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VOL. 132 | NO. 45 | Friday, March 3, 2017

Real Estate Experts to Talk Market Trends, Projections

By Patrick Lantrip

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With more than 30 years of expertise, second-generation homebuilder James Reid has seen a lot of ups and downs in West Tennessee’s real estate market.  

JAMES REID

“While the market has obviously improved tremendously, last year in Shelby County we only pulled about 925 permits, which traditionally we’ve done in the neighborhood of 3,000 to 4,000,” Reid said. “So while we’ve recovered some, we’re still down from a typical year.”

Reid, who is both the president of Reid Homes Inc. and the West Tennessee Home Builders Association, said he sees the market getting a little bit better, but doesn’t expect it to return to the 3,000-permit level anytime soon. He cites a few obstacles, including lack of available lots and competition with North Mississippi, which has better infrastructure for builders in place. 

“They’ve recovered a little bit more than we have,” Reid said. 

However, he pointed out that growth, no matter how slow, is still much better than the alternative.

“I really do think that we are on an upswing,” he said. “I think it’s going to be a slow upswing, but any upswing is welcome.” 

On Wednesday, March 8, Reid will be one of three panelists at Chandler Reports’ annual Real Estate Review Seminar. The event will be held from 9 a.m. to 11 a.m. in the Goldsmith Room of the Memphis Botanic Garden, 750 Cherry Road, and breakfast will be provided

Reid, who will be speaking from a builder’s perspective, will be joined by Ann Bell, senior loan officer for Mortgage Investors Group and 2017 president of the Mortgage Bankers Association of Memphis, and Steve Brown, president of residential sales for Crye-Leike Realtors. 

Eric Barnes, publisher of The Daily News and The Memphis News, will moderate the event and present the latest real estate trends for Memphis and Shelby County. The $10 admission includes electronic copies of the presentation as well as copies of Chandler Reports’ most popular trend reports.

The 2017 guest panel will provide insights and projections on a wide array of topics affecting the local market, including record-breaking average home sales prices, historic low foreclosures, the impact of investors in the Memphis metropolitan statistical area, the recovery of the new-housing market, areas of growth within Shelby County and the effects of the 2017 property tax reappraisal. 

For more information or to reserve your seat, email wendy@chandlerreports.com or call 901-528-5273. 

Chandler Reports is a division of The Daily News Publishing Co.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 143 381 16,005
MORTGAGES 148 432 18,480
FORECLOSURE NOTICES 14 48 2,453
BUILDING PERMITS 184 635 33,149
BANKRUPTCIES 59 237 10,250
BUSINESS LICENSES 37 110 5,288
UTILITY CONNECTIONS 16 108 6,256
MARRIAGE LICENSES 16 79 3,492