Real estate industry professionals will have the opportunity this week to learn more about major trends in the local real estate market, including residential and commercial sales, new housing, foreclosures and lending practices.
Real estate information company Chandler Reports will host its 2013 mid-year Master Your Market seminar Thursday, July 25. The event will be held from 3 p.m. to 4:30 p.m. at the Memphis Marriot East, in the Noble Ballroom.
The presentation will include market trends reports covering residential and commercial sales, foreclosure activity, new housing analysis and trends in lending.
“Attendees will walk away with an in-depth analysis of the real estate market in Memphis and Shelby County, an understanding of the property reappraisal process, and a comprehensive outlook on new housing activity,” said Wendy Greenlaw, Chandler Reports business development manager.
Don Caylor, president of the Memphis Area Home Builders Association, will present the latest trends in new housing and building activity.
Builders are facing several challenges, including a lack of affordable, quality lots. Some builders were able to scoop up cheap lots from bank sales following the building bust and those lots are now running out. Regulatory actions like seismic requirements, rising material costs, increased labor costs and stricter lending practices will also challenge the industry.
“We’re getting it from all sides,” Caylor said. “We’re dealing with all those issues.”
Shelby County Assessor Cheyenne Johnson will discuss the 2013 Shelby County tax reappraisal and its consequences for property owners and governments.
The reappraisal, which happens every four years, has far-reaching consequences.
The Shelby County Commission on Monday approved a $4.38 tax rate. A $4.32 tax rate is the certified rate estimated to produce the same amount of revenue as the current $4.02 rate taking into account property value lost in the 2013 property reappraisal. Shelby County Mayor Mark Luttrell had proposed a $4.38 tax rate. The remaining 6 cents on the rate is a tax hike to create new funding for the countywide school system.
Residential property owners in the county saw an average drop in home values of 4.63 percent.
Eric Barnes, publisher of The Daily News and The Memphis News, will serve as the event moderator and will present Chandler Reports market trends and reports.
“By and large, the numbers show things are picking up,” Barnes said. “It’s nothing stellar, but it is picking up. We’ll also talk about the changes in the tax rates all the way around and how that could be a driver, or not, in how people buy homes.”
A question-and-answer session will follow each presentation.
Attendees will receive an electronic copy of the Chandler Reports presentation along with copies of the most popular trend reports. The cost is $10 for Chandler Reports subscribers, $15 for non-subscribers.
Anyone interested in attending “Master Your Market” can visit http://conta.cc/141yis3 or contact Greenlaw at 528-5273 or firstname.lastname@example.org.
Chandler Reports is a division of The Daily News Publishing Co.