Memphis Real Estate Podcast with Melissa Thompson

Contact The Melissa Thompson Team at 901-729-9526 or [email protected] to start the search for your new home! 

Contact The Melissa Thompson Team at 901-729-9526 or [email protected] to start the search for your new home!

Some Highlights:

Contact The Melissa Thompson Team at 901-729-9526 or [email protected] to find your new home!

Some Highlights:For Sale By Owner (FSBO) is the process of selling real estate without the representation of a real estate broker or real estate agent.According to the National Association of Realtors’ Profile of Home Buyers & Sellers, 36% of homeowners who decided to FSBO last year did so to avoid paying a commission or fee. But, homes sold with an agent net 6% more than those sold as a FSBO according to Collateral Analytics!Before you decide to take on the challenges of selling your house on your own, let’s get together to discuss the advantages of having an agent on your side. Wondering how much your home is worth$$ Contact The Melissa Thompson Team 901-729-9526 or [email protected] to find out!  By: KCM Crew

In this extremely hot real estate market, some homeowners might consider selling their homes on their own which is known as a For Sale by Owner (FSBO). They rationalize that they don’t need a real estate agent and believe that they can save the fee for the services a real estate agent offers.However, a study by Collateral Analytics reveals that FSBOs don’t actually save anything, and in some cases may be costing themselves more, by not listing with an agent.In the study, they analyzed home sales in a variety of markets. The data showed that:“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.” (emphasis added)Why would FSBOs net less money than if they had used an agent?The study makes several suggestions:“There could be systematic bias on the buyer side as well. FSBO sales might attract more strategic buyers than MLS sales, particularly buyers who rationalize lower-priced bids with the logic that the seller is “saving” a traditional commission. Such buyers might specifically search for and target sellers who are not getting representational assistance from agents.” In other words, ‘bargain lookers’ might shop FSBOs more often.“Experienced agents are experts at ‘staging’ homes for sale” which could bring more money for the home.“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.” If more buyers see a home, the greater the chances are that there could be a bidding war for the property.Conclusions from the study:1. FSBOs achieve prices significantly lower than those from similar properties sold by Realtors using the MLS.2. The data suggests the average price was near 6% lower for FSBO sales of similar properties.Bottom LineAs Dave Ramsey, America’s trusted voice on money, explains:“Research has shown that, between mistakes, lack of negotiating skills, pricing errors and general exposure on the market, you’ll cost yourself more than the real estate commission…You’ll come out slightly better and with a lot less hassle if you use a top-shelf agent.”If you are ready to sell your home, let professional Realtor Melissa Thompson assist you. Give her a call at 901-729-9526 today! By: KCM Crew

Starry Nights is the largest holiday light show and festival in the Mid-South.  It's also the longest running celebration at Shelby Farms Park. The magic of the holidays is brought to life through the drive-through display of twinkling holiday light displays, cozy campfires and visits with Santa.  Each year, over 100,000 visitors cruise through the lights of Starry Nights making it an annual tradition for families.  Now in its 9th consecutive year, Starry Nights is the Conservancy’s largest fundraiser.  Since 2009, Starry Nights has been enjoyed by more than 900,000 visitors!WHAT ARE THE DATES AND TIMES? Open nightly through December 29, including Christmas Eve and Christmas Day Sunday - Thursday: 6pm-9pm | Friday + Saturday | 6pm-10pm HOW MUCH ARE TICKETS? $20 per car | $15 for Park Members $50 per large van and limo $150 per charter bus or school bus   WHERE CAN I GET TICKETS? 1. Save time in line and pre-purchase your tickets at the Lake’s Edge Gift Shop. 2. Purchase tickets in advance at ticketmaster.com. 3. Tickets available at the ticket booth the night of the show. WHERE DO I ENTER THE PARK? If you have pre-purchased your tickets, enter through Gate 10 off of Mullins Station Road. If you need to purchase tickets, enter through the Main Gate off Farm Road. WHEN ARE THE DISCOUNTED THEME NIGHTS? Participants receive a $5 discount per car on tickets purchased at the gate. November 30: Tacky Holiday Sweater Night December 7: Decorate Your Car + Park Member Night + Movie Night December 14: Scout Night WHAT ABOUT THE OTHER SPECIAL NIGHTS? December 4: Run, Walk, Bike Night (closed to cars) | $5 per person Parking will be located at the First Tennessee Foundation Visitor Center. Hyde Lake Wheel House will be open for bike rentals!    Free Starry Yoga at 7:15pmDecember 8: Trivia Hike 7pm + 8pm - Take a hike around Hyde Lake and answer holiday trivia questions to win a prize!  Meet at the front desk in the First Tennessee Foundation Visitor Center. December 11: Walkin’ + Woofin’ Night (closed to cars) | $5 per person Sponsored by Memphis Veterinary Specialists Hyde Lake Wheel House will be open for bike rentals! Free Starry Yoga at 7:15December 15: Nocturnal Nature Hike 7pm + 8pm - Enjoy a hike through Heart of the Park and learn about nocturnal animals in the Park. Meet at the front desk in the First Tennessee Foundation Visitor Center. December 22: Holiday Story Hike 7pm + 8pm - Enjoy a walk through Heart of the Park while enjoying a holiday story. Meet at the front desk in the First Tennessee Foundation Visitor Center. December 29: Mystery Hike 7pm + 8pm - Someone has eaten Santa's cookies.  Use clues from your guide to determine who did it.  Was it Mrs. Claus, Rudolph, Santa's Elves or Frosty the Snowman? Meet at the front desk in the First Tennessee Foundation Visitor Center.  Download a Starry Nights calendar here. By and photo credit: http://www.shelbyfarmspark.org/starry-nights View our Video Blog

Recently, Freddie Mac reported on the benefits of homeownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.”Homeownership can help you build equity over time.Your monthly payments will remain stable.You may have some tax benefits.You can take pride in ownership.Homeownership improves your community.Let’s expand on each of Freddie Mac’s points: Homeownership can help you build equity over time.Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).In a Forbes article, the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun reported that now the net worth gap is 45 times greater. Your monthly payments will remain stable.When you purchase a home with a fixed rate mortgage, the majority of the payment (principle and interest) remain constant. On the other hand, rents continue to skyrocket. Your housing expense is much more stable if you own instead of rent. You may have some tax benefits.According to the Tax Policy Center’s Briefing Book -“A citizen’s guide to the fascinating (though often complex) elements of the federal Tax System” – there are several tax advantages to homeownership.Here are four items from the Briefing Book:Mortgage Interest DeductionProperty Tax DeductionImputed RentProfits from Home SaleYou can take pride in ownership.Most surveys show that a major factor in purchasing a home is the freedom you have to design the home the way you want. From paint colors to yard accessories, you don’t need a landlord’s permission to make the house feel like a home. Homeownership improves your community.The National Association of Realtors recently released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study explained:“Homeownership does create social capital and provide residents with a platform from which to connect and interact with neighbors…Owning a home means owning part of a neighborhood, and a homeowner’s feelings of commitment to the home can arouse feelings of commitment to the neighborhood, which, in turn, can produce interactions with neighbors.” Bottom LineThere are many benefits to homeownership. That is why it is still a critical piece of the American Dream. Contact your local expert’s at The Melissa Thompson Team 901-729-9526 for all your home buying needs.  By: KCM Crew

As a first-time homebuyer, there is a lot you don’t know. Here are three things you should be aware of beforehand. Get a FREE Home Value ReportSearch Homes If you or someone you know is considering buying a home for the first time, there are a few things you need to be aware of. Here are our top three tips to protect first-time homebuyers: 1. Know what you can afford. This doesn’t just include your mortgage payment. You need to make sure you can afford that in addition to property taxes, utilities, and various other maintenance fees. Home values have been increasing year by year in Memphis. 2. Choose your lender wisely. Online lenders aren’t always the best option, even if they advertise the lowest rate. You should really get a recommendation from a Realtor or some other person you trust. Local lenders tend to work best in terms of being able to close on time. 3. Don’t overlook the details. Purchase contracts have a lot of them. Take your time to read through it carefully and don’t hesitate to ask your Realtor any questions you have. These are just three tips for successfully buying a home for the first time. If you would like some more tips or just have a question, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

The numbers are trending upward in our Memphis market compared to where we were last year. Get a FREE Home Value ReportSearch Homes How do the numbers from our current market compare to where we were at this time last year? The number of units sold has risen 9% from 1,625 to 1,771, which is good. Home values have been increasing year by year in the Memphis area as a whole, and the median sale price is up to $165,000. The number of home sales above $500,000 has increased 32%. Home values have been increasing year by year in Memphis. On a related note, I’d like to remind you that we’re donating the commission of our 100th home sale to a local charity, and you have the opportunity to vote on this website for who wins. The candidates are HopeWorks, Youth Villages, and the Bartlett Animal Shelter.  If you have any questions about our market, you’d like to know what your home is worth, or you’re thinking about buying or selling a home, feel free to reach out to me. I’d be happy to assist you.

Homes for sale on the market receiving multiple offers have become more common here in the Memphis. So how can you make your offer stand out? Get a FREE Home Value ReportSearch Homes If you're looking to buy a home here in Memphis, you might have to compete against other offers for a home you like.  For starters, remember that no other buyers know what the offers are, so you don't have to worry about your offer being revealed. However, you can do a few things to make your offer better. First, put down as much earnest money as possible. This speaks volumes to the seller about your interest level in the home and that you can follow through with the loan process. Putting down a small amount means you don't have any skin in the game, and the seller might not see your offer as worth it at that point.  Secondly, show the seller that you are qualified for a home loan. Get fully pre-approved for a loan instead of just getting pre-qualified, which carries less weight. An offer with a pre-approval is akin to a cash offer for a seller. Show the seller that you are qualified for a home loan. You can also give the seller extra time to move. Call the listing agent and ask them what's important to their seller, because it's not always all about money. For example, I recently worked with a seller who needed to rent the house back for a couple months after closing because they have a handicapped child. There are many situations going on in people's lives, and accommodating them can help you win the home. Finally, add a personal touch by writing a letter telling the seller why you love the home. Also be aware of what you're willing to pay for the home. If you have any questions about multiple offer situations when buying a home, give us a call or send us an email soon. We'd be more than happy to help!