Memphis Market

I've been watching the condition of the Memphis market for the past few days. While prior to now we've been in what I would call a declining market, the market here seems to be stabilizing. The inventory in the area is high, but it is not that high. My listing in Midtown, the other day I did an absorption rate analysis on it and the rate shows it is still a strong buyers market but that the inventory especially in the midtown area seems to be coming down. That is a good sign for the market at this point. So we are beginning to see a slow recovery in the area, especially in the midtown area.

Memphis is One of the 100 Most Affordable Cities in America

Forbes Magazine has announced that Memphis is one of top 100 Affordable Cities to live in of all the United States.  That is something I've known for a while now.
Housing in Memphis is good quality, but is reasonably priced.  And Memphis is home of course to worldwide mammouth FedEx, but is also home to International Paper and the internationally famous St. Jude.  You can get a wonderful home in Memphis for about $200,000 that has all the amenities of a $750,000 home in the Washington DC area.  Also check out the prices of food, gas, and utilities in Memphis. 
While I lived here for 30 years and then took the lure of two other cities to work in, Memphis is by far the best place to live.  And housing ... you can't beat it!

Check it Out!

Shelby Farms, which is a wonderful green space that has been dedicated over the past few years for use by citizens, sponsors this wonderful event call Starry Nights.  It is downright gorgeous!  You will want to check it out immediately.
The lights are tantilizing and the displays are great.  When I lived in Atlanta they had something of this nature at Life Chiropractic College and then in the DC area there was something similar to it at a Maryland state park on the banks of the Chesapeake Bay.
But I think that by far what Starry Nights has to offer outweighs what others have to offer.

Tax Incentives

Yesterday I was talking with a loan officer from Magna Bank, Allen Bethel, in my office about the new tax incentives that we are telling our clients about. While the $8000 incentive that goes to buyers who are essentially classified as First-Time Homebuyers is something we are all familiar with, the additional incentive that has been put out there is something else.




The incentive, which is being called the Move Up Tax Credit is $6500 for someone who is currently in a home for the past 5 years. But why are we calling it the Move Up Credit? That is really a misnomer for the credit. In reality the tax credit should be called the Moving On or something of that nature tax credit.



This came up for me the other day because I was talking to a family of empty nesters that were wanting to sell their home. As they sat there talking about downsizing and hoping that they had no boomerang children, they asked why there weren't incentives for them. These folks are selling their home and moving to a less expensive home. So do they qualify for the Move Up credit? You bet they do. So we need to make sure that our empty nesters and other folks that are maybe not moving up but moving on to something more manageable understand how this works.



Disclaimer: I am a Real Estate Broker in the State of Tennessee. I am not an Accountant, CPA, Tax Attorney. If you have any questions about the comments in this poat I suggest you consult with a qualified tax representative.