MEMPHIS, Tenn — The housing market is booming across the nation, including here in the Mid-South.
The U.S. Census Bureau reported home sales were up nearly 20 percent nationwide in June.
In the Memphis metro market, data from Memphis Area Association of Realtors shows July sales rising 1.9% compared to the same month in 2019, although that followed a decline in April, May and June. Median sales prices in July jumped nearly 12%.
Home seller Valencia Scullark says she personally experienced the housing market booms. She wants some of her family members who are getting older to move closer to her, so she can help take care of them.
“The best thing to do was to sell both homes and get one family home,” Scullark said.
She sold both her father’s Fox Meadows home and her Frayser home to relocate altogether. She said the Fox Meadows home sold in less than 24 hours, and she had mulitple offers on the table.
She’s part of a unique trend taking hold during the pandemic, as home sales are skyrocketing. Additionally, buyers are taking advantage of low interest rates.
Crystell Oliver, a broker with Kaizen Realty, says it is a perfect time for sellers.“Interest rates are extremely low. That’s a major selling point in itself,” Scullark said.
“The market is amazing, for sellers,” Crystell Oliver said. “We are short on inventory. That means you have 20-30 people putting offers in on one property. That’s when it comes down to how dedicated and creative your agent is. Make sure your offer is a strong offer.”
Oliver has 16 deals pending. In fact, Oliver says she has cut her commission fees, suggested buyers pay closing costs and make offers well above asking and even waived inspections to help her clients get their offers approved.
Scullark is one of those clients. After she sold her two family homes in Memphis, they bought a larger home in Southaven and paid above asking price. She says her new home was worth what they offered.
