Dana Couch-Davis

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!

There was an interesting article in the Memphis Commercial Appeal. In this article, it stated that of the 12 Federal Reserve Regions, 11 of them were beginning to show a robust return to business as usual. The one region not reporting this wonderful and good news was the St. Louis Federal Reserve Bank.

An interesting historical footnote to this post. Memphis is the bankruptcy capital of the U.S. In fact, it was U.S. Congressman Walter Chandler (a future Mayor of Memphis) who initially introduced bankruptcy creation legilation. Mr. Chandler was succeed years later by his adopted son, Wyeth, who would serve many years and go on to be a Circuit Court Judge until his death.

But with the first paragraphy in mind there are lots of foreclosures, bank sales, and short sales to be had in Memphis, They are very difficult but they are there. Well while the St. Louis region of the Feds is not rebounding, the real estate market in Memphis is beginning to rebound. Pending sales are up at 8% and listings are down 3 %. That is good The inventory is shrinking and sales are growing.

So the ST. Louis FEd Reserve may be having problems, we we in this ae dan't yet.!

Dna

There was an interesting article that I've just read regarding Lenders and Fannie Mae Policies. Apparently in a local situation (like may be declining market or something else) the lender can ask for certain waivers on policies of Fannie Mae to adjust to th elocal market. In fact, they are so anxious for REALTORS to understand the policies they them online for us at eFannieMae.com. Isn't that just darn sweet of them.

What Fannie Mae says apparently that many times they are the scapegoat for the policies of the Lender and not necessarily Fannie Mae. One of the more heartening things to read about in this article is that it states that when you file an exception to a Fannie Mae rule (which can be done online) that what happens is that it is reviewed and a decision is made typically within 24 hours (not bad for government work). But they say many times the boon doggles that we get mired in are not anything to do with Fannie Mae but with the policies at the Lender.

So when you are tyring to get an exception to a Fannie Mae rule find out whether or not it can't be done because of Lender rules or is it a Fannie Mae block. If it is a Fannie Mae block request an exception (you'll probably get it since it is based on local info) and if it is the lender's policies or the lender refuses to do the right thing and apply for the exception, then find another lender.

Most of the lenders I have spoken with tell me that they would understand the situation and it gives them an ample point as to why there needs to be more flexibility in their rules.

Good Luck!

Dana

Okay folks, time to return to the rain! I am finally settled in Memphis ... the office is organized ... I'm organized ... need to ge the houe in Baltimore sold, but I've given it to an agent in B'more to handle it and I'm all about Memphis!

I have reacquainted myself with several friends from High School ... but one of them has this amazing Dairy Bar in the Bartlett area (Bartlett Boulevard and Stage Rd behind the BP Station). The place is called STINKERBELL'S.

It is wonderful! It's a great place to hangout with clients ... Ira has several places around the building where you can enjoy some ice cream, a corn dog (I love corn dogs), and good company. Ira is a good Sothern lady and her place allows for great Southern hospitality and warm times while enjoying some cool treats.

Check it out! You'll love it ... tell Ira that I sent you!

I'm not usually one for posting about other businesses, but I've decided to share a little information with the folks on the Rain.

I'm a dog lover. A big dog lover! I mean, I have a Yorkshire Terrier who is 13 years old, and two Papillon sisters who just turned 3 years old a few months ago. I really do love having them around ... they are constant.

But that's a different post!

I found this wonderful Veterinary Cinic in DC that is just wonderful. It is call City Paws on 14th St NW at T Street. The ladies who are the Vets at the clinic are wonderful. They are loving towards the animals; they speak to the pets with love; they adorn their individual exam rooms with pictures of themselves with their own pets (and even their spouses); and they make it such a wonderful and gentle environment. When you walk in the front door, you don't have the sterile and medical feel like you get in most Vet offices. It is modern, hip and friendly. The staff is caring and greets the owner and the pet respect and love.

Additionally the vets are wonderful about checking on their patients. They also return phone calls in a prompt manner which I appreciate ... even after hours!

On a second note, I can recommend the Friendship Heights Animal Hospital in the Chevy Chase area for anyone who is needing Emergency Veterinary care. About 8 years ago, I came home to find one of my pets ill on the floor. I scooped him up and we jumped in the car and raced at 9PM to the Emergency Hospital for Pets. We walked in the door and the receptionist saw the gravity of the situation and they took Kiwi from my arms and rushed him back to the Emergency area. After a couple of hours the veterinarian had to inform me that he had suffered an irreversible stroke and his quality of life would never be the same again.

At that point I made the difficult decision to put a 14 year companion down. It was tearful with me crying, the doctor being very compassionate, and the Veterinary Tech also being compassionate. They let me spend a few minutes with Kiwi before the time came during which I was able to thank him for the love, companionship, and everything that he gave me for 14 years. I then left and they did their job.

About an hour later the Vet Tech called me to tell me that everything was done and they helped me make arrangements to have him cremated and he now sits on the mantel in my house!

So if you need emergency animal care, go to Friendship Heights Emergency Animal Hospital. For routine animal care, check out City Paws.