Wednesday, June 19 2013 9:26 PM EDT2013-06-20 01:26:32 GMT
(WMC-TV) - Paychecks for all teachers in DeSoto County Schools are expected to be fatter next year, without making taxpayer pockets any lighter. DeSoto County School Board President Ann Jolley told ActionMore >>
Paychecks for all teachers in DeSoto County Schools are expected to be fatter, without making taxpayer pockets any lighter.More >>
Wednesday, June 19 2013 7:36 PM EDT2013-06-19 23:36:35 GMT
(WMC-TV) - Some Shelby County residents experienced a sudden storm complete with pouring rain, winds, and hail. According to Action News 5 meteorologists, isolated showers are still possible over theMore >>
Some Shelby County residents experienced a sudden storm complete with pouring rain, winds, and hail. According to Action News 5 meteorologists, isolated showers are still possible over the next couple of hours but some areas will remain dry.More >>
Wednesday, June 19 2013 7:34 PM EDT2013-06-19 23:34:41 GMT
(WMC-TV) - As the Memphis City Council spends hours deciding on a way to solve the city's budget crisis, appetites are sure to grow. Everyone has to eat right? But who should be paying for it? ActionMore >>
As the Memphis City Council spends hours deciding on a way to solve the city's budget crisis, appetites are sure to grow.More >>
Wednesday, June 19 2013 7:31 PM EDT2013-06-19 23:31:05 GMT
(WMC TV) - The Better Business Bureau of the Mid-South and the Tennessee Secretary of State confirmed a mailing that appears to be a corporate tax notice from a company named Corporate Records ServiceMore >>
An unsolicited request for annual report fees is actually a scam.More >>
Wednesday, June 19 2013 6:57 PM EDT2013-06-19 22:57:50 GMT
(WMC-TV) - Kimmiracle Langston was at home when, Memphis police say, her father killed her mother, Kimberly, in their house on Hamilton Street. It shattered the family. Estimates indicate 9,000 peopleMore >>
Kimmiracle Langston was at home when, Memphis police say, her father killed her mother, Kimberly, in their house on Hamilton Street. It shattered the family.More >>
MEMPHIS, TN -
(WMC TV) - They didn't quite take a bath on the sale of their Cordova, TN, home.
But the seller's market was enough of a wet blanket to give empty-nesters Lee and Anna Grehan hope of better luck in the buyer's market.
"This IS a buyer's market," said Anna Grehan. "We're hoping because somebody got a deal on our house that we will snap up a deal. The rates are very low, so we want to take advantage of that."
Robert Irwin, a California real estate broker and investor (www.robertirwin.com) told consumer resource Bottom Line Secrets magazine that for buyers to take advantage of the lowest mortgage rates:
* Their down payments would have to be 20-25 percent.
* Their credit scores would have to be greater than 740, preferably closer to 780 or 800.
* Their debt-to-income ratios would have to be less than 45 percent.
Leon Dickson, Sr., broker/owner of Memphis-based Benchmark at Southwind LLC Realtors (http://www.benchmarkrealtorsatsw.com/), said rates and prices are just two components. He suggested buyers should hire home inspectors and realtors to dig out the hidden details behind those prices.
"Condition of the house, or the amenities, seller concessions -- they would need that information or that direction from a realtor," Dickson said.
Folks selling their homes will face the same reality checks as the Grehans did. They can't put off nagging repairs. Those should be completed before even considering showing their homes.
They should also price their homes carefully, not based on their tax assessments, but on the sales comparables, or "comps", in their neighborhoods. Dickson said sellers can count on either a loss or very little earnings, but they're likely to rebound when they test the buyer's market.
"More than likely the area that you are going to buy in, the properties may be a little lower as well, so you'll recover a little of your loss on the purchase end," he said.
The Memphis Area Association of Realtors (www.maar.org) has assembled these tips for both buyers and sellers:
QUICK TIPS FOR BUYING A HOME
* REMEMBER, YOU'RE SEARCHING FOR THE RIGHT HOUSE AND NOT THE PERFECT HOUSE. This doesn't mean that you abandon the criteria most important to you. But it does mean that you need to prioritize your needs and desires and determine where you are willing to compromise.
* STAY WITHIN YOUR PRICE RANGE. You may "love" a house that costs considerably more than you can comfortably spend, but you won't love being "house poor."
* CHOOSE THE RIGHT REALTOR FOR YOU. This means finding someone with expertise about the area where you intend to buy and who understands your goals. No one is an expert about all things and all locations. Make sure you're comfortable with the person and don't automatically choose a friend, relative or friend of a friend.
* ACT LIKE A REPORTER. This is especially important if you are new to the market and have little or no knowledge of the area. Read. Ask questions. Read some more. Ask more questions. Study the market data. At www.maar.org, you can find market reports that track monthly sales not just for the Memphis market, but for 20 submarkets. On the right-hand side of the home page, click on "Market Reports."
* GET A HOME INSPECTION. Most people wouldn't consider buying a pre-owned vehicle without having a mechanic look under the hood. It's no different when buying a house. A home inspector can evaluate the home's physical condition and identify items that need to be repaired or replaced.
* ORDER A SURVEY. This is one of those better-to-be-safe-than-sorry scenarios. A survey will show the location of the buildings, fences, driveways, easements of record, boundaries of the property and will inform you of any encroachments that could hinder your ability to sell the property in the future.
* DON'T RUSH. While some home-buyers do suffer paralysis by analysis, you don't want to go to the other extreme and make a huge purchase on emotion and impulse. Take your time.
QUICK TIPS FOR SELLING A HOME
* YOU GET ONE CHANCE TO MAKE A FIRST IMPRESSION. So before the first potential buyers grace your door, make sure your home is walk-through ready and that the exterior of your home is neat and clean. Curb appeal is crucial and so is that initial impression.
* CREATE A "CLUTTER-FREE" ENVIRONMENT. Remember all those times your mother told you to clean your room and you didn't? This is payback. Your house must be easy to show and that means every room should be clean, attractive, inviting.
* MAKE SELLING YOUR HOME A PRIORITY. This means making your home available for showing at a moment's notice. Remember, you want to make things easy for the potential buyer.
* BE SURE YOU PLAY THE "PRICE IS RIGHT." The best time to price your home correctly is when it first goes on the market. If your home is overpriced, people will bypass it for a similar house priced at market value.
* LITTLE IMPROVEMENTS CAN HAVE A BIG IMPACT. Make obvious repairs, landscape where appropriate and consider staging the interior of your home. If nothing else, the fact that potential buyers don't notice cosmetic flaws -- from shaggy shrubbery to dirty floors -- keeps them focused on your home's strong points.
* UNDERSTAND THAT STRANGERS PROBABLY WON'T LOVE YOUR PETS THE WAY YOU DO. Ideally, Fido and Fluffy stay with friends or relatives every time you have a showing. If that's not possible, place your pet in the least distracting place possible, spray with deodorizer and light a candle. Stow the litter box, bowls, beds and toys.
* MAKE SURE THE BUYER CAN AFFORD YOUR HOUSE. A reality of today's market is that financing is becoming more stringent. Unless the buyer has been pre-approved for a mortgage large enough to purchase your house, an "offer" won't go very far.
Wednesday, June 19 2013 11:17 AM EDT2013-06-19 15:17:18 GMT
(WMC-TV) - A woman was shot in the eye early Wednesday morning. She was taken to The MED in critical condition. Police responded to the shooting around 12:40 a.m. Where the shooting happened is not beingMore >>
A woman was shot in the eye early Wednesday morning. She was taken to The MED in critical condition.More >>
Tuesday, June 18 2013 4:44 PM EDT2013-06-18 20:44:40 GMT
(WMC-TV) - Thousands of people from across the country took to swimming pools Tuesday in an attempt to beat the world record for the world's largest swimming lesson. The City of Memphis joined in theMore >>
Thousands of people from across the country took to swimming pools Tuesday in an attempt to beat the world record for the world's largest swimming lesson.More >>
Wednesday, June 19 2013 6:10 PM EDT2013-06-19 22:10:15 GMT
(WMC-TV) - A Bartlett police officer is under investigation for assaulting his own wife Sunday, according to officials. Quentin Crowley was arrested after a verbal altercation that turned physical. HeMore >>
Two Bartlett police officers are off the job and under investigation for suspected abuse.More >>
Wednesday, June 19 2013 1:32 PM EDT2013-06-19 17:32:07 GMT
(WMC-TV) - With the third and final reading scheduled for later Tuesday evening, the battle over the budget rages at city hall. "There are no easy answers to this," said Mayor A C Wharton after a livelyMore >>
The city's administration proposed an amended budget which members voted on throughout the meeting.More >>
Wednesday, June 19 2013 6:47 PM EDT2013-06-19 22:47:49 GMT
(WMC-TV) - Time is running out for more than 100 cats at Memphis' Mewtopia Cat Rescue to find homes. Staffers at the rescue shelter are scrambling to find another place to house its animals after losingMore >>
An organization famous for rescuing cats is now in need of a rescue of its own.More >>
Tuesday, June 18 2013 11:46 PM EDT2013-06-19 03:46:39 GMT
(WMC-TV) - A Memphis police officer is charged with driving under the influence after refusing to submit a BAC test, according to police. Two police officers noticed a Hummer swerving and nearly hittingMore >>
A Memphis police officer is charged with driving under the influence after refusing to submit a BAC test, according to police.More >>
Tuesday, June 18 2013 6:14 PM EDT2013-06-18 22:14:48 GMT
(WMC-TV) - A woman who worked in the school system for years says she may out of a job as a result of low enrollment numbers. Marilyn Davis' story is similar to many in the school system. She has beenMore >>
A woman who worked in the school system for years says she may out of a job as a result of low enrollment numbers.More >>
Tuesday, June 18 2013 6:59 PM EDT2013-06-18 22:59:05 GMT
(WMC-TV) - Southaven Mayor Greg Davis is leaving office early with extra money. But where is it coming from? The money comes from the state's retirement system. Mayor Davis plans to leave his officeMore >>
Southaven Mayor Greg Davis is leaving office early with extra money. But where is it coming from?More >>
Tuesday, June 18 2013 7:48 PM EDT2013-06-18 23:48:44 GMT
(WMC-TV) - A U.S. Marshals Service task force was going door-to-door in a California community Tuesday asking residents for help finding a fugitive Mid-South couple, according to NBC Los Angeles. JanetMore >>
A U.S. Marshals Service task force was going door-to-door in a California community Tuesday asking residents for help finding a fugitive Mid-South couple, according to NBC Los Angeles.More >>