In Memphis #17: Memphis International Raceway

#17 Memphis International SpeedwayMemphis International Raceway is an auto-racing park located across the Loosahatchie River from Memphis, Tennessee. The facility opened in 1987 with a drag strip and 1.8-mile road course. It includes a 3/4-mile tri-oval short track, built in 1998, which once hosted the NASCAR Nationwide Series and Camping World Truck Series, as well as an ASA Late Model Series race. The 4,400-foot drag strip used to host such events as National Hot Rod Association, American Drag Racing League, AMA Dragbike Championship Series, and the Super Chevy Show. Since it’s re-opening in 2011, the IHRA Nitro Jam, American Drag Racing League, and Automobile Racing Club of America continue to hold events at the facility.

In 1986, Ed Gatlin who, along with a group of investors, bought a 400-acre tract of land in northeast Shelby County, Tenn., and built a drag strip with an adjacent road course, a dirt track and go-kart track, which today we know as the Memphis International Raceway, more commonly known as MIR.

The Grand Prix Association of Long Beach purchased the entire facility in 1996, and in 1997, a ¾-mile paved tri-oval was added on the site of the old dirt track, while a new dirt track was built on the site of the former go-kart track. The name of the facility was also changed-to Memphis Motorsports Park-and the tri-oval opened on June 5, 1998.

Memphis Motorsport Park was closed in late 2009 due to a lack of finances. However, the track was reopened in the spring of 2011. The track was also renamed to Memphis International Raceway, and a new logo was created to reflected the change which adopted a similar theme with its sister track in Palm Beach. The track became sanctioned with IHRA, which has held the IHRA Nitro Jam finale at Memphis since 2011.

Today, the state-of-the-art venue is becoming one of the most popular raceways in the country for racers and spectators alike. As a leader in its operating form and function, MIR seeks to provide its drivers with a higher level of challenge, excellence and opportunity. With a long line up of upcoming events, there are plenty of opportunities to get out and see this Memphis original!

5500 Victory Lane, Millington, TN
901.WOW.RACE
RACEMIR.com

To see the full schedule of upcoming events, click here.

By and photo credit: racemir.com

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409 Tonstad Cove


Welcome home to 409 Tonstad Cove, an amazing, two-story, move-in ready, 4 bedroom home that you will have to see to believe. This spacious home offers impressive formal rooms, plus comfortable everyday living spaces. Quality features include neutral colors throughout, new plush carpet, attic, cozy fireplace, updated kitchen with granite countertops and a full complement of stainless steel appliances, enormous 43×13 playroom and so much more! Enjoy comfortable everyday living in the captivating keeping room flaunting a cozy fireplace, perfect for those cold winter nights. Cooking will be a delight in this incredible eat-in kitchen equipped with durable tile floors, pantry, granite countertops and a full complement of stainless steel appliances including refrigerator. Host the finest dinner parties in the romantic dining room with a dazzling chandelier. You will rest easy in your very own master retreat with a private bathroom with his and hers sinks. Relax outside in the fenced backyard featuring a patio, perfect for cookouts and parties! This home has so much to offer- don’t wait to schedule a viewing!

Melissa Thompson has distinguished herself as a leader in the Memphis TN real estate market. Melissa assists buyers looking for Memphis real estate for sale and aggressively markets Memphis TN homes for sale.

Melissa brings with her a keen eye for the details of buying or selling a Memphis TN home and seemingly boundless determination and energy, which is why her clients benefit from her unique brand of real estate service. Rooted in Tradition, Focused on the Future –Melissa Thompson will help make the most of your Memphis TN real estate experience. Give her a call today, 901-756-8900, and discover the difference she can make during your family’s next move.

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Wall Street Journal: Housing Recovery Picks Up Steam

20160602-WSJ-STM

Yesterday, we ran a post quoting major housing experts on the increasing strength of the U.S. housing market. We were pleasantly surprised that, on the same day, the Wall Street Journal decided to run a front page story titled, “Housing Recovery Picks Up Steam” (article available to WSJ subscribers).

Wall Street Journal: Housing Recovery Picks Up Steam | Simplifying The Market

The first paragraph of the article says it best:

“Home prices are back to near-record highs across the U.S. amid rising demand and supply constraints, a sign that the lopsided housing-market recovery of the past five years is gaining some strength.” (emphasis added).

What about the struggles in the economy?

Some openly question how the real estate market can be gaining ground if the overall economy is still struggling. According to the WSJ, it is:

“Despite the unbalanced recovery, Federal Reserve officials have seen housing as a bright spot for the U.S. economy in recent years. Residential construction has contributed to overall economic output for eight straight quarters, expanding at a 17% annual rate in a first quarter marked by slow growth in other sectors.”

Bottom Line

The housing market is gaining strength and all indicators point to an even stronger real estate market moving forward.

By: KCM Crew

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