Nashville Real Estate Talk

Nashville home sellers have some reason for optimism as home showings in May 2011 rose for the first time in 14 months.  Home showings had been declining since April 2011.

Despite the rise in showings the actual prices of homes for sale in Nashville declined about 1% in May

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Our conclusion is that 1. Nashville home buyers are coming out BECAUSE the prices are nearing a bottom, and 2. The average Nashville Home Buyer is looking at MORE homes because has so many to choose from.

The taka away here for Nashville Home Buyers is, look for bargains they are out there. For Nashville area Home Sellers, good looking , well priced homes are still selling. get the help of a professional to asses the market for your home

Starter Home in Portland Tennessee, Just $94,900

Historic Home in Lockeland Springs For Sale $224,900.

Gartland st. is one of East Nashville’s favorites.  A short walk from 5 Points, the hub of East Nashville, and it’s restaurants, shops and entertainment, Homes for sale on Gartland are very much in demand.

This historic home in Lockeland Springs has 3 bedrooms and 2 full remodeled baths.  Additionally there is a Living Room,  Parlor and Formal Dining Room.  Both the Living Room and Parlor have Stone Fireplaces. All the rooms have hardwood floors.  The home has a Brand New Central Heat and Air Conditioning system  too.

This home has a rare two car garage as well as a carport and  the back yard has a new fence.  There is a partial basement that would make a great wine cellar and there may be room for expansion in the attic area.

The Home has new copper plumbing and the electrical has been upgraded too.

If you are interested in living in the thriving community of Lockeland Springs, but have sticker shock about home prices there, this home may be your answer.

For more info on this home visit: 1414 Gartland

To see this home or to answer any questions please call Jim@ 615-347-4424

Why your Nashville Home is not selling,  April 2011

1. Your home is not being marketed “strategically” on the web. If you’re relying on bland, information gathering websites like Realtracs .com, Realtor.com or Homes.com to attract buyers you may have a long wait.

Although 90% of buyers do their home search via the web., research has shown that buyers have three distinct phases.

Information gathering- Future buyers use websites like Realtor.com to view pictures of homes. These consumers are usually months away from becoming buyers.

Comparing Homes and Neighborhoods- The information gatherer is now cruising websites that provide information about neighborhoods, schools and sub-divisions.  Web sites like NashvilleHomeSearcher.com and MtJulietLiving.com are used to view and compare neighborhoods.

Buying- Information gatherers are now buyers. They have selected a Real Estate expert on the neighborhoods they have identified such as www.CathyWood.com and they are working with that professional to evaluate homes for possible viewing

If your home marketing strategy does not position your home to be seen by these buyers your home is probably not being shown.

2. Your home does not dominate your price point and neighborhood.

Look at your home on the web. Look at the other homes in your price range and school district.  How many have Sold or gone Pending in the last 90 days?  If there are three homes selling per month in your neighborhood then your home better be in the top three homes in your range. In the 2011 Market any home that does not dominate it’s price point is a “Me too” and will struggle to get showings

3. Your home has mediocre photography and bland photos.

Properly photographing a home for listing takes a minimum of two visits and several hours. Why? Because the best time to shoot the front of the home and the rear of the home are never the same.  Exterior photos with the home in shade never provide the detail that buyers are looking for.  Likewise, interior photos that are dark and taken without wide angle lenses do not excite buyers.

If your photography is sub-standard your home will not sell.

4.  Your home has too much furniture and “stuff”.

I know these things have meaning to you and you are proud of them.  But they can clutter the home and make it it look small and cramped. Worse, if the buyer visits they can interfere with visualizing the home for themselves.  This is the cardinal sin among sellers.

5. You have priced the home according to your wants and not the market.

Whenever a Nashville home seller tells us, “we need to get”, or “I don’t have to sell”, we know the listing may be in trouble.  What you “need “from the sale, what you “would like to get”, has nothing to do with the market price of your home in Nashville market.  Savvy consumers will not come to see your home unless it is priced as a good deal in todays market.

The market for Homes for sale in Nashville is constantly changing.  Likewise the supply of Home buyers in Nashville is constantly changing.  Today we have a smaller pool of well educated, financially savvy buyers who are looking for bargains.  Regardless of that, if you have a well maintained home, priced according to the market, with good marketing your Nashville home will sell.

Mt. Juliet Home Sales Rise as Prices Fall 

Mt. Juliet home sellers are smiling here in 2011 as early indications point to a recovery from 2010. January sales of Mt. Juliet homes rose to 51 units. Almost 30% higher that 1 year ago when January sales were just 37 units. 

 60% of the homes that sold in January were “New” homes. 

 Average price of a Mt. Juliet home was lower however. The average home sold there in January 2011 was $227,735  compared with last January when the average was $240,232. 

 Here at The Cathy Wood Team we track the  average price per sq. ft. of sold homes.  That number was $101.26 for January of 2011.  A year ago the average price per sq.ft. in January for Mt. Juliet was $105.55 per sq.ft.  

 The reason for the change can be explained by the builders.  Responding to the market, they are building slightly larger plans with slightly less features. New home models are showing a little less hardwood and a little more carpeting.  Many of the newer homes have more vinyl ( usually the back side) and less brick.For these reasons the average home sold this January in Mt. Juliet was about 25 sq.ft. larger than a year ago.  Accounting for part of the difference in price too. 

 The leading sub division for New Home sales in Mt. Juliet was Bridge Mill Village at Providence.  Those are row homes/town house built by Phillips Builders. With about 1,650 sq,ft. and priced below $175,000 these  homes are a big hit with young first time buyers.

How to Make an offer on an Over Priced Nashville Home

Negotiating The Price!

One of the topics we hear a lot from Nashville home buyers  here at NashvilleRealEstatetalk.com is “how do I make an offer” . Negotiating a successful offer and closing is one of the 3 primary abilities of any good Realtor.  The other two being Marketing ( to sell your listing) and Networking ( to find special value homes when you’re looking to buy.)

Right now the spotlight is on making an offer because HOMES ARE OVER PRICED! Let me say that again, Nashville homes are Over Priced.

Why are they over priced?

Because most of the homes you want to buy, the ones with Great Schools, Open Floor plans , Granite Counters and the Latest Features, were built after 2003.  Economists and Appraisers will tell you that Real Estate values today have returned to 2003 levels!

What does that mean?

It means that the person selling his 2003 or  newer Mt. Juliet or Brentwood or Nashville home is looking at Zero Appreciation!  In other words he may be bringing money to closing!

Whats more this condition will probably last until 2014. That’s the time frame when Nashville home prices are expected to catch up and begin appreciating again.

In the meantime the Average $170,000 Nashville home seller ( Nashville Average Home Price), will probably be bringing $5,000 to the table at a realistic price.

Unfortunately the average Nashville Home Buyer thinks that this is the perfect time to bludgeon the poor home seller. An offer 20% below asking price and $6,000 for closing costs is all too often the first offer.  Which is usually met with “not no, but Hell No!”.

Home buyers frequently move on after being rebuffed by the home seller only to find later that an offer similar to theirs was accepted soon after their offer was rejected.

Why?

Usually the offer was not well thought out and often the Realtor’s advice was not taken.  The result is a a lost opportunity. and sometimes the buyer’s second choice of a home is not as nice.  A Lose Lose situation.

But it doesn’t have to happen that way.

The buyer and their Realtor can avoid this with a few simple rules.

1. What Kind of Seller is this?

2. What is the sellers pricing strategy?

3. What other inducements will the seller respond to?

Today lets look at number 1. What kind of Seller is this?

Okay, let’s suppose you’ve been house hunting at BNA.NashvilleHomeSearcher.com ( my shameless plug) and you’ve found the perfect house in Mt. Juliet or Brentwood.

We need to know what kind of Seller we have.  My friend Joe Manusa in Tallahassee has studied this long and hard.  According to Joe we can divide seller’s into 3 categories.

Wish Seller- This home seller does not have to sell. He is looking for a killer offer and if he’s in the right mood he might accept. Even if he gets his price and accepts though, he’ll likely make the sale contingent on him finding an incredible buy on another home. BTW- He’ll probably want 3-5 days after closing to move all his stuff out of the house.

And if you meet his price and conditions he will suspect he has “undersold himself” and will try at each phase of the sale to make you withdraw your offer.

Unless you are madly in love with this house and have the patience of Job, move on. It’s not likely to work out with this seller and rarely is the price fair or the experience anything but excruciating.

Would like to Sell-This is the largest category for Nashville home sellers.  Although plenty of Mt. Juliet home sellers and Brentwood home sellers also are in this group.

This home seller would like to sell but for many reasons his price is on the high side. He usually has “padded” his price to allow for “negotiating room”.  His biggest mistake is that he believes he has plenty of time can come down on his price if he needs to.

Unfortunately he is behind the price curve and as the buying season wanes ( April to November in Nashville is the Home buying season), and prices move lower he is out of step. This is especially true as I write this in December and home showing for Nashville are in decline.

This seller always begins the listing process by saying “I need $ _______  out of this house.”  Instead of what he should be asking which is ‘What is the market price for this house today?”.

We sometimes are able to bring this seller back to reality by providing him with a market snap-shot for his neighborhood included with the offer.  It’s also important to research the sales history and get an idea what if anything the seller will make or lose on the house if he accepts your offer.

Needs to Sell-This is the Nashville home seller you are looking for.  He is being relocated or even downsized he may be experiencing a life changing event such as children or marriage and must find a buyer for his Mt. Juliet or Brentwood home for sale.  Negotiating with this buyer can be very straight forward. he may even see the wisdom of losing a little on his present Nashville home in order to get a great deal on his next home in Brentwood.

In our next posting we’ll look at the Nashville Home sellers pricing  strategy, we’ll break down the clues that help us to identify what areas may be open to negotiation.  You’d be surprised at how often a Brentwood home seller will fight over $1,000 in price but concede a $1500 Stainless Refrigerator in a nano- second.

Until then, get out and look at homes with these incredible once in a life time interest rates. find a home in a great Nashville neighborhood and enjoy the negotiating. Ya’ gotta love it.

Mt. Juliet Little League Park is nearby

Stonehollow Mt.Juliet Neighborhood With A Future-

Back in 2005 A few local Mt. Juliet builders like Eastland Construction and McCain Builders began building homes in what became Stonehollow sub-division along Curd Rd. 

New Construction in Stonehollow

That was just a quiet back street connecting Lebanon Rd. on the North and Mt. Juliet Rd. on the West.

Cut to 2010 and Curd rd. is now the gateway to what is fast  becoming East Mt. Juliet.

Everyhthing along Curd Rd. began to change when the State added the new intersection at Beckwith Rd. and I40, Beckwith is a continiaution of Curd Rd.

Then the County decided to place the new Mt. Juliet High School on the bluffs above the same road.

The city added the Mt. Juliet Soccer fields along the same road and then added a new bicycle path too.

Then Curd rd. was widened and extended across Lebanon road right into Benders Ferry road, making for a convenient drive right to Old Hickory Lake and the boat ramps there

Stonehollow Mt. Juliet homes currently bring about $106 per sq.ft.

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Advice for Selling Your Mt. Juliet Home

Mt. Juliet Homer

Since the housing boom ended and the Mt. Juliet market began to shift, the phrase “going back to basics” has been tossed around quite frequently. From the way agents handle their business to the way they communicate with clients, the phrase has gotten quite the workout.

But what about consumers? They were caught up in the housing boom as well…with homes selling in a day, sometimes a few hours. Getting back to basics seems like something simple that sellers should look at as well. It might just mean the difference between selling within a month and selling within a year.

Here are some basic tips from State Farm on selling a home:

Set your price carefully
Too high and buyers may not consider it, too low and you’re selling yourself short. Agents often give a free home market analysis if you ask. This gives you an idea of how your home compares financially with similar, recently sold homes in your area. The analysis may also include how much you might expect to earn after closing.

Don’t do major remodeling
Don’t break the bank preparing your Mt. Juliet home for sale. Pricey items such as a new roof may be big hits with buyers, but rarely does the buying price end up covering the payout for such costly home improvements. When possible, stick with the simpler (and less expensive) options rather than major remodeling.

Make a good first impression
Curb appeal is important. Keep your lawn and other landscaping neatly trimmed, weeded and watered. Check the exterior of your home for signs of wear and damage, such as peeling paint, foundation cracks or loose shingles, and fix what is needed. Clean the outside of the house, including windows. Many people suggest giving the front door a fresh coat of paint for that warm, welcome feeling. In addition, adding a few flowers in the spring and summer, or keeping the walks cleared of leaves and snow in the fall and winter can be inviting to potential buyers.

Clean!
The obvious seller’s commandment: thou shall clean. Remove all clutter from every room, including closets. Organize your basement and attic. Have a garage sale with all the stuff you don’t want to move to your next home! Wipe down and paint walls and trim if necessary. Many people advocate repainting with a neutral color palette to appeal to a wider range of potential buyers. Clean all windows, light fixtures and ceiling fans. Bathrooms should always be squeaky clean. Inspect and make any necessary repairs to the plumbing, heating, cooling and electrical systems. Highlight the bath and kitchen by selecting some attractive new towels, curtains or cabinetry knobs.

Mt. Juliet homies

And keep it clean
Maintain the new and improved interior and exterior of your home until you successfully sell. It’s hard, but it’s necessary. A professional cleaning service may be able to help maintain the new clean look with occasional visits.

Light it up
When showing your house, provide plenty of light and make your home a warm, welcoming place. Open the curtains to let in the sunshine. In the event of an evening showing, make sure you have ample lighting available in all areas. Fresh cut flowers make a nice addition, and a pleasantly scented house is very inviting.

Go away
Many agents and potential buyers would prefer that the seller not be present during a showing, to avoid limiting the buyers’ conversation or making them uncomfortable. Children and pets should also be absent or out of the buyers’ way during a showing, if at all possible.

Since the housing boom ended and the market began to shift, the phrase “going back to basics” has been tossed around quite frequently. From the way agents handle their business to the way they communicate with clients, the phrase has gotten quite the workout.

But what about consumers? They were caught up in the housing boom as well…with homes selling in a day, sometimes a few hours. Getting back to basics seems like something simple that sellers should look at as well. It might just mean the difference between selling within a month and selling within a year.

Here are some basic tips from State Farm on selling a home:

Set your price carefully
Too high and buyers may not consider it, too low and you’re selling yourself short. Agents often give a free home market analysis if you ask. This gives you an idea of how your home compares financially with similar, recently sold homes in your area. The analysis may also include how much you might expect to earn after closing.

Don’t do major remodeling
Don’t break the bank preparing your home for sale. Pricey items such as a new roof may be big hits with buyers, but rarely does the buying price end up covering the payout for such costly home improvements. When possible, stick with the simpler (and less expensive) options rather than major remodeling.

Make a good first impression
Curb appeal is important. Keep your lawn and other landscaping neatly trimmed, weeded and watered. Check the exterior of your home for signs of wear and damage, such as peeling paint, foundation cracks or loose shingles, and fix what is needed. Clean the outside of the house, including windows. Many people suggest giving the front door a fresh coat of paint for that warm, welcome feeling. In addition, adding a few flowers in the spring and summer, or keeping the walks cleared of leaves and snow in the fall and winter can be inviting to potential buyers.

Clean!
The obvious seller’s commandment: thou shall clean. Remove all clutter from every room, including closets. Organize your basement and attic. Have a garage sale with all the stuff you don’t want to move to your next home! Wipe down and paint walls and trim if necessary. Many people advocate repainting with a neutral color palette to appeal to a wider range of potential buyers. Clean all windows, light fixtures and ceiling fans. Bathrooms should always be squeaky clean. Inspect and make any necessary repairs to the plumbing, heating, cooling and electrical systems. Highlight the bath and kitchen by selecting some attractive new towels, curtains or cabinetry knobs.

And keep it clean
Maintain the new and improved interior and exterior of your home until you successfully sell. It’s hard, but it’s necessary. A professional cleaning service may be able to help maintain the new clean look with occasional visits.

Light it up
When showing your house, provide plenty of light and make your home a warm, welcoming place. Open the curtains to let in the sunshine. In the event of an evening showing, make sure you have ample lighting available in all areas. Fresh cut flowers make a nice addition, and a pleasantly scented house is very inviting.

Go away
Many agents and potential buyers would prefer that the seller not be present during a showing, to avoid limiting the buyers’ conversation or making them uncomfortable. Children and pets should also be absent or out of the buyers’ way during a showing, if at all possible.

Want to sell your Mt. Juliet Home Fast?

Call Jim & Cathy Wood 615-347-4424

Search Mt. Juliet Homes

* Tips supplied by State Farm

Mt. Juliet’s Poplar Ridge Neighborhood Shows Strong Appreciation. 

Mt. Juliet neighborhoods have been some Nashville’s most resilient in home values over the last 20 years. 

Poplar Ridge is Wilson County  neighborhood that illustrates this. 

Located about 3 miles south of Providence on Mt. Juliet Rd,  Poplar Ridge began in 1986 with the development of one of Mt. Juliet’s oldest farms . The farms in that area belong to The original Suggs Creek Community, which pre-dates Mt. Juliet and was the site of one of the first Presbyterian Churches in Middle Tennessee (1806). 

Monty Mires, the developer of Wilson County’s Largest Country Club, 5 Oaks, and histhe Mires Family were the original land owners of what is today Poplar Ridge. 

Today Poplar Ridge has 204 homes with the newest having been built in 2005-2006 in Phase 4. Most homes in Poplar Ridge have at least 1/2 acre and many have up to and more than an acre.  The area  abounds in wild life with deer, foxes and wild turkeys abundant. 

In 1986 the first homes in Poplar Ridge sold for about $80,000. Some of those homes were built by Wayne Batson, one of Nashville’s most famous builders. today these some homes bring over $200,000.  That’s and appreciation of 150% or almost 6% per year.  The national average over that period is just 3% per year. 

Reasons for this appreciation can be linked to several factors. 

1. Poplar Ridge has Mt. Juliet Schools especially Rutland Elementary School. 

2. The community is just 5 minutes drive from a boat launch and fishing area on Nashville’s largest and most pristine Lake, Percy Priest.3. A five minute drive in the other direction takes you to Providence Marketplace, Nashville and Mt. Juliet’s favorite new Shopping and Entertainement Center. 

Currently Available in Poplar Ridge

4. Commuting to Nashville via I40 is a breeze , so is Nashville Airport and the Music City Star Commuter line as well. 

Music City Star rolls into Mt. Juliet from Nashville Downtown

Music City High Speed Rail Commuter Rte

Percy Priest Lake

Search Poplar Ridge Homes

Learn more about Mt. Juliet

Contact us: Jim – 615-347-4424

THDA today lowered their rate to 4.2%. THDA is the provider of over 80% of all loans to first time home buyers in Tennessee. This is a major breakthrough

Major news for First Time Buyers