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Memphis, TN Real Estate News

By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
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By Heidi Ross, RESA-PRO, CPRES, Design...Inspire...Sell!
(Heidi Ross Design)
FOR IMMEDIATE RELEASE  Showhomes Franchise Corporation Announces New Franchise Opening in Memphis, Tennessee Nashville, TN (Grassroots Newswire) -- When it comes to franchising opportunities, some may say, "They're a dime a dozen!" Nothing could be farther from the truth. For instance, take a look at the Showhomes Franchise Corporation. In a year that has seen the real estate market fall to one of its lowest points in history, Showhomes continues to beat market conditions and increases revenues. Showhomes, America's largest home staging company with 29 franchises in 19 states, does this by helping home owners sell high-end vacant homes. In 2007, not only did they experience a 45 percent revenue growth over last year, but they continued to open new franchises across the country....
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By David Saks, Broker / Industry Analyst
                                                      I posted this to a blog and I was encouraged by a friend to post this to the community: Many agents are start up agents, new entry, new affiliates, and don't have the financial advantages of our more affluent realtors. It's difficult for them to compete. Even though fuel costs are predicted by some to rise again throughout America, the higher the costs of fuel, including heating, and the higher the cost of nearly everything else wrecks havoc on our financial resources. We must find alternative resources to assist in the sale process, including more vigilant interaction with the internet and telecommunications. Buyer and seller assisted agency, and the communication that proceeds throughout the interaction, is now at a critical point ...
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
Historic Midtown Memphis, Tennessee has a rich architectural heritage. Built mostly in the 1920s, this is a sampling of some Midtown Bungalows
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
I am trying to pull together some Midtown Pictures and take some new ones to show what's special about Midtown Memphis. I was limited to 9 images of the scores of fine homes. I will be doing more fine and historic homes, bungalows, historic Midtown and other 1 minute topics. Here is the first:
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
Cooper-Young Bungalow -Ready for Your Finishing Touches 2160 Nelson Ave., Memphis, TN 38104 View Map This Cooper-Young bungalow is waiting for your personal touches. A structurally and mechanically sound home, this classic needs some updates and TLC for the buyer who wants to be steps away from all the restaurants, shops and fun of Cooper-Young. Currently set up as a duplex, the conversion to the original single-family configuration would be simple. FHA offers rehab loans under the 203K programs (I can provide info.) The plan features 2 bedrooms and 2 baths down with spacious kitchen, living room and dining room. Upstairs has 1 bedroom, 1 bath and a bonus room + a private entrance. Enjoy all the amenities of Cooper-Young with this great value! Call today for an appointment. Details Ask...
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
Central Gardens - Renovated Bungalow 1607 Vance Ave, Memphis, TN 38104 View Map As I rounded the corner and turned onto my street on that evening in 2003, I saw flames. Was it my house on fire? No, the fire equipment was set up in front of my neighbors’ home at 1607 Vance Avenue. The owners immediately set about the process of repairing their home. Lovingly refurbished by professional contractors personally supervised by the owners, the home was ready for move-in in 2004 with new plaster (not drywall) and solid oak floors throughout, all new electric, plumbing and HVAC systems, new roof with solid wood (not plywood) decking; new baths and kitchen with new appliances. All the wood windows in the house open and storm windows have been installed. There is also an extensive alarm and heat/...
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By Jolynna McCune, Affiliate Broker
(Groome & Co. REALTORS)
I read this article on my RISMEDIA feed this morning.  Sometimes we can get so stuck in our lives and unable to move ahead towards better things.  I like this guy's advice and am considering buying the book.  Has anyone read it?        ‘Moving Forward' - 5 Ways to Take the Lead in Your Life, Career By Chris McNamara RISMEDIA, August 2, 2008-(MCT)-Dave Pelzer, an acclaimed author of life-guidance books, demands that readers accept themselves as they are and-as the very bland title reads-move forward. The past should remain there, in the past, if the future is to be enjoyed. Here are five of Pelzer's suggestions on taking the lead in your life and career: 1. Let it go. Too many of us cling to negative events that happened 5, 10, 20 years ago. We paralyze ourselves when we can't simply let...
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
The Memphis Area Association of REALTORS has released the housing sales statistics for June and 2008 year-to-date. There is no significant change from May. Total sales are off 19.4% YTD with the Median Sales Price down 14.3% YTD and Average Sales Price off 12.3%. Homes are staying on the market 10.6% longer than last year. Click here to download the full report. What does this mean? The market has cooled off, even in Memphis. The laws of supply and demand are at work. Will housing prices bounce back? Probably, but it will take some time to get back to the boom levels, and some neighborhoods will do well no matter what. I don't feel that I have enough expertise on new residential construction to comment on that. The first thing I ever learned about investing was "buy low - sell high". We...
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
We Realtors love helping people.  Than "help" usually consists of marketing homes and working with home buyers.  My goal is that my clients and past clients see me as a resource for all their real estate concerns and needs. With the current state of our economy, it is inevitable that some of our clients are probably having some sort of financial problems, maybe even facing foreclosure.  Many folks try to keep their financial difficulties secret, sometimes until it is too late for help. Free mortgage counseling is available through Neighbor Works, by calling the toll free number 888-995-HOPE.  They match clients with local counselors who shoot straight and do everything they can to solve problems.  I notice that the help-you-out-of-your-mortgage-problems scams are on the rise:  people ar...
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By David Saks, Broker / Industry Analyst
                                                 Can't you see it coming? Somebody's pulling the wool over your eyes. Could this attempted government buyout of Freddie Mac and Fannie Mae actually be an attempt by the government to end the privatization of the oversight of mortgage backed securities and merge the two private corporations into one government owned corporation that we call "Ginnie Mae", the Government National Mortgage Association", and thus take control of housing financing? After all, Freddie and Fannie control over 5 trillion dollars worth of 12 trillion dollars of the total U.S. housing financing market. That buyout would give the government control of the industry, a lions share, and some stalwart control over your property and your investments. And just what does Gin...
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
 Mark your Calendars! With the cost of gasoline not showing any signs of a downturn, why not do a staycation in Memphis for the Labor Day weekend? Very few Memphians are aware of the world-class music and cultural festival put on Downtown every year by the Center for Southern Folklore, yet I always meet folks from all over the country and the world who make the Festival part of their travel plans. Come down to Main Street and Peabody Place on August 30 and 31 for the Memphis Music and Heritage Festival, with 5 stages of music, dance, cooking, and storytelling representative of the rich heritage of our area featuring over 100 acts. 2007 festival performers included: Bobby Rush, Jason D Williams, Billy Lee Riley, Kate Campbell, Darrel Petties & SIP, Jim Dickinson, Joyce Cobb, Roscoe Robin...
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  For Immediate ReleaseJune 19, 2008 Washington D.C.FBI National Press Office(202) 324-3691 The Federal Bureau of Investigation WASHINGTON - The Department of Justice and Federal Bureau of Investigation (FBI) announced today a national takedown of mortgage fraud schemes, the culmination of substantial coordinated efforts during the last three and a half months to identify, arrest and prosecute mortgage fraud violators through the United States. Operation Malicious Mortgage highlights the strong enforcement response undertaken by the Department of Justice and its law enforcement partners to combat the threat mortgage fraud poses to the U.S. housing industry and worldwide credit markets. From March 1 to June 18, 2008, Operation Malicious Mortgage resulted in 144 mortgage fraud cases in wh...
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By Jolynna McCune, Affiliate Broker
(Groome & Co. REALTORS)
Now that you've made the decision to purchase your first home, a hearty congratulations is in order! Becoming a homeowner, especially for the first time, can stir up some feelings of anxiety and excitement. With the knowledge that you gain through individual research and the help of your REALTOR®, you will soon begin to feel like a seasoned house hunter. Tip # 1: Do Your Homework  Did you know that there are a number of incentives available to first-time home buyers? Everything from a 3-5 percent down payment and interest rates as low as 5.75 percent are just a few of the ways that lenders help to make the dream of home ownership into a reality for many. An FHA loan, for instance, is especially appealing to first-time home buyers. The best way to find out what's available, in terms of d...
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By Jolynna McCune, Affiliate Broker
(Groome & Co. REALTORS)
There are a number of factors that can contribute to the affordability of a house and, as a potential homebuyer, it's important that you know what type of mortgage payments are within your budget. Debt-to-Income Ratio  As a homebuyer, your first consideration will be the amount of your monthly mortgage payments. If you owe a lot of debt, lenders may consider you to be a high credit risk, which makes debt-to-income ratio a leading factor in determining how much of a house you can afford. Most lenders will discount any loans that you will have paid off within one year when determining how much of a home you can afford. As a general rule, your mortgage payment should not exceed 25-30 percent of your monthly take-home pay. Loan Term  Although you will end up paying more interest in the lon...
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By Jolynna McCune, Affiliate Broker
(Groome & Co. REALTORS)
  A home warranty plan, also known as a home protection plan, is a service contract that offers homeowners a way to safeguard themselves against possible breakage or a malfunction within the home. It's impossible to predict the future, which is why so many buyers look for that little extra peace of mind to comfort them when life unexpectedly throws them an unforeseen problem. Who Needs a Home Warranty Plan  Basically, anyone who purchases a home and is concerned with the cost of repairs should consider a home warranty plan. This is especially true of first-time home buyers who may not be familiar with home maintenance. Factoring in the Cost   When factoring in the potential cost of repairing a major appliance or other home component, a home warranty plan may not be a bad investment. Th...
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By Jolynna McCune, Affiliate Broker
(Groome & Co. REALTORS)
Ways to Make Your House Smell Good If you want a house to smell clean, you clean it. But what can you do to add a special touch that makes your house smell one step beyond clean? Use some common "scents," a little knowhow and a lot of creativity to make your house smell fantastic. Many homeowners choose to use scented candles in their home. As the candle burns, the oils melt and create a wonderful smell throughout the entire room. Not only do these smell great, but certain scents can also be relaxing. Lavender, for instance, is commonly used in aromatherapy and is believed to be a calming scent. Vanilla, strawberry, cinnamon and even chocolate are also popular among homeowners who want to add a special touch to their home. If you really want to make your home smell terrific, add a bowl...
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By Jolynna McCune, Affiliate Broker
(Groome & Co. REALTORS)
This is from hopoffthefence.com, a very informative website that focuses on consumer real estate information in the Mid-South area.  (2007) was the fourth-best year on record for home sales in the Memphis-area market. Interest rates are at or near historic lows - near the lowest point recorded in 30 years. This makes buying a home now even more affordable for more individuals. Inventory levels are higher, giving buyers abundant choices and expanded negotiating leverage. Memphis is one of the nation's most affordable housing markets and is one of the few markets where housing is undervalued according to a report by National City. In addition, PMI Mortgage Insurance Co. consistently ranks Memphis as one of the most affordable markets in its quarterly Economic Real Estate Trends report. Ho...
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By Joe Spake, Midtown, Downtown, East Memphis Specialist
(InCity Realty)
Is the real estate market getting better? If you listen to the National Association of REALTORS chief economist, Lawrence Yun, we are past the bottom of the market, and the rest of the year looks great for the real estate market. Well, I am waiting for the numbers to turn around. It is good to be positive, but that positivity should have SOME basis. Its like saying gas prices won't get any higher, and they will be coming down the rest of the year. The new catch phrase in the real estate establishment is "all real estate is local". You don't look at the national weather; you look at the local weather- duh. While the the official REALTOR news seems to, somehow, indicate some other result, local stats indicate we are still in a down market. Sellers are going to have to come to grips with d...
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