Memphis Market

This past Friday our Office Administrator sent out the August 2009 with 2008 comparisons of the Memphis real estae market The one thing I noticed was tha overall the market is still down, even from 2008, but that prices in the market are a little higher in 2009 than in 2008. That shows some improvement.

I'm not sure the impact that the Housing Stimulus, called the First Time Homebuyers Tax Credit, is having on the local market right now. I think prices are up but we weren't seeing in August much of an increase in the number of individuals who are purchasing. So I'm wondering what has been going on in the August market. I'm thinking I'm probably going to find out in the coming month.

But on a good note, our office is seeing increased numbers over last year. In September 2008 we had 119 sales and in September 2009 we had 145. That is an 18% increase which shows that in East Memphis (where our office is located) something good is happening. Also we have been tracking the number of appointments that our wonderful Appointment Center process each week. Those numbers are up as well. So we are seeing an improved market at Crye-Leike Quail Hollow, it just seems right now that we aren't seeing it over the entire market.

Make sure you follow the link at www.REALTORS.org and contact your Federal Elected Officials and let them know we need to have another year of the $8000 like it is this year. I got an e-mail from Sen. Robert Corker (R-TN) the other day and he is supporting the initiative and I know that our Congressman from Memphis, Rep. Steve (a really good guy) Cohen, (D-TN) is also supporting extending the tax credit.

And don't forget that in reality we have only about 9 DAYS LEFT for a Purchase Contract to go through underwriting, appraisal, and get to the closing table by November 30. Your transaction turns into a pumpkin on December 1!