Memphis is located in the southwestern corner of Tennessee, and it lies on the Mississippi River. The second largest city in the state, Memphis is continuing to grow in population. Not only does the city have one of the most affordable residential areas in the country right now, it’s also an attractive city to live in with its many parks, two colleges, and rich cultural heritage. There are several reasons why home buyers are looking for Homes For Sale in Memphis TN these days.
According to recent data, the median listing price of homes in Memphis is $89,900, which is much lower than the median price ($259,900) of homes throughout the U.S. The low home prices make Memphis an unusually affordable city, and it’s able to attract a lot of young buyers who might not be able to afford homes in other parts of the country. In fact, a large number of buyers in the Memphis area are Millennial couples who are ready to start a family.
Easy To Flip
People are also buying Memphis homes in order to flip them. Because Memphis is an older city, there are plenty of older homes that can be purchased for a lower-than-average price and then resold at a profit after a little renovation. Flipping houses is a great project for anyone with DIY know-how or reliable connections in the construction business. Experts advise making updates with a target buyer in mind (e.g., accessibility for older buyers or an extra bathroom for families) in order to get the best return on investment.
Memphis houses can also be great investment properties. There are plenty of people who are interested in renting houses these days, so properties are easy to fill with tenants. Home buyers who are seeking an investment property may choose to manage the property themselves, but if they don’t have the time, they may outsource that job to a local property management company like Advantagepropertymgmt.com.
As the Memphis population continues to grow, Homes For Sale in Memphis TN are predicted to go up in value and price. This is a good time to consider purchasing a home to live in, re-sell or rent.
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