Extreme Makeover

Yesterday I blogged about how downtown Memphis real estate is on the rise and today there are two articles in the Commercial Appeal that echo what I was stating. First and most specific to downtown Memphis real estate is the new "Extreme Makeover" of the old U.S. Customs House, Court House and Post Office on Front Street. It is currently undergoing a $42 million makeover, again a $42 million makeover. Quite impressive. Add to this that the Center City Commission website www.downtownmemphis.com is stating "$3 billion and change" invested in current downtown Memphis real estate developments and city improvements. In my eyes, downtown Memphis will never revert back to the vacant Memphis of years past, thus the urgency to invest your money and even lifestyle in downtown Memphis. Currently our real estate is very affordable, downtown Memphis is very easy to get around-in fact we have zero traffic congestion and we're only moving up in value. The second article, "Memphis awaiting housing upswing" compares us nationally. On a national level September 2008 housing sales increased by 5.5% locally we were down by 3.1%. This is a very marginal percentage to be down in our whole market. Like I stated yesterday, downtown Memphis real estate average sales prices are up 6.9%.

My suggestion is get buying why the buying is good. This is still both a buyers and sellers market but as a buyer you have more of an advantage, for the moment! Mortgage rates are low and not difficult to get (regardless of what the national media states), inventory is fruitful and prices are still low. Some sellers are even willing to contribute to your closing cost and open to price negotiations. If your on the fence of to buy or not to buy, weigh your options and if buying is right for you than now is probably the best time to do so. If not, then continue renting, there's nothing wrong with that! What you need for sure either way is a trusted real estate advisor and I certainly can be that person to you.

If you are interested in exploring your options, call or email me anytime. I welcome the opportunity to assist you.

Jason