Nashville Real Estate Talk

Moving to Nashville?  Three Gotchas to be aware of when buying a Home in Tennessee.

1. Who does your Realtor work for?

Unlike most other states ( 42 out of 50) the state of Tennessee allows a Realtor to act as an agent for both the Buyer AND the Seller in a Real Estate transaction.

This is supposed to allow for a “streamlined” or “simple” transaction.

In reality it is an obvious conflict of interest.

This is especially apparent in new home sales in Nashville where people relocating from other states are casually shifted out of their right to be represented by their own agent.

The result is often a muddy transaction where the buyers don’t know or exercise their right to inspection ( yes Virginia, you need to have a new home inspected and you have the right to it), repairs and negotiations.  You can spot these Nashville home owners because they  are the ones with the nagging problems in their new homes after their warranty is expired and the builders realtor has moved on to greener pastures.

Often the poor consumer is led to believe that having one realtor will lower the price of the home.  A misleading and unethical claim.

If you are moving here from out of state. Take full advantage of the law. demand your own agent, one with no conflict of interest. The builder or Seller pays the commission for your Realtor and you deserve an advocate.

1. Is my Earnest money non-refundable?

No. The law permits the refund of Earnest Money ( down payment) and consumer protection in three ways.

In order for the transaction to proceed to closing, the buyer must be satisfied by a) Home Inspection, b) Appraisal and c) Mortgage ability.

If the home has issues in any of these areas, the deal can be called off by he buyer and his earnest money is refunded.

3.Termite Inspection

This year the Yahoos who run the state legislature lost all sense and placed the responsibility for Termite clearance squarely on the back of the Buyer.  What were they thinking? It’s anybody’s guess.

If your Realtor does not address this, you could be looking at either a delayed closing ( if your mortgage provider wants a Termite clearance in the 11th hour) and/or a bill for anywhere between $60 and $175 at closing for a Termite clearance letter that for the last 20 years has been paid for by the Seller.

Worse yet, the Termite inspection could be overlooked and you might be getting something you hadn’t planned on- Termites in the basement.

A qualified agent is your best bet to a smooth transaction and a fair price on your next Nashville home.  Whether your buying a new or existing nashville area home, know your rights.

Jim and Cathy Wood are Local Nashville Realtors who have helped hundreds of families make Nashville their home. Contact them at 615-347-4424

Nashville area Home Sales up in July for first time in 2011

Nashville Home Sellers are Happy!

For the first time in over a year Nashville area home sales increased  over the same month in 2010.

These numbers are considered reliable because the First Time Buyers Tax credit was in effect last year but expired in June.

However, please be mindful that this increase in no way makes up or the large number, 20,000+ of homes on the market. Thats a 10 month supply, which is 40% too high.

A comparison of sales by category for July is:

For more information about The Nashville Real Estate market, contact me at Jim@jimwood.net.

Mt. Vernon Woods homes appraising lower.

Mt. Vernon Woods Home values

One of Mt. Juliet’s oldest and most elite neighborhoods is seeing home values slip.  Mt. Vernon Woods has long been a sought after area. Custom homes with acre lots and close the center of Mt.Juliet, Mt. Vernon seems to have it all, even some basement homes, rare as they are in Wilson county homes.

But over the last three years the values of these large homes has been shaken.  Recently a home under contract there for almost $500,000 appraised at $80,000 BELOW the contract price!

This August another 3,000 sq. ft. home in Mt. Vernon Woods went under contract for just $210,000.  thats just $70 per sq. ft.  The home in question had been on the market for almost two years.

Just a few years ago homes in this neighborhood were bringing $120 per sq. ft.  What’s up?

Mt. Vernon, and indeed all of North Mt. Juliet, is suffering from what we call, “the Providence Effect”.  As Providence has emerged as THE Neighborhood of choice in Mt. Juliet, The older neighborhoods north of I40 have declined.

Indeed all of the following Mt. Juliet neighborhoods are seeing longer days on market and lower prices.

Willoughby Station

Triple Crown

Brookstone

Cambridge Woods

Hickory Hills

Normandy Heights

Even the new homes at Kelsey Glen, beautiful as they are, have slowed slightly forcing the builder, Jones Co., to offer incentives.

The new homes at Centex’s Spence Creek community have also seen their sales slow as more buyers chose Providence as their Mt. Juliet Home.

We’ll examine the Providence Effect in more detail later this month.

Meanwhile if you would like to discuss this article, please text me at 615-347-4424

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

.

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 Leads Nashville in New Home Building Permits

Mt. Juliet wins the Super Bowl of New Homes!

Sure the Green Bay Packers just won the Super Bowl.  But what Nashville area community won the most new Home permits?

In 2010 there were 4,400 New Home Permits in the 11 Nashville counties.  Broken down by city here were the results.

Gallatin 112, Hendersonville 136, Spring Hill 122, La Vergne 57. Lebanon had 132 new Home Permits and Franklin came in third with 287.  No. 2 was Murfreesboro with 346.

But the Winner with most New Home permits for 2010 was  ( drum Roll please)  Mt. Juliet! Mt. Juliet had 367 New Home permits issued in 2010.

That’s right , little Mt. Juliet is not so little anymore.  The word is out, Mt. Juliet is a great place to live. 

All of the major builders in the Nashville area are developing neighborhoods in the Mt. Juliet area. The low cost of land there means Nashville home buyers are finding similar plans there at a 30-40% discount from Williamson County.  The Jones Company’s new Kelsey Glen neighborhood has new Mt. Juliet homes with 3 car garages, all brick and almost 3,000 sq.ft. for less than $275,000! And the commute from Mt.Juliet to Nashville is much preferred over Nolensville and Franklin.

Mt. Juliet Schools are comparble to Brentwood and one of the local private schools, Mt. Juliet Christian, is a leader in college scholarships for high school graduates.

Old Hickory Lake Mt. Juliet, TN

Mt. Juliet also has lakes (2) and some of the best fishing and water sports in Tennessee. 

If you’re considering a  move to the Nashville area, don’t pass up on Mt. Juliet.

If you’re new to the area or need help with questions about Mt. Juliet nd it’s neighborhoods, call Cathy or me at 615-481-7609.

And if you would like to look at available homes in Mt. Juliet, use our award winning website, BNA.NashvilleHomeSeacher.com

It has all the latest listings with maps and aerial views of the homes. 

Use this link to seach just Mt. Juliet area homes.

Bna.NashvilleHomeSearcher.com/Mount_Juliet

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.

Why is Kelsey Glen  the Best Family Value in New Mt. Juliet Homes.   We had a chance to compare new home values in Mt. Juliet this month. One of our clients was looking for a new home for their family of 4. 

Schools and commute were both important. My clients felt that the Mt. Juliet schools were comparable to Williamson county. The commute was also easier from Mt. Juliet for both of them.  So Mt. Juliet was a good choice. 

Providence had some nice homes , but the prices were steep ( $105 per sq.ft.) and the yards were very small.  

Wright Farms was even more expensive and the new homes along Central Pike in Mt. Juliet were a longer drive. 

Normandy Heights was nice, but did not stand out. 

Then we looked at Kelsey Glen.  The value was obvious from the start.  Mt. Juliet schools, Energy certified “Green” and some gorgeous floor plans.  And The Jones Company (builder) does have a very good reputation.  We found a beautiful home, “Drayton” plan. with 2900 sq.ft., granite counters, acres of windows and natural light! AND a 3 car garage!  All this for less than $95 per sq.ft.! 

The Drayton

When my clients compared the Kelsey Glen homes feature for feature they decided to make an offer.  That was my turn to take over and drive the negotiations.  In the end we arrived at an honest “Market” price and my clients were very happy. 

The Jones team did a great job and worked with us to make all our “special” requests come true. They even guaranteed the homes value for 10 Years or they would buy it back. 

Afterword I gathered all our Cathy Wood Team  together, including the www.CathyWood.Com , http://www.bna.NashvilleHomeSearcher.com and www.NashvilleRealEstateTalk.com contributors and we talked about the new home values in Mt. Juliet. 

We agreed that Kelsey Glen is the best value for families in Mt. Juliet right now.  If you compare square footage, yard size and “Green” rating plus features like Granite counters, Hardwoods, quality of workmanship and designs, Kelsey Glen clearly is the winner. 

Now that doesn’t mean there aren’t good values with other new homes in Mt. Juliet, there are.  Some people will prefer the smaller yards and closeness to shopping that Providence gives.  And others will want to be closer to town in places like Normandy Heights.  Still others will want or need the 3000 sq.ft.+ designs in Wright farms.  But overall we think the Kelsey Glen pricing and size provide the best value for families in Mt. Juliet.

View Mt. Juliet Homes

The Cathy Wood Team