MEMPHIS, Tenn. (WMC) - Real estate experts say there’s plenty of high-end properties available, but when it comes to low or moderately priced homes it’s practically impossible to find.
That makes for an incredibly hot and aggressive real estate market.
“It’s literally become somewhat of a jungle out there and when you’re in the jungle you have to do what you have to do,” said Reginald Harris with Harris Realty.
Harris says we are definitely in a seller’s market which would explain the random text messages and letters from realtors and investors looking to buy your home.
Harris says the real prize in this current market is homes priced around $75,000-150,000.
They practically don’t exist in inventory.
“And the ones that are there, we’re talking about if a house goes on a market at 12 noon on Friday, well by 12 noon on Saturday there are probably 15 to 20 different offers on that particular home and the home doesn’t even have to look good, it just has to be available,” said Harris.
Well, that makes homes in certain neighborhoods like Orange Mound suddenly very popular.
“They come up and down the street. They’ll knock on your door. Do you wanna sell your house? Do you see a for sale sign out there?” said Orange Mound resident Hazell Glover-Jones.
Glover-Jones has been living in the Orange house in the Orange Mound neighborhood practically her entire life.
“This is the only community I know,” said Glover-Jones.
While the neighborhood has struggled with blight and crime, she and others have done a lot of work to turn that around.
From clean-up crews to city investments like the recently announced plans to turn the historic Melrose building into a state-of-the-art library.
On her block on Park Avenue, she says there’s only one home that’s vacant.
“They’re trying to buy them up because they know we’re revitalizing Orange Mound, so we are revitalizing it,” said Glover-Jones. “They know they can get it cheap and sell it high.”
Glover-Jones doesn’t want investors who just want to flip a home, she says this community needs people who are invested in continuing the growth they’ve seen so far.
Glover-Jones also wants people to be careful to whom they sell their homes.
He says there are also people who may be running some sort of scam, but he says most are truly people with the means to purchase your home.