REAL ESTATE NEWS
LOW RATES & LIMITED INVENTORY… not much has changed.
Interest rates continue to hover at record-low levels, with the current 30-year rate at 2.875%, and 15 year at 2.5%.
The supply of available homes for sale remains extremely tight.
The combination of these two factors is pushing prices higher throughout Shelby County. In June, the number of homes sold was down 17% compared with June of last year, while the average sales price was up 5%. Through the first six months of this year, the number of home sales recorded is down 9%, and the average sales price is up 10% compared to the same time period in 2019.
And check this out…according to stats from the Multiple Listing System, over the past ten years our average sales price has increased from $161,000 in 2010, to over $240,000 in 2020…that’s an increase of nearly 50%!
Yes, real estate is an excellent longterm investment!
S + R = O
During this crazy season of Coronavirus, I’ve been reminded of the above equation, which I used to teach in management training sessions. The S stands for Situation, the R stands for Response, and the O stands for Outcome. The gist of it is this…we can’t always control the situation we are faced with, but we can control our response to that situation. And regardless of the situation, our response can impact the outcome. How have you responded during this pandemic…have you responded by starting new positive habits? Or have you allowed yourself to become a victim of the situation? The choice is yours!
Movin’ On Up
Over the past few months, I have had the opportunity to help four young couples take advantage of market conditions and move to larger homes. In each case, I had assisted my clients in purchasing their previous starter homes over the past 3-8 years, and in each case, we were able to sell their homes for about 50% above what they had paid for it. This equity gained, coupled with today’s record low interest rates, allowed these clients to purchase newer, larger homes, as they expand their families and move into the next phase of life.
1011 W. Poplar, Suite 8
From a recent client …
"Ken is an outstanding realtor, possessing the perfect balance of knowledge, insight, relatability and exceptional communication skills. We worked with Ken on our way in to Collierville eight years ago and again on our way out recently, both instances were perfect and beyond satisfying.”
-Bob & Kathy Baker
MORTGAGE RATE UPDATE
30-year fixed rate 2.875%
(Rates provided by Patriot Mortgage on 7/8/20.)
Have you been thinking about making a move?
If so, now may be a great time.
Your current home may be worth more than ever, and we are still seeing interest rates at historic levels.
If you’d like to find out more about the value of your home, give me a call. I would love to discuss it with you!
Sadie Has Arrived
It is my privilege to announce the newest addition to the Stonebrook Family…Sadie Wray Stonebrook. Here are a few pics taken shortly after her arrival at 12:50 a.m. on June 21st. The first shows her posing peacefully, while the second is a photo of both sets of grandparents outside of the delivery room window after proud parents Cole & Julia opened the curtain to give us our first look at this precious little girl. Due to COVID, only mom and dad were allowed in the hospital, but that did not keep the grandparents away. We arrived at the hospital just after midnight, peeking in each delivery room window until we found the right one. When they finally opened the curtain to announce it was a girl and to give us our first look at Sadie, hoots and hollers could be heard for miles!
SOLD IN 3 DAYS
SOLD IN 2 DAYS
SUPER CUTE UPDATED HOME IN THE MEADOWS...UPDATED KITCHEN & BATHS, NEW FLOORING, FRESH PAINT, NEW WINDOWS, NEW GARAGE DOOR + CLASSY PAINTED BRICK EXTERIOR w/CEDAR SHUTTERS. YOU WILL LOVE THE OPEN LAYOUT BETWEEN THE KITCHEN & LARGE GREATROOM.
845 CONCORDIA — $325,000.
SUPER CUTE HOME JUST MINUTES FROM COLLIERVILLE. ENJOY LOW FAYETTE COUNTY TAXES & THE CONVENIENCE OF C’VILLE...UPDATED SINGLE-STORY HOME ON 2 ACRES WITH DOUBLE CARPORT & GARAGE/WORKSHOP. TONS OF IMPROVEMENTS,
30 BLUE GRAY — $175,000.
SOLD IN 2 DAYS
RARE FIND IN ARLINGTON...3 BEDROOMS & 2 1/2 BATHS INCLUDING MASTER-SUITE DOWN. YOU WILL LOVE THE OPEN FLOOR PLAN WITH LARGE VAULTED GREATROOM. NEW FLOORING, FRESH PAINT, STAINLESS APPLIANCES, TANKLESS HOT WATER & MORE. THAT IS FENCED & VERY PRIVATE.
11151 EWE TURN DR. — $215,000
SUPER CUTE HOME WITH LOTS OF SPACE IN AN AWESOME LOCATION! LARGE UPDATED KITCHEN OPENS TO SPACIOUS HRTHROOM w/F'PLACE + LIVING ROOM, DINING ROOM, & BONUS ROOM w/BAY WINDOW OVERLOOKS BKYD. KITCHEN INCLDS PAINTED CABINETS, NEW CTRTOPS & BKSPLASH,
1393 WHITING — $225,000..