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Category: Basics

Learn more about Memphis real estate.

The Top 2 Reasons To Look at Newly Built Homes

February 26, 2025

When planning a move, a newly built home might not be the first thing that comes to mind. But with more brand-new homes on the market and builders focusing on smaller, more affordable options, this type of home may just be the key to crossing the homebuying finish line. Here’s why a new build is worth considering – and how an agent can help you find one that meets your needs and your budget. 1. More Newly Built Homes Are Available Right Now First, let’s break down the types of homes on the market. A newly built home is a house that was just built or is under construction. On the other hand, an existing home is one a homeowner has already lived in. Right now, the number of existing homes for sale is still low. And, if you’re struggling to find something you like because there aren’t that many existing homes for sale, opening up your search to include brand-new homes could really expand your options. That’s because there are more newly built homes available right now than in a typical year (see graph below): From 1983 to 2019, newly built homes made up only 13% of the total inventory of homes for

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More Starter Homes Are Hitting the Market

February 26, 2025

More entry-level homes – also known as starter homes – are popping up on the market. And after several years with very few homes available to buy and prices rising, there are finally some more options for first-time buyers. Inventory Is Increasing – Especially at Lower Price Points Over the past year, the total supply of homes for sale has improved. According toRealtor.com, in November there were 26.2% more homes for sale compared to this time last year, marking 13 months of inventory growth and the most homes available since December of 2019. Interestingly, the growth isn’t spread evenly among all types of homes, though. According to Redfin, starter homes have seen the biggest increase (see graph below): So, if you’re a first-time buyer who’s been sitting on the sidelines waiting because you thought you might never find a starter home in your market, this could be a game-changer. You finally have more options to choose from, and you just might be able to find one in your price range. How an Experienced Agent Helps You Find a Starter Homes Finding the right starter home at the right price point in your local market might feel like an unthinkable challenge,

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Living with HOAs: Are They Worth the Cost and Rules?

January 15, 2025

Homeowners Associations (HOAs) are a significant consideration for many homebuyers, particularly those purchasing property in planned communities, condominiums, or subdivisions. While HOAs can offer numerous benefits, they also come with specific rules, fees, and potential challenges. Understanding how HOAs work and what they mean for you as a homeowner is essential for making an informed decision. This blog post explores the key aspects of HOAs, their pros and cons, and what you should know before buying a home in an HOA-managed community. What Is an HOA? An HOA is a governing body established by a real estate developer or community residents to oversee and manage a specific neighborhood or community. HOAs are typically responsible for maintaining common areas, enforcing community standards, and ensuring the overall aesthetic and functional appeal of the neighborhood. Structure: HOAs are usually managed by a board of directors composed of community residents or developers. Rules and Regulations: HOAs enforce rules, often detailed in a document called the Covenants, Conditions, and Restrictions (CC&Rs). Funding: HOAs are funded through dues or fees paid by homeowners in the community. Pros of Living in an HOA Community Living in an HOA-managed community comes with several potential benefits: Maintained Common Areas

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How to Prepare to Get Home Financing: A Step-by-Step Guide

December 15, 2024

Buying a home is one of the most significant financial decisions you’ll ever make, and securing the right financing is a critical part of the process. Preparing for home financing can seem daunting, especially if it’s your first time. However, with the right steps, you can position yourself for success. This guide will walk you through the essential steps to prepare for home financing, ensuring you’re ready to make your dream home a reality. 1. Understand Your Financial Situation Before diving into the mortgage process, take a close look at your financial health. Lenders will evaluate your finances carefully, and being proactive can help you address potential issues ahead of time. Assess Your Income and Expenses Calculate your monthly income and compare it to your expenses. Lenders use your debt-to-income ratio (DTI) to determine how much house you can afford. Ideally, your DTI should be below 36%, with no more than 28% going toward housing costs. Review Your Credit Score Your credit score is one of the most critical factors in getting approved for a mortgage and securing a favorable interest rate. According to Experian, a score of 740 or higher is considered excellent, while scores between 620 and 739

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A Breakdown of the Most Popular Types of Mortgages Today

November 3, 2024

Whether you’re a first-time homebuyer or a seasoned real estate investor, finding the right mortgage can make all the difference in securing the home you want while staying within your budget. Today’s mortgage market offers a variety of options tailored to different financial needs, down payment capabilities, and property goals. From the security of a fixed-rate mortgage to government-backed options for special groups, each mortgage type has its unique benefits and challenges. In this guide, we’ll explore the most popular types of mortgages, who they’re best suited for, the terms they typically come with, and common pitfalls to avoid.   1. Fixed-Rate Mortgages (FRMs): Approximately 90% of Borrowers Fixed-rate mortgages are among the most popular choices, especially for buyers who value predictability and long-term stability in their payments. Why Homebuyers Want It: Fixed-rate mortgages come with an interest rate that remains constant throughout the life of the loan, meaning the monthly payment will stay the same. This stability makes it easier for homeowners to budget over the long term without worrying about fluctuating rates. Fixed-rate loans are particularly attractive during periods of low-interest rates because they allow homeowners to lock in that low rate for 15, 20, or 30 years.

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The Difference Between an Inspection and an Appraisal

July 1, 2024

When you decide to buy your first home, you may come across a number of terms and conditions you’re not familiar with. While you may have a general idea of what an inspection is, maybe you’re not sure why you need one or how it’s different from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer. Home Inspection Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com article explains: “A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life—one in which you need as much information as possible.” If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction

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This information is deemed reliable but not guaranteed. Please contact Meridian Premier Homes to learn more about what properties are for sale and for current real estate information. Equal Housing Opportunity: Equal Opportunity Employer. It is illegal to discriminate against any person because of race, color, religion, sex, handicap, familial status, or national origin. We are committed to making this website compliant with the Americans with Disabilities Act. We wish all of our visitors to be able to easily access our services. Accessibility and usability are not always possible in every area of the website or for those visitors using assistive technologies and devices. If, at any time, you have specific questions or concerns about the accessibility of any particular page, please contact us. Meridian Premier Homes. Privacy Policy | Consent Preferences.

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