How hot is the Memphis area real estate market? (Bartlett: for sale, house prices)

[12buttons]

I am thinking about buying a house in the metro Memphis area -not sure where yet...the city taxes are scary and the other areas like Cordova and Bartlett I know little about..but what really scared me was the agent I spoke with told me I better get my ass down there because houses are flying off the market and chances are the house I see online won't be there when I do come down..she has four closings this week alone! what gives? is the just a blip in the Spring market or all of a sudden has the world discovered Memphis and is coming in droves and scooping up all the available housing? Or is this just another hair brained agent trying to get me off the fence? I swear even in the depths of the recession, some agents were always singing the same tune...the market is just great here ...buy buy buy!

Anyone in the area know what's really going on? Would love to hear from some real people as opposed to folks that make their living off of hope and hype. I realize the market is getting better due to banks getting more amenable and interests rates so low, but I find it hard to believe that all of a sudden it's off to the races...I still see a lot of houses with reduced prices and anxious sellers.
I just don't want to get into a low inventory situation with multiple offers and bidding up house prices..I just can't go there...thanks

[Blutbad]

I recently read an article (likely in the Commercial Appeal, but I'm not sure) that described the situation as there being a lack of homes available to sell, and that real estate agents are finding themselves having to wait in line, so to speak, to show homes to clients. The article talked about it being common that one or more agents find themselves sitting in the car with clients while another agent shows the house to someone else.

Is that an accurate description of the real estate market in Memphis? Beast me, but that's what I read.

[brentwoodgirl]

The Memphis real estate market is improving. A year ago it was the 4th worst real estate market in the country. It is definitely rebounding and while not a true seller's market yet, it's becoming more balanced between buyers and sellers.

I think the agent is overstating the market, but it's a great time to buy a house. Interest rates are incredibly low, the real estate market is improving, and there is still enough inventory to get a good deal. In a few months I would expect higher prices and higher interest rates.

[JoeCartpath]

I think the market is heating up, but it's still mostly a buyer's market. The better properties seem to be selling. but those that don't show quite as well don't seem to be moving. That indicates to me that the buyer that are out there are cherry picking because there is still plenty of inventory. If an otherwise nice house has, for example, bathrooms that need a little work to lose that 1980s look (gold faucets, etc.), buyers just pass on it and go on to one of the 10 other similar houses for sale nearby. That's always been the case to a degree....just more so now.

In Cordova the Town, new construction is selling well - but a couple of nice existing homes that could use some updating have been on the market for a while. New construction has resumed in a couple of other Cordova subdivisions as well. In Arlington, the house across the street from my son sold in 3 days - for more than the asking price....and new construction in the area seems to be selling well.

I think your agent is exaggerating a bit....but I do think this is the time to buy. If you're waiting for the market to bottom out, don't wait any longer....you may have actually missed it. Rates aren't going to stay this low forever either.

[12buttons]

Originally Posted by JoeCartpath

I think the market is heating up, but it's still mostly a buyer's market. The better properties seem to be selling. but those that don't show quite as well don't seem to be moving. That indicates to me that the buyer that are out there are cherry picking because there is still plenty of inventory. If an otherwise nice house has, for example, bathrooms that need a little work to lose that 1980s look (gold faucets, etc.), buyers just pass on it and go on to one of the 10 other similar houses for sale nearby. That's always been the case to a degree....just more so now.

In Cordova the Town, new construction is selling well - but a couple of nice existing homes that could use some updating have been on the market for a while. New construction has resumed in a couple of other Cordova subdivisions as well. In Arlington, the house across the street from my son sold in 3 days - for more than the asking price....and new construction in the area seems to be selling well.

I think your agent is exaggerating a bit....but I do think this is the time to buy. If you're waiting for the market to bottom out, don't wait any longer....you may have actually missed it. Rates aren't going to stay this low forever either.

the other issues surrounding memphis spooked me..the crime, the fact that only Germantown is the de facto place to live if you need services, and the nasty school situation brewing which may affect home values..that and the prop taxes are awful in the city! oh yes and the local politics seem to leave something to be desired..and ..and..well. I have taken Memphis off my list...cheers!

[eastmemphisguy]

Salesmen always try to create a sense of urgency. It's what they do. As in most of the country, housing is doing better than a few years ago. Still, there will be no shortage of "opportunities" to buy. If you want to buy a home,take your time and do it right. Figure out what your needs are and what you are willing to pay. There's no need to fear Memphis turning into San Francisco.

[knucklehead_vol]

Originally Posted by 12buttons

the other issues surrounding memphis spooked me..the crime, the fact that only Germantown is the de facto place to live if you need services, and the nasty school situation brewing which may affect home values..that and the prop taxes are awful in the city! oh yes and the local politics seem to leave something to be desired..and ..and..well. I have taken Memphis off my list...cheers!

You need to do some more research because you have no idea what your talking about, except the school system. But all cities have that, look at Chicago, they are closing 54 schools. But anyway, cheers.

[tigerphan]

It's improving. A number of first time buyers are starting to make purchases again. In Collierville, homes $400,000 are a much easier sell than they were just a few years ago.

It is definately still a buyer's market though.