How's the Memphis Market? Feb 4th, 2021
Unless you have been under a rock, or just not paying attention, you probably know how low our inventory (the number homes for sale) has been. The last 24 months, even more so the last 12, have been a "seller's market". What's a seller's market? First, this means there are more buyers in the market than there are homes (supply and demand). Second, great interest rates! If either of these factors change much there can be a swing, but we aren't seeing any indication of that coming anytime soon.
So, let's look at the latest numbers for the greater Memphis area then a couple of the hottest suburbs:
TOTAL Active Residential Inventory (for sale and pending homes/condos) is at 3374. If you break it down, there are 1242 properties "for sale" (not contingent or pending), which means there are 2132 under contract. That means, there are close to double the number of homes under contract than available for sale in the entire Memphis Multiple Listing Service (MLS)!
Bartlett market is HOT! The numbers are mind boggling. Try 25 for sale and 95 pending! If you own a home in Bartlett and have even remotely considered selling, we need to talk! I have lots of information to share with you!
In Germantown, overall, there are 99 active properties with only 34 of those actually for available (still a 2-1 ratio). By area, certain price points make the difference, however. If you get under $400k there are 40 total properties, but only 8 not under contract. That's a 5:1 ratio.
All of greater Memphis and surrounding areas have numbers like this!
Experienced agents understand what it takes to represent a seller in this type of market. A great agent is one who can maximize their seller's returns while meeting all of the other needs that come into play. For example, we just worked a deal for 30 days-to-close with a 60 days lease back option to allow time for our seller to find that "just right" home to purchase.
For buyers, this market is highly competitive, our team of agents know how to structure offers to make them more appealing to sellers. Representation is everything when you're buying!
In this seller-driven market any agent can sell a home, but when issues arise (and there will be issues) it's a top producing agent who really shows their worth. Top agents are problem solvers, otherwise, they wouldn't BE top agents. Whoever you choose to work with, make sure they know the business inside and out, and are really looking out for you!!