If you are a Memphis, TN fan or an Elvis Presley fan or if you are interested making an investment in Memphis real estate, you are going to like this episode of Real Estate Mortgage Shoppe! Bill Dries of Memphis Daily News and Wendy Greenlaw of Chandler Reports will be sharing the places in Memphis , TN that are making the headlines and a positive difference in the Memphis real estate market. I will be sharing some real estate trends and how to come out on the winning side if you are getting a mortgage to buy your primary residence or an investment property or if you are refinancing to better your terms.
Drag up a chair, pop in some earbuds and join us around the table for some conversation about OUR favorite topics –REAL ESTATE AND MORTGAGES. If you are looking for information or a solution to YOUR real estate or financing scenario, contact me at jo@192.232.195.219 or call and we can talk personally at (901) 482-0354.
To Your Success,
Jo Garner, Mortgage Expert, Radio Talk Show Host
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Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. You can connect with me at www.JoGarner.com. Our general topic is “Memphis Real Estate Market-Areas That Bring A Positive Shake Rattle And Roll To The Memphis Economy.” If you have a question or comment and you’re on Twitter, make them to #JoGarner or call me directly off the show at (901) 482-0354. If YOU have a real estate or financing related question, comment or a short scenario you want to talk about, you can call us while we are live at (901) 535-9732 or outside the Memphis area (800) 474-9732 Today is September 24, 2016. Thank you to Joe Rojas for sponsoring today’s Real Estate Mortgage Shoppe. Contact Joe to get connected with a real estate title company for your next closing. (901) 289-5821
Bill Dries and Wendy Greenlaw of Memphis Daily News will be sharing the places in Memphis, TN that are making the headlines and a positive difference in the Memphis real estate market. I will be sharing some real estate trends and how to come out on the winning side if you are getting a mortgage to buy your primary residence or an investment property or if you are refinancing to better your terms.
Bill, you are the senior reporter for Memphis Daily News and have been a reporter for over 30 years on television interviews, the radio and newspaper reporting. You’ve been quoted in the USA Today and you have become a consistent and reliable source of news for Memphis and the Mid-South. You are a walking wealth of helpful information to those of us in the Memphis area. Tell us a little bit about yourself and about the Daily News <Bill introduces himself and talks some about The Daily News >
(Jo) Wendy Greenlaw is the Business Development Manager for Chandler Reports. She provides real estate professionals and businesses access to residential and commercial real estate data for Memphis and Shelby County. Wendy knows what’s happening in Memphis and can appreciate our love for Elvis Presley. She brought her guitar and her Elvis glasses up here to have on hand when we talk about the new developments going on with Graceland. Tell us a little bit about yourself, Wendy Greenlaw and tell us a little bit about Chandler Reports <Wendy introduces herself and Chandler Reports>
(Jo) Every week during the first part of the show I always give the market news. A listener challenged me to change up the way I present the market news to you remember it better and be able to find ways to make it work for you or someone you know. It’s the Purple Cow theory from the book Purple Cow by Seth Godin. When you go on a trip and, after miles of plain green fields you suddenly see your first brown cow in a pasture from your car window, you NOTICE it and think about it. But after miles of seeing brown cows after brown cows, you don’t notice anymore, UNTIL you see out your car window as you are rounding a corner you spot a PURPLE COW standing close to the fence. Suddenly you focus on the PURPLE COW and even slow down to ponder it because it is different. Week after week I have been telling you that mortgage rates on the fixed rate 30 year loans are in the mid to high 3’s and the conventional 15 year rates have been in the high 2’s to low 3’s and just like the brown cows, after a while you already know what I’m going to say because those rates have remained a TREND for a few solid months except yesterday they dropped down to the best levels in 2 weeks. But today picture that fixed rate as YOUR rate and all the things you would be free to do or acquire today or later if you were able to save a few hundred dollars a month on your mortgage by refinancing and restructuring right now. Or picture all the things you can enjoy LATER if you kept your mortgage payment the same but eliminated 10 years off the remainder of your mortgage. What would you enjoy doing if you didn’t have a house payment? Call me right now while we are live September 24, 2016 in the studio and let’s take a quick spin on the calculator (901) 535-9732 or (800) 474-9732 or you can call me personally after this show at (901) 482-0354 or connect with me at www.JoGarner.com
(Jo) Since we’re talking about Memphis real estate trends and how to make them make YOU a winner, let’s take about recent statistics on www.movoto.com . Did you know that the average price of residential real estate is around 62% lower than the national median? Did you know that people from coast to coast and around the world are clamoring to buy real estate in Memphis because they can get a positive cash flow here for rental income? Not only are houses affordable, but our cost of living in Memphis is 16 points below the national average, making Memphis a great place to get a great start. Inventory is low so sellers are seeing their home sell faster and at their price or higher. Buyers are buying with bragging rights because they mortgage rates are so low, they can enjoy much lower house payments for as long as they own the house, making the mortgage payment significantly lower than paying rent in a lot of cases. A lot of positive things shake rattle and rolling in the Memphis real estate market. To be a winner, don’t be a whiner. Let’s do the numbers on some possibilities for you on some home purchase financing or for restructuring your existing financing. But you have to talk with me personally so I can work with you. You can connect with me at www.JoGarner.com or call me directly at (901) 482-0354. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY!
(Bill or Wendy make comments concerning what trends they are seeing for Memphis real estate this year and next year )
[2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is sponsored by John and Jennifer Lawhon of Lawhon Landscape (901) 754-7474 the Lawhon’s can help you plan your landscaping if you have a BIG, BIG project or a smaller project . The Lawhons are giving away a $25 gift card to the first person with the correct trivia answer. If you know the answer to our trivia question, call us at 901 535 WREC 901 535-9732.]
TRIVIA QUESTION: What is my name today?
[Trivia Answer: ] SUN STUDIO
[TRIVIA HINTS] 1. I started my history on Union Avenue in Memphis, Tennessee, on January 3, 1950 under a different name than I am called now. My mission was carried out in the music industry and my legacy is made up of musicians like the artist for the first rock and roll single, Jackie Brenston and his Delta Cats’ “Rocket 88” in 1951. Others like Ike Turner, Blues and R&B artists like Howlin’ Wolf, Junior Parker, Little Milton, B.B. King, James Cotton, Rufus Thomas, and Rosco Gordon gathered under my roof along with other great musicians like Elvis Presley and his band of musical brothers.
2. My location moved and then in 1987, the original building was reopened by Gary Hardy and called by my current name. Since reopening under my current name, many notable artists, such as U2, Def Leppard, Bonnie Raitt, and Ringo Starr have come for a visit.
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QUESTIONS ANSWERED BY BILL DRIES OF MEMPHIS DAILY NEWS:
1. QUESTION: Bill, can you tell us a bit about what’s happening with Graceland and the Whitehaven area?
ANSWER: Bill: With the $137 million expansion of Graceland – a $92 million hotel resort opening in October and a $45 million, 200,000-square-foot entertainment complex west of the mansion to open in the spring of 2017 – there will be an overlap with a renewed emphasis on Whitehaven as the home of many of the city’s middle class. For more than 30 years, Graceland has been a sort of bubble that Memphians and the homeowners who live all around it drive past and even walk through, but rarely embrace. The expansion is seeking to change that. Whitehaven community leaders have long talked about the retail buying power the community represents, and the financial stability of homeowners. Whitehaven’s neighborhoods are just behind the commercial development on both sides of Elvis Presley Boulevard – many of those homes on larger lots. The Whitehaven Empowerment Zone for schools is key for homebuyers and the coming streetscape improvements – also the impact that the hotel will have on development of land not owned by Graceland.
2. QUESTION: Bill, what other developments happening around Memphis are you expecting to have an impact on our market?
ANSWER: Bill—Crosstown and Highland Row are just a couple of developments that will have an impact providing retail and housing opportunities for those that live in the surrounding neighborhoods.
1. Biggest commercial project in Memphis –Bass Pro and what Bass Pro brings to Memphis, TN.
2. What got you started in your journalism career and what has kept you in it?
3. How can real estate professionals and other business people best use the Memphis Daily News as a tool?
4. Bill talks about the colossal expansion going on with St Jude Children’s Hospital and the positive effects it is having on the businesses and residences surrounding the area. Included in the conversation was the area called Uptown Development and the recent visit by former President Jimmy Carter to work on the Habitat for Humanity construction.
5. Bill talks briefly about the new Bass Pro development and the financial challenges on when and what to do about developing more of the river front.
6. Bill talks about how business people and real estate professionals can use the Daily News as an important tool
7. Bill Dries talked with a caller about the progress and plans for the Raleigh Springs Mall area in Memphis
8. Bill covered the progress and history of investments being made in the Hickory Hill area of Memphis.
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QUESTIONS ANSWERED BY WENDY GREENLAW OF MEMPHIS DAILY NEWS:
1. QUESTION: Wendy, Chandler Reports tracks all home sales activity and I receive your complimentary Pulse Report each month, can you provide an overview of the current state of our housing market?
ANSWER: Wendy: Across the county home sales are up 6% year-to-date through the end of August and average home sales prices are up 3%. Low inventory is driving sales prices up and is still a concern for a lot of the Realtors I speak with. It’s definitely a seller’s market right now. Foreclosures remain at historical lows, down 26% from last year which is always a good thing. The new housing market saw a slight uptick during the second quarter, with a 9% increase in new home sales and a 7% increase in new home permits. We have seen several developments come back to life this and most recently with four subdivisions in Whitehaven which provides a great opportunity for those buyers that desire a new home. (We could segway into the mortgage market, With the increase in sales prices, many people’s property values have increased offering them more equity in their home which is a great time to refinance.)
2. How property owners can estimate property values and appeal their property tax appraisal values with our Tax Kit available at www.mychandlerreports.com
3. What are some successful stories you can share from homeowners who have used your tax kit?
4. How can a real estate investor use your Chandler Reports tools to help them find a great deal on investment property?
5. How can real estate professionals …even lenders use your Chandler Reports tool to discover helpful information about value trends in various neighborhoods?
6. What do you love most about working for Chandler Reports?
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QUESTIONS ANSWERED BY JO GARNER:
1. What is shake rattling and rolling in the mortgage world?
A. Fannie Mae has a new 3% down conventional product called the Home Ready program. This product, compared to more traditional FHA, is showing itself a better investment for borrowers than FHA such as in reduced mortgage insurance premiums, lower rates for credit scores below 700. There are some income guidelines and other restrictions on this program but surprisingly not as many as you would think.
My very experienced assistant, Susan, and I this past week had a client refinancing his conventional mortgage and he didn’t want to have to come out of pocket with any funds. Unfortunately his appraisal value came in lower than he thought and on a normal conventional refinance, we could only go to 95% of the appraised value which would have required money at closing for this client. But using the new Fannie Mae Home Ready product, we could take his loan up to 97% of the appraised value and really minimize his required funds at closing. On this product his total monthly payment was lower too.
2. The special HARP refinance program got extended so if you do know someone who does not want to have an appraisal value calculated on their home and wants to enjoy much more lenient lending guidelines, I may be able to help them on that program or other programs not requiring a full appraisal
3. For home buyers let’s take a few minutes to find the exact program that will fit you like a glove.
4. For real estate investors one of the trendiest loan programs available is one that I nicknamed “Quick Cash Back” loan that does not require the 6 months seasoning time once the investor has purchased the home. There are a few restrictions on this loan but, if you are a real estate investor, you are probably going to be pleasantly surprised how well this program can work for you over and over and over again. Call me personally after our live show at (901) 482-0354 (901) 482-0354 or connect with me at www.JoGarner.com or you can call us while we are live on September 24, 2016 at (901) 535-9732.
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REAL ESTATE TIP OF THE WEEK (Jo Garner to share a real estate related money-saving or time-saving tip): Know the market value of a real estate property, before you ever enter a negotiation to purchase it. There is a well-known saying in the real estate industry that a house is worth today what someone is willing to pay for it today. But if you’re the buyer, you better know what the market value is on a home before you start negotiating or you may be like the guy who was too busy to eat breakfast or lunch and by late afternoon he raced into the grocery store and started buying everything he saw at the top price because his empty stomach was pushing over the more rational method of using his brain to work the numbers. Do the numbers on a full stomach. One place you can get very detailed and recent sales numbers for the neighborhood where you want to buy—go to the Chandler Reports, a sister company of Memphis Daily News. For a small fee you can get real numbers to arm you with accurate, recent numbers to help you know how to get your best deal. www.chandlerreports.com
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ANNOUNCEMENTS:
Talk Shoppe offers free networking & education to anyone interested in real estate or in business. Talk Shoppe meets every Wednesday 9A-10A CT at the University of Phoenix 65 Germantown Court 1st floor Cordova, TN. This Wednesday September 28th, 2016 Talk Shoppe presents: “Open Microphone Discussion-Have You Read Any Good Books Lately? Bring your most inspirational recent reads, books that are changing lives, to the open microphone discussion ” Moderated by Jo Garner, Talk Shoppe Founder and Sponsor https://www.facebook.com/talkshoppememphis/ and Peggy Lau, Independent Representative of World Ventures www.ipoa.dreamtrips.com . Talk Shoppe events are free thanks to advertisers like Mary Lou Nowak, co-owner of Mid-South Home Helpers, offering non-medical assistance to help handicapped or aging loved ones remain safely and comfortably in their own homes. www.midsouthhomehelpers.com (901) 414-9696. Also, thanks to Talk Shoppe supporters like Beverly Borwick, custom accessory designer for www.beverlyborwickdesigns.com for personalized, unique gifts to special people in your life.
4. FOR THIS PODCAST OF REAL ESTATE MORTGAGE SHOPPE AND MORE, GO TO JOGARNER.COM
5. Real Estate Mortgage Shoppe reminds you that IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.
6. Thank you to Joe Rojas for sponsoring today’s Real Estate Mortgage Shoppe. Contact Joe to get connected with a real estate title company for your next closing. (901) 289-5821
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SPECIAL NOTE: REAL ESTATE MORTGAGE SHOPPE RECOMMENDS THAT YOU CONSULT WITH A FINANCIAL, LEGAL OR OTHER CERTIFIED, LICENSED PROFESSIONAL BEFORE ACTING OR INVESTING ON ANYTHING YOU HEAR OR SEE FROM THE CONTENT ON THIS SHOW OR BLOG POSTS. THE INFORMATION WE SHARE ON REAL ESTATE MORTGAGE SHOPPE IS GENERAL IN NATURE MEANT FOR GENERAL EDUCATIONAL PURPOSES ONLY.
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QUOTE CORNER: Elvis Presley “When things go bad, don’t go with them.”
Elvis Presley “When I got outta high school, I was driving a truck. I was just a poor boy from Memphis.”
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REJOINERS:
1. David Lenoir, Shelby County Trustee http://www.shelbycountytrustee.com/
2. Troy and Lynn McDonald, Erin McDonald Insurance Agency. You are in good hands with your insurance with Lynn McDonald. (901) 849-7101
3. Don Hutson, CEO US Learning and Author of Selling Value www.donhutson.com
Transitional Music: “Shake Rattle and Roll” by Elvis Presley; “Graceland” by Paul Simon;
“Proud Mary” Elvis Presley; “Memphis” Johnny Rivers for the Look Back Memphis Trivia Contest
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About Wendy Greenlaw:
Business Development Manager at Chandler Reports since 2008. Responsible for all communications on the latest market trends and real estate activity for Memphis and Shelby County. She provides real estate professionals and businesses access to premium residential and commercial real estate data.
About Chandler Reports
Chandler Reports has been publishing Real Estate Market Data since 1968. What started as a simple way for local appraisers to share information with each other, soon developed into the most comprehensive property data resource available. Today, Chandler Reports is a must-have for anyone who deals with real estate transactions or development. www.chandlerreports.com
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About Bill Dries:
Senior reporter at The Daily News since 2007 after eight years as a reporter at The Commercial Appeal. Before that worked for 22 years as a radio reporter in Memphis covering everything from tornadoes to labor talks to politics to crime.
About The Daily News
Established in 1886, The Daily News serves a vital role in the Memphis metro area as the source for daily news and information on business and commerce — information available nowhere else.
Published every business day, The Daily News offers the most comprehensive information on construction, real estate, the courts, and local business activity, all drawn each day from public records. www.MemphisDailyNews.com
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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:
www.JoGarner.com (901) 482 0354 jo@192.232.195.219 twitter @jogarner
Jo describes her job description: “As a mortgage loan officer, my job is to give my client the benefits they want from their financing terms– listening to my client and determine what’s of the most value to THEM–What is their comfort level on a house payment, how much are they comfortable paying down, what type of financing do they need to get the house they want to buy or refinance. Different clients have different priorities in life—some are buying their first home with very little down payment funds. Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income. Whatever their personal priorities are, my job is to put together a mortgage with comfortable terms that will help them achieve their goals.”
Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country. She offers conventional, FHA, VA or other loan programs for refinancing and purchases.
Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home purchase financing.
Jo Garner has been in the real estate/financing business for over 20 years. She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine and was personally mentored in San Diego, California by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge.
On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate. In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 20 years. Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.
In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com She was also the editor of Power Shoppe, a free weekly e-zine designed for real estate professionals and others indirectly connected to the real estate industry and currently publishes on her blog www.JoGarner.com