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Market Conditions in 38018 : Real Estate Advice

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Activity 5
Fri Dec 14, 2012
Hamza Ibrahim answered:
That's a bit of a broad question but I may be able to help answer that.

What is actually shown for sale on trulia is not always up to date. Many homes are usually already under contract or sold but were never updated on the site by the appropriate parties.

Cordova in general has seen a major shortage of inventory as well as most of the Memphis area. Typically many of these homes are now sold much quicker than 12 months ago if priced correctly.

The reason I say there is a shortage is because many of my investors place contracts on Cordova homes above list price the same day they are placed on market to have a shot of winning the property. Obviously in the higher price ranges the view changes but I still see a very active market.

I placed a Cordova home for sale about a week and a half ago and had a full price contract three days later in the upper 100,000 range.

To my knowledge I am not aware of any particular flood zones in the Cordova areas unless the home sits on a neighborhood lake.

If you would like a more detailed analysis of the area I can send you an interactive report showing you a very detailed look of the area. Simply send me an email address.
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Sun Oct 21, 2012
Ron Thomas answered:
Someone from the Government Printing Office was born in Australia.
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Sun Oct 21, 2012
Chays answered:
It isn't bad at all. It just depends on where. Cordova has varying pockets of really nice areas and up-kept, upscale homes built in 90's, 2000's, owned by families that care about their area/neighborhood, but these pockets can be right next to areas that are not as good/well-maintained. It is probably as unique a real estate opportunity as there is. There are deals to be had on really nice, large homes for very reasonable price/sqft. I live in Berryhill Farms, in the section that is closest to Riverwood Farms. Our area of Berryhill is really nice because of this proximity to a nicer part of Cordova, but also because it is a part of Berryhill Farms that was developed by leaving all of the mature trees and topography (south side of Chimneyrock). If you look at B.F. areas on the N side of Chimneyrock, it was developed by razing all of the trees and flattening everything (not nearly as aesthetic). Of course, also, the further tucked back off Chimneyrock or Dexter, the better (naturally). I've been in this area for 8 years, and every neighbor around me and at least two or three houses down have been there longer. This is a stable area, but go down 1/4 mile in various directions (like closer to Cordova High, and things are more volatile/more movement in sales/not as up-kept, etc). I liken Cordova to midtown, like Cooper-Young area. There are some REALLY nice pockets of houses/neighborhoods, but it can be right next to areas that are not as nice. So, if you are selling, you probably can keep your shirt if you are in a better "pocket". If you are buying, there are good values for the size to be had if you figure out where these "pockets" are. Hope this was helpful. ... more
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Sun Oct 21, 2012
Suzanne MacDowell answered:
While prices are starting to stabilize everywhere it is going to be a very long time before home prices reach the levels they were at the height of the market. Probably not until at least 2020. We ARE in a recovery, but when prices fall as far and as fast as they did during this most recent downturn it takes a very long time for them to go back up. If you are considering putting your house on the market, my advice would be to do it now. There other unknown is whether there will be a second wave of foreclosures now that the robo-signing scandal has been decided in favor of the banks. If so, prices could remain low for a long time and that's just not a chance most people are willing to take. ... more
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Wed Oct 10, 2012
Vicki Maselli-Shoop answered:
Hi Lisa,

Although I am only licensed in Georgia and not Tennessee to sell real estate, I am confident that now is a good time for any serious buyer to purchase a home, regardless where in the country they are contemplating a purchase.

Consider that you can still take advantage of historically low interest rates (conventional loans are generally still hovering in/near the 6 - 6.5 mark, the fact that most areas have an abundant supply of homes to choose from (at least a larger selection than a year or to ago), and that most sellers are beginning to realize that, if they truly want or need to sell in today's market, then they will have to be realistic about current market conditions particularly when it comes to pricing (translation: opportunity to potentially negotiate a sweet deal).

I would suggest that you ask family & friends for a referral to a competent Realtor in your area. If you or they do not know one, I would be delighted to assist you in finding an Accredited Buyer's Representative (ABR) in your local market (refer to web reference below for more info).

Warm regards,

Ted Shoop - ABR, e-PRO, Reator
Keller Williams Realty Atlanta Partners
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