Great news for homeowners in Memphis. The average sales price in Memphis, TN for 2014 through May is $144,396, up from $132,167 in 2013. That is something to get excited about (unless you are looking for a steal).
Part of the reason for this increase in price can be related to the lack of inventory, or at least fewer number of homes on the market than this time last year. There are over 1000 less homes on the market now than this time last year. Many owners are still feeling a bit gun shy when it comes to putting their home on the market for sale. There are a number of buyers in the market looking for homes and sometimes the home that meets the buyer’s criteria just isn’t available. So the buyer just sits and waits and watches for a house to come on the market. I have had this scenario lately with many buyers. We just watch the Memphis Mutiple Listing Service every day for any new listings in the area my clients are looking.
By the way, if you are shopping online with Zillow or Trulia, etc, your dream home might just be gone by the time it hits those websites. In case you haven’t figured this out yet, Trulia and Zillow get the lists of homes for sale from our local Multiple Listing Service so it goes there first. If you don’t have an agent watching the new listings, networking with other agents. calling their network of clients and friends trying to find a house for you and you are just shopping online, you just might be missing out. I sat in a meeting yesterday where another broker shared a story of his clients and how this home buying market is changing. He has a buyer client who has made three full price offers and lost each time due to multiple offers. This broker started making contact with agents who are known to list in the area his clients were looking to find anything that might be coming on the market soon. Once he found out this information and then consulted with his client to find out his client’s interest in the home, he made an offer on the home BEFORE it came on the market. That is how competitive this market is in some neighborhoods.
Sooo, what’s the moral? If you have thought about putting your house on the market but not really sure if now is the right time, let me help answer that question for you. If you are shopping for a home, hire an agent to work for you. We really do have access first to most listings and we live and breathe this industry. Why not go to the specialist to get you the best deal and some special hand holding? Whether looking to buy or sell, check us out here
Certified Residential Specialist
Keller Williams Realty
1255 Lynnfield Rd Ste 100
Memphis, TN 38119