Memphis Area Readers Find Evidence of Home Sales Resurgence

By Tim OHare
July 05, 2020

Yahoo’s “Money” tab is a source Memphis area readers can visit for non-technical reportage on the latest U.S. economic developments. Last week it led with a surprisingly upbeat look at residential real estate: “Homebuyers rush back in droves despite coronavirus pandemic.”

There was ample evidence to support the description—a rush from homebuyers attested to by a 44.3% jump in pending home sales. The leap from April to May set an all-time record. And for those still unconvinced, there was further verification via the sustained volume increase in home purchase mortgage applications. According to the Mortgage Bankers Association, applications had been on the rise, year-over-year, throughout the previous four weeks.

Given the backdrop of uncertainty and anxiety caused by the pandemic, some observers were at a loss to explain such pronounced activity. Not so the chief economist at the National Association of Realtors®. The NAR’s Lawrence Yun emailed Yahoo a statement explaining the surge—the same phenomenon that has buttressed Memphis area home sales a while: “Homebuyers are rushing into the market to take advantage of the low-interest rates.” A shot of consumer optimism was added with the “steadily reopening” of major sectors of the economy.

The “droves” of buyers were being hampered by one factor, though. Many found themselves confronted by the “the same headwind” that had existed before the pandemic: the scarcity of homes for sale. The pandemic hadn’t helped. Realtor.com’s latest survey showed total listings down by 29% year over year—a dip compared with 2019’s already scarce inventories.

For Memphis area homeowners considering listing their own properties, last week’s Yahoo and other national reports were clearly encouraging. Reported just ahead of the weekend, Thursday’s surprisingly bullish economic news was similarly supportive. For a precise picture of this summer’s Memphis area market activity for homes like yours, get in touch today!

About Author
Tim OHare

Tim O'Hare has over 15 years experience working with executive leadership as a digital marketing and technology specialist. Tim relocated to Collierville, TN where he began his real estate career with a sphere of less than 10. In his first 18 months, he was Rookie of the Year at his brokerage and a member of the Multi Million Dollar Club. Tim realized the best way he could give back was to help others unlock their potential, so that they feel empowered to accomplish their personal and professional goals. His passion to learn, coach and give back to the community is what shapes him as a leader. He brings a strong competitive mindset and understands the commitment necessary to accomplish even the most audacious goals. Tim currently lives in Collierville with his wife Anna and 2 boys. He's a member of the Collierville Rotary and serves on the Board of Zoning Appeals for Collierville. Tim also sits on multiple committees at the Memphis Area Association of Realtors.

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