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Danny Freeman's Blog

By Danny Freeman | Agent in Memphis, TN

Have Values Bottomed Out In Memphis?

I get asked all the time if prices in Memphis have bottomed out. I wish I could say yes, and while there are some indications that a few areas have improved, overall it's still tough and getting tougher. Days on the market are longer and showings are fewer and far between. I am constantly looking at the numbers, and they aren't pretty. If you are selling and buying, you should come out okay. If your just selling and going to rent its not great. I would not sell unless I really needed too. However, if you are just buying, you have the keys to the proverbial kingdom. You can have your pick of great deals. I would stay away from short sales if possible, as banks are still tough to deal with, and there are no hard and fast guidelines for working them. All agents and lenders do not work them the same way. Forclosures or normal sales are your best bet to get a really good deal. As always, work with an agent that is actually selling property in this market, and having a license in no way means you are actually a producing agent. Less than 20% are really selling now. For values on your home, or in area you might be considering, go to http://www.midsouthhomevalues.net  There you will find tons of valuable information.

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