Business is booming for Memphis housing market
MEMPHIS, TN (WMC) - The housing market is booming, and homes are going fast.
Ask any realtor and they'll tell you, it's an amazing time for the housing market in the Mid-South, especially if you're looking to sell!
"It's really a great time for sellers, they might as well enjoy it now," said Sheldon Rosengarten with Marx-Bensdorf Realtors.
Rosengarten has been in the business for 40 years and said he's never seen anything like the current Mid-South market.
"The inventory is low, buyers are involved with multiple offers, there's bidding wars on properties throughout the different areas in the city and the county and it's just a crazy market right now," Rosengarten said.
According to real estate website Chandler Reports, the average home sale price in January 2018 came in at just over $163,000 - a 14 percent increase from that same time last year.
Rosengarten said location plays a major factor.
"There have been a lot of areas in the city where people are driven out to the areas due to the new schools," Rosengarten said. "For example, Germantown's building a new elementary school. Collierville's got a new high school."
With the market being so competitive, Rosengarten said realtors are working around the clock to give families their dream home
"If I list something on a Friday, I may have 3, 5, or 7 offers on Sunday afternoon," Rosengarten said.
If you're looking to sell, he suggests getting started while the market is hot.
"We should be good through 2018, we never know what next year will hold," Rosengarten said.
If you're looking to buy, realtors suggest reacting quickly to homes you want to purchase.
If you're selling, be prepared for it to sell quickly and to find a new home.
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