Archive for the ‘moving in Memphis’ Category
While the struggle for a steady economy has been a rough toad, the Greater Memphis area unemployment rate fell in January at a faster rate than in Tennessee or the U.S., according to a new report by the Tennessee Department of Labor and Workforce Development. Metro Memphis’ unemployment rate fell to 8.4 percent in January from 10 percent in January 2013, with 49,860 people looking for jobs out of a labor force of 590,720. The report has been a positive take on the local economy and shows continued growth in Memphis.
Thinking of moving to Memphis? The growing stability of the employment sector should make you feel more confident in making the relocation a reality. See you in Memphis!
In a country of fluctuating mortgages, ping ponging list prices, and other real estate uncertainties, it’s nice to know some areas of the country are still extremely affordable. And even better, one of those places happens to be Memphis! The Memphis cost of living, according to CBS News, is as follows:
Average Rent: $709
Price of a home: $208,000
Can of coffee: $4.05
Dozen eggs: $1.62
While these are only a few factors, they help rank Memphis in the #4 spot in the Council for Community and Economic Research study. The study examined 308 urban areas throughout the country and came up with the list of the ten least expensive places to live.
Zipcar is expanding to Memphis International Airport, a move that will open up the airport market to a trending service where customers can rent cars by the hour. Customers register online with their insurance information, then make a reservation online and use your Zipcard to scan into a vehicle for your temporary use.
The Memphis local movers have found that the rental rates for the cars offered by Zipcar are $9 an hour at the airport or $69 for the day. The airport rates are slightly higher than the prices for downtown Memphis and Rhodes College.
Memphis joins the locations of Zipcar which is in 26 cities and 30 airports around the world.
As we wrap up 2013 and take a look at real estate trends in the area, one thing is certain: the office space sector of the local real estate market not only began to show signs of life this year, but the vacancy rate for Class A space has dropped to 7.7 percent from 2010′s 20 percent. The Memphis commercial movers have found that this trend it thanks to company expansion announcements and other business happenings that have prompted office space to be snatched up in record time.
On top of more company announcements, the amount of space that companies are leasing is higher, taking away from the vacancy rate square footage and helping to strengthen the absorption rate. Also, the demand and lack of remaining supply has strengthened the rental rates for landlords.
The real estate market in Memphis is certainly a mixed bag, and while residential sales are up for the year, one area where the real estate has given way is in permits for new construction. Builders filed just under 200 permits in the third quarter within Shelby County, which is a decrease from the 229 of the same time in 2012. That results in a fourteen percent decrease from 2012 to 2013, and that isn’t the only way they decreased—the size of the homes that were being proposed is 1.5 percent smaller than the homes applying for permits in 2012.
The Germantown local movers have found that there is a variety of reasons why prospective builders are deciding to build slightly smaller and in fewer amounts. For one, many of the lots that are sitting undeveloped are scarce, and those who have some of the available land are not necessarily in a huge hurry to build something just for the sake of building. Additionally, continued worries about the economy, the government shutdown, budget battles and the Affordable Care Act have encouraged builders and developers to temporarily pause and see what effect it has on the economy, both locally and nationally.
Year to date, home builders have pulled 681 permits, down 2.6 percent from the 699 permits pulled in the first nine months of 2012, according to Chandler Reports. Builders have sold 604 homes thus far in the year, up 5 percent from the 574 sold in 2012.
Following the real estate market crash, it was a common sight to see homes foreclosed, sitting abandoned, stripped of appliances, and with boarded up windows. In some areas, investors have come in and rehabbed these houses to bring new life back into these neighborhoods that have fallen into blight. In Memphis, however, there are still many properties that are in need of help. The Memphis movers have found that neighborhoods can have entire rows of houses with boarded up windows, a problem that contributes to increases in squatters, drug use, violence, and also brings down the value of surrounding homes and neighborhoods.
Since 2006, Memphis police have boarded up over 250 homes throughout the metro area following undercover investigations and other efforts focused on reducing crime in the city, but that’s a miniscule amount compared to the 80,000 abandoned homes throughout Memphis. Empty buildings, boarded up homes, and overgrown lots are all eyesores that keep growing in the area.
Cleaning up some of these lots is an essential step in trying to sell them, or to having the community revamp them as public spaces such as community gardens. Currently, there is a $7 million budget for blight mitigation, an issue that Mayor Wharton finds crucial to the growth and strengthening of the community.
According to a new report by Kiplinger’s, Memphis is ranked number 7 among other big cities like Dallas, Texas and Las Vegas, Nevada throughout the nation as ideal places for renters to live well. The average rent in Memphis is about $711, which is quite affordable compared to other nationwide markets. This is arguably quite affordable for being a big city like Memphis. These rental rates are averaged out by homes and apartments in the area. Memphis is an area with a diverse population and cultural activities, and it is also a thriving business scene.
The Memphis local movers have found that the livability in Memphis is certainly desirable for both families and individuals and it is incredibly affordable if you are looking to rent a home or an apartment in the Memphis metro area. Memphis is touted as a big city without big city prices, and the cost of living is 15.3 percent below the national average. Also, the living experience in Memphis is a great one, and commuters spend about 23 minutes in the car, which is 6 percent below the national average.
August was a strong month for real estate residential sales in Shelby County, netting 1,709 home sales in August, which is up 15 percent from the 1,483 sales in August 2012. The data was compiled and shared by Chandler Reports, a real estate reporting firm. The number of home sales this August also grew from July’s numbers, which were 1,695 homes sold. Rising prices and interest rates have pushed fair-weather sellers to put their homes on the market, and prospective buyers are anxious to take advantage of still-competitive pricing and still-low mortgage rates.
Inventory is continually tightening up in the improving market, so individual sales are a welcome addition to the already competitive market. Owners who are above water have been considering selling homes to add to the tight market, and homeowners who are underwater are forced to hold on to their homes, keeping the low inventory market tightly under wraps. The highest increases in the county were in Collierville, where there were 106 sales, and a total sales volume $32.6 million. The highest average sales price was $3379,526, which was the average in Germantown East. The Collierville local movers have found that despite still being in the midst of a recovery, Memphis and surrounding areas in Shelby County are growing in the right direction, and 24 of the 33 zip codes in the county showed sales increases for August.
Building activity was relatively flat in August 2013, but there were slightly more permits filed for new construction projects compared to August 2012. The exact percentage leap from the month over month permit filing was 9 percent. The average permit in August was a little smaller than the ones filed in August 2012, and the August amount of permits was about 7 percent less than July 2013 permits. Despite the small gain, the monthly amount puts the Memphis area closer to the 1000 permit mark, which industry insiders feel the county can hit before the year ends. This will be the first time since 2007 that many permits were filed, if so.
The Memphis local movers have found that home builders did not sell as many homes in August as they did last year. The year to date thus far is at 629 permits, which is slightly higher than the 2012 number of 618 permits. There is still a limited supply, which is good for the market because it keeps a tight ship as far as what is available and what comes next for new construction. Memphis is certainly an area that can benefit from new construction, and the limited supply can benefit from a few new developments to liven up the market availability.
Residential real estate has taken a swift turn back into the land of the living, thanks to a building boom of new construction. Suburbs are growing on the outskirts of Memphis and particularly growing in the Arlington area. Kensington, a suburb inside of Arlington, is an example of the booming construction rebirth. Despite laying dormant for years, the development is finally putting up homes and building new properties. The Arlington local movers have also found that our area has been named as one of the fastest growing communities in Tennessee.
Before the homes were beginning in the area, the development was mostly cleared land ready for construction and roads paved that led to nowhere in particular. Property values across Shelby County are rising and that trend has led to more home sales, more development, and more home building.