P: (901) 482-0354 | E: Jo@JoGarner.com

P: (901) 482-0354 | E: Jo@JoGarner.com

SHOULD I BUY A HOME IN 2024? LET’S LOOK AT NOW AND INTO THE FUTURE

by | Jan 2, 2024 | Appraisal, Financing & Refinancing, Home Buying, Housing Market, Money, Mortgage Loans & Rates

Jo Garner & Tom King with “Magic Binoculars”

On Real Estate Mortgage Shoppe today we will be taking a look at where our real estate market is today and where we see it going in 2024 to help you make the decision to buy your home now or wait.

What do YOU want to accomplish with YOUR mortgage in 2024? For a home purchase mortgage or refinance, I can make the mortgage process EASY for you. Contact me via call or text at 901 482-0354 or at www.JoGarner.com Subscribe at www.JoGarner.com to get weekly Real Estate Mortgage Shoppe podcasts with show notes.

Host: #JoGarner #MortgageExpert 901 482-0354

Co-host: #TomKing #MemphisAppraiser (901) 487-6989

#memphisrealestate #memphismortgage #homebuyer #realestatemarket #realestate2024

LET’S GET STARTED…(Jo) (Good morning, Memphis! Welcome to our internet listeners and podcast listeners across the 50 states! . Today is December 30th, 2023. Call us in the studio while we are live at 901 535-9732.You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Originator. You can connect with me at www.JoGarner.com. Our general topic: SHOULD I BUY A HOME IN 2024? LET’S LOOK AT NOW AND INTO THE FUTURE. On Real Estate Mortgage Shoppe today we will be taking a look at where our real estate market is today and where we see it going in 2024 to help you make the decision to buy your home now or wait.

INTRODUCING TOM KING, BILL KING APPRAISAL COMPANY

Tom King, our expert appraiser, is back in the studio with our famous “Magic Binoculars.” If you have seen pictures of the “Magic Binoculars” on our blog posts, it is actually a World War II naval ship telescope. If you look through one end of the telescope you can see into the historic past. Looking through the other end, you can peer into the foggy future. Tom, you have seen our real estate market up close and throughout the year appraising one house after another in the Mid-South. (Tom has about 1.5 to 2 min to share his information, services he offers and give his view on where our real estate market is now and where it is heading into 2024)

Getting the “Early Edition” Newspaper

(Jo) Do you remember the television series called “Early Edition” that ran from 1996 to 2000? It was about a guy named Gary Hobson, who mysteriously received tomorrow’s paper a day early. He used this knowledge of the future to intervene to avert tragedy from destroying certain people mentioned in the futuristic newspaper. Wouldn’t it be nice to get a heads-up like seeing ahead a day, a month or a year later? The lenses pointed to the future on the “Magic Binoculars” are a bit foggy, but we can share with you what we see.

The Memphis Area Association of Realtors reports for the Memphis and surrounding area these stats for 2023: Sales were up 1.8% from November 2022 to November 2023. Inventory of homes decreased 3.2%. Median home price for the Memphis area was around $248,500. In the Southern United States sales were down only 4.3% with a median price of $351,500. The South fared better in the real estate market than other areas.

Trends to Consider:

Prices year-over-year came down across the country.

Inventory of homes for sale are still very low across the country.

Mortgage rates rose quickly throughout 2023, hitting the highest rates in over 23 years on October 26th, 2023. High mortgage rates were considered the biggest reason for falling demand and lower number of sales. However, from October through the end of December 2023, mortgage rates have dropped from 8% down to rates in the mid to low 6’s on some mortgage products. If you were trying to qualify for a $250,000 in October and you tried again at the end of December, your mortgage payment would be about $277/month lower in December than back in October. Two-hundred seventy-seven dollars per month is a savings per year on your mortgage of about $3,300.

Trending- Better selection and less competition for home buyers. Sellers and Lenders helping buyers pay for costs with concesions.

Projections:

Home Prices and Mortgage Rates: If mortgage rates remain low, demand for homes will increase pressuring prices upward on the still-low inventory of homes for sale. National Association of Realtors chief economist, Lawrence Yun, indicated there is optimism for a turnaround on number of home sales if mortgage rates will stay lower or go lower. Lawrence Yun attributed weakness to existing home sales to mortgage rates reaching the highest level in over twenty years. The optimism for 2024 for stronger home sales comes with mortgage rates plummeting since October 2023.

Home Buyers: In 2023 first-time homebuyers accounted for 28% to 31% of homebuyers. If mortgage

rates stay where they are now or go lower, it is expected that demand will increase for first-time homebuyers, especially in the affordable housing price ranges, and other buyers who have been waiting for mortgage rates to provide lower payments.

(Tom King, Bill King Appraisal Company makes some comments)

You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, licensed mortgage loan originator. What do YOU want to accomplish with your mortgage? I can make the home purchase or refinance EASY for you. Connect with me at www.JoGarner.com When we come back, you will be hearing more from Tom King of Bill King Appraisal Company. See you back in just a moment.

Our Look Back Memphis Trivia Contest is sponsored by Mike Aukerman, Home Inspector with National Property Inspections Before you buy, call Mike Aukerman at NPI- National Property Inspections (901) 674-6868 Mike is giving away a $50 gift card to the first person with the correct trivia answer. If YOU know the answer, call us in the studio at (901) 535-9732..

ANSWER: The Chickasaw Nation

THE QUESTION: 1. Modern Memphis was founded on May 22, 1819, by planter John Overton, Revolutionary War officer James Winchester and future president Andrew Jackson, on territory that the federal government had purchased from: 

a) France.

b) Spain.

c) John Jacob Astor (1763-1848), the real-estate mogul who was America’s first multimillionaire.

d) The Chickasaw Nation.

TOPICS COVERED BY TOM KING, BILL KING APPRAISAL COMPANY

  1. What are the advantages and challenges for home sellers in our current market? (Share an example of how you see people enjoy the advantages and overcome the obstacles)

  2. What are the advantages and challenges of home buyers in our current market? (Share an example of how you see people enjoy the advantages and overcome the obstacles)

  1. What kind of appreciation on home values did we see in the Mid-South in 2023? (some areas appreciated in value and some areas values declined) What kind of appreciation in home values do you see in the Mid-South for 2024?

  2. Talk about the groups of people who have profited most from owning their real estate.

  3. Explain the difference between the inspection an appraiser does vs the more detailed inspection a home inspector completes.

 

(3rd SEGMENT 9:35 AM)

TOPICS COVERED BY JO GARNER, LICENSED MORTGAGE OFFICER

Here are some questions you can ask yourself when you are considering the decision to buy real estate in 2024.

  1. How long do you plan to keep this property? (Will the property appreciate enough using conservative predictions to allow you to sell at a profit?)

  2. If you needed to sell within the next two to three years, could you rent it for more than your house payment and maintenance costs?

  3. Does the house payment fit comfortably enough into your budget to cover the payment and repairs on the home if you could not sell later and did not want to rent it out to anyone?

  4. Do you have enough accessible savings or investments to make payments on the home for 6 months if you experienced an unexpected financial set back?

Choose an experienced, reputable realtor to help you determine the long-term appreciation in value on the house—not just over the last 2 years but for longer.

Choose an experienced, reputable mortgage loan officer to help you explore the best mortgage options. ( I would like to sign up for the job as your lender)

Here are some examples of some of my clients who made the decision to get their mortgage this year.

  1. Ariana whose mother passed away in January and she ended up in a sibling scrabble over their mother’s house. Since Ariana was still living in her mother’s home, she expedited getting the estate probated and got her siblings to agree to a fair price. She got her mortgage approved and bought the house outright from her siblings so she could enjoy peace in the place she always knew was her home. Ariana is on my rate-watch program, so when and if mortgage rates drop a little more, Ariana will be in a position to refinance to a lower mortgage rate with a much lower payment.

  2. Beckham and Benny finally said goodbye to the landlord with the constant rent increases. They bought their first home on a first-time homebuyer program with a mortgage rate below the market level, giving them a lower payment per month The first-time homebuyer program even gave them down payment assistance so they could keep their savings in the emergency fund. Beckham and Benny were most excited about the freedom that was theirs to decorate and modify the home to make it their very own. Building equity in their net worth was a plus too.

  3. Reginald had just purchased a home two years ago and improved the kitchen and bathrooms. He added an entertainment off the patio and was able to sell the home almost a $100,000 profit. He sold the home he had fixed up and used the money down to leverage into a higher valued area with a home that had the extra amenities he did not have in the other home.

  4. Carlos and his family just got their offer accepted on a home with more space and an extra bedroom to accommodate other family members moving in with him in the next few months. He plans to keep his smaller home for his cousin and his cousin’s family to rent until they are ready to buy their own home.

  5. Francesca and her family got a cash-out refinance to pay off some high interest rate credit card debt and allow them money to improve their home Even though Francesca had a mortgage with a 4% rate, the mortgage balance made up only 25% of the total value of their home. Due to some unforeseen financial challenges, Francesca had racked up 40% of the value of her house in credit card debt with interest rates ranging from 15% to over 20%. Refinancing and paying off the mortgage and almost all of the credit cards saved Francesca and her family several hundred dollars per month in debt payments. Their plan was to pay extra on the mortgage principal from their monthly savings and pay off the mortgage early.

4th segment following 9:45 am break about 9:48 to 9:56 am

REAL ESTATE TIP OF THE WEEK -Tom King (about 1 min or 1.5min)

Tom King’s tip is for people buying an older home or selling an older home. If there is not a full 18 inches clearance from the ground to the bottom of the floor joists, don’t count on using an FHA mortgage. Consider using a conventional loan product. FHA requires a full 18 inch clearance between the ground the bottom of the floor joist.

Jo Garner’s mortgage tip: Mortgage rates have dropped down significantly since October 26, 2023 (today is December 30th, 2023) If you have been sitting on the fence, waiting for rates to come down, consider jumping off the fence today. If you wait until everyone else is running out to try and buy a house, you are going to be in for some stiffer competition. Call me or text me today and let’s explore the best financing options for you, so you are looking your best when you start making offers to buy your next home. I can make the mortgage process EASY for you. It’s easy to get started. Call or text me at 901 482-0354. Or connect at www.JoGarner.com

Connect with me at (901) 482-0354 Jo@JoGarner.com www.JoGarner.com

ANNOUNCEMENTS FROM SPONSORS:

Talk Shoppe offers free networking & education to anyone interested in real estate or in business or in health and wellness. Talk Shoppe meets every Wednesday 9A-10A CT at Concorde Career College 5100 Poplar the 1st floor in the Memphis Clark Tower and also on zoom. Go to www.TalkShoppe.com and click the Events tab for the link to get into the event online. This Wednesday January 3rd, 2023 Talk Shoppe presents: Keith Potts, Evolve Business Coaching “Presenting an Effective Brand Message In Less Than 30 Seconds”

Talk shoppe could not offer the free networking, education and marketing to our business community without the financial support of the sponsors. Thank you to Derrick Michaud of Shelby Row Productions (podcasting studios) for being Talk Shoppe’s newest sponsor. For building your business through podcasting in 2024, contact Derrick Michaud at derrick@shelbyrowproductions.com

Thank you to Peggy Lau of Club Seacret, a membership that can get you bargain prices on first-class travel vacations. Thank you Peggy for your talents and financial contributions to help Talk Shoppe Equip, Engage and Empower our business community. For your own plan for first-class travel at a bargain price, call Peggy Lau at 901 289-0747

Subscribe to get weekly Real Estate Mortgage Shoppe podcasts with show notes at www.JoGarner.com

5. Real Estate Mortgage Shoppe reminds you to MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY.

LEGAL STUFF: 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 AND NOT AN OFFER TO LEND.. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE AND ARE BASED ON TRUE STORIES BUT WE USE FICTIONAL CHARACTERS AND DO NOT DIRECTLY REFLECT REAL PEOPLE OR EXACT DETAILS IN ANY OF THE SITUATIONS.

QUOTE CORNER : William Shakespeare “ It is not in the stars to hold our destiny, but in ourselves.”

George Burns “I look to the future, for that is where I am going to spend the rest of my life.”

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REJOINDERS:

  1. Vincent Demps, Masterchek.com Cyber security and investigations Memphis, TN

  2. Saul Klein, San Diego, CA

  3. Jackie Woodside, author of “Calming the Chaos” Marlboro, Massachusetts

Transition Music: “https://www.youtube.com/watch?v=8qrriKcwvlY (please start at 54 secs) Timbuk “The Future’s So Bright”

PICK UP YOUR COPY OF “CHOOSING THE BEST MORTGAGE-THE QUICKEST WAY TO THE LIFE YOU WANT” by: JO GARNER

An essential guide for real estate professionals and their customers.

Now on Amazon and Barnes and Noble

ABOUT TOM KING, REAL ESTATE APPRAISER

Tom is a well- respected and sought after appraiser in Memphis, Tennessee.  He is a second generation appraiser with 40 years of experience.  He has been elected to the Memphis Area Association of Realtors Board of Directors three times.  

 

Tom is a certified residential appraiser in Tennessee.  He have appraised over 20,000 homes in his career.  A graduate from the University of Tennessee with a degree in real estate, Tom is also a Certified Relocation Professional (CRP).  Tom also has vast experience in dealing appraising real estate for pre-listing sales, cash buyers, divorce settlements, estate settlements. (901) 487-6989

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ABOUT JO GARNER-MORTGAGE LOAN OFFICER:

WHAT DO YOU WANT TO ACCOMPLISH WITH YOUR MORTGAGE?

www.JoGarner.com (901) 482 0354 jo@jogarner.com twitter @jogarner NMLS# 757308

(currently working with Cardinal Financial Company, Limited Partnership NMLS #66247 equal housing opportunity 2645 Appling Rd 102 Memphis, TN 38133 ) Online loan application https://online.cardinalfinancial.com/#/p/apply/jogarner

www.cardinalfinancial.org for licensing info www.nmlsconsumeraccess.org/EntityDetails.aspx/company/66247 “Whatever YOUR personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on hitting your goals .”

As a mortgage loan officer, my job is to help you get to the benefits you want from your financing terms. What is most important to you? I can help you find the financing terms that will help you get to what you want. What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you 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.”

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 25 years.  She grew up in West Tennessee and got her start in real estate 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 25 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 Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com Pick up Jo Garner’s book on Amazon or Barnes and Noble “Choosing the Best Mortgage-The Quickest Way to the Life You Want”