Memphis leads the nation in foreclosure deals

Once again Memphis has been named the Number 1 city for foreclosure bargains, the Commercial Appeal reports.Â This should send new throngs of out-of-town investors scoping the area for new bargains.Â I guess Memphis is just a rental house kind of town.Â According to the CA article, “He [Jim Reedy of Memphis Investment Properties] also thinks every Memphis subdivision where home values average $80,000 or below will be primarily a rental market.”

How does that make you feel about being a home owner now, orÂ about your dream of beingÂ a home owner one day?Â Obviously, the investor market will eventually make homes in all price ranges primarily rental markets.Â So, not only can Memphis be #1 in foreclosure deals, but also #1 in percentage of rental properties.

from the Commercial Appeal

But in the long term, values tend to drop in neighborhoods that change from owner-occupied to rental, said Taylor Caruthers of the property tax consulting firm Caruthers and Associates Inc.Â Investors are just looking out for their investment, he said. But homeowners have a sense of pride and tend to stay longer.Â “It’s not really an investment. It’s more a place to live,” Caruthers said.

Home ownership, and home owners who take pride in their communities, even if they are home owners in areas with values less than $80,000,Â keep our neighborhoods and communities strong.Â Let’s encourage them!

Memphis rated No. 1 for home foreclosure bargains (knoxnews.com)
3 reasons we don’t need another home buyer tax credit (memphisrealestatebuzz.com)
Stable neighborhoods (commercialappeal.com)

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Joe Spake

Realtor at InCity Realty

Joe Spake is a Real Estate Broker and Consultant, specializing in Midtown, Downtown, and East Memphis residential properties. His interests include architecture, community activism, music, photography and cooking. Get more great real estate information on Joe's Facebook Page. Call 901-870-3440 or Email Joe@spake.com

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sandy benson

21:29 01 Mar 20

My daughter recommended Joe Spake and I’m glad she did. Both the houses I had available sold. Joe was able to find good buyers for both houses and got the best price possible. I felt he was honest, fair and is very knowledgeable in real estate.

Bill Bailey

15:45 07 Nov 19

It was great working with Joe. He's extremely knowledgeable of the Memphis Midtown market as well as a knowledge of what makes an old home tick. He was extremely instrumental in getting a long list of inspection items cleared in order to have a quick closing. We would highly recommend Joe!

Chelsea Meenan

15:52 21 Jun 19

Great Realtor! Excellent knowledge of the Cooper Young and Midtown area! Would recommend!

CECELIA CHILTON

14:06 10 Apr 19

Joe was great to deal with...very efficient and to the point, as well as humorous, when appropriate. He knew exactly how to price the house and it sold very quickly. His help in getting the many details taken care of was amazing. Thanks, Joe

Zachary Webb

15:38 05 Apr 19

Joe was always available for any questions and viewings. Super informed, and knew midtown inside out. I always felt confident with his recommendations and advice. Thanks again!

Dwayne Butcher

05:00 02 Aug 18

Thanks, Joe for being such a great help in buying our condo!If you are considering buying or selling in Memphis, give Joe Spake a try. He knows what he is doing, knows all the people, knows all the tricks, and is very honest with you. Sometimes telling you things you may not want to hear. Joe makes the buying process easy, explains every detail along the way, so you know exactly where you are in the process. Thanks again, Joe!

Robert Elliott

21:43 16 Jul 18

You should definitely work with Joe! We decided to work with him after meeting him when he handled my sister's home purchase. I appreciated his experience, candor, and approach. He knows the Midtown area well and was both patient with us and insightful as we looked at a number of properties in the area.

Genevieve Hill-Thomas

00:07 04 May 18

Joe knows Midtown! We loved working with him from the start--he's truly a professional but breaks everything down for you. While preparing our house for the market, he was patient with us and worked out a strategy for us. Once we left town, he took care of everything--it was complete piece of mind. The result? Not only the easiest real estate transaction we've ever had, but also the quickest! The house sold for more that we thought it could in a flash. My only regret--our move halfway across the country means that Joe can't help us find a new home! Wish we could have taken him with us! :)

Cassie Gerken

03:40 11 Oct 17

Joe is extremely knowledgeable about the midtown area! I worked with him to begin looking for my first home and was impressed with how thorough he was on each showing. He helped me look for important details in the older homes I was drawn to and gave me helpful insights about the construction and potential setbacks of each property. I had a seamless closing and absolutely love my new home. Will definitely call Joe for future real estate needs.

Jan Stone

18:11 12 Apr 17

Joe is more than a realtor: he is a human encyclopedia of what you need to know about neighborhoods, houses, and quirks in construction or functions--all dispensed with candor and humor. He was an honest, patient, and delightful collaborator in ensuring my finding place I love to live. New to the state and slightly less than organized, I benefited greatly from Joe's knowledge of Memphis and tenacious attention to detail.

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