Trulia’s Q1 2011 Rent vs. Buy Index provides guidance to help you make a smart decision on whether it is better to rent or buy in each of America’s 50 largest cities by population.

Interesting and valuable analysis of what’s happening in the U.S. housing market.  Just click the link above for lots of interactive possibilities.

Screen capture only, click image or link for interactive maps

Joe Spake is a Memphis, Tennessee based Consultant, Real Estate Broker, and Blogger. Call 901.214.5563 for a consultation or click to make a social connection.
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Residential sales units were up 8.1% for November , 2009, compared to 2008 for a total of 1147 sales as reported by the Memphis Area Association of Realtors Home Sales Report.  Year to date sales remain significantly below (-13.7%)  2008 numbers.  It will take a couple of months for the spike,  caused by first time buyers rushing to take advantage of the $8500 tax credit, before it was renewed and expanded, to shake out.  I think we are still looking at some rough times, ahead, especially since the new tax credit plan expires in less than 100 days.

Also in the news today, FHA raised prepaid mortgage insurance rates by 0.5%, increasing closing costs on a $100,000 house by $500.  This could impact the numbers of potential FHA buyers struggling to pull together the last few dimes to get to the closing table.

View the entire November sales report HERE

Some things to pay attention to in the real estate market for the next few months:

1.  The Micro Markets – some areas and neighborhoods and price points are thriving.  Some are languishing.

2. Real estate companies are changing the way they do business.  Watch for changes in company advertising focus and watch for small “unknown” companies gaining more credibility, exposure and market share.  Some of the area’s well known companies are realizing it’s no longer “business as usual” and are beginning to react.  Should be fun to watch.

3.  Price reductions.  I don’t care what the Zillow zestimate says.  Sure, check the national sites, Zillow, Trulia, Roost, etc., but they are basically computers.  Things look a little different IRL.

4.  The Government -   FHA insurance rate hikes, more red tape for mortgage companies, and the fallout from the expiration of the Tax Credit for first time and repeat buyers.

Stay Tuned.

What do you think about the real estate market?  I would really like to hear what’s going on in your neighborhood, and how you are feeling about the near term future of Memphis area real estate.

Joe Spake is a Memphis, Tennessee based Consultant, Real Estate Broker, and Blogger. Call 901.214.5563 for a consultation or click to make a social connection.
If you enjoy this blog, please subscribe to the RSS Feed. 

If you use Google+, I have just started a brand new business page. Visit it HERE.

Memphis in-city home sale prices are showing an upward trend, according to national real estate site, Zillow.

It seems that we are barraged with so much real estate data and opinion these days, that it is hard to decipher what is really happening in our micro-market.  Here is data for the in-city areas:  Downtown, Midtown, and East Memphis, as well as the Memphis line.  The in-city properties are on an upward trend.  That may not be true for other micro markets in the area, but thing are starting to look better in my market specialty areas.l

2009 Median Sales Prices for  Memphis, Midtown, Downtown and East Memphis

2009 Median Price $/square foot – for Memphis, Midtown, Downtown and East Memphis

By the Way, Check the countdown clock in the right sidebar. Time is running out for the $8000 tax credit. Remember you have to be closed on a home before December 1, 2009 to be eligible. Will the credit be extended, as the current buzz is saying? Who knows? Do you really want to gamble on losing an $8000 windfall?

Joe Spake is a Memphis, Tennessee based Consultant, Real Estate Broker, and Blogger. Call 901.214.5563 for a consultation or click to make a social connection.
If you enjoy this blog, please subscribe to the RSS Feed. 

If you use Google+, I have just started a brand new business page. Visit it HERE.