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Victorian style homes for sale in Memphis

One of the MLS entry choices for “type” of home is “Victorian”. Choice of style is up to the listing agent’s discretion. There seems to be a pretty wide range of opinions among Memphis agents as to just what a Victorian house is. Here are some examples of Victorian houses across the USA, as well as descriptions of the various Victorian styles.

These are current Memphis real estate listings tagged as Victorian style:

(note: this is a dynamic display - re-visit this post for updated listings)

To search for your favorite home style, or any other criteria go to the local Detailed Search  or contact me at joe@spake.com.  I will be happy to help.

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Interesting real estate links for week ending May 22, 2012

Last weeks most interesting real estate stories from a variety of sources:

• FHA may relax condo rules soon
• Does Celebrity Influence Price?
  Do stars’ homes fetch more money and more avid buyers?
• The REALTOR Rally and the Desperate Need For A New Political Action Paradigm
  Interesting insights on the recent Realtor Rally for the American Dream, by Rob Hahn
• Realtor Code of Ethics Video Series: Chapter 1
• Funny Real Estate, Where To Begin? via AgencyLogic PowerSites
  Real estate you can laugh at.
• Couple discovers the home they just bought is the wrong address
• Housing: The Return of Multiple Offers

All my curated real estate links are archived at http://delicious.com/joespake/realestate

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Interesting real estate links for week ending May 15, 2012

Last weeks most interesting real estate stories from a variety of sources:

• Obama Calls for Changes to Make Refinancing Easier
• House panel considers HUD subpoena over wasteful spending
• Consumer sentiment marks post-recession high
• How Low Will Mortgage Rates Go?
• Market Value - Memphis Daily News
  The Memphis housing market
• April, 2012 Memphis are real estate sales show solid increase over 2011.
• Flood Insurance: Don’t Give Lenders One More Reason to Say ‘No’
• Piano Man Billy Joel Movin’ Out of His Miami Manse?log=out
• Moms Share Their Advice for Real Estate
• American property: The great realtor rip-off | The Economist
  Interesting point of view on Realtor compensation, compared to agents in England.

All my curated real estate links are archived at http://delicious.com/joespake/realestate

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Is it too early to call it a trend in Memphis Real Estate?

April, 2012 Home Sales - Memphis Area

Memphis real estate is on an upward trend, right?  Well, if you use number of units sold as  your as a measure, things are looking pretty rosy, with  a 15.3% increase in sales  4/12 over 4/11 and a 19.7% increase Year-to-date.

The good sign here, at least for the month of April, is that median prices showed a 13.7% increase, and average prices increased 11.6% over 2011. In my opinion, median prices are all tied in with inventory - if there are more inexpensive houses on the market being sold, it will skew the prices downward; less cheap houses - median prices rise.  Remember that about a third of the residences sold in this area are sold for below $50,000.

Are we out of the woods yet?

This bar graph below shows monthly sales over the past 3 years (2009-red, 2010-green, 2012-blue).  Let’s face it, 2011 was a dismal year. And we are straggling behind 2009 in unit sales.

However, a couple more positive months, and this stalwart bear will be morphing into a guardedly cautious bull.  We all want to know that values are trending up, and we all want to know what these types of stats have to do with us, and our particular situations.   I can’t end this post without saying that All Real Estate Is Micro-Local.  Consult an agent that specializes in your neighborhood and knows what’s happening right there.

Mortgage rates are still great if you are considering a purchase or re-finance.  I would like to write about some of the re-fi programs for underwater owners, but I will leave that to the experts.  There are programs available.  Contact me, and I can get you in touch with the experts.

The stats in this post are provided by the Memphis Area Association of Realtors.  Click here to download  the full report.

Original Article

March 2012 real estate sales - Memphis area

The Memphis Area Association of Realtors (MAAR) has published its two versions of March, 2012 residential sales statistics.

Take your pick

The Report Based on Recorded Deeds

MAAR usually publishes a report based on recorded deeds in Shelby, Tipton, and Fayette Counties (Tennessee) early in the month following the reporting period.

Wow, this report  shows a 21.4 YTD increase in unit sales and a 19.8% increase  Y-O-Y for March. Median and average prices are still trending downward.  That variation between average and median indicates there are still a lot of lower priced properties being sold.  Download the full report for a detailed breakdown of sales info.

The Report Based on MLS Data

Later in the month, MAAR publishes sales data for the prior month from the Multiple Listing Service, which reflects sales from areas  within the 3 county area, but also sales from other parts of west Tennessee,  eastern Arkansas and north Mississippi that MLS members are involved in.  So we are not really comparing apples to apples in these 2 reports.

The MLS report shows a more modest 8.2% sales increase Y-O-Y for March and a 14.9% YTD increase, based on units.  Average and median prices are still in a downward trend for the year, with prices significantly different from the report above. Median price for march could have been skewed by a larger number of high-priced sales or a lowered number of  reported low-priced sales.  I like to track the YTD numbers- monthly can be a bit fickle.  Download the  full report  for much more detailed information.

And there’s another player in the real estate sales numbers game

Daily News/Chandler Reports monthly sales report  is drawn from a totally different data set and has consistently provided residential sales information for many years.   Their headline for the March report read:  Home sales up 18%! - reporting sales unit numbers fairly close to MAAR’s first (recorded deeds based) report, yet with enough variation to warrant some attention.

So what is the consumer, homeowner, real estate agent to make of all of this?  Well it all depends on the data being crunched, and obviously there are at least 3 sets of data out there.  So remember what I say in this post just about every month:

ALL REAL ESTATE IS MICRO-LOCAL

Consult a professional who knows YOUR community.

Original Article

Memphis real estate sales for February, 2012 - Interesting indeed

Unit sales up

The Memphis real estate community is crowing about the sales increases thus far this year.  February’s sales report furnished by the Memphis Area Association of Realtors, and based on recorded sales in Shelby, Fayette, and Tipton Counties, showed a significant increase in units sold vs. 2011 sales.

February sales were up 31.6% over last year, and year-to-date 22.2% higher.  Great news, as far as units go.  I expect this trend to hold up for a while as buyers are feeling better about the world in general.  But there is more to the real estate market than the number of houses sold.  February saw declines in median and average sale prices.  This has been a trend for a while, average prices are down more than 10% YTD.

Foreclosures

We got a reprieve from foreclosures during much of 2011, as the banks tried to clean up the foreclosure scandals, and to control the amount  bank-owned inventory hitting the market.  Things have changed this year.

That’s right.  YTD foreclosures up 53.9% from 2011.

Memphis real estate sales report - other features

Download the full report for information on neighborhood sales and changes in sale prices.

Note that the inventory continues to drop.  This is due to a number of factors:  seasonal slowdown, sellers keeping their houses off the market until prices trend upward, REO inventory being bought up by investors, etc.   Based on supply and demand, one would think inventories this low would trigger some sort of seller’s market resulting in higher sales prices; but that doesn’t seem to be happening.

It should be interesting to see how the “busy season” (May-August) shakes out this year.   Remember, all real estate is micro-local.  If you read about national trends, and then about local trends, things can get confusing, even for real estate professionals.  So remember to concentrate on the micro-local: neighborhoods.

Please feel free to contact me if have questions about local real estate, or if you are interested in purchasing or selling a home or condo.

Full Report from MAAR

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1244 Dearing - Home for sale in Colonial Acres

Colonial Acres

If you are looking for a solid 1950s vintage home, in a safe and friendly neighborhood at a very affordable price, you should explore the Colonial Acres neighborhood.  Located south of Park avenue between Cherry and Mt. Moriah, Colonial Acres is convenient to all of East Memphis, Midtown, Downtown, I-240 and just about everything else in the area.  And I can’t think of anywhere else in the area  that you can get a nice starter home with a big yard and this kind of convenience at prices that are unbelievable compared to other neighborhoods.  There will always be the die-hard Midtowners who get nervous as the head east across East Parkway, but don’t miss out on the value of Colonial Acres. Here’s a case in point:

1244 Dearing Road - $89,900 - 2 Bedrooms - 1 Bath

More information at http://1244dearing.com
or contact me directly at 901-214-5563 for a showing and financing information.

OPEN SUNDAY 3/11 - 2-4 PM
Come by and see this home in person!

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Interesting real estate links for week ending March 6, 2012

• REO rental program to capture 20% of foreclosure pipeline
• Foreclosures 2005-2011
• Don’t Confuse “Value” with “Sellability”
  Your home’s “value” may not relate to what you can sell it for.
• Another Fatality Of The Housing Bust– Mansions In The Middle Of Nowhere
• Bernanke says lack of down payment, job concerns hurt housing
• BofA Accused of Discriminating Against Disabled Borrowers

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