Saturday, March 01, 2014

Memphis Real Estate

Two days ago The Commercial Appeal released an article titled, "Memphis to Lead Nation for Rise in Home Prices."  (Note that the article is only available to paid subscribers).  It references a report by the Demand Institute.  The most interesting part about their research, at least for us Memphians, is that they are predicting a 33% growth in the housing market between 2012 and 2018 (see page 18 of the report).  We're actually tied with Tampa, FL for #1.

As a home owner and a real estate agent, this is pretty exciting.  Here's what it means.  If they're correct, a house purchased in 2012 for $118,000 (the average price for a in house in Memphis last year) could possibly be worth $157,000 in 2018.  Or, using the same math, a house purchased in 2012 for $200,000 could possibly be worth $266,000!  How's that for a return!

I've always felt great about Memphis real estate, and it's one of the reasons I'm  both a real estate investor and agent.  Eight years ago we moved from the San Francisco Bay Area to Midtown Memphis.  In 2004/2005 we were trying to buy in the Bay Area.  In hindsight I am so grateful that we didn't.  The house we rented at the time was worth over $400,000.  It was 1000 square feet and had two bedrooms and 1 bathroom.  It was in San Leandro, a small community outside of Oakland.

In a good Memphis neighborhood such as Cooper-Young, I can rent a $100,000 home for around $1000/month.  Using that math, the home we rented in San Leandro should have been $4000/month.  It wasn't.  It was $1450/month.  When I did the math, I realized that it was an incredible deal to rent in the bay area, and it was just as much an incredible deal to buy in Memphis.  So since we had been saving money towards a down payment and weren't going to be buying there, we decided to buy investment properties in Tipton County, where I grew up.  And that began my real estate adventure!  

I'll continue to buy here, and more important, I'll continue to help others buy.  If you are looking to buy a home to live in or as an investment, I'd love to help.  You can email me at robertgrisham@gmail.com.

As a side note, the other interesting aspect of their research is this:  of the 2,200 cities they analyzed, they discovered that the wealthiest 10% own 52% of the total housing wealth ($4.4 trillion), while the bottom 40% own just 8% of the housing wealth ($700 billion).  I don't guess this should surprise us, but seeing the numbers like this is pretty interesting.

1 comment:

Steve Finnell said...

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According to some, men must be born of natural birth to enter the kingdom of God. There are many who declare that Jesus said you must be born of the water (amniotic fluid) to enter the kingdom of God. What did Jesus say?

John 3:5 Jesus answered, "Most assuredly, I say unless one is born of water and the Spirit, he cannot enter the kingdom of God.

Was Jesus saying you must be born of natural birth (amniotic fluid) to enter the kingdom of God? Of course not.

Men do need to be born of the waters of baptism to enter the kingdom of God.

On the Day of Pentecost (2:22-41) the apostle Peter preached Jesus as a miracle worker. Peter preached Jesus as both Lord and Christ. Peter told them that God raised Jesus from the dead. When the three thousand believed, they where told to repent and be baptized for the forgiveness of their sins and that they would receive the gift of the Holy Spirit. After the three thousand received Peter's word they were baptized in water and added the the kingdom of God on earth, which is the church of Christ.
Peter did not tell one soul that they had to be born of natural birth (amniotic fluid) to enter the kingdom of God. The church is the kingdom of God on earth. The requirements for entering the kingdom of God on earth are the same as for entering the eternal kingdom of God. You must be born of water and the Spirit.

The new birth (Acts 2:38) Water baptism and the Holy Spirit.
The new birth (Titus 3:5) Washing of regeneration (water baptism) and renewing of the Holy Spirit (born of the Spirit).
The new birth (John 3:5) Born of water(water baptism), and born of the Spirit (the Holy Spirit).


BEING BORN OF THE WATER OF NATURAL BIRTH (AMNIOTIC FLUID) IS NOT A REQUIREMENT TO ENTER THE KINGDOM OF GOD.

(Scripture from. NKJV)

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