MEMPHIS, Tenn. — There's promising signs the Memphis area housing crunch is easing up lately, compared to this spring and early summer.
We've been telling you for months about strains in the market that kept homeownership out of reach for many and offered solutions.
Now, with more homes available, asking prices leveling off, and investor influence tapering off - what were prospective homebuyers are now actual, ecstatic homebuyers.
"So blessed and so happy, it's been a dream come true honestly," Brittany Benefield said.
Recently, Benefield's longtime dream became a reality when she became a first-time Memphis homebuyer.
"Signing the papers, moving my stuff in and now I can actually start living, like, this is my home, it's just an incredible feeling, it's a huge milestone," Benefield added.
ABC24 first caught up with Benefield in May, after she lost out on six separate home bids - all to out-of-state investors - who paid all cash, tens of thousands of dollars above the asking price.
"I think that's what the problem was, we were facing so many investors and I think the sellers are really starting to pay attention to what's going on in communities," Benefield said.
Her individual breakthrough is part of the broader Mid-South housing trends that have happened lately. It comes as realtors say out-of-state investor influence is waning and the power of local buyers is growing.
"It definitely has cooled off so now we are seeing a lot more inventory on the market, even though interest rates have gone up, it's a great time to buy right now," Integrity Mortgage Group Branch Manager Kevin Stafford said.
Stafford said Friday that housing prices are also stabilizing from higher levels earlier this year, another encouraging sign.
"The buyers that wanted to get a home, they really ought to think about getting back in the game," Stafford added.
With local housing trends more favorable these days, realtors and new homeowners alike offered a message to prospective buyers on the sidelines or who've given up hope.
"Forget what happened two years ago and what happened last year, that's over and it's a different game," Stafford said.
"Just stay patient, persistent and you know when the time is right, it's going to happen," Benefield said.
The Shelby County assessor's office also told ABC24 that home sales in Memphis dropped nearly 20% in July compared to last July, which they attribute largely to out-of-state investors buying up fewer local properties.