Today Wendy Greenlaw of the well-known trusted real estate market data company , Chandler Reports will be sharing some market trends we are seeing in the types of homes being sold and to whom these homes are selling. Tim van Horn, realtor with Crye-Leike will be sharing some ways you can win with these real estate trends as a home buyer and as a home seller. I will be sharing some tips on how to prepare to be nimble and quick on your mortgage approval.
What do YOU want to accomplish with YOUR mortgage? Let’s stay connected! Subscribe to Real Estate Mortgage Shoppe weekly podcasts with show notes at www.JoGarner.com
To Your Success,
Jo Garner, Mortgage Loan Officer NMLS # 757308
(901) 482-0354 Jo@JoGarner.com www.JoGarner.com
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WELCOME TO THE SHOW!
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 TIPS AND TRENDS FOR HOME SALES & FINANCING FOR THE MEMPHIS FALL MARKET. Thank you to Joe Rojas of Quality Title Group in Memphis. If you know someone who wants to buy a home or refinance a home ,call Joe Rojas to handle the closing (901) 289-5821. Subscribe to get our Real Estate Mortgage Shoppe weekly podcasts with show notes at www.JoGarner.com. Call us while we are live at (901) 535-9732 Today is September 22, 2018.
REAL ESTATE AND FINANCING TOPICS
Today Wendy Greenlaw of the well-known trusted real estate market data company , Chandler Reports will be sharing some market trends we are seeing in the types of homes being sold and to whom these homes are selling. Tim van Horn, realtor with Crye-Leike will be sharing some ways you can win with these real estate trends as a home buyer and as a home seller. I will be sharing some tips on how to prepare to be nimble and quick on your mortgage approval.
INTRODUCING WENDY GREENLAW OF CHANDLER REPORTS
(Jo) So, let’s introduce everyone. Wendy Greenlaw, it has been too long since you have been in the Real Estate Mortgage Shoppe studio. Wendy, you have been the Business Development Manager for Chandler Reports responsible for all communications on the latest market trends and real estate activity for Memphis and Shelby County. You have been working with Chandler Reports for over 10 years. You provide real estate professionals and businesses premium residential and commercial real estate data. Take a minute and tell us a little about yourself and what Chandler Reports does for your clients. (Wendy has about 1 minute to briefly into herself and talk about what Chandler Reports does for their clients)
INTRODUCING TIM VAN HORN, REALTOR WITH CRYE-LEIKE
(Jo) Also back by popular demand, Tim van Horn, host of WREC’s Memphis News, Traffic and Weather from 6A to 9AM weekdays at this station and also an accomplished realtor with Crye-Leike. Tim, it has been rewarding to get to work with you and your clients. Your clients tell me that you are friendly and fun to be around. I can say you take care of the details when it comes to your clients’ real estate transactions—and yes, you are fun to work with too. Take a minute to introduce yourself and talk about what you do for your clients. (take about a minute to introduce yourself and talk about what you do for your clients.)
BE QUICK OR BE HIT
(Jo) Part of being a good mortgage officer for my clients is to watch the real estate trends, just like watching the weather, so that I can help my clients win no matter which way the wind is blowing (figuratively speaking) in the marketplace. Listening to realtors and appraisers and other real estate professionals out in the field, helps me know better which mortgage program should work better on a particular home or with a specific borrower.
For instance, with multiple offers being made on the same house within a matter of hours of the home being listed for sale, I work with my clients to make sure their prequalification letter is strong and appealing to the seller who will be making the decision to choose between my client and someone else. I work with my mortgage client to make sure they are prepared to make an offer and move quickly toward the closing.
The importance of being quick reminds me of playing tennis with a friend of mine from church many years ago. She loved to play tennis, and when she played, she wore a T-shirt with a picture of a tennis ball in motion and the words, “Be Quick or Be Hit.” She was a lot better at tennis that I was, so I experienced first-hand from her what it felt like NOT to be quick and to be hit by a tennis ball.
Want to be prepared to be nimble and quick to score the best deal on financing your home? MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, LET’S DO IT TODAY. We will be covering some winning tips later in the show. Connect with me at www.JoGarner.com. Email me at Jo@JoGarner.com or just call me at (901) 482-0354.
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REAL ESTATE TRENDS AFFECTING THE MEMPHIS, TN MARKET
For now, Wendy Greenlaw with Memphis Daily News Chandler Reports, please cover some of the general residential real estate trends you are seeing in the Greater Memphis area and how do they compare to trends a year or more ago? (Wendy Greenlaw covers top real estate trends we are seeing that affect the Memphis, TN fall season market)
You’re on Real Estate Mortgage Shoppe. I’m your host, Jo Garner, Mortgage Loan Officer. What do YOU want to accomplish with your mortgage? Make your plan. Let’s work your plan if the deal works for you today, let’s do it today. When we come back Wendy Greenlaw of Chandler Reports will be covering more about the real estate trends she is seeing from her data. Tim van Horn will be offering to some tips to homebuyers and sellers on things to do win with these market trends.
2nd segment after 9:15 break: Our Look Back Memphis Trivia Contest is brought to you by notable Memphis historian, Jimmy Ogle. Jimmy Ogle offers free historic walking tours downtown in the spring and fall. For information about Jimmy Ogle, go to www.JimmyOgle.com . The 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.
Garner # 139 * 09/22/18
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Capt. Harris House
Question: I am the subject of two William Faulkner novels. Who am I?
Hint: I am actually a house named for a captain and built in 1898.
Hint: I began on one street and ended up (and now exist) on another.
Final Hint: I recently watched a large Midtown festival from my front porch.
Answer: Capt. Harris House. An excellent example of frame Queen Anne style is found on Young Avenue in a house built in 1898. The builder, Frank Trimble, sold the house in 1900 to Captain Harris from Mississippi, whose move to Memphis was probably the result of a feud in which Colonel William Faulkner, author of The White Rose Of Memphis, was killed by a relation of Harris’. Faulkner’s great-grandson, William Faulkner, used the incident in two of his novels, Requiem For A Nun and The Unvanquished.
The house originally sat on a slight hill on a three-acre lot facing west. In 1925 it was turned by using logs and horses to face Young Avenue and allow the business district along Cooper Avenue to develop. It is two-and-a-half stories high with a round turret under a conical roof on the southwest corner. A wide one-story veranda with bracketed posts extends across the south façade and around the turret. In the center, the veranda is interrupted by a two-story gabled entry, the second story having a pagoda-like roof. There a multiple entries on the first floor, out there when the house was converted to apartments.
Part of the Harris property was sold for the construction of the Peabody School in 1910. During WW2, the house was used by officers of the Second Army, headquartered at the Fairgrounds.
Jimmy Ogle gives free walking tours on the sidewalks and parks in Downtown Memphis during the year, with the next being the Great Union Avenue Manhole Cover & History Tour at 11:45 a.m. on Tuesday, October 2 (meet at the Cotton Museum – Front & Union). The Judge D’Army Bailey Courthouse Tour at 12:00 noon on Thursday, October 18 (meet at the southwest steps, corner of Second & Adams). Go to JimmyOgle.com.
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TOPICS COVERED BY WENDY GREENLAW OF CHANDLER REPORTS MEMPHIS DAILEY NEWS
Market Watch 9/22/18 Through the first eight months of this year, overall home sales in Memphis and Shelby County are up 1% and average sales prices are up 7% from the same period of 2017. Last year we reached a record high for average home sales prices and we expect to exceed that this year. Factors attributing to the increase in home sales prices:
1. Supply/Demand‐ low inventory of available homes on the market is driving prices upward. I believe that one factor of low inventory is the fact that we have so many investor owned properties, upwards of 30% in Shelby County, that will not return to the retail market. From what I have seen, once a property is investor owned it is only sold off privately to other investors. Inventory has been creeping upwards since January but is still historically low, just under 2.5 month’s supply on the market.
2. Lack of foreclosure activity and bank sales, which typically drive down prices, are virtually nonexistent. Foreclosures are down 22% year‐to‐date.
3. New home sales prices continue to rise, up 12% from last year to $370,000. Vacant lots are difficult to find and supply/demand of new homes continues to drive prices upwards. To put things in perspective, there have been 571 new home sales through August of this year. During the same period of 2006, the peak of our market, there were over 2,700. 4. High‐end home sales, home sales valued over $300,000 are up 21% from last year. Home sales valued over $1M are up 63%. Of the home sales recorded, over 40% were investor purchases of which over 50% were by out‐of‐town buyers. NOTE: A lot of investors are not changing the tax bill ownership address until after the purchase, a lot of times they quit claim the property to their LLC, so I think that this figure is low, that it is likely upwards of 45%‐50% that were investor purchases.
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6. How do people sign up to start getting the Chandler Report real estate date? What is the approximate costs?
7. What type info can business people glean from the Chandler Reports?
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TOPICS COVERED BY TIM VAN HORN, REALTOR WITH CRYE-LEIKE
1. What are some real estate tips you can offer homebuyers to help them win in the fall market?
2. What are some tips you can offer home sellers to help them win in the fall real estate market?
3. What are some of the trends you are seeing with home values in the Greater Memphis area?
4. What are some trends you are seeing in the types of terms in the real estate purchase agreement?
5. What kind of trends are you seeing on reasons people are deciding to buy or sell their home?
6. Share some real estate stores giving examples of tips and trends you are seeing happen in the Greater Memphis real estate market?
Real Estate Advice from Tim van Horn-Use THEIR Vision To Achieve YOUR Vision
A home can be a tremendous source of joy and a treasure trove of memories. If you take great pride in where you hang your hat, you’re not alone!
It’s only normal to have your home laid out just so, full of beautiful furnishings and lots of photos of loved ones. After all, you want those closest to you to feel welcome and to enjoy their visit/stay.
However, if your vision is to sell your home and move on to the next chapter in your life, you may want to consider making your home look and feel less like um, YOUR home.
Consider taking down the bulk of your pictures. It’s perfectly ok to have a couple of family photos inside your home you’ve put on the market. Potential buyers are curious, and limiting your photos strikes the right balance between conveying a happy home while still letting them create their own expectations of joy under that roof.
Same goes for furnishings. Decluttering is more than cleaning out the closest and emptying the shelves. Considering limiting furniture to only what you need to function comfortably while your home is up for sale. You don’t need to make the home feel like it’s vacant, but you should consider taking this step to make rooms “feel” bigger. This also lets potential buyers treat each room as more of a blank slate, casting their vision of where they’d put THEIR couch, THEIR table, THEIR dresser. The more engaged a buyer becomes inside your home, the more likely they’ll leave with a positive vibe.
Positive vibes can lead to offers!
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TOPICS COVERED BY JO GARNER, MORTGAGE LOAN OFFICER
1. Tips on how to prepare for your mortgage preapproval.
Determine for yourself, after reviewing your income and assets, your personal comfort level on the amount of what you can comfortably pay on a house payment. Determine for yourself what you can personally pay for move-in costs at closing and still leave enough in the bank for an emergency fund.
A. Take an hour or two and review what you actually make for income. Look at your W2s or your tax returns. If you are salaried, look at how much you net on your paycheck –the amount that goes in your bank and multiply that number by how many regular paychecks you get with that amount.
B. Then review the summary reports your credit card company sends you to see how much money you really are spending. And review your bank statements too. Lots of people, myself included believe we know the amount we spend on things, but you are going to be shocked when you do the math.
C. After reviewing what you really bring in for income and what you really are spending, then come up with a house payment that you know you will be comfortable paying each month. After reviewing your bank statements, how much money are you comfortably paying down on a house with other costs and still leave an acceptable amount of funds in your emergency fund?
D. Volunteer to have the mortgage officer review all of your tax returns and paystubs and bank statements and review your credit so that the preapproval letter will be much stronger. Ask the mortgage company to note that your credit, your income and asset documents have been reviewed and are acceptable. This makes your prequalification letter stronger than prequalification letter offered by other people competing against you to buy the same house.
2. Pull a free consumer credit report and review your credit score, your credit payment history and the percentage of the credit limit you owe on credit cards.
The law allows you to pull your credit from the three major bureaus once a year free of charge. The official site to do this is www.annualcreditreport.com
Make sure there is no negative erroneous credit on your report. If there is, you have a chance to get with the creditor and get it corrected.
Over 30% of your credit score as of right now is determined on what percentage of your revolving credit you are using. For example, if you had a credit card with a $1,000 credit limit and you owed over $500, then you would owe over 50% of the credit limit. .
For now, you are being penalized with a lower credit score because you are using 50% or more of your credit limit. You actually add some points to your score by only using less than 30% of your credit limitOn a $1,000 credit limit you can put some points on the credit score by owing less than $300 on that card. You get even more points if you own less than 10% of the credit limit. But paying the card completely off may not be good since the credit card company might not report at all.
4. Put some reputable, experienced real estate professionals on your team.
Buying a house is one of the largest investments you will ever make and you don’t want to make the most expensive mistakes you have ever made. A good realtor, mortgage loan officer, title company, appraiser, home inspector and insurance agent can keep you working smart and saving you from disaster. I would love to sign up for the job as your mortgage officer. But you have to contact me personally so I can work with you personally. MAKE YOUR PLAN. LET’S WORK YOUR PLAN. IF THE DEAL WORKS FOR YOU TODAY, DO IT TODAY. Connect with me at www.JoGarner.com or call me at (901) 482-0354 (901) 482-0354.
5. In this competitive market with a lower-than-normal number of homes on the market for sale and a high number of people wanting to buy homes, you may not find the perfect house that has all of the bells and whistles you want. But, you may find a house that can be modified by you over time to eventually have those bells and whistles you want
6. Here’s an example of a couple who could not find a house for sales that had everything they wanted, but they found a house that, over time they could add improvements and features to make this home their dream home one day.
Jerry Kenner and his wife had a few tough breaks in life with health issues and helping their adult children get to a place where they could support themselves. What they really yearned for was a house with a sunroom, a deck, a small pool and a not-so-small workshop for Jerry.
The Kenners’ challenge- There was no such house available on the market and nothing anywhere even similar in the price range they could afford without putting a lot of money down. But they would never be able to have this dream come true in the little house where they had raised their children for so many years. .
The Kenners’ Strategy- The Kenners’ realtor really listened to what they wanted but knew their financial limits. The Kenners had prioritized the things about the house were the most important to them and given their wish list to their real estate agent.
Since the Kenners were now empty-nesters, they could buy a home outside the crowded city neighborhoods with not so many strict covenants and restrictions and zoning rules. Their agent helped them find the perfect house in a more rural area with enough space so that, over time using money the Kenners gradually saved and using some of their home equity line of credit money , Jerry and his wife could build their sunroom one year, the deck and the small swimming pool another year and the not-so-small work shop too. But Jerry opted to build the workshop first.
7. Refinancing the existing mortgage to pay off variable rate Home Equity Lines of Credit and variable rate credit cards with high balances.
Check with your qualified financial advisors who know your specific situation before making financial decisions.
If he Federal Reserve remains on track to continue to repeatedly raise the Federal Reserve overnight interest rate over the next couple of years, this will likely cause you payments and interest expense to increase on these variable rate loans and credit lines. Some people have bought themselves some peace of mind by refinancing their existing first mortgage to get pay off and get rid of any variable rate loan risk. They can enjoy the stability of a low fixed interest rate. Then, we can look at methods of paying off this mortgage early.
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REAL ESTATE TIP OF THE WEEK
(Tim van Horn shares a real estate tip concerning the importance of using a reputable mortgage officer and realtor –preferably local who will make the extra effort to look into finding the very best mortgage product specific to your situation vs using a 1-800 number company):
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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 Pinot’s Palette 8225 Dexter Rd Cordova, TN. This Wednesday September 26, 2018 Talk Shoppe presents: “The Mastermind Principle: based on the book Think and Grow Rich by Napoleon Hill
Talk Shoppe events are free thanks to advertisers. And if you want to reach your target market using a wide selection of platforms such as radio, print, social media targeted post, video, and more at below-market costs, call me after the show and I can show you how to get your name and message out to your targeted audience. Let’s talk at (901) 482-0354 For more about Talk Shoppe, go to www.TalkShoppe.com
3. Thank you to Joe Rojas, representative of Quality Title Group for sponsoring today’s episode of Real Estate Mortgage Shoppe. If you are buying a home or refinancing a home, give Joe Rojas call for getting your real estate transaction closed. (901) 289-5821 www.qualitytitlepro.com
4. Subscribe at www.JoGarner.com and you can get our weekly blog posts with podcasts conveniently in your inbox.
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.
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. ALL EXAMPLES GIVEN FOR ILLUSTRATION PURPOSES ON REAL ESTATE MORTGAGE SHOPPE USE FICTIONAL CHARACTERS AND DO NOT REFLECT REAL PEOPLE OR ACTUAL DETAILS IN ANY OF THE SITUATIONS.
QUOTE CORNER: from Maxine cartoon “I always start running in the fall—not all of me –just my nose”
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REJOINDERS:
1. Donnie Tuttle, Idaho #1 Sales Coach with Southwestern Consulting dtuttle@southwesternconsulting.com
2. Sally Baker, The Source –professional organizer, estate sale and event coordinator (901) 258-4775
3. Brandon Thompson, Home Team Inspections, Memphis, TN Direct (901) 848-2388
Transitional Music: “Walking In Memphis” by Marc Cohen; “Wake Me Up When September Ends” by Green Day; “Memphis Beat” by Jerry Lee Lewis; “Memphis” by Johnny Rivers for the Look Back Memphis Trivia Contest
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ABOUT WENDY GREENLAW OF MEMPHIS DAILY NEWS AND CHANDLER REPORTS
Wendy Greenlaw is the Business Development Manager for Chandler Reports responsible for all communications on the latest market trends and real estate activity for Memphis and Shelby County. She has been with the company for 7 years and provides real estate professionals and businesses premium residential and commercial real estate data. She also provides data to property owners that want to determine the fair market value of their property or appeal their property tax values to the Assessor and Board of Equalization.
About Chandler Reports
Chandler Reports has been publishing Real Estate Market Data since 1968. That year, we began collecting residential sales information for the Chandler Residential Report, considered the authoritative source for residential real estate sales information. Over the next three decades, the publications have been continually refined, enhanced and expanded. In 1987, Chandler Reports began one of the first on-line real estate market data services in the country, and is a nationally recognized leader in the industry. In 2004, Chandler Reports was purchased by The Daily News Publishing Co. In 2007, we introduced RegionPlus, including property research for Nashville and Middle Tennessee. 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.
Wendy Greenlaw, Business Development Manager, Chandler Reports & The Daily News Online
Tel 901.528.5273 | 877.711.0200 FAX 901 454-2329 www.ChandlerReports.com
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ABOUT TIM VAN HORN, REALTOR WITH CRYE-LEIKE REALTORS, INC:
name trusted by Mid-South families for over 15 years.
Licensed in Tennessee & Mississippi
• LeadingRE Sales Specialist Certification- Regardless of where you’re moving- around the block or even around the world- I can help you with your relocation needs!
• Born and raised in the Memphis area.
• Graduate of Kirby High School, The University of Memphis and Mississippi State University
• Full-time agent dedicated to outstanding service, striving to make buying or selling your home and experience that exceeds your expectations.
• Married with one daughter
• Active members of Highpoint Church
• We love the Memphis Zoo, playing soccer and running in the St. Jude Memphis marathon weekend each year.
You can find out more about local real estate, my family and me at blog.timvanhorn.com. Follow me @MyTimVanHorn
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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
“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 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