MEMPHIS, Tenn. — At just 25 years old, Jalen Phillips bought his first home in Southaven with his wife, Alandria.
“(It) just blew our minds,” he told FOX13. “We love it.”
The two young Memphis educators purchased their home within a month of finding it.
After a chaotic three years, the Memphis real estate market might be returning to normal.
“Everything is leveling out,” explained Ursula Woods, an attorney and the owner of Preferred Title and Escrow. “Now, back to some sense of normalcy.”
According to the National Association of Realtors, pending home sales in December increased for the first time since May.
“It’s been a whirlwind,” said Tina Houston, a mortgage loan officer. “The market’s very volatile... But lately, it’s been much better.”
Houston and agent Tameco Cody closed on a sale Thursday with a 4.99% mortgage rate.
“It was unreal today,” said Tameco Cody. “We were really excited.”
Rates locally are between 6-7% but Cody recommends buying now and re-financing later.
“Marry the house and date the rate,” Cody said.
Woods told FOX13 that mortgages are often cheaper than rent prices in Memphis.
“If you can afford renting an apartment or a home, you can definitely afford buying a home,” Woods said.
“We’re seeing the prices come down,” said Michelle Hayes Thomas, a broker. “We’re also seeing buyers have the ability to make offers that are more favorable to them as opposed to it being just a seller’s market.”
Download the FOX13 Memphis app to receive alerts from breaking news in your neighborhood.