REAL ESTATE NEWS
Homeowners are staying in their homes much longer than before, which is a big part of the reason that inventory is down and home sales are sputtering. According to a recent Wall Street Journal article, U.S. homeowners are typically staying in their homes 13 years, five years longer than they did in 2010. When owners don’t trade up to a larger home for a growing family, or downsize once the kids leave, it plugs up the market for buyers. According to a recent study, the inventory of homes for sale across the country is near its lowest level in 37 years.
With prices rising, many middle-age empty-nester home-owners (That’s Me!) look around at the lack of smaller, less-expensive homes, and decide that it’s cheaper to stay in their current house, even though they may not need the space. The shortage of the more affordable homes continues to drive those prices upward. For example, in Salt Lake City, owners are staying in their homes for an average of 23 years, nine years longer than it was in 2010. A big reason for this is that the median home price in Salt Lake has risen 75% during this same period.
While the exact numbers are not available for our local market, I am seeing much of the same. Home-owners who think about downsizing often decide against it once they get out and see the prices on smaller, newer homes. Whether they need the space or not, many refuse to pay more to get less!
Memphis: An Investor’s Market
According to a recent report from Realtor.com, Memphis is one of the top five cities in the country for real estate investors. Our low cost of living and no state income tax make it very affordable, compared with other cities of similar size. Also, the high rent-to-value ratio makes it a very attractive investment. Approximately 40% of households in the Memphis-metro area are renters.
Happy 100 Mom
December 21, 1919…the day my mom was born. Hard to believe she has been gone for over 34 years. Here’s a photo of her striking a pose in her younger days. Happy Birthday Momma!
1011 W. Poplar, Suite 8
From a recent client…
"Ken helped me with the purchase of a new downtown condo. His service and follow up skills were simply amazing!”
MORTGAGE RATE UPDATE
30-year fixed rate 3.75%
(Rates provided by Patriot Mortgage on 12/2/19.)
UPDATED HOME WITH EXTRA 30X24 DETACHED GARAGE/WORKSHOP BEAUTIFULLY SITUATED ON 2 ACRES IN DAVIES PLANTATION. 4 BRs + OFFICE & BONUS, INCLDG 2 BEDROOMS DOWN. UPDATED KITCHEN & BATHS.
OPEN FLOOR PLAN WITH LOTS OF WINDOWS OVERLOOKING GORGEOUS GUNITE POOL w/FOUNTAIN. UPGRADES INCLUDE HARDWOOD, TANKLESS HOT WATER, GRANITE, STAINLESS, UPDATED KITCHEN & MASTER BA, IRON STAIR RAIL, PLANT. SHUTTERS, CENTRAL VAC, IRON FENCE & GATE, COVERED PATIO, IRRIG & MORE.
3124 STEEPLEGATE — $519,900.
Making Memories…Stonebrook Thanksgiving 2019
Nearly 50 family members and friends showed up at our annual Thanksgiving festivities. Once again, the food, fun, and fellowship were amazing. Following lunch, 28 players, ranging in age from 4 to 64, participated in our annual kickball game. While most live in the Memphis area, others came from all over the country for this favorite family gathering... New Albany, Huntsville, St. Louis, Charlotte, Orlando, Seattle, and California. We are so blessed to have soooooo many family members who enjoy hanging out together.