REAL ESTATE NEWS
Locally, the number of homes sold is up about 2.5% this year, while the average sales price has climbed nearly 10% above 2017. The inventory of homes for sale has risen slightly in each month this year, yet the market for affordable, updated homes remains very tight and competitive. While the rising interest rates have caused some "on-the-fence-buyers” to make a move, additional rate increases could result in a sales slow down. Foreclosures continue to decline, as foreclosure sales are down nearly 38% in 2018.
Nationally, home sales declined in 5 of the first 6 months of 2018, which is becoming a concern for economists. Overall, the economy appears very strong, which would typically drive an increase in home sales. But this time is different, and some economists are predicting the slowing housing market will lead the economy towards a slowdown. National reports show home prices are rising at a lower rate, and many believe we have hit the peak, and the market will begin to level off.
Homeownership is, however, gaining for younger households, especially those under 35. In the second quarter of this year, their homeownership rate hit the highest level in five years. Many of these young buyers stayed on the sidelines after watching the housing market bubble-burst ten years ago.
While interest rates have increased about 1/2% in 2018, they remain very affordable compared to historical rates. These low rates, together with a booming economy, have definitely contributed to the increase in home prices.
Collierville Office Space
Looking for a small office in a convenient Collierville location? The office next to mine is coming available September 1st. Located at 1011 W. Poplar, next to AutoZone, and very affordable. Contact me for more details.
Great Time to be a Tiger
They say that the University of Memphis has never been good at basketball and football at the same time. Well buckle up, because that time is drawing near!
Mike Norvell and the Tiger football team kick off the 2018 season on September 1st. They are picked to win their division and compete for the American Athletic Conference Championship again this year. If you haven’t been to a game recently, I encourage you to get out to the Liberty Bowl this fall. Check out Tiger Lane, and cheer our guys to victory!
And then gear up for an exciting basketball season, as we tipoff the Penny Era. They have already created quite a buzz with an awesome spring of recruiting, and Calipari is beginning to get a little concerned. I can’t wait to watch Penny, Mike Miller, and the boys reclaim our place as a member of college basketball royalty. It’s going to be a FUN YEAR TO BE A TIGER!
1011 W. Poplar, Suite 8
MORTGAGE RATE UPDATE
30-year fixed rate 4.625%
(Rates provided by Patriot Mortgage on 8/1/18.)
From a Recent Client
“We would highly recommend Ken Stonebrook of Stonebrook Realtors. Ken's wealth of experience and knowledge of reliable local vendors helped us in all aspects of our move and his willingness to spend extra time on marketing and communication was invaluable. We especially appreciated Ken's calm and positive demeanor during what is typically a very stressful process.”
-Dan & LeAnn Dowty
SOLD IN 1 DAY
Lakefront home in Fayette County. Three bedrooms on one-level, plus a hearthroom, bonus room & covered porch make this a perfect home! Take advantage of the low Fayette County taxes, yet still convenient to Collierville.
UPDATED FROM TOP TO BOTTOM...THIS ONE HAS IT ALL...IRON ENTRY DOORS, HANDSCRAPED WOOD FLOORS, GRANITE IN KITCHEN & BATHS, STAINLESS APPLIANCES, NEW TILE, IRON STAIR RAIL, WOOD STAIR TREADS, NEW LIGHTS, FANS, & DOOR HDWARE, “TOUCH FAUCETS", TILED SHOWER, NEW WINDOWS IN BACK.
1527 COLLINGHAM DRIVE— $429,900
UPDATED SINGLE-STORY PAINTED BRICK HOME WITH LARGE WORKSHOP/GARAGE. WALL HAS BEEN REMOVED SO YOU CAN ENJOY THE OPEN FLOORPLAN AND SPACIOUS FEEL. 3 BEDROOMS & 2 BATHS WITH LARGE OPEN LIVING AREA, UPDATED KITCHEN + SEPARATE LAUNDRY ROOM. SELLER RECENTLY HAD NEW FLOORING & 2 1/2" BLINDS.
889 HUNTERS RETREAT — $189,900.
WELL-CARED FOR HOME WITH MAINTENANCE-FREE EXTERIOR & LARGE ROOMS THROUGHOUT. DRIVEWAY IS ON WHEELING COVE FOR EASY ACCESS IN & OUT. LARGE KITCHEN WITH UPDATED COUNTERS, TILED FLOOR, CUSTOM CABINET DRAWERS & TILED BACKSPLASH. GORGEOUS HARDWOODS. SPACIOUS MASTER-SUITE W/ WALK-IN CLOSET.
5562 QUINCE — $189,900.
East Memphis beauty with pool. Updated interior and painted brick exterior with approximately 3800 sq. ft., including 2 bedrooms down, side-load garage & circular drive. White Station schools.
MAINTENANCE-FREE EXTERIOR WITH NEW ROOF, VINYL SIDING, AND METAL WINDOWS. NICE SINGLE-STORY HOME WITH 2 BEDROOMS & 2 BATHS, SEPARATE LAUNDRY ROOM, FENCED BACKYARD & GARAGE. VAULTED GREATROOM WITH GAS FIREPLACE. MASTER SUITE IS ALSO VAULTED AND HAS WALK-IN CLOSET.
6766 WHITTEN PINE — $89,900.
NEW GRANITE COUNTERTOPS...NEW ROOF & NEW PAINT OUTSIDE. LONGTIME OWNERS HAVE RAISED THEIR KIDS IN THIS GREAT HOUSE AND HAVE UPDATED IT FOR YOUR BENEFIT. MOVE RIGHT IN AND ENJOY THIS 4 BEDROOM (ALL UP) 2 1/2 BATH HOME WITH UPDATED FIXTURES, NEW 2" BLINDS, AND GRANITE IN THE KITCHEN & BATHs.
6995 BENT CREEK DR. — $269,900.
BIGGER THAN IT LOOKS...ADORABLE COTTAGE LOCATED JUST AROUND THE CORNER FROM THE PINK PALACE. MAINTENANCE-FREE EXTERIOR WITH NEWER ROOF & VINYL SIDING. AWESOME KITCHEN & DEN, PLUS A LARGE LAUNDRY ROOM. YOU WILL LOVE RELAXING ON YOUR SCREENED PORCH WHICH OVERLOOKS PRIVATE FENCED BACK YARD.
3136 COWDEN — $179,900.