Nashville-area rent down for first time in 7 years as housing market retracts

One fourth of my business in Property Management therefore it's important to me to keep track of the market for my homeowners and investors. It's a 10 year cycle I've seen this market before back in 1998 to 2003 renters will become buyers within the next year as the market prices adjust. 

Apartment rents in the Nashville area dropped in July after nearly seven years of continuous upward growth, and the for-sale housing market's sizzling post-recession prosperity chilled.

The slowdown is a welcome relief to renters and buyers weary of the seemingly boundless boom that has outpaced wages and rapidly inflated home prices to nearly double their 2012 values.

Experts say this doesn't point to an end to the region's upward mobility. Zillow still ranks the Nashville area as one of the top 10 "hottest housing markets" in the country and housing prices are increasing, though at a slower rate than in recent years.

The downtrend is likely a market correction mirrored in cities across the nation, rather than the beginning of an economic slump.

"We're seeing the same pattern in Nashville in markets like Denver, Seattle and Los Angeles," said Aaron Terrazas, senior economist at Zillow. "It's slowing down. But it'

Helpful Tips for Home Buyers

Helpful Tips for Home Buyers

As we move into the spring, it is a safe bet that the weather won’t be the only thing warming up. The housing market, especially around the Nashville area, is booming right now. It truly seems that there just isn’t enough inventory out there for the potential buyers. With this in mind, I want to make sure that you are ahead of the flock. I recently stumbled upon this article, "7 Ways Homebuyers Can Gain An Edge This Spring", which suggests 7 steps that can be taken give you the edge you will need.

Here are a few to make note of:

Get Your Financing Lined Up – while you are confident in your financial situation, the sellers do not have this same confidence. With that being said, it is important to get PREAPPROVED not just PREQUALIFIED.

Be Fast – Yes, buying a home is a major decision, but if you love the property, neighborhood and location, it is important to make a quick decision. In this market, this could make or break the deal.

Be Bold – If you want the house, do what you have to do to ensure the deal will fall in your favor. Do not come in too low with the offer! It is important to remember there are a lot of buyers out there today who are just as serious as finding their dream home as you are.

By keeping these tips in mind, you are helping yourself in more ways than you know. If you have any additional questions, or are interested in purchasing a home, please feel free to contact me. I make it my goal to make Your MAIN Interest, My BEST Interest.

Is Your Home "For Sale" Ready?

If you have been through the process of selling a home, you know it is not the easiest thing to do. Not only is it an emotional time, but it is also a very busy time. Trying to make last minute changes to increase the value of the home is not an easy task. Truila has released a 2014 Home Seller’s 10-Step Prep Checklist. This list will be able to assist you in your quest to sell your home. 

•  Do Your Research 
• It is very important to pay attention to the current trends of your city. Talking to a real estate professional is a great first step to gain insight into where the market is headed and how it will impact your future plans.
• Organize & De-clutter  
• Remember, when selling a house, LESS IS MORE.
•  Make Minor Repairs & Upgrades
• Don’t forget, a little bit of paint, can go a long way!
•  Hire an Agent 
•  It is our job as a real estate agent to help make this process as stress free as we can. You are not alone in this!
• Consider a Pre-Listing Inspection
•  To find out more information about this, talk to your agent.
• Set a Price
• This is a very emotional topic. Try and not let this be an emotional situation. Work with your agent to find a price that makes sense for you, but is realistic.
• Work to Create a Sell Sheet
•  Help your agent out by creating a sheet that highlights your favorite aspects of you neighborhood. This can really help buyers get a feel for their future.
• Get Open House Ready
•   Clean, clean, clean and when you can’t clean anymore, CLEAN!
• Prepare Yourself for Success
• Keep your home in showing condition as much as you can. It would be a shame to miss out on potential opportunities.
• Close the Deal
• Almost time to celebrate! Make sure to be on top of everything needed from you. Your agent should help with this, but it never hurts to be prepared.

I hope this helps all your prospective sellers! If you have any questions, please do not hesitate to call me at 615-585-9053. I will always work to make Your BEST Interest My MAIN Interest!

...But What About the Buyers?

In today’s exploding real estate market, especially in the Middle Tennessee area, it is important to be on top of your game when trying to sell your home. Yes, it is very important to pay attention to the little things, such as the condition of your home, and minor fixes that can be made, but what is more important is to be in the head of the home buyers in the market. An article I recently read titled, “10 Things Today’s Buyers Look For In A Home” on RIS Media, addresses some of these things to pay attention to. I am going to highlight the 3 I think are of note.

• Overall Affordability - Although the economy seems to be re-gaining some steam, it is still clear that many are feeling the aftermath of the Great Recession. This has been shown in home purchases for a number of years. Buyers are really paying more attention to the affordability of their home, and making sure that they are able to afford it if economic times get tough.

• Homes Suited For Next 15 Years – Families are expressing a need to find a home that will fit them for the short term, but also for the long haul. Buyers want to see a stable future in the homes they are buying, so it is important to really put some thought into what your current and future needs are.

• Open Floor Plans – As the younger generations are growing up, mainly Gen Y, they seem to be very attracted to open floor plan homes. Openness in a home provides a great space for entertaining guests, and spending time with loved ones.

If you are thinking about selling your home, or are in the market to buy, these 10 points are great to keep in mind. Working with a Real Estate agent who is knowledgeable about the current market trends, and aware of both the buyer and sellers interests is something that will make your overall experience down this exciting road an enjoyable one. If you have any questions, please feel free to contact me. I make it a point to make Your BEST Interest, My MAIN Interest.

Not ALL Condos are Approved for FHA Financing

Buyer beware not all condos are approved for FHA financing have your agent or loan officer check before you get your hopes up only to be disappointed later.

Sellers, check with your association to make sure that you have not lost your FHA status. This takes some work but worth the time.

FHA Approved Condo and Townhouse Projects

Updated, August 5 2010 2:54 pm: We’ve received many questions from our customers about purchasing condominiums.  In order to assist you in making an informed decision, we have put together a free download, “Seven Pitfalls to Avoid When Buying a Condo,” for you, here.
Additional update: Per HUD Mortgagee Letter 2009-46A, “Spot Loan” approvals on condominiums were eliminated, effective February 1, 2010.  For more detailed information, read this. We at MyFHA believe that this change, combined with the new condo “concentration” guidelines (see item number ten) will mean that the HUD database will no longer be the most accurate way to guarantee that a unit “is” or “is not” FHA approved.  After conducting our research, we believe that the most up to date information on whether a specific unit is FHA approved will be found at FHA Pros.  We will continue to add updates as they become available.
When considering purchasing Condos or Townhouses these project must have already been approved by the FHA and HUD. There is no exception to this rule and it is advised that you start your search for approved Condo and Townhouse projects here. Searching for Condo projects in your town is very easy and only takes a few seconds. Also keep in mind that when searching for these projects the HUD page will only display approved condo or townhouse projects in that zip code or town, so it is suggested you first make a list of zip codes you would consider living in then search for projects. Search the HUD database for condos. This will open a new window where you can search. If you have a problem following the link disable your pop-up blocker.
Before you contact the FHA approved project please keep in mind it is very important to already be pre-approved. To obtain your pre-approval and have an FHA specialist call you please click here.

Home in Nashville, TN

Nashville's famous musical heritage, and classic attractions such as the "Grand Old Opry," is usually the first thing that comes to mind for most people, but we're also the home of major sporting events, shopping, dining and other entertainment. LP Field is home to the Tennessee Titans, and plans for a major league baseball stadium, downtown residential high-rises, a convention center project, and a symphony center are either underway or nearing completion.Nashville's quality of life continues to improve along with its growth. Our laid-back lifestyle, vibrant business community, and affordable cost of living attract people from all over the country looking for the perfect place to relocate and enjoy life. From our lively urban downtown, to our friendly welcoming neighborhoods, "Music City" is the place for you!