The real estate market in Memphis has been a bit wishy-washy lately, and that’s because of a lot of factors. Not only that, but the COVID-19 pandemic has taken its toll in many cities on the market, and Memphis is one of the areas that has been impacted. Many people have re-invested in their homes, and since the market has dropped, it has increased the number of people investing in real estate in the area – and for good reason. In this guide, we’re going to discuss some of the trends for Memphis real estate so you can find out why you should invest in the property yourself!
Numerous Trends that Provide Benefits if You Invest
Investing in real estate in Memphis offers numerous benefits to the buyer. For example, you can get the following benefits that can aid you in the long run:
- You can get rehabilitated and renovated homes that can give you the most in cash flow (from renters or flipping the homes) if your Memphis real estate agent knows where to look.
- Rent is a bit higher since it’s a famous city compared to the home value itself.
- You can get and provide what’s considered affordable housing (increasing your prospects for buyers and renters)
- The rent is higher than the national average.
- The cost of living in the area is lower than the U.S. average, which makes great turnovers.
- You can save up to thirty percent on homes right now since they’ve dropped so far below the market.
- Memphis has nearly a ten percent 3-year market appreciation forecast.
Increased Online Ratings
Many websites that are popular for providing market trends show a significant rise in the sale prices of homes and rent by 2021. This means that right now is the time to buy because as the value increases over time rather than depreciating, you can gain a true profit. Currently, the resale and sale price of homes is up more than 14 percent compared to 2019-2020. This is an excellent trend to think about because there are more than 4,000 homes available for sale online in the area. This means that if you buy now, give the home just a little bit of love (or not – that’s up to you), then you can get your home to resell well over the 14% that it is expected to increase just by next year alone.
The Types of Homes Providing the Most
There are numerous types of homes on the market, but one of the most popular is the single-family homes. This is great because they make up the majority of homes on the market. Coming in close in second place is multi-family homes and apartment buildings, and believe it or not, commercial properties are almost last on the list.
Conclusion
Looking to buy a home? That’s great! You want to make sure that you follow all of the best market trends, and fortunately, you can find them in Memphis. With all of the homes available on the market, you can even find many which have been foreclosed on to save you even more money when it comes to purchasing it. Then all you have to do is resell it and increase (sometimes doubling) your profit.