The day after Forbes.com declared Memphis the number 3 Most Miserable City USA, raising the hackles of local politicians and the My Memphis Right or Wrong loyalists, Forbes came back with their next list rating Memphis number 6 in America’s Best Housing Markets.
This is the text of Forbes’ post
[stextbox id=”grey” caption=”Forbes.com – America’s Best Housing Markets”]”It takes more than just low foreclosures, housing affordability or even rising house prices on their own to form a good real estate market. The country’s best markets have all three of those in spades: housing is accessible to middle-income families, a glut of foreclosures isn’t dragging prices down, and median home sale prices are on the rise–or at least falling less than elsewhere in the country. Using data from The National Association of Home Builders and Wells Fargo, Moody’s Economy.com and RealtyTrac, Forbes crunched the numbers to find the country’s best housing markets. Click to see if your city is on the list.”[/stextbox]
Memphis has a “Housing Opportunity Index of 82.5 andÂ 2.8% of Housing Units in Foreclosure, according to the article.
Maybe it’s just me, but I have a hard time navigating the Forbes site.Â Seems that you have to click through a lot of pages and get served up lots of ads before you get to your destination.Â Obviously Forbes is paying attention to Memphis.Â And I am sure Mr. Forbes, by now has heard Congressman Cohen’s 60 second rant to Congress about the Misery article, which, by the way, started with Bar-B-QÂ (Memphis’ truly transcendent asset) and ending with offeringÂ Forbes an eye exam at SouthernCollege of Optometry.
Any predictions on the next list that will include Memphis?Â Or, more importantly,Â do you have any ideas on how I can use the Misery Factor to sell more houses?
Oh, and if your are not miserable enough yet, here is Forbes list of the 400 Richest Americans (compiled in September, 2009).Â Once again, I didn’t make the list.
I came across this article on the Matrix Blog
It reinforces our belief that all real estate is local.
The post is about the The RPX Monthly Housing Report by Radar Logic shows values and market characteristics by MSAs rather than taking the broad brush gloom position of a majority of contributors on the subject. While Memphis is not included in the MSAs tracked, this is an interesting report. its nice to see that some MSAs, like Milwaukee, Charlotte, and Seattle are hanging in there. See the Memphis Area Association of REALTORS Hop of the Fence site for Memphis Area specific info.
Is it just because I am in the real estate business that every time I read a news article, there is something negative about the real estate market? It seems that the so-called real estate slump dominates the doom and gloom news, with blogs such as Real Estate Doom , the venerable Wall Street Journal and everyone else who thinks they understand the housing market, jumping on the band wagon.
I am supposed to be optimistic here, but I do feel the need to continue to explore this negative news media juggernaut and to share some of the slump talkers’ comments with you in the shared posts and the Blogrolls. Everyone is on the Macro picture, with a few hyper-negative snips (like October sales in California down 40% from October, 2006).
Folks, it just ain’t that way in Memphis, and if you are waiting to buy until real estate prices hit bottom, or waiting to sell until prices soar, well, remember we are in Memphis. To say our real estate market isn’t exciting may be bad wording, but our market is more like riding down Hiway 61 down into the Delta than riding the Zippin Pippin. Not many thrills and chills in getting from point A to point B.
I stand by a post I did a while back http://memphisrealestate.blogspot.com/2007/10/be-not-afraid-home-buyers.html
. I will say something at the Micro level that the media won’t: we have great homes here for any price range buyer; we have great mortgage rates; and we have a market that will ever so slowly turn back upward. If you want to buy and you can qualify to buy, now is the time. If you are a motivated seller, you can sell your home and do well.