The real estate market has had some difficulties lately. The housing crash has lowered home values by one-third, and foreclosures and delinquencies remain higher than normal. Additionally, the number of homes sold in Memphis, mirroring most parts of the nation, is down from last year.Problems in the industry have created unique opportunities for investors and homebuyers. Interest rates are at all-time lows, and bargains at foreclosure auctions and short sales are plentiful. The only time in United States history rates have come close to being so low was during the time just after World War II. The boomer generation caused unprecedented housing demand that led to huge increases in home prices and rate increases, a sharp contrast to today's reality.
While average sales prices are low, the number of homes in Memphis to choose from is growing, and they are remaining on the market for longer periods. This is more good news for buyers-in areas like Germantown, Arlington, and Lakeland, inventory is plentiful and sellers motivated.
Incomes have fallen, but nationwide those decreases are nowhere near the declines in housing prices. Combinations of extensive inventory, lowered home prices, and extremely low-interest rates makes buying home in Memphis more affordable than ever.
In the Memphis area, The Carstensen Team is ready to help, whether you need to buy or sell. Please visit us at www.justlistedhousesinmemphis.com for more information.