EATING OFF THE FLOOR: October 2007

East Nashville Real Estate - Hot and Trendy!!!

East Nashville has long been an eclectic mix of people and a great place to call home!  It's also a very affordable place to live!  Check out these listings "over the river and through the hood" as one bumper sticker claims...

414 Williams Ave. - $149,500

4 bedrooms, 3 bathrooms, 2317 square feet on three levels!  Completely renovated! Rentable apartment with Separate Kitchen Also!  Make money while you live there!

Here in the Nashville Real Estate Market, a seller is generally not responsible for having an inspection done.

The question is... Should a Seller get a Pre-Emptive Inspection Done? 

After reading this suggestion on the Lowe's Realtor Benefits Page today, I was thinking a lot about whether or not this should be done or if this is going too far?

When Listing a Home in Nashville, Tennessee, the typical steps are to disclose all of the information known about the house, get the home and yard cleaned up, maybe the home gets staged and then market, market, market.  Have an open house.  Bring the buyers in.  Follow up on the showings.  All of the tradition stuff.  Then, if it is priced right, work out any offers brought in.

But what if the Seller orders an inspection the day after listing and finds out any problems contained in the house and then fixes or repairs them, offers an allowance to compensate, or alters the listing price of the house?

I wonder if this would fly in Nashville?

And then, the question that is probably on everybody's mind... who pays for it?!?

I can just see that conversation right now! LOL!  My thought is that the seller pays for it up front and then on the closing side, the realtor can soak up half of the cost.  In Nashville, an inspection only runs about $300.

So, what do you think about this?  Any thoughts, any ideas?  Is it a good technique to use to get a home priced right and sold quickly? 

Okay, we have all heard of this concept - buy low, sell high. 

Here is the question:  Does that concept apply to the current Nashville Real Estate Market?

We have all heard the news that it is a buyer's market.  In Nashville and Middle Tennessee, that means that we have a lot more inventory (homes currently listed for sale on the market).  So yes, as a Real Estate Buyer or Investor, you have a LOT of listings to choose from.

However, since Nashville area Real Estate is currently still appreciating in value, you as a Buyer are not necessarily going to be purchasing a home at a lower cost. 

Real Estate is one of the safest investments to have if you know where to buy and the price to buy it for.  And if you are buying real estate Nashville's current market, chances are that you will find a VERY good house for a VERY good and reasonable price right now. 

In other words, this is a GREAT time to buy real estate in Nashville and Middle Tennessee simply because the SELECTION is outstanding!   

But you won't necessarily be buying low, because Nashville's homes are still APPRECIATING in value.  The good news is all around you!

Last night Realtor friends Tonya Squires and Emily Lowe along with Beverly Effinger of Countrywide and Prudential Woodmont Realty's Green Hills Principal Broker Brian Taylor had the pleasure of putting on a Home Buyer's Seminar. 

It was a lot of fun!  The evening was kicked off at Prudential Woodmont Realty's new office building in Green Hills (a bit south of downtown Nashville) with hors d'oeuvres and conversation while homes listed by Prudential Woodmont Realty were shown on a power point presentation. 

Then they got down to business.  More specifically, Nashville's Real Estate Market Business.  Brian Taylor gave a wonderful presentation on the current state of the Nashville Real Estate Market and also showed how to invest in real estate through the process of leveraging.  Everyone got excited at the prospect of accumulating wealth through investing in real estate over their lifetime.

Then Beverly Effinger of Countrywide Home Loans spoke on the state of the mortgage industry and specifically how it pertained to Countrywide.  She also went over how to establish credit, keep your credit looking good, and how it all works together to secure a home loan for those interested in buying real estate. 

Overall, it was a very informative night.  Emily Lowe and Tonya Squires had a great time putting the whole event on.  They even gave away a $200 gift certificate to the Palm Restaurant in downtown Nashville! 

Emily Lowe and Tonya Squires - both Realtors in the Nashville market, were thrilled with the success of the night and are excited about the next time that they get to help others learn about how to buy a new home!

If you are looking to buy real estate in the Nashville or Middle Tennessee area, contact Emily Lowe (author of this blog) at 615.509.1753

Are you moving to Nashville? 

As a Nashville Native, I can personally tell you that Nashville is a GREAT place to live!  We have some of the most interesting and diverse people!  From Country Music Wannabes (and the actual musicians who have made it!) to Baptist Church Headquarters to the Vanderbilt Educational/Training Hospital, Nashville is a very eclectic community of over one million people from all walks of life!

Located in the heart of Middle Tennessee, Nashville is only three hours from the Great Smoky Mountains (which gives us our beautiful rolling hills) to the east and three hours from Blues Driven Memphis to the west.  And yes, Elvis IS alive.  ;)

Nashville also has the benefit of having very reasonably priced real estate.  From the eclectic East Side to the Upscale Belle Meade, Nashville offers a variety of housing in every price range!

And just look at Nashville's recent rankings: 

September 2007 - Nashville ranked in Top 10 Cities for Business in the U.S. by Market Watch

September 2007 - Nashville ranked Number 16 in the U.S. for sports towns by Sporting News

August 2007 - Nashville-Davidson-Murfreesboro MSA ranks No. 4 nationally for economic  
            strength based on long-term tendency to grow in size and quality by POLICOM

August 2007 - Nashville ranks among the top five friendliest cities in America by Travel and Leisure

July 2007 - When it comes to suitable cities for relocating families, Nashville 
            ranks as the No. 2 best large market city based factors 
            such as home prices, appreciation rates and property taxes by Primacy Relocation

June 2007 - Nashville ranks No. 8 nationally for per-capita income growth. Per-capita 
            income was determined by salaries, dividends, interest payments, rental 
         income and government checks, including Social Security by BizJournal

May 2007 - Nashville ranks No. 8 nationally based on the percentage of MBA 
            candidates who voted where they would most like to work by Fortune

April 2007 - Nashville ranks No. 9 nationally based on job and income growth, 
            business and living costs, education of the workforce, migration trends, 
            and quality-of-life issues such as crime rates and cultural opportunities by Forbes

DO I NEED TO GO ON????  Because I COULD!

So if you are considering a move, then WHAT ARE YOU WAITING FOR? 

And if you need housing, call the Nashville Native Second-Generation Realtor who is Proud to call Nashville her home:  Emily Lowe 615.509.1753

(The above information on ranking was taken from http://www.nashvilleareainfo.com/Default.aspx?Page=RecentRankings)

I am sitting at my desk feeling a little blue - is it the weather today?  Was I just getting too used to blue skies and warm weather?  What am I expecting, Southern California? 

Actually, a big part of me is glad for the cooler weather.  And happy for the rain as well - my garden is definitely looking better!  And Tennessee is a much prettier place for all the rain we normally get.

So... Topic Today:  I noticed today that a house that has been on the market for - I know - over a year and a half in the Oak Hill / Green Hills area in Nashville has STILL not sold.  Now granted, the house needs updating, but for a house to be on the market that long - well, what gives?

It's in a wonderful exclusive subdivision right off of Tyne Boulevard and has a well designed floor plan with a flair for the dramatic...

But I think today's Oak Hill - Green Hills - Belle Meade - buyer at the million dollar mark really wants the house to be fully updated - to be able to move right on in, maybe add their own paint colors and furniture, but not miss a beat otherwise. 

And why not?  I know that is my preference when it comes to buying a house - the less that I have to do, the better! 

I bought my Oak Hill home last year and one of the biggest selling points was that I would only have to come in, change out the flooring in a couple of rooms, add my lighting, furniture and curtains and... VOILA!... the house looks is mine!

We all know that a house is never TRULY finished - there will always be things that can be done to improve a home, but this house I keep seeing - well, I think it has just been consistently overpriced by sellers who own it free and clear and can afford to wait as long as they want to get the price they want.  More power to them.

For those of us who live in a world where a mortgage is a common thing, the best idea to get your house sold is to update as much as is reasonable, and market, market, market the property right.

For ideas on marketing your property with the right realtor, do call Emily at 615.509.1753!

Are you wanting to live in Green Hills, but don't know if you can afford it?

Green Hills is a very desirable location in the Nashville Real Estate Market.  Centrally located between downtown and Brentwood, Green Hills offers a great mix of trendy shops and hip eateries.  Land value is ALWAYS increasing in Green Hills and an investment in a home in this area 2 location is sure to bring rewards!  Of course, you have to pick the RIGHT home!

Did you know that there are currently over 120 MLS home listings in the Green Hills area, ranging in price from $214,900 to $1,975,000?

And if you don't want the upkeep of a yard, then there are also right around 120 condos for sale in Green Hills ranging in price from $114,000 to $1,140,000!

As a Nashville Native, I remember the days before the Green Hills Mall (one of the best malls in Middle Tennessee, in my opinion) even existed.  Yes, gone are the days when my mother used to take me to the 100 Oaks Mall and let me look at the fantastic carousel horses.  But one thing has not changed:  owning your home in the best LOCATION, LOCATION, LOCATION!

Because I have personally resided my whole life in Oak Hill, Green Hills and Belle Meade, I know this area like the back of my hand!  If you are looking to make a move to the Green Hills area or if you are wanting to move within this community, put me to work for you! 

Check out my website at www.EmilyLowe.net and also view my home page here on www.activerain.com ! 

During the months of November and December, I am also offering $1000 off commission as a token of my appreciation for your business!

I always work very hard for my clients to represent THEIR best interests - just see what this second generation realtor can do for you! 

Have you been thinking about selling your house, but wonder if you can do it yourself?

It can be tricky to sell your own home without a realtor involved, but it is possible!

The first thing you need to do is step outside of your home and try to put yourself in the mindset of a potential buyer. In the highly sought after location of Glendale Park, many of the homes are older. Due to the age of most of the homes, buyers today like to see that the home has been updated. An open floor plan with a great kitchen and a knockout master bedroom and bathroom really sell a house!

Buyers also like to see a clean and simple look. If you are someone who loves knick knacks and pictures of family (like I do), you may want to go ahead and box up those items so as not to distract the buyer with clutter. You want your home to appear as large as possible and a lot of clutter makes a house look smaller.

Most of you are probably familiar with staging. This is where a staging company comes in and makes the best use of your furniture, art and wall decor to present the house in its best possible light. I have heard that for every dollar you spend on staging, you will make $3 in return!

The last thing to address is curb appeal. And it is crucial!!! It's the very first thing that buyers see about your house. If you can sell them on the exterior of your home, then you improve your chances on getting more people to come and view your house.

Pricing: Check out the local listings in the neighborhood. Have an appraisal done. Price your home competitively to entice the largest number of buyers. Be willing to give a commission to other realtors to bring as many buyers as possible. Try to put as many incentives on the sale of your home as possible. Offering to help with closing costs, offering a home warranty and putting a decorating allowance in the contract are all good ideas.

Advertising: If you can afford to, an MLS listing is a wonderful thing to do. Here is a link to the info: http://www.resultsmls.com/ . Also, craigslist is a great place to advertise as well!

Now let's say you have got a buyer and you have negotiated a price for your home. You need forms! The paperwork begins! Here is a link to find the forms: http://www.legalhomeforms.com/tennessee-contract.htm

The buyer will most likely want to have an inspection done. After this is completed, they may want to renegotiate certain aspects of your agreement. You must be open to these negotiations as they can make or break the sale of your house.

Once that is resolved, then it is on to the financing part. Hopefully you have done your homework on the front end and required a pre-approval letter from your buyer's lender. If not, then be pro-active and find out who the lender will be and call them. You will also need to secure a closing attorney at this point. There are many good ones in Nashville and I would be happy to refer you to several of them!

Know WELL in advance of the closing date what needs to be brought to the closing table and make sure you are prepared. Then, when the buyer's financing comes through, smile and know that YOU DID IT!!

But if you prefer to not have the hassle of all of this, then just give me a call instead!

Trump has Spoken - Will the Public Listen? Last night on Larry King Live Donald Trump spoke - magical words - Larry King asked Donald - "What about the Real estate market? And Donald replied - "It's an Amazing situation - tremendous opportunities ...this is the time to buy - not buy but negotiate to buy .... This is the time to make unbelievable deals on real estate!" There was no doubt - no hedging - he did not say anything about waiting to see what is going to happen in a couple of months - Donald Trump said NOW is the time to buy. Hopefully, that will get the same press that the nay sayers have been getting! Here is the link to the show - his real estate comments are about 3/4 of the way in.

http://unv.net/video/#/video/bestoftv/2007/10/16/lkl.donald.trump.cnn