REAL ESTATE NEWS
Mortgage rates are down nearly a full percentage point from last year, which is continuing to push prices upwards, especially for homes under $300,000 located in areas with strong schools. In addition, investor purchases continue to have a major impact on our local market. Investor purchases account for nearly 40% of all homes sold in the Memphis area, which is almost four-times the national average of 11%. As a matter of fact, Memphis was the third biggest market for investor purchases in 2018, trailing only Detroit and Philadelphia.
So why is this? Well, there are two primary reasons…1) rent-to-value ratios, and 2) demographics. First, let’s look at rent-to-value...In spite of the recent price increases that we have experienced, local real estate remains very affordable compared to other cities our size. The affordable prices, coupled with a high-demand for rental property, allows investors to obtain an above-average return on their investment. In many cases, the monthly rent may equate to 1% of the value, which is well-above most areas of the U.S. And as for demographics, Memphis remains a mostly-blue-collar town, and continues to rank high in bankruptcies, which forces many residents to become renters rather than home-owners.
Only in America…
Weboil water to make tea hot, put ice in it to make it cold, add sugar to make it sweet, and lemon to make it sour…All at the same time
My daughter Stacia recently returned to the U.S., after spending the past ten months living in Mostar, Bosnia, where she served as a missionary to Bosnian college students. My wife and I had the privilege to visit her in Mostar in early June, and learn a little about the city that she called home for the past year. I must admit that it was an "eerie feeling,” as we walked by the blown-out out buildings left from their civil war in the 1990’s, and heard the Muslim call-to-prayer over loud speakers throughout the city…very surreal. While we were certainly proud of Stacia’s willingness to serve in a place that has such a need to hear the gospel, we were very glad to pick her up at the airport when she arrived back in the states.
So what’s next for Stacia? Well, she will be continuing her work with CRU this fall. She will be based in Orlando, where she will help coordinate and lead four international mission trips, as part of the Jesus Film Team. She asks for your continued support through prayers and giving as she prepares to go and serve.
1011 W. Poplar, Suite 8
Celebrating Father’s Day with Liza & Eli…
MORTGAGE RATE UPDATE
30-year fixed rate 3.625%
(Rates provided by Patriot Mortgage on 6/26/19.)
From a Recent Client
Freedom…Don’t Take it for Granted
As we celebrate the 4th of July this year, my perspective is a little different. Why? Because I recently had the opportunity to make my first trip to Europe. My wife did an amazing job planning our travels to France, Bosnia, Croatia, Greece, and Italy, and we saw many beautiful sites while we were there. I also saw things that gave me a new appreciation for our country, and for folks like my dad who served in the Army during WW II.
While in France, we visited Normandy, where we toured the American Cemetery and Omaha Beach. We even climbed down in one of the German Bunkers, overlooking the English Channel. In Bosnia, we saw many remnants of their recent civil war, including blown-out buildings and an abandoned structure known as “sniper tower.” In Paris, we saw numerous SWAT teams equipped with full-body armor and machine guns, patrolling throughout the city.
While our country certainly has many imperfections, the Freedom we enjoy makes the United States of America a very special place!
Like-New single-story home in Oakland’s Riverwood Gardens. Only 5 years old, this one has tons of upgrades, including hand scraped wood floors, granite in kitchen and bathrooms, stainless appliances, gas COOKING, LARGE COVERED PATIO, FENCED BACKYARD, IRRIGATION & MORE.
40 MISTY BIRCH LANE — $229,900.
COMPLETELY UPDATED SINGLE-STORY WITH 2-CAR GARAGE PLUS AN EXTRA 30X20 GARAGE/WORKSHOP. OPEN FLOOR PLAN WITH 2 LARGE LIVING AREAS, 4 BEDROOMS & 2 BATHS. GORGEOUS HARDWOOD, GRANITE, STAINLESS APPLIANCES, TILED BACKSPLASH, BARN DOOR IN MASTER-SUITE, TILED SHOWERS IN BOTH BATHS, SMOOTH CEILINGS.
1211 SIMMONS RIDGE — $259,900
Four bedrooms & 2 bathrooms near Collierville Elementary. Oversized garage plus a large fenced backyard. 301 E. Lawnwood. Available mid-July. $1750/month.
Five acre cove lot just minutes from Collierville. Located in prestigious Windbrook Estates, this lot is positioned nicely, and has the perfect place to build your dream home on one of the highest spots in the neighborhood. Enjoy low Fayette County taxes with Collierville amenities.
35 Windbrook Cove. $129,000.