Memphis real estate market shows an increase in sales with lower prices
The Memphis real estate market is defying national trends, according to local data. The Memphis real estate market is showing an increase in sales with lower prices, according to local data. The number of homes sold increased from 1,166 to 1,380, and the number of home sales fell 1.9% over the past year. However, home sales also decreased by 1.3%. Local brokers believe this shift in the market is due to a shift in renters' mindsets towards owning homes, as rent prices are rising. Broker Candace Franklin believes that the African-American community is shifting its mindsets to own homes, which she believes will help build wealth within the community long-term. Brokers predict that more everyday families will be able to afford homes when the Federal Reserve lowers interest rates.
Publié : il y a 4 semaines par dans Finance
MEMPHIS, Tenn. - The Memphis real estate market is defying national trends, according to local data.
“I think that these numbers are amazing," said Ursula Woods, a real estate attorney and president of Preferred Title and Escrow. "Memphis is finally getting it.”
The number of homes sold increased from 1,166 to 1,380, according to that data.
“Memphis is just ready," Woods said. "They're tired of renting. This is a huge market for renting and rent prices are skyrocketing.”
Home sales also fell 1.9% over the past year, according to the association.
Local brokers were excited to see the Memphis numbers.
“(Renters') mindsets are changing," said Candace Franklin, a broker with RE/MAX. "They want to own. They don't want to rent anymore. The price of renting is about the same price as a mortgage, so why not own a home?
"Continue to build wealth within the African-American community, because that's what's going to help us in the long run," Franklin explained.
Franklin said that investors can help improve blighted areas by renovating homes. However, broker John Cornes predicts that more everyday families will be able to afford homes when the Federal Reserve lowers interest rates.
“Know what your buying power is and know what you can afford," said Cornes, the CFO of Braden, Braden and Braden. "Plan the work and work your plan."
Les sujets: Real Estate