Mid-South Housing For Home Buyers

MEMPHIS, TENN (localmemphhis.com) - Are you buying a house?  Be prepared to act fast and even get into a bidding war to get the home you want.

Realtors say across our region inventory is low.

Drive around, and you'll see one sold sign after another. Realtors say whether it's downtown Memphis or the suburbs properties are moving fast  all over

 Mario Rosemond lives on Mud Island and sees how quickly the signs go up and down. "It's either bought or sold, sold or bought or whatever transaction is happening it's happening fast," Rosemond.

" I'm see so many multiple offers, things are flying off the market if something fantastic comes up it will be gone in a day," said Karen Soro, realtor.

 Soro says it's not uncommon right now for buyers to get in bidding wars, properties to sell for more than the asking price.

"It's not something Memphis is used to. It's not California, not LA, not Vancouver, we kinda of move at a slower pace," said Soro.

Part of the problem is inventory, according to the Memphis Area Association of Realtors,  compared to December of 2015...there are  1300 fewer homes on the market for sale which has driven up demand. 

Soro says right now downtown inventory in the under $200 thousand dollar range is tight.  

"Here downtown, it's Doctor season. Dental schools, Optometry school,  residency for hospitals. They are moving to the area, and they all want a place to buy," said Soro.

Soro says to better position yourself. Make sure you are pre-approved before you go shopping. Make a good first offer and know the seller will probably get multiple offers and be warned these days if you ask for the seller to pay closing costs.

"People who ask for closing costs can get shut out of the game," said Soro. 


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