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If you are looking to sell your home in Memphis, this could be the perfect year to do so. Real estate in Memphis is booming with buyers looking to purchase their next home. We’re two months into the new year, so ponder this question as we enter 2020’s peak moving season - why is it a great year to buy or sell in Memphis? Read on to find out.
You have possibly heard the terms “buyer’s market” and “seller’s market,” but what do they mean? If you are interested in purchasing or listing a home in Memphis, you need to understand these terms because they can impact the entire process.
The real estate market is referred to as a buyer’s market when the supply of homes for sale is greater than the demand for potential homebuyers. A buyer’s market comes with a multitude of benefits for those looking to purchase their next home, including:
A seller’s market occurs when there are more potential buyers than there are homes for sale. A seller’s market can be difficult for homebuyers to navigate without the guidance of a REALTOR, considering that many homes will receive multiple offers in a short period of time. On the other hand, homeowners listing their houses are more likely to sell their homes quickly at a higher price during a seller’s market.
Many cities experience both buyer’s and seller’s markets at different times of the year throughout different neighborhoods. Whether you are buying or selling a home, you need to know and understand the real estate trends currently happening in your city.
In its current state, Memphis is experiencing a seller’s real estate market. Many homes are on the market for just a handful of weeks - or even less! Some homes are receiving multiple offers within 24 hours of listing. Because of this high demand, many sellers are able to ask for (and get!) a higher price for their home and sell it quickly.
Over the past few years, Memphis has become one of the most popular areas of the Mid-South for young professionals and families alike. In fact, Realtor.com recently named Memphis in its list of the country’s Top 10 Real Estate Markets. As a city with great opportunities in a variety of areas, now is the best time to buy or sell your home in Memphis.
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If you are looking to move to a city where you have the opportunity to work for nationally-recognized corporations or locally-owned businesses, Memphis is the place for you. Memphis continues to be a market in which business owners, entrepreneurs, and young professionals alike find new opportunities. From accounting firms to non-profit organizations, Memphis has it all. A few of the recognized headquarters located in Memphis that employ thousands of Memphians include:
Many presume that living in a city comes with a higher cost of living. However, Memphis happens to be among one of the few cities in the U.S. with a low cost of living that is even lower than the national average. This includes housing, entertainment, and other necessary areas of spending. In 2020, these trends are predicted to continue, giving you the opportunity to live the lifestyle you want without outrageous living expenses found in other areas of the country.
With many surrounding neighborhoods and small towns, Memphis is an incredible place for young adults to start or raise their families. There are also a multitude of ways for children to stay involved in the community including recreational activities, educational museums, volunteer opportunities, and more.
Not only does Memphis offer fun activities for the entire family, but it also offers great schools for children to attend. Overall, Memphis has continued to be a wonderful place for families to thrive. A few great areas in Memphis to raise a family are:
Selling your home can be an overwhelming process if you are not familiar with the intricacies of the local market or if you’re unaware of the rules and regulations of the real estate industry. Consider working alongside a REALTOR to help with the process of buying or selling your home to make the transition as easy as possible. A few reasons to work with a real estate agent in Memphis are:
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With a variety of benefits and potential opportunities, we predict the Memphis real estate market to continue booming in 2020. If you are looking to buy or sell a home in Memphis, contact us or one of our professional agents today to get started.