On Tuesday night, January 4th, Marq Cobb who leads the sales floor at MemphisInvest.com, held a quick 45 minute Webinar recapping three great success stories from investors in 2010. Each defined success in their own way and each took advantage of the services provided by our years of experience in the Memphis investment real estate market. The stories shared were simply inspiring!
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Yahoo re-published a story today on the 20 year effect of real estate values in 25 major metropolitan areas around the U.S. I will give everyone one guess as to the outcome! For real estate investors who bought discount properties in the early nineties, they have seen huge increases in value, but more importantly, many have seen tenants pay off their notes and today are earning monthly cash flow on free and clear properties! At MemphisInvest.com we have been investing and assisting others to invest in not only a great market, but also with a great long term strategy. After all, real estate investing is still one of the best bets for building long term wealth.
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If you are an investor or even just an interested investor reading up on real estate blogs, this is going to be an interesting piece of advice. Most Memphis real estate investors are tuned into the neighborhoods they like and where they can get the best return for their investment. Unfortunately, there are a lot of unscrupulous people out there who are out to make quick bucks on Memphis properties. Memphis is, after all, one of the top real estate investment cities in the country.
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In case you missed it, Memphis has been named not only as one of the most affordable markets for home purchases today, but it has also been mentioned as one of the only markets expected to see positive appreciation in 2010. Now, the appreciation is expected only reach 1.5%, but hey....anything positive right now is better than the alternative!
Memphis is highly undervalued real estate market right now as far as property values are concerned - 21% under value in fact! Those are only a couple of the factors that are making Memphis, TN. a highly attractive real estate investment alternative. Take a look at some other facts and figures that are playing into the market set-up today.
- Memphis' Median Home Value fell to $99,965. VERY AFFORDABLE!
- Memphis is 21% undervalue entering 2010.
- The over-all consensus is that Memphis will continue to see opportunity for investors as home prices remain below value. A second wave of foreclosures will keep the supply side high and pricing for investors well below value in 2010.
- Over 48% of the SFH in Memphis are rental properties. Unlike other similar markets, Memphis is a stabilized rental city where a majority of the single-family residences are non-owner occupied rental units. There are more renters than owners in the city of Memphis and not enough properties of higher quality.
- Mortgage rates are expected to climb to an average above 6.25% by year end which remains HISTORICALLY low even after the climb!
- With the Memphis job market predicted to see growth in the supply, defense, medical, staffing and distribution fields, demand for Memphis rental housing should continue to be strong.
- Analysts believe job market will stabilize with unemployment around 6%-8% for Memphis.
In my opinion, 2010 will be another fantastic year for investors who choose to invest in Memphis real estate market. There are so many unique circumstances which combine to make Memphis a "gold mine" city for investors. I believe that it will take years (3-5) best guess for the Memphis real estate market to turn around. This is actually a very positive step for investors looking to buy Memphis investment property.
There will be several more years of depressed pricing and an ever increasing demand for quality housing to be provided. When the housing crisis begins to abate, we should see Memphis property values return to normal levels very quickly and investors who purchased today at 80% of current value, will suddenly find themselves with 40%-50% equity. As the economy turns around, not only will values go up, but so will rent rates as supply declines and demand remains. All of this leads to a bright future for any investor who is purchasing properties for investment in Memphis today.
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In case you missed it, Smart Money magazine wrote an article at the end of last year talking about what we at Memphis Invest had mentioned about the Memphis real estate investment market back in September.