As the leading real estate agency for the Mid-South, Marx-Bensdorf, REALTORS is constantly keeping a pulse on the area’s market. By identifying trends and opportunities for our clients, we can identify up-and-coming neighborhoods, wise investments, and properties with potential.
To keep our clients aware of the latest real estate changes, including new properties, price changes, average prices, and more, we encourage clients to sign up for our Market Snapshot tool.
With the tool, you can investigate areas of town where you are interested in buying a property, or you can keep tabs on your current home, noting areas of change and how you can improve your home’s value.
While this tool is a great indicator of local statistics, your Marx-Bensdorf agent is your best resource to identify opportunities and pitfalls for your next real estate transaction. With a personalized approach to each client, we can help you plan the best time to sell a property, or when there is a great home on the market for you.
Here are a five trends we are noticing in the Mid-South area for fall 2017:
1. Invest in a Top-Dollar Home
The Mid-South area is home to some of the most gorgeous, stately homes that exude Southern charm, elegance, and, most importantly, comfort.
Lately, we have been noticed that some large, higher-end homes have been on the market longer than usual. What does this tell us about the market? It signals a few things:
- People who want a deal and, may be hesitant to jump at a top-dollar home that has not been on the market long
- When a home becomes stagnant on the market, the seller may be more flexible so you can get a great deal
- Or, a home which has been on the market for a long time may indicate that a home has limited market appeal or the seller may be fixed on a higher than acceptable price
With the help of your agent, you can look at homes that may have gone off the radar for a bit because of their duration on the market. Your agent can research homes of interest to you by talking, agent to agent, with the listing agent.
Keep in mind that neither you nor your agent can know in advance how a seller will receive an offer. But, if you like a home, don’t risk missing out on it because you assume the price you are willing to pay will not be acceptable to the seller. The truth is, no one knows how a seller will respond to a particular offer until the seller sees that offer in writing.
2. Be Willing to Renovate
For buyers, the willingness to renovate can mean a speedy increase in market value after the purchase. If you are searching for a home in a certain area, but cannot find anything that suits your tastes, start building in a budget for home renovations.
Your agent can help you find a home that fits your basic needs – in your desired area, with a sound structure, and within a reasonable budget which will allow for your desired renovations – and then can assist in recommending contractors and designers to help you through the process.
In contrast, if you are selling your home and learn that your home is not of the same value of homes around you, renovations can increase home prices drastically. Updating bathrooms, remodeling kitchens, adding outdoor living space and landscaping, or adding on extra storage are all ways you can increase your home’s value with items most home shoppers want.
Buyers today most frequently want updated, clean, stylish homes that are 100% move-in ready. Homes with dated decor will take longer to sell and sell at lower prices.
3. Follow the Economy
In the Mid-South area, we are seeing a resurgence of home prices and interest in neighborhoods close to Memphis’ city center.
Thanks to business growth in the downtown and east Memphis business areas, there is a greater demand for homes in nearby residential neighborhoods. Home buyers often want to live near their workplaces. Less commuting time makes for more enjoyable balance between work and leisure. Also, the increased number of cultural and entertainment venues, restaurants, and bars in downtown, midtown, and East Memphis have generated increased demand for homes.
And, buyers are wanting a broader array of home types. The stronger economy has spurred growth in the building of condos and homes, in immediate vicinity and nearby areas. The national and international media attention on home design has affected buyer tastes and purchases.
As the Memphis area continues to grow, we see how investing in properties close to the city can benefit owners in the years to come. For now, Memphis is still viewed as having a relatively low cost of living; by investing now, you could end up with a home that isn’t just in a great location, but also is in high demand in the future.
4. Take Note of School Zones
Since we are in back-to-school mode in the Mid-South, we are reminded of how important it is for families to live in preferred school districts.
Even if you are not a parent, if your children are grown, or if you want to send your child to a private school, the value of living in a desirable school district will increase your ability to sell later.
Many families want to send their children to the public schools so housing demand is great in areas with highly regarded public schools. Take this into consideration when you are looking to buy a home. It will be helpful when you sell. You and your agent will find buyers especially attracted to your home if the public schools are desired!
The presence of one or more private schools may also have a positive impact on the desirability of certain neighborhoods. The impact may not be as universal as with public schools, but it may be worth considering.
5. Timing is Everything
Depending on the type of home you are looking to buy or sell, timing can make all the difference. So as not to disrupt a child’s school year, parents often plan to make moves during the summer months. In order to accommodate these schedules, some employers also coordinate the relocation of their employees during summer months. Consequently, in some areas, there may be more listings in spring and early summer. And the home sales may occur in greater volumes in those areas during this time frame.
Timing can be tricky, especially since the Memphis real estate market, as a whole, is moving pretty quickly. With the help of an agent, you can get inside tips on buying – when to see the home, what to offer, when to act – and selling – what appropriate offers look like, what makes sense, and what you can do to sell faster.
Having an experienced Realtor on your side can make all the difference in the market, since we understand the various aspects of a transaction and can help adjust timing to your advantage.
Staying Ahead of Real Estate News in Memphis
With so much happening in our lives and in the world today, it can be tough to keep up. With Marx-Bensdorf, REALTORS in your corner, you can stay updated on the latest real estate trends, including when to buy or sell your home, what areas will be the best fit for you, and how investing in certain properties can increase your future return on investment.
As we have seen an increased demand in home buyers and higher prices from home sellers, we want to help each side navigate the process. There has never been a better time to take advantage of the Mid-South’s real estate, and we are here to make it even easier for you.
Give us a call today to learn more about the trends that could impact your home search and/or your home’s selling potential. Also, sign up for our Market Snapshot tool today to start exploring!