The Memphis Real Estate Market

The Jason Gaia Team strives to keep in touch with the market and understand the current market values.  We will conduct a thorough market analysis to provide information for an educated decision.  Below is an excerpt from the new consumer awareness campaign started by the Memphis Area Association of Realtors. 

Each market is different. What’s happening in Miami, Manhattan, Minneapolis or Malibu can be worlds away from the current conditions in Memphis. That’s why we the Memphis Area Association of Realtors developed this campaign – to arm you with the facts you need to make educated home-buying and selling decisions here in the Mid-South.

Why is it a great time to buy in Memphis?

• Interest rates are at historic lows – making home buying even more affordable for more individuals.
• Housing inventories are up, giving buyers abundant choices and expanded negotiation leverage.
• At the same time, Memphis is one of the most stable real estate markets in terms of home appreciation values – steady increases versus wide swings

**Memphis Area Association of Realtors and Hop Off the Fence

Comments

[David Umsted]

In my opinion, now is a great time to buy a home. With the current interest rate environment, you could save thousands of dollar's over the life of your loan.
Here's a scenario:
If you buy a $200,000 house and put down 20% on a 30 year mortgage, let's say the current interest rate is at 6.25%, well below the historical average. The P&I payment on that loan is $985 per month. Now, let's look at the same loan and the same house using a historical average interest rate of around 8.5%- Now your payment is $1230 per month, a $245 difference per month for the same exact house all because of financing. If you have the loan for a 30 year period, your savings is $88,200 between the two scenarios.
I would say that the interest rate you have on your mortgage is just as important as appreciation in the market. Couple this with the buying opportunities that are currently present and a stable Memphis market and I think you have a very attractive economic environment to warrant purchasing a home.