Nashville Real Estate Talk

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

 Mount Juliet Foreclosures and Short sales for September 2010.

Here is the avialble list as of August 29, 2010. Click on Property to see price.

If you would like more info on any of these properties please call us at 615-347-4424 or email Jim@JimWood.net.

Mt. Juliet List of Short sales & Foreclosures

This past weekend Del Webb released 21 new lots for for sale in Lake Providence, Mt. Juliet TN .

20 of the lots were sold on Saturday, August 14. Crye-Leike Realtors represented 3 of the buyers. The Cathy Wood Team had 2 of those.

We had already gotten our clients on the VIP waiting list with Del Webb in Mt. Juliet beforehand.  That enabled us to schedule an appointment on the release date before the general public.

Lake Providence, Mt. Juliet's Newest Homeowners

Our Clients Dan & Louise are moving to Mt. Juliet to be near to Nashville.  Lake Providence is also close Dan’s family in Indiana. Louise has family here in Lebanon Tn, but they will also be within a days drive of her grand children in Michigan.

Dan and Louise picked out a gorgeous corner lot in the new Franklin Phase and they were able to get it without paying a premium!  Their new home will be ready in March or April and they can’t wait.

All the geeen dots were sold on Saturday at the VIP Auction.

Having VIP status is very important when buying a Lake Providence home.  As you see from this map from the Del Webb Showroom.  All these homes sold before 2 PM and 6 more sold after that.

If you’re thinking about retiring to Mt. Juliet, give us a call  we’ll answer your questions and show you how to get the best Del Webb home site at the best price.

Old Hickory, TN Home prices Continue to Slide.

Over the past two years we’ve watched the Home Prices in Old Hickory TN drop from a Median of over $190,000 down to the present level of $162,950.  This chart shows the downward trend in the last year alone.  During that time Old Hickory has seen 10% depreciation.

The biggest reason for the continued slide in values seems to be the lack of new homes.  Old Hickory was ahead of the curve when the first building Lots in Hunters Crossing, Langford Farms and  Indian Lake Farms were being built in the 1980′s and 90′s.

But since then, new homes for sale in Old Hickory have been hard to find.  Many of the current homes  are somewhat dated and Saundersville Rd. has lost some of it’s sparkle.  The result is some very good bargains are now available for  Old Hickory home buyers looking in the low $200,000′s.

Old Hickory home buyers have the Lakeview school and Old Hickory lake to enjoy as well as some great shopping and water sports. The Donelson Y is close by too.

Look for Old Hickory home values to rebound in the later part of 2011.

We’ll be having an open house this Sunday in the Heron Walk neighborhood.  The home has 3 bedrooms and 2 baths, a one car gargae and is in wonderful condition. The price is $114,900

I hope you’ll come and meet us this Sunday between 2-4PM.

at: 1104 sea Grove Pt.

Madison TN , 37115,

Directions:  take i-65 N. to Old Hickory Blvd. Exit , Madison, Turn Right, , right again on Gallatin Rd., left on Neeleys’ Bend, straight on Neeley’s bend to Cheyenne, left on Cheyenne, left on Shawnee, left on Santa Maria cove, left on Sea Grove Pt., house on Right.

See you there.

Carriage Trail in Mount Juliet brings affordable Luxury Homes.

It’s been a long while since we have had a builder with affordable homes for sale  in Mount Juliet.  Finally we have something to cheer about with Carriage Trail in Mount Juliet. Affordable new homes in Mount Juliet.

Norfolk Homes has brought their distinctive style from Brentwood to Mount Juliet.

Carriage Trail Homes located just 1 mile from Old Hickory lake is all the buzz right now.

Just $156,900 for the basic Garland Plan and they are already selling fast.

The Garland at Carriage Trails

With 1576 sq.ft. this home is priced to compete with the more expensive new homes in Providence .

9 Ft. ceilings, granite counters, and many other sought after amenities are included and the upgrades available are also reasonable.

There are just 28 Homesites available so don’t wait. Call us now to tour the model. Jim 615-347-4424.

Search Mt. Juliet Homes