According to a new article in the Memphis Business Journal, Memphis is one of eight cities to experience a deflation in their listed home values for four consecutive months. The article claims that since September 1st 35% of all homes currently listed for sale have seen at least one price reduction. That number has risen from 32% in July, 30% in June, and 29% in May. Furthermore, Memphis was listed among the 14 of the 50 largest cities in the United States to experience list price reductions in September over 26%, which is the national average. While the amount of discount remained at an average of 10%, the fact that such a large portion of the houses on the market are reducing their prices should alert you that the proverbial “rock bottom” of the real estate market is nowhere in site.
What does this mean for you as an investor? Well, for lack of a better expression it means IT IS TIME TO GET GOING! Seriously, if you consider the stats from the above mentioned article, the Memphis real estate market was a mere 15 percentage points away from seeing half of it’s listed homes reduce there price in only two weeks time. To put that statistic into a different context; imagine the mob scene if retail giant Wal-Mart announced that the sale prices of almost half of their inventory was going to be cut by 10%. To me, the spectacle resembles a summer day in Pamplona (pictured above). Moreover, it would be miraculous if those price reductions lasted 24 hours before the demand would suffocate the supply. If anyone disagrees with me, you haven’t been to Wal-Mart when there is a 10% price reduction on……well….just about anything.
So, why then is there such hesitation to cash in on these historically low real estate prices? Working in real estate investing has allowed me to hear just about every excuse in the book: “Like I have time to worry about investing in real estate,”; “I just don’t have time for investing in real estate right now,”; “I don’t have enough money for the down payment and know nothing about financing real estate“; “I would probably choose the wrong house and lose more money than I’d gain,”; “I’m not sure about buying a house that requires renovations,”; “I don’t know who to trust to manage an investment home, and I don’t have time to do it myself.“. While those might be serious concerns or apprehensions you have with investing in real estate, they should no longer be considered forcible enough to restrain you from taking advantage of these once-in-a-lifetime prices. At Investor Nation, we understand these concerns and reservations (and just about all others) and are confident that we can help you overcome these fears and help you achieve financial freedoms that you never thought possible. Don’t believe me? Give us a call and let one of our advisors show you how easy and profitable investing in today’s real estate market can be. Call 1-888-35-INVEST (1-888-354-6837), or simply go to our site and browse for yourself.
The real estate bottom might not be here yet, but it has to come eventually. Don’t be one of the sad souls who gets left out.
Brian Green
