So how do I find the real bargains? Use your eyes, your ears and the Internet. Before I consider buying, I choose several areas where I know the market for house prices. In Memphis, I know 38122, 38111 and 38117. These are all desirable areas with homes built mostly between 1948 and 1960. Ideally, I look for houses that have 3 bedrooms and 2 baths. I research what is SELLING in today’s market and believe that buyers have so many options that there is really no reason to consider anything but a 3/2 unless you stumble on a really nice 3/1.5 cheap. When I sold my last house in January, it sold in 45 days after being shown 20 times. The only complaint anyone had about the house was that it lacked a 2nd bath. 3/2 houses are easier to rent and sell. That means that the 3/2 is more attractive to someone interested in buying your property whether they will live in it or rent it out. Among the house sales that closed in Memphis last week, 95% had more than 1 bathroom. My advice, stay away from the 3/1 and 2/1 market.
