There are many smaller cities and suburbs such as Southaven, Collierville, Horn Lake, Bartlett, Olive Branch, surrounding Memphis but Memphis and Germantown frequently generate the highest real estate sales prices. Recently, five sales exceeded half a million dollars. All five sold in the mid-six figure range.
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The top seller is located near the Cathedral of the Immaculate Conception in Midtown Memphis. This 4,900 square foot house sold recently for $750,000. It comes with a five bedroom, four bath design.
Second on the list is a home on 2.23 acres of land. The estate is off Forest Hill Irene Road in Germantown. The 4,000 square foot home went for $627,500. Third on the list is another home located in Germantown. This five bedroom, 4,550 square foot home sold for $605,000. Coming up in fourth place is a home that sold near Galloway Golf Course. The selling price was $570,000. And the fifth sale above half a million went for $525,000 is located by the Tournament Players Southwind Golf Course.
Don't let those high prices scare you away from considering buying a home in the Memphis area. The estimated medium household income in Memphis is $35,807. Medium home prices are in the range of $92,900. These include both single-family homes and condos. Definitely much more affordable than the top selling homes.
Whether you're an investor or a homeowner, buying and selling a home is more than just a business transaction. Your home is your castle, a sandbox for your children. It can be an emotional experience and a decision that should not be made only based on cold hard statistics.
Selling your personal home in particular can be an emotional process, especially if you had children grow up there. Before listing it for sale, try preparing your self emotionally to think about it as an investment. Once you list the home with an agent, they will see it as a business transaction and won't have any emotional attachment.
The agent will make recommendations intended to help you sell the home fast and for the best price. You might not agree with some of the agent's suggestions but he or she understands the selling market. Try not to take it personally. Your agent will make big and small suggestions for you to consider. One will quite possibly be removing clutter from your home. That can include taking down your children's drawings and artwork. This is when you have to work hard at keeping your emotions in check to make the best of your investment.
You're selling your home, not your family lifestyle. Potential buyers need to be able to see themselves living in your home. Your very personal belongings distract them from seeing themselves living in the house. Besides removing clutter, the best thing you can do is make the home bright, clean, and smelling great.
About the author: Brian Kline has been investing in real estate for more than 30 years and writing about real estate investing for seven years. He also draws upon 25 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest in the Olympic Mountains with the Pacific Ocean a couple of miles in the opposite direction.