Sep 23 No Comments

Should I Buy a Home Now or Wait?

Author: Reid Realtors

Categories: Buying Tips,Equity,For Buyers,Home Prices,news

(Updated 9/23/25)

You’ve probably heard this piece of real estate wisdom before: “Yesterday was the best time to buy a home, but the next best time is today.”

Here’s what catches a lot of buyers off guard: the longer you wait around, the more expensive buying a home could actually become. And you deserve to know exactly why that happens.

What the experts are saying about future prices

Every three months, over 100 housing market experts share their predictions in something called the Home Price Expectations Survey from Fannie Mae. And guess what? They pretty much all agree on one thing: nationally, home prices are expected to keep rising through at least 2029.

Now, don’t panic – those crazy sharp price increases we saw during the pandemic are definitely behind us. But experts are projecting a steady, healthy, and much more sustainable increase of about 3-4% per year going forward. While this will vary quite a bit depending on your local market and what year we’re talking about, the good news is that this is a way more normal pace. That’s actually a welcome sign for both the housing market and hopeful buyers like you.

But let’s be honest about where things stand right now. The housing market has definitely become more buyer-friendly lately, but even with these improvements, lots of potential buyers are still sitting on the bench because of those record-high prices. The median sale price of an existing home in the U.S. hit $422,400 in July 2025 – that’s the highest July price the National Association of Realtors (NAR) has ever recorded. And according to the July Fannie Mae Home Purchase Sentiment Index, about three-quarters of consumers – 77 percent to be exact – think it’s a bad time to buy a house.

It makes total sense why so many people feel this way. When you’re staring at these price tags, it can feel completely overwhelming and maybe even impossible to break into the market. But here’s the thing – while those scary headlines are definitely grabbing attention, there’s actually more to the story that’s worth thinking about.

The current market might be better than you think

After being at a serious disadvantage for the past few years, things are actually starting to look up for homebuyers in several important ways. Let’s break down what’s really happening right now that might give you some genuine hope:

Mortgage rates are getting better – For starters, mortgage rates are sitting at their lowest level in nearly a year, with the 30-year fixed rate averaging 6.62 percent as of mid-August, according to Bankrate’s weekly survey of large lenders. This definitely helps with affordability. Sure, rates have come down from that scary high of 8 percent we hit in late 2023, but they’re still pretty elevated compared to those ultra-low rates we got spoiled with a few years ago.

You’ve got more time to think things through – Days-on-market figures are creeping up a bit, with July NAR data showing that homes typically spent 28 days on the market before selling, compared to 24 days a year ago. This might not sound like a huge difference, but those extra few days can make a real difference when you’re trying to schedule inspections, get your financing lined up, and make one of the biggest decisions of your life without feeling rushed.

Way more options to choose from – Available housing inventory has risen significantly – it’s up a healthy 15.7 percent from last year and sitting at its highest level in five years. That gives buyers way more options to choose from, plus more time to actually make their decision. Remember all those crazy stories about bidding wars and homes selling within hours of being listed? Those situations are becoming much less common in most markets these days.

So is now actually a good time to buy?

Home prices are definitely sky-high, with NAR’s July data showing an incredible 25 consecutive months of year-over-year increases. When you combine that with these still-elevated mortgage rates, these factors might totally discourage you from buying right now – and honestly, that’s completely understandable.

But no matter which direction the real estate market is heading, buying now means you can start building equity in your own place immediately. It also means you’re avoiding the potential chaos of mortgage rate fluctuations down the road. Rising rates can absolutely wreck your monthly budget, and they also mean you’ll end up paying way more in interest over the entire life of your loan.

As Stacey Froelich, a broker with Compass in New York City, puts it: “If a buyer finds a property they would like to call home, they should not delay. You cannot time the market, and a home should be a long-term investment.”

There’s also this piece of wisdom that’s become really popular among real estate professionals: “Remember, you ‘marry the house and date the rate,'” says Melissa Cohn, regional vice president of William Raveis Mortgage in Connecticut. In other words, if you find the right place for you, go ahead and buy now – you can always refinance later if rates do drop significantly.

This philosophy actually makes a ton of sense when you really think about it. Your home is where you’re going to live, where you’ll make memories, where you’ll build your actual life. The interest rate? That’s just a number that can potentially change over time. You can refinance if rates drop, but you definitely can’t go back in time to buy that perfect house you let slip away because you were waiting for better conditions.

Three key questions to figure out if you’re ready

In general, if you can honestly answer yes to these three important questions, then yes, now is probably a good time for you to buy:

Do you have excellent credit? Before you even start scrolling through house listings, check your credit score. The best mortgage deals are going to be available to people with the best scores – in fact, the median credit score of new mortgage borrowers in the first quarter of 2025 was really high, sitting between 750 and 800, according to the Federal Reserve Bank of New York. If you’ve proven that you’re a low-risk borrower with a solid history of on-time payments, you’ll be in line for the lowest mortgage rates a lender can offer.

Your credit score isn’t just about whether you can qualify for a loan – it’s about how much that loan is actually going to cost you. Even a small difference in your interest rate can add up to thousands of dollars over the life of your mortgage. If your credit score needs some work, it might be worth taking some time to improve it before jumping into the market.

Have you saved up enough for a down payment? In addition to paying your bills on time consistently, you should be sitting on a decent chunk of change for a down payment. The more you can pay upfront, the less you’ll have to borrow (and therefore the less interest you’ll have to pay). Make sure you’ll have plenty left over after that down payment, too. Lenders really like to see additional cash reserves that can provide a financial cushion if something unexpected happens.

This isn’t just about having the bare minimum down payment – it’s about having that money plus closing costs, plus moving expenses, plus an emergency fund for when the water heater decides to give up the ghost two weeks after you move in. Homeownership definitely comes with surprises, and you want to be financially prepared for them.

Are you planning to stick around for a while? Beyond the purchase price itself, buying a home comes with closing costs that can easily run several thousand dollars more. So to really justify those one-time transaction costs, it’s smart to be reasonably sure that you won’t be moving again anytime soon – or that you’ll be financially stable enough to hold onto the property and rent it out if needed. Selling a home very soon after buying can have some serious tax implications too.

Think honestly about your life circumstances. Are you in a stable job that you like? Is your family situation likely to change dramatically in the next few years? Are you actually committed to the area where you’re looking to buy? These lifestyle factors can be just as important as all the financial considerations.

The real cost of waiting around

Here’s something that might actually surprise you: waiting for the “perfect” time to buy can end up costing you more money in the long run. Let’s break down exactly why this happens.

When home prices are increasing at that projected 3-4% annually, every single year you wait means that same house costs more money. On a $400,000 home, a 3% annual increase means that exact same house will cost $12,000 more next year. Even if mortgage rates dropped by a quarter or half a percentage point, you might not make up for that price increase.

Your mortgage rate definitely makes a big difference in how much house you can afford over the long run, but so does the actual purchase price. For example, if you buy a $350,000 home with a 20 percent down payment, the monthly payment for principal and interest on a 30-year loan with a 6.5 percent interest rate works out to $1,770. That same loan at 7.0 percent brings those monthly payments up to $1,863 – that’s $93 higher every single month. Over a year, that’s $1,116 more, and over the life of the entire loan, it’s more than $33,000 extra.

But here’s the flip side of that math: if that same $350,000 home ends up costing $360,000 next year due to appreciation, your monthly payment at the same 6.5% rate would be $1,834 – that’s $64 more per month than if you had just bought this year, even with the exact same interest rate.

When it actually makes sense to wait

Of course, it’s impossible to predict exactly where rates will end up eventually, and buying a home definitely isn’t right for everyone right now. Here are three specific situations where it might make more sense to wait out the market for at least a little while:

If home values in your area are actually dropping – The country’s overall median home price might be soaring to new heights, but some individual areas have still seen actual price declines. Those declines might not be finished yet, so it could really pay to be patient for a bit longer.

This is where local market knowledge becomes absolutely crucial. National trends don’t tell you the whole story about your specific area. Maybe your local economy has been hit by major job losses, or there’s been way too much building in certain neighborhoods. Understanding these local dynamics can help you make a much more informed decision.

If inventory in your area is increasing big time – When there are way more properties on the market to choose from, buyers get to enjoy more bargaining power. Many areas have seen a real jump in inventory recently, which certainly helps buyers. But according to NAR, the country overall had 4.6 months worth of housing supply in July – that’s still lower than the five-to-six months generally needed for what experts call a balanced market.

If your local market is seeing a significant increase in inventory, it might signal that you’ll have more choices and potentially way more negotiating power if you wait a bit longer. However, be careful not to wait so long that you miss good opportunities or that the increasing inventory trend suddenly reverses.

If your personal finances could use some serious work – The biggest reason to wait is if your current financial situation just isn’t quite ideal yet. For example, if you’re expecting a sizable commission check or bonus, an inheritance, or some other financial windfall that would make a big difference in your down payment situation, waiting until it actually arrives makes total sense. And if your credit score is on the lower side, waiting is definitely smart. Take some time to pay down your debt and improve your credit so you can qualify for much better loan terms.

This is probably the most important consideration of all. If your finances aren’t quite ready for homeownership – whether it’s your credit score, your savings account, your job stability, or your debt-to-income ratio – it’s way better to wait and get those things properly sorted out rather than rushing into a purchase you’re not really prepared for.

Really dig into your local market

Deciding whether to buy a house now or wait depends a whole lot on where you actually want to call home. Regardless of what the national headlines are saying, real estate is definitely a local game and can vary dramatically from one market to another, even within the same state or metro area.

Consider this real example: Redfin data from North Carolina’s Research Triangle cities of Raleigh and Chapel Hill, which are only about 30 miles away from each other. In July, both cities had relatively similar median home prices of $450,000 and $495,000, respectively. But Raleigh’s median price represents a 5.9 percent increase over last year, whereas Chapel Hill’s marks a big 18.2 percent slide. They’re super close geographically, with pretty similar pricing, but one market is clearly on the upswing while the other is in decline. That can make a huge difference for your buying strategy.

This example perfectly shows why you absolutely can’t make decisions based on national headlines alone. What’s actually happening in your specific market – your neighborhood, your price range, your type of property – that’s what really matters for your particular situation.

In today’s homebuying market, it’s more important than ever to find a real estate agent who really knows your local area inside and out – down to your specific neighborhood – and can help you successfully navigate all its unique quirks and characteristics. They should be able to tell you important things like:

How long homes in your price range typically stay on the market
Whether prices in your target neighborhoods are rising, falling, or staying pretty steady
What kind of competition you’re likely to face from other buyers
Whether there are any local factors (new employers moving in, major employers leaving, new developments being built) that could seriously affect property values

What if there’s a recession?

Talk of a possible recession has definitely been increasing lately, and as you might imagine, recessions can be a pretty risky time to buy a home. If you end up losing your job, for example, a lender will be much less likely to approve your loan application.

Even if a recession doesn’t affect you directly and personally, if your geographic area gets hit hard, that could have a serious effect on the local real estate market. Fewer people with the actual means to buy means a much lower chance of homes selling, which could keep homeowners from listing their properties and seriously decrease your options as a buyer.

But here’s something interesting to think about: there are actually some potential upsides to buying a home during a recession, if you’re financially able to do so. Most notably, there will be way less competition from other buyers, which could help you find a great property that you otherwise couldn’t afford or couldn’t compete for in a really hot market.

The key phrase there is “if you’re financially able to do so.” Recession-era home buying only makes sense if you have solid job security, strong savings, and the financial cushion to weather economic uncertainty without major stress. If you’re worried about your job or your overall financial stability, it’s probably much better to wait until things settle down and stabilize.

Your readiness matters more than perfect timing

Ultimately, the decision of when to buy a home is completely up to you. Life keeps moving forward, whether the timing feels perfect or not. If you’re really eager to become a homeowner, you’ve met all the financial criteria, and you’re genuinely financially stable, go ahead and start house-hunting with confidence.

If your credit score is strong, your employment situation is stable, and you have enough savings to cover a down payment and closing costs comfortably, buying now can definitely still be a smart move. But if your personal finances aren’t quite ideal at the moment, or if home values in your specific area are clearly on the decline, it might be better to wait and get things sorted out first.

The reality is that there’s never going to be a perfect time to buy a home. There will always be something – interest rates, home prices, economic uncertainty, personal circumstances, global events – that makes the timing feel less than ideal. The key is to focus on what you can actually control: your finances, your readiness for homeownership responsibilities, and your understanding of your local market conditions.

Your next steps for making this decision

Trying to buy a house right now might feel completely overwhelming, but waiting too long can definitely present its own challenges as well. Here’s what you should actually do:

Take a hard look at your finances – Review your credit score, your savings account, your debt-to-income ratio, and your job stability in detail. Be totally honest with yourself about whether you’re truly ready for homeownership from a financial perspective.

Figure out how much you can realistically pay upfront – Think carefully about how much you’re able to put down as a down payment. Remember, this includes not just the down payment itself, but also closing costs, moving expenses, and money left over for emergencies and immediate home needs that always seem to pop up.

Research what’s happening in your specific area – Take the pulse of the town where you’re hoping to live. Look at local market conditions, price trends, inventory levels, and economic factors that might affect property values in your area over the next few years.

Talk with an experienced local real estate agent – They can help you figure out whether you should buy now or wait until the market becomes a bit more friendly to your bank account. More importantly, they can help you understand what’s actually realistic in your local market and price range, not just what you see in national headlines.

Remember, homeownership is both a long-term investment and a major lifestyle choice. While it’s definitely important to be smart about timing and market conditions, it’s even more important to be ready personally and financially for all the responsibilities and rewards that come with owning your own home.

The experts consistently project that home prices will continue to rise over time, which means that waiting around for significant price drops might mean waiting forever. But that doesn’t mean you should rush into a purchase before you’re truly ready for it either.

The best time to buy a home is when you’re financially prepared, emotionally ready, and have found a property in a location where you genuinely want to put down roots for the long haul. Everything else – interest rates, market conditions, price predictions, economic forecasts – is really just noise around the edges of that fundamental decision.

So take a deep breath, do your homework thoroughly, and trust yourself to make the right choice for your specific situation. Whether you decide to buy now or wait a bit longer, make sure it’s a decision based on your actual readiness and circumstances, not on fear or pressure from external factors you can’t control anyway.

Sep 19 No Comments

How To Choose a Great Local Real Estate Agent

Author: Reid Realtors

Categories: Agent Value,For Buyers,For Sellers,news

(Updated 9/19/25)

Ready to buy or sell? Your agent choice could make or break the experience. Here’s how to find someone who actually gets you.

If you’re in the Germantown, Tennessee area, reach out to us here at Reid Realtors – a family business that’s been serving the community for over 40 years with our “do it right” philosophy. Owner Mike Jacques brings deep local knowledge to help clients make smart decisions. Call us at 901-372-8500 to see if we’re the right fit for your needs.

Picking the right real estate agent feels a bit like online dating – you’re looking for someone trustworthy, responsive, and hopefully not weird. The good news? With the right approach, you can find an agent who’ll make your home buying or selling journey way less stressful and way more successful.

Think about it: you’re trusting this person with what’s probably your biggest financial asset. They’ll know your budget, your dreams, your timeline, and maybe even your deepest fears about the housing market. The wrong choice can turn what should be exciting into months of frustration, missed opportunities, and sleepless nights.

But the right agent? They become your secret weapon, your voice of reason, and sometimes your therapist all rolled into one incredibly useful package.

Let’s dive into how to find your real estate soulmate (professionally speaking, of course).

Start With Your Network

Your first move? Become a detective. But instead of magnifying glasses, you’ll use good old-fashioned word of mouth and some strategic Googling.

Ask Your People

Hit up friends, family, coworkers – anyone who’s bought or sold recently. Don’t just ask “who did you use?” Get the details:

Were they actually helpful or just pushy?
Did they text back quickly or leave you hanging?
Would they hire them again?
How did they handle problems when they came up?
Did they feel like the agent had their back during negotiations?

Cast a wide net here. Talk to your neighbors, ask on local Facebook groups, check with your hair stylist (they know everyone’s business). The goal is to gather intel from multiple sources to spot patterns.

Dig Into Their Online Presence

Check out their Google reviews, social media, and website. Look for patterns – are people consistently praising their communication? Or complaining they disappeared after getting the listing?

Pro tip: One angry review isn’t a deal-breaker. Five reviews about the same problem? That’s a red flag waving at you.

When you’re scrolling through reviews, pay attention to:

How they respond to negative feedback (do they get defensive or try to make it right?)
Whether recent reviews match older ones (consistency matters)
If reviewers mention specific examples of good or bad service
How detailed and genuine the reviews sound (versus obvious fakes)

Verify Their Credentials

Don’t just take their word for it – do some fact-checking:

Are they actually licensed in your state? (You’d be surprised how many people skip this basic check)
Do they have any additional certifications or fancy letters after their name?
How long have they been in the business, and more importantly, how active are they?
Are they part of any professional organizations?

Here’s the thing about experience: 20 years in the business means nothing if they’ve only been selling 2 houses per year. You want someone who’s actively working deals and staying sharp, not someone coasting on old knowledge.

Look for Their Specialty

Not all agents are created equal. Some rock at first-time buyer hand-holding, others crush it with luxury listings. As Freddie Mac points out, you want someone who actually knows your specific situation inside and out.

Looking for an energy-efficient home? Find an agent who speaks solar panel fluently. Buying new construction? Get someone who knows the builder game and isn’t buddy-buddy with the developer. Downsizing after retirement? You want someone who gets the emotional side of leaving a longtime family home.

Different specialties might include:

First-time homebuyers (patience required)
Luxury properties (different marketing, different buyers)
Investment properties (numbers-focused, rental market knowledge)
New construction (builder relationships, timeline management)
Senior transitions (sensitivity to emotional aspects)
Military relocations (VA loan expertise, quick timelines)

Make Sure They Actually Know Your Neighborhood

Here’s the thing – real estate is very local. An agent who’s crushing it downtown might not be as knowledgeable about suburban family life 20 minutes away.

Test Their Local Knowledge

A great agent should be like a walking Wikipedia for your area. They should know:

Which coffee shops the cool kids hang at
What the school situation really looks like (not just test scores, but the real deal)
Where traffic turns into a nightmare and when
Which neighborhoods are about to blow up (in a good way)
When’s the best time to list in your specific market
What buyers in your area actually care about
Which local contractors, inspectors, and lenders they trust

Ask the Right Questions

During your chat, throw out some local knowledge tests:

“What’s happening with development in this area?”
“How does this neighborhood compare to [nearby area] for resale?”
“What are buyers really looking for around here?”
“What time of year do homes sell fastest in this market?”
“Are there any upcoming changes that might affect property values?”

If they’re fumbling for generic answers or pulling out their phone to Google stuff, you might want to keep looking.

Understanding Market Positioning

Your agent should be able to read the market like a pro and position your situation perfectly. For sellers, this means knowing how to price competitively without leaving money on the table. For buyers, it’s knowing when to be aggressive versus when to play it cool and wait.

They should understand things like:

How inventory levels affect strategy
Seasonal patterns specific to your area
What’s driving buyer behavior right now
How to position your property (or offer) to stand out
When to push and when to be patient

This isn’t just about knowing numbers – it’s about understanding human psychology and market dynamics in your specific corner of the world.

Communication Style: Are You Speaking the Same Language?

Nothing kills a good real estate relationship faster than communication issues. You need someone who gets how you like to stay in the loop.

Figure Out Your Communication Style

Are you a:

Texter: Want quick updates throughout the day?
Caller: Prefer actual conversations to discuss details?
Emailer: Like everything documented and organized?
Face-to-face person: Need those in-person check-ins?

There’s no wrong answer here, but there are wrong matches. If you’re a “text me everything” person paired with an agent who only does phone calls, you’re both going to be frustrated.

Test Drive Their Responsiveness

Pay attention during your initial conversations:

How quickly do they respond to your calls or texts?
Do they actually listen to your questions or just steamroll ahead?
Are they available when you need them (evenings, weekends)?
Do they explain things in a way you actually understand?
Are they patient with your questions, even the ones you think might be dumb?

Reality check: If they’re hard to reach when they’re trying to win your business, imagine how it’ll be once you’ve signed on the dotted line.

Assessing Their Availability and Workload

Here’s a crucial question: “How many active clients do you typically work with at once?”

Some agents juggle 15+ clients simultaneously. Others prefer to focus on 3-5 at a time. Neither approach is automatically wrong, but you need to know what you’re getting into.

Ask them:

What’s their typical response time for calls and texts?
Are they available for showings on nights and weekends?
Do they have backup systems if they’re unavailable?
How do they handle it when multiple clients need attention at the same time?
What happens if they go on vacation during your transaction?

Communication During Different Market Conditions

Your agent should be able to explain complex market conditions in plain English. Whether it’s a crazy seller’s market where you need to move fast, or a slower buyer’s market where patience pays off, they should keep you informed and help you understand what’s happening and why.

They should also be upfront about challenges. If your budget is tight in an expensive market, they shouldn’t sugarcoat it – but they should have realistic strategies to help you succeed anyway.

Marketing Game

If you’re selling, your agent’s marketing skills can be the difference between “sold in a week” and “still on the market after three months.”

Look at Their Recent Listings

Stalk their recent sales online. Do the photos make you want to buy the house, or do they look like they were taken with a flip phone in a dark room?

Good marketing includes:

Professional photography (seriously, this isn’t optional anymore)
Compelling listing descriptions that don’t sound like they came from AI
Strategic use of social media
Virtual tours when appropriate
Staging advice that actually works
Pricing strategy that attracts buyers without leaving money on the table

Ask About Their Strategy

A solid agent should have a game plan that goes beyond “stick it on the MLS and hope for the best.” They should talk about:

Staging advice (and whether they have trusted stagers to recommend)
Pricing strategy based on actual market data, not wishful thinking
How they’ll reach potential buyers beyond just the MLS
What they’ll do if the initial approach isn’t working
Timeline expectations that are actually realistic
How they handle feedback from showings

Digital Marketing in Today’s World

Let’s be real – if your agent isn’t leveraging digital marketing, they’re stuck in 2010. Today’s buyers start their search online, often before they even talk to an agent.

Your agent should be using:

High-quality photos: Not just good – great. Photos that make people stop scrolling
Social media: Strategic posting on Instagram, Facebook, maybe even TikTok
Online listing syndication: Making sure your property shows up everywhere buyers are looking
Email marketing: Reaching out to their network of agents and past clients
Virtual tours or video: Especially important if you’re in a competitive market

Understanding Their Network

Great agents aren’t lone wolves – they’ve built networks of other professionals who can help make your transaction smoother:

Other agents (for pocket listings and off-market opportunities)
Mortgage brokers and lenders
Home inspectors they trust
Contractors for quick repairs
Staging companies
Photographers and marketing professionals

Ask about their professional network. Do they have go-to people they recommend, or will they leave you to figure it out on your own?

Negotiation Skills:

When it comes to making deals, you want someone who’s got your back without being a total nightmare to work with.

Ask About Their Wins

Good agents love talking about their negotiation victories. Ask them to walk you through a recent challenging deal and how they handled it.

Look for someone who:

Understands what motivates the other side
Can think creatively to solve problems
Knows when to push and when to compromise
Can explain their strategy in plain English
Has experience with different types of challenging situations

Different Types of Negotiations

Real estate negotiations aren’t one-size-fits-all. Your agent should have experience with:

Multiple offer situations: How do they help you stand out when there are 10 other offers?

Inspection negotiations: What happens when the inspector finds issues?

Appraisal problems: How do they handle it when the appraisal comes in low?

Timeline pressures: What if your closing date needs to move?

Difficult personalities: How do they deal with unreasonable people on the other side?

Reading the Room

Great negotiators don’t just push hard – they read situations and adapt their approach. Sometimes being aggressive works. Sometimes patience is the key. Sometimes creativity trumps everything.

Your agent should be able to explain their thought process: “In this situation, I recommended we do X because Y, but if we had been dealing with Z circumstances, I would have suggested a completely different approach.”

Trust Your Gut

All the credentials in the world don’t matter if you can’t stand being around this person. You’re going to be sharing a lot of personal info and potentially spending tons of time together.

Ask Yourself:

Do they seem genuinely interested in helping you, or just closing a deal?
Are they pushy or respectful of your timeline?
Do you feel comfortable asking them “dumb” questions?
Would you grab coffee with this person?
Do they make you feel confident or anxious about the process?
Are they honest about challenges, or do they just tell you what you want to hear?

If something feels off, it probably is. Trust your instincts.

Building Trust

You’ll be sharing personal financial information, discussing your hopes and fears, and potentially spending weekends touring houses together. Choose someone you genuinely feel comfortable with.

During your initial meetings, pay attention to:

Do they remember details about your situation?
Are they present and focused during conversations?
Do they ask thoughtful questions about your needs and goals?
How do they handle it when you disagree with their advice?
Do they respect your boundaries and timeline?

Money Talk: Understanding the Deal

Don’t be shy about discussing money upfront. You need to understand:

What they charge and what’s included
How their commission compares to others locally
If there are any extra fees or surprises
What happens if you’re not happy with their service

The cheapest option isn’t always the best deal. A skilled agent who gets you $10,000 more for your house (or saves you $10,000 on a purchase) is worth paying for.

Commission Structures Explained

Most agents work on commission, typically paid when the sale closes. But there are different models:

Traditional full-service: Usually 5-6% total (split between buyer’s and seller’s agents), includes everything from marketing to negotiation to transaction management.

Discount brokers: Lower commission rates but potentially fewer services. Make sure you understand exactly what you’re getting.

Flat fee services: Pay a set amount regardless of home price. Can work well in certain situations but may limit services.

Buyer’s agent agreements: Some agents ask buyers to sign agreements guaranteeing payment even if they find a house themselves.

What’s Included in Their Service

Make sure you understand exactly what you’re paying for:

Professional photography and marketing
MLS listing and syndication
Negotiation and contract management
Transaction coordination
Referrals to other professionals
Availability for showings and meetings
Market analysis and pricing guidance

When Things Go Wrong

Ask about their policies if you’re not satisfied with their service:

Can you terminate the agreement early?
Are there any cancellation fees?
What’s their process for handling complaints?
How do they handle conflicts of interest?

Red Flags

Keep your eyes peeled for these warning signs:

The Pressure Cooker

They want you to sign contracts immediately or keep pushing you toward properties you’re not interested in. Good agents guide; they don’t bulldoze.

The Ghost

Hard to reach during your initial conversations? It’ll only get worse. If they can’t be bothered to return calls when they’re trying to win your business, imagine what happens after you’ve signed.

The Overpromiser

Making guarantees about sale prices or timelines that sound too good to be true (because they probably are). Real estate has variables – anyone promising certainties is either lying or delusional.

The Know-It-All (Who Actually Doesn’t)

Can’t answer basic questions about the local market or seems to be winging it. If they don’t know your area well enough to give specific examples and insights, they’re not the right fit.

The Bad Review Magnet

Consistently negative reviews about the same issues (especially communication or ethics problems). One or two complaints might be outliers, but patterns tell the real story.

Additional Warning Signs:

The Part-Timer: Treating real estate like a hobby instead of a profession
The Newbie with No Support: Brand new agents can be great, but they need strong broker support
The Pushy Upseller: Constantly trying to get you to look at more expensive properties
The Negative Nancy: Always finding problems with houses you like without offering solutions
The Disappearing Act: Goes MIA between showings or doesn’t follow up promptly

Questions That Matter

Come prepared with these conversation starters:

Key Questions:

“How many homes did you sell last year in my area and price range?”
“What’s your typical response time for calls and texts?”
“Can you walk me through your pricing strategy process?”
“How do you handle it when things go wrong during a transaction?”
“What makes you different from other agents I’m talking to?”
“Are you available for weekend and evening showings?”
“Can I talk to three of your recent clients?”

Dig-Deeper Questions:

“What’s your average days on market for listings in my price range?”
“How do you stay current with market trends and changes?”
“What’s the most challenging deal you’ve handled recently?”
“How do you handle multiple offer situations?”
“What’s your marketing strategy for my type of property?”
“Who’s on your professional team that you’d recommend?”
“How do you determine if a house is priced right?”
“What happens if we disagree on strategy?”

Pay attention not just to their answers, but how they handle the questions. Are they confident and specific, or vague and evasive?

Reading Between the Lines

Good agents will:

Give specific examples rather than generic responses
Ask you questions too (about your timeline, needs, concerns)
Admit when they don’t know something and explain how they’d find out
Be honest about potential challenges in your situation
Show enthusiasm for your specific type of transaction

Bad agents will:

Make everything sound easy and guaranteed
Focus more on their sales pitch than your needs
Get defensive about tough questions
Seem rushed or distracted during the conversation
Make promises that sound too good to be true

Your Next Steps

Don’t rush this decision. Take time to think through your conversations with each potential agent. The right choice can make your real estate journey smooth and successful, while the wrong one can turn it into a stressful nightmare.

After You’ve Chosen

Once you’ve picked your agent:

Set clear expectations about communication frequency and methods
Discuss your timeline and any constraints you’re working with
Be honest about your budget and financing situation
Ask about next steps and what to expect in the coming weeks
Get everything in writing including their service agreement

Building a Great Working Relationship

Remember, this is a partnership. The best agent-client relationships involve:

Open communication about concerns and expectations
Mutual respect for each other’s time and expertise
Flexibility when market conditions change
Trust in each other’s judgment and motives
Patience when things don’t go exactly as planned

Time to Make Your Move

Finding the right real estate agent is like finding a good mechanic or hairstylist – when you find the right one, you stick with them. They become your go-to person for one of life’s biggest financial decisions.

Take the time to find someone who combines professional chops with a personality that clicks with yours. Your future self (and your wallet) will thank you.

The real estate market can be unpredictable, stressful, and full of surprises. But with the right agent by your side, you’ll have someone who can navigate the chaos, protect your interests, and maybe even make the process enjoyable.

Ready to start your search? Use this guide as your roadmap, trust your gut, and don’t settle until you find someone who makes you think, “Yeah, this person gets it.”

After all, you’re not just buying or selling a house – you’re making a major life move. You deserve an agent who’s as invested in your success as you are.

Your Dream Agent Exists

They’re out there – that perfect combination of local expertise, communication skills, marketing savvy, and genuine care for your success. They might be the agent your friend raved about, or the one you discovered through your research, or even someone you meet at an open house.

The key is knowing what to look for and trusting yourself to recognize it when you find it. Use this guide as your framework, but remember that the best agent for you is the one who makes you feel confident, informed, and excited about your real estate journey.

Good luck, and happy house hunting (or selling)!

If you’re in the Germantown area, connect with us here at Reid Realtors. We’re a family business built on integrity and doing things right, which is exactly what you want in your corner. Contact us at 901-372-8500 to experience what that kind of service looks like.

Jan 30 No Comments

Market Update: 2024 Summary

Author: Reid Realtors

Categories: news

Your Real Estate Market Update From your Reid Realtors team

Happy New Year! We are sharing some highlights from the real estate market in 2024 and a advice on navigating the market in 2025.

Below are a few highlights:

Overall, the Memphis market was steady year over year finishing slightly above 2023 in sales.
Sellers were most impacted as we saw houses sitting longer (higher days on market) and selling below asking price. While affordability is still a concern for buyers, the opportunity to find a better deal and take your time is appealing for some buyers.
While the road ahead is uncertain, we are starting to see momentum and hopeful as we enter one of the hottest times of year in real estate – the Spring market.

Let’s dive into more numbers and insights below.

The Numbers

Below highlights overall themes and trends based on the Greater Memphis Area. For a detailed breakdown by suburb, visit our website below.

Numbers by Market:

The year 2024 was a hard one for the real estate market with the lowest sales we’ve seen since 1995. However, the Memphis market remained steady at just .1% above 2023 in sales. Let’s dive into to some key takeaways from last year with advice on what to do this year if you’re considering a move.

Memphis has proven to be a stable market .

Memphians, there is hope! While our market sales remain steady year over year there are many other metropolitan areas where this is not the case. Memphis still remains a more affordable city to live and do life in and we are still seeing people relocate here for jobs and other reasons.

Our takeaway for you is to be prepared. The real estate market can change from day to day as we’ve seen in recent years. With a new year, new administration and policy changes, we don’t know what the future holds but we do know this… don’t wait until your circumstances change or the market changes to be ready. Let’s talk about a plan so that you are prepared when that time comes. Whether on the buying or selling side, there are things you can and should be thinking and doing if a move is on your radar in the coming years.

Sellers were impacted the most in 2024 whereas buyers had more opportunity.

Two of the key indicators that show an impact on sellers last year are the median sales price and days on market.

As noted in the chart above, the median sales price for Shelby County dipped at -2.3%. While this seems small, there are certain areas that are more highly impacted with a change as much as -14% in some areas. This is a vast contrast from what we’ve seen from 2020-2023.

Additionally, in Shelby County, days on market changed from 40 average days on market for 2023 to 51 average days on market in 2024. In some areas, average days on market in 2024 was as high as 62 days.

What this means for you (as a seller) this year is two things:

1) Pricing your home right is key to selling it in this market. Let your agent do thorough comps for you and start out at a price ready to move your home.

2) The homes that will move quicker are move-in ready. They are renovated, have fresh paint and other big ticket items taken care of. This requires time for you to prepare your home to go to market vs. waiting. Our approach to each home is different. Let us help you know what to do now to sell later.

Buyers had more opportunity last year in terms of getting a home below sales price and also more time to think and make a decision. However, our main takeaway for you this year is to not wait if you’re wanting to move. Let’s make sure you’re pre-approved, have your search criteria set up and don’t drag your feet on making an offer on something you love. Great homes are still moving quickly and if you love it, changes are someone else does too.

Seasonality still plays a role even in a slower market.

While the market may be slower, we know that real estate is cyclical and has historically seen higher sales in the Spring.

As we gear up for 2025, keep in mind that peak season is coming. The key is properly planning. Now is the time to prepare. This is where we come in and would love to come in and help you.

Sep 23 No Comments

Market Update: Fall 2024

Author: Reid Realtors

Categories: news

Your Real Estate Market Update From your Reid Realtors team

Have you heard? Last week, interest rates dropped under 6% after a slower month of August. Here’s a look at the current market and some expectations as we head into Fall and the holiday season:

The market remains stable with a slower August but growth still present year over year.
More housing options are becoming available for buyers with inventory increasing.
We anticipate more buyers entering the market this Fall with interest rates dropping.

Let’s dive into more numbers and insights below.

The Numbers

Below highlights overall themes and trends based on the Greater Memphis Area. For a detailed breakdown by suburb, visit our website below.

Numbers by Market:

When comparing data Year over Year, you can see that there has been increase in homes (units) sold – up 4% year to date. However, the month of August dipped YOY by 8.5%. Average Sales Price remains stable for the Memphis market with slight decrease of .2%. More details per city are available on our website.

The market remains stable and shows growth year over year.

August is typically a slower time of year for real estate with back to school season. This August sales were down 8.5% from 2023 while year-to-date overall 2024 sales remain higher than 2023 with a 4.1% increase.

While there has been more volatility in the market in years past, the current market remains stable with real estate continuing to be an worth while investment and growing at a stable rate. Additionally, with interest rates dipping, we anticipate future growth throughout the end of the year.

With rising inventory, buyers have more options.

Heading into the Fall, inventory is higher in the Memphis area with a 6% growth month over month and a 20% increase year over year.

This trend of inventory continuing to rise gives buyers more leverage and more options.

It is notable that this level of growth month over month in inventory is a significant jump heading into a new season. Paired with interest rates and an upcoming election season, the market is a prime time for buyers to enter the market this fall.

Could more buyers enter the market this Fall?

It is certainly still a buyers market. However, with interest rates falling below 6% just last week, there is a big incentive for more buyers to enter the market which could increase competition from move-in ready homes.

For what this could mean for buyers, take a look at the potential savings with a $400,000 house below.

As you can see with interests lower than they have been for the past 1.5 years, this could be the break that people are waiting for.

Jun 19 No Comments

Market Update: Summer 2024

Author: Reid Realtors

Categories: news

Your Real Estate Market Update From your Reid Realtors team

We’re about a month into summer break and we are feeling the heat. Not only the weather but the market has picked up. Still, there are some common themes, challenges and opportunities we want you to know about.

Here’s a few highlights:

The market overall is becoming a healthier and more stable market with home prices correcting themselves from historic highs following the pandemic.
Homes are selling but with affordability still being a top concern for buyers, homes are selling at a more conservative price point and buyers have higher expectations on move-in ready homes.
Buyers still have leverage with a smaller pool of buyers in the current market and homes sitting on the market longer.

Let’s dive into more numbers and insights below.

The Numbers

Below highlights overall themes and trends based on the Greater Memphis Area. For information by suburb, click the link below to see your area specifically.

Numbers by Market:

When comparing data Year over Year, you can see that there has been increase in homes (units) sold – up 8% in May and up 9.9% year to date. Average Sales Price in May is slightly up 4.5% but year to date is around the same YOY with just a .1% increase. As you’ll also see in our detailed report on our website, some markets are seeing average sales price remain the same or dip below years past.

We are in a healthier market.

Should home owners be concerned when seeing home values starting to normalize or the pace of growth slow down? Our short answer is no.

Real Estate has always been a longevity investment. Since 2020, the real estate market has experienced unprecedented growth and a growth rate that was not sustainable. Buying at the high end of the market in years past means weighing your options now on what renovations will or will not impact your long term ROI (return on investment), and understanding your 3-5 year real estate goals. In many cases, we see younger families moving more but it may be wise to wait for your home to appreciate in value over the next few years.

However, we understand that life happens. Dreams don’t wait and moving needs or desires may find you moving sooner than you expected. And in this case as a seller in this market, here’s more on what you can expect.

Pricing & staging is crucial for sellers.

If you’re considering listing your home in this market, it is now crucial to price your home correctly. Most homes that hit the market see the most activity within the first two weeks of the home being listed. If you home is overpriced, buyers will know and you may prevent showings. Conversely, if you do get showings on your home, after consulting with a professional, many buyers will not be willing to pay over market value in this market.

Once you know your home is priced correctly, staging plays a major role in getting buyers in the door and under contract. If you are willing to stage, this may also increase your starting price point depending upon any improvements made to the home. Staging can take on a variety of forms from hiring a stager, to decluttering and removing unwanted items and rearranging your items, and of course aesthetic improvements such as painting and landscaping that may be more costly but go along way.

It’s important to talk through your options with your agent to see what’s the best fit for your home and with your timeline and resources.

Pricing and staging will drive demand for your home.

Buyers have leverage.

It is certainly still a buyers market. This means that with such a small pool of buyers due to interest rates, buyers have the advantage of taking their time, waiting on the right home and taking advantage of home sitting on the market longer.

It also means buyers can be more selective, ask for repairs, and have more negotiation power on price.

There are currently 3,128 units available with an average sales price at $410,859 indicating we have a wide range of inventory in the Memphis market at both lower and higher price points. If you’d like to jump into the market, contact us and we’d be happy to help you navigate the ever-changing market.

Feb 23 No Comments

Market Update: February 2024

Author: Reid Realtors

Categories: news

Your Real Estate Market Update From your Reid Realtors team

The number one question we get asked as agents has to be “how’s the market”? So let’s get to it.

Here’s what you may know:

Interest rates are hovering around 7% with much anticipation about potential drops at upcoming FED meetings scheduled for early March
Affordability is still the main concern for many people locked in at lower interest rates or for first time home buyers
There is still low inventory and a smaller pool of buyers

Let’s dive into more numbers and insights below.

The Numbers

A preview of Shelby County aggregated from the month of January comparing January 2024 vs. January 2023. For information by suburb, please reach out to us directly.

The above gives an overview of Shelby County to understand what’s going on with our local market as a whole. These numbers are directional and vary from each area of the city so please reach out, if you’d like specific numbers for your area.

Affordability remains the top concern for buyers.

This past fall when interest rates rose to a high we haven’t seen in years, we started to see another shift in the market. While we expect winter to be a slower season in Real Estate, we also experienced less buyers in the market overall with affordability as a root cause.

With interest rates now hovering around 7%, this still remains a concern. Buyers that are currently in the market for a home are more calculated about their investment. In a market with lower interest rates, we saw quick decisions being made due to urgency and multiple offer scenarios. Today, buyers are slowing down, taking their time and not settling for a house that doesn’t have what they desire. If they are going to move at this interest rate, it needs to be well worth it.

From our experience, it comes down to a cost/benefit analysis. We have seen clients having to weigh expectations of what they want in a home vs. the cost. Understanding what you can afford should be considered not only at a maximum sales price but also at a monthly mortgage you are comfortable with. We have a great partnership with many local lenders and would be happy to connect you if you are curious as to what a new mortgage could look like.

Our advice to buyers? Think through your long term goals. Let’s talk about where Real Estate falls in the picture for you and what timing would be best. If you are a first time home buyer paying rent but can afford a down payment, you may want to consider investing in Real Estate now as mortgage rates and rent rates may be comparable.

It will take longer to sell your home.

Average days on market are at an average of 48 days with many of the city higher than this. However, last January we saw an average days on market at 43. While this isn’t a drastic change based on seasonality, as we mentioned previously, expectations of buyers have changed.

Not only should your home be show-ready, but you have to ensure the buyers see value for the price. Value mostly comes in pricing conservatively, offering allowances, closing costs, credits or rate-buy downs.

While making repairs ahead of time and staging your home appropriately is always good thing to do, this won’t necessarily drive showings to your home if it’s not paired with a solid pricing and marketing strategy.

There are different approaches to pricing your home in a market like this one. Depending on your time, resources and goals, we can help craft the best strategy for you.

There’s a balance of more homes sold but a slight dip in prices.

Overall home prices have come down 3.7% in January 2024 compared to January 2023 in Shelby County. However, homes sold are up 24.2%

This indicates that the market is correcting itself slightly from higher sales prices in years past but also that it’s taking a dip in prices to sale more units.

Where we see this playing out in our local market is many homes accepting offers lower than asking price. For a buyer, understanding how days on market can impact your offer is key. For a seller, having realistic expectations and getting pricing right on the front end is essential.

Now more than ever, is the right time to have an agent on your side to help you navigate through a market that is changing by the week. And as always, we are here to help!

Dec 09 No Comments

Is Your House the Top Thing on a Buyer’s Wish List this Holiday Season?

Author: Reid Realtors

Categories: For Sellers,news,Selling Myths

(Updated 12/9/25)

Every year as the weather cools and the holiday decorations start appearing, homeowners thinking about selling face the same question: should I list my house now or wait until spring? It’s a pretty common dilemma, and honestly, plenty of sellers even pull their listings off the market entirely, thinking they’ll have better luck after New Year’s.

But here’s something that might surprise you: the holiday season could actually be the perfect time to sell your home. While everyone else is holding back, you could be taking advantage of some serious benefits that only come around during the cooler months.

a graph with green circles and white text

The Holiday Selling Myth

Let’s address the elephant in the room. Most people assume spring is the golden ticket for selling a house. And sure, buyer activity does tend to pick up when the flowers start blooming and the weather gets nicer. But there’s a catch that a lot of sellers don’t think about until it’s too late.

When spring rolls around, you’re not the only one with this brilliant idea. Suddenly, the market gets flooded with new listings as everyone tries to capitalize on that seasonal demand. Your beautiful home that would’ve stood out in December? Now it’s competing with dozens of other properties in your neighborhood, all vying for the same pool of buyers.

Think of it like trying to get a reservation at a popular restaurant on Valentine’s Day versus a random Tuesday in January. Sure, more people might be dining out on Valentine’s Day, but you’re also dealing with way more competition for those tables.

Less Competition Is Your Secret Weapon

Here’s where things get interesting. During the fall and winter months, something predictable happens in the real estate market: the number of available homes for sale starts to drop. It’s not a mystery why—sellers pull their listings, thinking the holidays are a dead zone for real estate activity.

This creates what we like to call the “winter sweet spot.” While inventory levels have been gradually increasing this year compared to previous winters, they still tend to dip significantly during the cooler months. Then, like clockwork, as soon as spring approaches, listings start climbing again as all those sellers who waited jump back into the market at once.

The data backs this up too. Looking at trends over the past several years, we consistently see inventory levels drop during late fall and winter, only to surge back up as we approach spring. This pattern repeats itself year after year, and smart sellers use it to their advantage.

Quality Over Quantity Advantage

Now, you might be thinking: “Okay, but if there are fewer houses for sale, doesn’t that mean there are also fewer buyers?” And you’d be partially right. The total number of potential buyers does decrease during the holidays. But here’s the thing—and this is crucial—the buyers who are actively looking during this time are a completely different breed.

These aren’t casual browsers spending their Sunday afternoons at open houses “just to see what’s out there.” These are serious, motivated buyers who have a genuine reason to find a home right now. Maybe they’re relocating for a job that starts in January. Perhaps their lease is ending and they need to move quickly. Or maybe life circumstances have changed and they simply can’t wait until spring.

Whatever their reason, these buyers mean business. They’re not window shopping—they’re actually ready to write an offer. And when you’re dealing with motivated buyers who need to move quickly, you’re in a much better position as a seller. These folks are more likely to make competitive offers and move through the buying process efficiently because they have a deadline to meet.

Reasons to List Your Home This Holiday Season

Let’s break down the specific advantages you’ll enjoy if you decide to sell during the holidays instead of waiting until everyone else floods the market in spring.

Motivated Buyers Are Actively Searching

While your neighbors are busy decorating their trees and planning holiday gatherings, there’s a subset of buyers out there who absolutely need to find a home before the new year. These aren’t people who are casually curious about the market or thinking “maybe someday” about buying. They’re people with pressing reasons to move, and they’re willing to act quickly when they find the right property.

The desire to own a home doesn’t just shut off because December rolls around. Life doesn’t stop for the holidays—in fact, major life changes often happen during this time of year. Job transfers, family changes, lease expirations, and other circumstances mean that plenty of people need to find housing regardless of the season.

When someone is house hunting between Thanksgiving and New Year’s, you can bet they’re serious about making a purchase. They’re not going to waste their time (or yours) looking at homes they’re not genuinely interested in buying. This focused motivation often leads to quicker sales and smoother transactions.

Your House Will Actually Stand Out

Remember that restaurant analogy from earlier? This is where it really comes into play. When you list your home during the holidays, you’re not competing with dozens of similar properties in your area. Buyers have fewer options to choose from, which means each available home gets more attention.

Even though overall inventory levels have improved compared to recent years, they’re still significantly lower during the winter months than they are in spring. This gives your property a spotlight effect. Instead of being one listing among many, you become one of the few options available to buyers who are actively searching.

This scarcity works in your favor in multiple ways. First, buyers don’t have the luxury of being extremely picky or taking their time to compare endless options. Second, if your home is priced right and shows well, it’s more likely to generate genuine interest quickly. Third, you might even see multiple offers if several buyers are competing for the limited inventory available.

You Control the Showing Schedule

One of the biggest concerns sellers have about listing during the holidays is the disruption to their lives. Between family gatherings, holiday parties, kids’ school events, and all the other seasonal activities, who wants to deal with constant home showings?

Here’s the good news: you have way more control over this than you might think. Unlike selling during peak spring season when you might need to be available at any time to accommodate the flood of interested buyers, winter selling lets you set boundaries that work for your schedule.

You can specify particular days and times when your home is available for viewing, allowing you to plan your holiday activities around showings rather than the other way around. Many buyers during this season actually have more flexibility themselves since they often have vacation time around the holidays. They’re generally more accommodating about working around your schedule because they understand everyone is busy during this time.

Your real estate agent can help manage this process, screening serious buyers and coordinating showings at times that minimize disruption to your holiday celebrations. You don’t have to keep your house in “show-ready” condition 24/7 or stress about last-minute showing requests during family dinner.

Holiday Atmosphere Can Be a Selling Point

Here’s something that might surprise you: tasteful holiday decorations can actually help sell your house. While you definitely don’t want to go overboard (we’ll talk about that in a second), creating a warm, inviting atmosphere with some seasonal touches can help buyers envision themselves celebrating in the space.

Think about it from a buyer’s perspective. They walk into a home that has a beautifully decorated tree in the corner, some subtle seasonal accents, maybe the faint scent of cinnamon or pine in the air. It immediately feels warm and welcoming. It’s easy for them to picture their own family gathered around that fireplace, opening presents under that tree, or hosting holiday dinners in that dining room.

This emotional connection is powerful. Real estate is ultimately an emotional purchase, and anything that helps buyers imagine their life in your home is a valuable tool. The key is keeping your decorations tasteful and understated—you want to accent your home’s features, not overwhelm them.

Get Your Holiday Decorations Just Right

Since we’re talking about using holiday decor to your advantage, let’s discuss how to do this strategically. The goal is to create ambiance without making your space feel cluttered or overly personal.

Keep it simple and classic. Go for timeless decorations rather than anything too specific or over-the-top. A wreath on the front door? Perfect. A tastefully decorated tree with white lights? Beautiful. Your entire collection of Santa figurines covering every surface? Maybe save those for after you move.

Pay attention to scent. Pleasant holiday scents like pine, cinnamon, or vanilla can create positive associations, but don’t go overboard with air fresheners or candles. You want subtle hints, not an overwhelming sensory experience.

Make sure decorations don’t hide your home’s best features. That amazing architectural detail or beautiful window shouldn’t be obscured by decorations. Your home itself is what you’re selling—the holiday touches are just there to enhance it.

Keep pathways clear. Buyers need to be able to walk through your home easily and see all the spaces clearly. Don’t let decorations create obstacles or make rooms feel cramped.

Consider religious neutrality. If you celebrate a specific holiday, that’s wonderful, but remember that your pool of buyers might include people from various backgrounds. Keeping decorations somewhat neutral can appeal to a broader audience.

Pricing Your Home Right Is Still Critical

Here’s something that doesn’t change regardless of the season: your home needs to be priced correctly. Actually, pricing strategy might be even more important during the holidays because you’re working with a smaller but more serious buyer pool.

This is where having a great real estate agent becomes absolutely essential. Your agent should conduct a thorough comparative market analysis, looking at recently sold homes in your area, current competition, and market trends. They’ll help you find that sweet spot where your home is priced competitively but you’re not leaving money on the table.

Even though there’s less competition during the holidays, that doesn’t mean you can overprice your home and expect motivated buyers to just pay whatever you’re asking. These buyers might be serious, but they’re not foolish. They’re doing their research, and if your home is significantly overpriced compared to similar properties, they’ll move on to other options.

On the flip side, pricing your home right can lead to quick offers and potentially even multiple bids if you hit the market when inventory is particularly tight. Your agent will help you analyze the specific conditions in your local market and develop a pricing strategy that positions your home competitively.

Common Concerns

A lot of sellers have legitimate worries about listing during the holidays. Let’s address some of the most common concerns and why they might not be as big of an issue as you think.

“Nobody wants to move during the holidays.” While it’s true that some people prefer to wait, remember that the buyers who are looking now have specific reasons for needing to move. Their motivation outweighs the inconvenience of moving during a busy season.

“My house won’t show well in bad weather.” Your home doesn’t stop being attractive just because it’s cold outside. In fact, winter showing can actually highlight features like a cozy fireplace, good insulation, or an efficient heating system. Plus, buyers who are serious enough to tour homes in less-than-ideal weather are typically very motivated.

“I don’t want to disrupt my family’s holidays.” As we discussed earlier, you have control over your showing schedule. You can set boundaries that protect your family time while still making your home available to serious buyers at convenient times.

“The market will be better in spring.” Maybe. But it will also be significantly more competitive. The “better” spring market means better for buyers who have lots of options to choose from, not necessarily better for sellers who are competing with every other seller in their area.

Working with the Right Real Estate Professional

If there’s one piece of advice that matters more than anything else when selling during the holidays—or any time of year, really—it’s this: partner with an experienced, knowledgeable real estate agent who understands your local market.

A great agent will help you navigate every aspect of the selling process, from determining the right listing price to marketing your home effectively to negotiating offers. During the holidays specifically, your agent becomes even more valuable because they can help manage the logistics of showings around your schedule, identify those serious buyers we’ve been talking about, and position your home to stand out in the limited inventory.

Look for an agent who has experience with winter sales and can share specific strategies for succeeding during the holidays. They should be able to show you data about your local market, explain seasonal trends, and help you understand what realistic expectations look like for your particular situation.

Your agent will also handle all the behind-the-scenes work that goes into selling a home: marketing, scheduling, communications with potential buyers and their agents, paperwork, and negotiation. This support is invaluable during an already busy time of year.

Holiday Home Selling

Here’s what it comes down to: selling your house during the holidays isn’t just possible—it can actually be advantageous. While conventional wisdom says to wait until spring, the reality is that winter selling offers some unique benefits that you won’t find during the busier seasons.

Less competition means your home will stand out to buyers. The buyers who are looking right now are motivated and ready to move forward quickly. You have more control over your schedule and showing times. And yes, those holiday decorations you’ve already put up can actually work in your favor.

Does this mean every seller should list during the holidays? Not necessarily. Your personal situation matters, and there might be valid reasons to wait. But don’t automatically assume that winter is a bad time to sell just because that’s what everyone says. The data and the market conditions tell a different story.

If you’re thinking about selling and wondering whether to list now or wait, have a conversation with a trusted local real estate agent. They can look at your specific situation, your home, your local market conditions, and help you make an informed decision about timing.

The holiday season might just be the perfect time to make your move—both literally and figuratively. While everyone else is waiting for spring, you could be accepting an offer from a motivated buyer who’s ready to make your house their new home.

So before you decide to take your home off the market or postpone your selling plans until after the new year, consider giving the winter selling season a chance. You might be surprised by how much your house can shine when there’s less competition and more serious buyers than you expected.

Nov 27 No Comments

Is Wall Street Buying Up All the Homes in America?

Author: Reid Realtors

Categories: Buying Myths,For Buyers,Housing Market Updates,Move-Up Buyers,news

If you’re thinking about buying a home, you may find yourself interested in the latest real estate headlines so you can have a pulse on all of the things that could impact your decision. If that’s the case, you’ve probably heard mention of investors, and wondered how they’re impacting the housing market right now. That could leave you asking yourself questions like:

How many homes do investors own?
Are institutional investors, like large Wall Street Firms, really buying up so many homes that the average person can’t find one?

To answer those questions, here’s the real story of what’s happening based on the data.

Let’s start with establishing how many single-family homes (SFHs) there are and what portion of those are rentals owned by investors. According to SFR Investor, which studies the single-family rental market in the United States, there are eighty-two million single-family homes in this country. But how many of them are actually rentals?

According to data shared in a recent post, sixty-eight million (82.93%) of those homes are owner-occupied – meaning the person who owns the home lives in it. If you subtract that sixty-eight million from the total number of single-family homes (82 million), that leaves just about fourteen million homes left that are single-family rentals (SFRs).

Do institutional investors own all of those remaining fourteen million homes? Not even close. Let’s take it one step further. There are four categories of investors:

The mom & pop investor who owns between 1-9 SFRs
The regional investor who owns between 10-99 SFRs
Smaller national investor who owns between 100-999 SFRs
The institutional investor who owns over 1,000 SFRs

These categories show that not all investors are large institutional investors. To help convey that even more clearly, here are the percentages of rental homes owned by each type of investor (see chart below):

As you can see in the chart, despite what the news and social media would have you believe, the green shows the vast majority are not owned by large institutional investors. Instead, most are owned by small mom & pop investors, like your friends and neighbors.

What’s actually happening is, that there are people out there, just like you, who believe in homeownership, and they view buying a home (or a second home) as an investment. Maybe they saw an opportunity to buy a second home over the last few years to use it as a rental and generate additional income. Or maybe they just decided to keep their first house rather than sell it when they moved up.

So, don’t believe everything you read or hear about institutional investors. They aren’t buying up all the homes and making it impossible for the average person to buy. That’s just not what the numbers show. Institutional investors are actually the smallest piece of the pie chart.

Bottom Line

While it’s true that institutional investors are a player in the single-family rental marketplace, they’re not buying up all of the houses on the market. If you have other questions about things you’re hearing about the housing market, connect with a trusted real estate professional so you have an expert to give you the context you need.

Sep 26 No Comments

Market Update: Fall 2023

Author: Reid Realtors

Categories: news

Your Real Estate Market Update From your Reid Realtors team

It’s that time again. We’re diving into what’s going on with our local market and what you should know.

Many have felt the change in the market from the pandemic years through where we are currently. If you haven’t experienced it yourself, you know someone who has. Interest rates still remain high and we are seeing fewer people move. Days on market are back to pre-pandemic days (homes are sitting longer) and overall we are adjusting our own expectations, continually learning and communicating these expectations and learnings with our clients.

While we understand that market fluctuations may cause some concern, we want to assure you that there is hope for Real Estate in Memphis and in August alone, we’ve seen an uptick compared to previous months.

Here are some key insights on why you should remain optimistic:

Despite minor fluctuations, the Memphis real estate market is still showing strength.
There are plenty of opportunities for both buyers and sellers.
We anticipate a stable market in the near future.

We’ll show you some numbers and discuss further thoughts below.

The Numbers

A preview of Shelby County aggregated from the month of August comparing August 2023 vs. August 2022. For information by suburb, click the link below to see your area specifically.

The above gives an overview of the Shelby County. These numbers vary from each area of the city so please click below to view your area.

Understanding Price Sensitivity

While sales are steady or down year over year for most cities in our area, we are starting to see a wider gap in communities with a lower average sales price. Interest rates are playing a major role in this and are having a negative impact on sales volume in these communities. Cities with a higher average sales price are seeing less of a decrease due to less price sensitivity. Regardless of where you fall, we’re committed to working with our clients in every circumstance and partnering with you to meet your goals. We are proud to serve a wide-range of clients from all walks of life across, multiple cities in the Greater Memphis Area.

Readjusting expectations

Our team strives to be authentic, clear and concise with our communication to our clients. One thing that we are having to readjust for ourselves and our clients (especially sellers) is expectations. Two main things we are striving to communicate in this current market to our sellers is 1) pricing your home correctly and 2) being patient after listing.

Overpricing your home in this market is one of the hardest obstacles to overcome if you price too aggressively on the front end. Our goal is to drive people in your door. Pricing too high is a red flag to many buyers that understand comparables in your area. Also, the longer your home sits, you can expect more price drops and more buyers coming in with low offers.

Patience is also key. There’s a fine line between reacting to what the market is telling you (with price) and dropping prices too quickly. Gone are the days that we expect a home to get under contract in a weekend (although in the right circumstances we are still seeing that too). It’s important to understand you need to be patient as there are less buyers in the market.

But you don’t have to do any of this alone. We’re doing this behind the scenes on a daily basis and are ready to guide you and help you navigate this current market.

Opportunities for First Time Home Buyers

While sellers are adjusting expectations, buyers are too. But in this case, they are leveraging their buying power to take more time before making an offer, ask for repairs and closing costs, and be more selective overall when choosing a home.

This presents a great opportunity for first time home buyers as they can slow down, save and find a home that’s right for them.

With rents just as high as mortgages (if not more), it’s smart to assess your situation to see if you can afford to buy a home. Many banks and mortgage companies offer different loans to accommodate first time home buyers. We’d be happy to connect you with reputable lenders to reach out to.

Jun 23 No Comments

Market Update: Summer 2023

Author: Reid Realtors

Categories: news

Your Summer 2023 Market Update

Rising interest rates, inventory shortages, creative financing options…

What exactly is going on with our local real estate market?

While you may have seen media coverage and speculation buzzing around on social media, there’s a lot of nuisances behind what is truly going on with our local market in the Greater Memphis Area. And it’s important to know the difference in national real estate coverage and local. We’re here to bring you an update on our local market and what you should know.

The Numbers

See below from the month of May comparing May 2023 vs. May 2022 by parts of the City. Don’t see your area? Let us know and we will be happy to send information to you.

Sales are down

We are trending down in units sold as we see many clients holding onto their homes due to lower interest rates previously locked in. Inventory remains low.

Sellers can expect longer days on market

Additionally, we are seeing longer days on the market. Inventory is still low, but there is a small pool of buyers that are willing to move, many of which are moving due to life stage/out of a necessity to move. We aren’t seeing people moving just “to move” but because bigger life changes and needs. If you’re a seller, longer days on market means we need to set expectations. Your home may take longer to sell, but we also have some good news.

Prices are holding steady

We are seeing most average sales prices hold consistent year over year across the board. There are some suburbs experiencing a slight dip, but for the most part home values aren’t decreasing and are holding steady. This means, that while you may not sell your home as quickly, if you are in the right position to sell and have equity in your home, you can still make a return depending on your circumstances.

So.. what can buyers expect?

Buyers beware. Just because you are seeing longer days on market and less inventory, doesn’t mean that you won’t see multiple houses on homes that hit the market and are move-in ready. Homes that are well taken care of are highly sought after and when buyers see these homes hit the market, they are jumping. However, it does mean that if you are willing to look at homes that have sit on the market for longer, you may be able to offer under asking. This of course, is at the discretion of your needs and your agent’s advice.

What does this mean for me?

It may be time to schedule a call with your Agent to talk more about the market and get your questions answered. We are happy to dive into your personal situation to advise you on the best approach for your real estate needs. Don’t have an agent? We are happy to connect you with one the trusted agents on our team. Email us at info@reidrealtors.com or call us at 901.372.8500.