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| The Real Estate section features high end properties for sale and viewing. |
| Featured Home in Nashville Area. |
| Featured Home: "Reflections" - The Cutler Mansion in Brentwood, TN |
Located on Concord Road in beautiful Brentwood, Tennessee, this incredible home stands out with the magnificence that is rightly due its stature. This mansion's name is "Reflections". And certainly does reflect the skillful crafting of its owners. The name is derived from the poetic statement: "If the eyes are the window to one's soul, then the home is certainly the soul's reflection."
The owners state: "Discriminating buyers know that they have many choices in today's market for high end homes. Motivated and discerning sellers recognize that fact and must be prepared to offer more home value than the competition. Therefore, we are proud to present Reflections, a 'dare to compare' timeless estate. Let the video tour whet your appetite, then if you are that discriminating buyer, shop around and then contact us HERE." |
Let's Stop Worrying About How We Got In This Mess -
And Focus On Fixing It!
By Kevin O’Connell
Homeownership used to be a privilege that was earned by those who had proven their commitment to money management, debt responsibilities, had a stable income, a reasonable work history, and even managed to save money. They were also willing, albeit required at the time, to put some of their money into the purchase so the risk of loss was not just that of the lender. Owning a home provided a sense of pride and a piece of ownership in the neighborhood.
Since we seem to live in a society obsessed with laying blame on someone or a specific group of people for anything that goes wrong, who are we going to blame all this mortgage mess on? Who Cares? Blame Doesn't Fix It, It Just Delays The Recovery! I think it’s time to park the blame bandwagon and get busy to see what can be done to make qualified buyers homeowners while keeping this from happening again. As long as people are borrowing money to buy houses, there are going to be defaulted loans. There always has been. As consumers, we’ve allowed ourselves to adhere to the idea that we should all live “the good life” whether we can afford it or not. Unfortunately, we base “the good life” on material things that we own, whether we can afford them or not. Get the picture?
I’m not one that sees Homeownership as an automatic right. It’s an opportunity with certain qualities to be proven. Prove them and you earn the right. Frankly there are a lot of people simply not ready for homeownership. Many don’t realize the additional obligations, sacrifices, or the gambles of homeownership. Nevertheless, realistic or not, what we have today is the backlash of foreclosures, an epidemic of property value losses, and no light at the end of the tunnel.
This is not to be interpreted as a reflection of all lenders or all the other business entities involved in the process. There is a significant percentage of loans that are delinquent, in foreclosure, or already foreclosed on that were made to people who legitimately qualified for them. Good lenders, and there are many of them out there, make good loans that subsequently go bad for reasons that can’t be anticipated or legally included in a loan decision. Let’s be clear, there are homeowners out there who for circumstances completely beyond their control end up losing a house to foreclosure. Having seen this on hundreds of occasions, it’s a very difficult, demoralizing, and often embarrassing fact of life.
This misery didn’t just surface in recent months or the past year. This is definitely a man made problem that we can’t take a chance on happening again. There are too many variables to the ability to repay that causes risk for even the most qualified borrowers. I think we should look at the point in the defaulted mortgages repayment schedules where delinquencies most often begin and why they begin.
If the default begins in the first 6 months of the mortgage there’s probably some credence to poor decision making on the part of the lender. What’s the rate of defaults initiated during months 7 – 12? The closer we get to 12 months, the better the chance that something else has at least contributed to a borrower’s ability to repay in addition to a borderline, bad loan to begin with. If we’re looking at months 13 – 18 or longer, it’s pretty safe to assume that it’s not a loan that shouldn’t have been made. Something else has created a repayment problem, not poor underwriting or the original decision making process. Homebuyer education and financial counseling should be required, at least for first time buyers.
If you’re bent on blaming someone or something, blame the system that allowed it to happen for all the wrong reasons. In the mean time lender’s sitting on bailout money rather than making loans is not the answer. Raising borrower requirements to levels that very few can reach is not the answer. Going from anyone getting a loan to no one getting a loan compounds the problem and will not solve it.
Read other articles by Kevin at Kevin’s Korner.
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Forrest Moody - Realtor About Town
I want to start off my new column with a few facts . I’m not a journalist, nor do I have a lot of experience writing articles or editorials. What I do know is Real Estate in and around Nashville. So I’ve been asked to provide you with some helpful information that is fun and not overly serious. So in the coming weeks and months I’ll try to help you understand some of the ins and outs of Real Estate. What the current trends are, who’s buying, and what and how to market your home. How do we decide if it’s time to buy or sell? What’s the 2009 first time home buyer tax credit all about? And lots more. If you have a particular subject you would like me to talk about, feel free to email me and I’ll see what I can do. No promises that it will be in this column, but I’ll try to at least email you back with the answer.
Keep checking back and see what’s new each week or so. Until next time…..
Forrest Moody is a local Realtor with Weichert Realtors - The Andrews Group 2207 Crestmoor Rd. Ste#101 Nashville, TN 37215. Reach him by phone at 615-383-3142 (office) or 615-397-5686 (cell), or by email at fmoody@realtracs.com or on his website at www.ForrestMoody.com |
Huge Win for Home Buyers
By Forrest Moody
The U.S. Congress and administration recently extended the popular and successful $8,000 first-time home buyers tax credit through April 30, 2010. However, they didn’t just extend the credit; they also expanded it to include a $6,500 tax credit for current homebuyers who qualify.
The legislation also raised income eligibility. Single buyers making up to $125,000 and married couples making up to $225,000 can now qualify.
Economists laud the tax credit as a major factor contributing to the scores of first-time home buyers who entered the market this year. According to NAR research, 47 percent of all home sales were entry-level buyers, compared to 41 percent a year ago.
NAR data shows that the tax credit has contributed approximately $22 billion to the general economy. Each home purchase generates about $63,000, the equivalent of about one new job. |
Should You Wait Till Spring to Buy or Sell?
By Forrest Moody
Real estate activity typically slows down a bit during colder months. Many people don’t find the idea of house hunting in the cold very appealing. Also, many families are focused on the school year and their holiday shopping – which tends not to include shopping for a house. This reduced competition can work to a buyer’s advantage.
It can also be a great time to sell. Many sellers are thinking they should wait until spring to put their home on the market. While it is true homes show better in the spring and summer months, and there are a lot more buyers during that time, there is also a lot more competition. Everyone wants to put their home on the market in the spring. I personally sold 5 homes during the month of December. This surprised even me! And the great thing about those who are looking at homes in the winter is that they are more serious. If they want to look at your home during the worst weather or on a holiday, they are serious! That’s exactly what you want. So don’t buy into the idea that winter is a bad time to buy or sell Real Estate.
With fewer people searching for home loans, lenders are less busy and more likely to give greater personal attention to the smaller pool of buyers. Winter weather can also clue buyers in on whether a house is drafty – indicating the home might need new windows or have leaks that need to be sealed.
Of course, the extended and expanded home buyer tax credit is a strong incentive right now for buyers to brave the cold and find a home. For more information, visit www.realtor.org/taxcreditbasics |
To Inspect or Not to Inspect?
By Forrest Moody
That is the question I hear all the time from first time buyers. Most of my more seasoned buyers know that it is well worth the $400-500 that it will cost to know that the $100,000 plus investment they are about to make is in a sound property. It’s much better to spend a few hundred now than thousands later after you move in because of something that could have been detected during a home inspection. Of course, I remember when I bought my first home. We were cash poor and could barely come up with the earnest money for a no-money down loan and we asked the seller to pay our closing costs. In hind sight probably not the smartest move. If you can’t even afford a home inspection, you probably aren’t ready for homeownership. But I digress. This article is about the importance of a home inspection and what it involves, not about whether you should be buying a house in the first place.
Home inspections vary depending on the type of home you are buying. A large older home will require a much more detailed inspection than fairly new condo. Here are some of the basics that should be covered in a general home inspection.
Structure: The structural components including the framing and the foundation determine how well the home stands up to the elements.
Exterior: This would include the siding, trim, windows, doors, sidewalks, driveway, and surface drainage.
Roofing: A well maintained roof will protect you from rain, snow, heat, and cold. Make sure to take note of the age, condition of the flashing, gutters, downspouts, and watch out for buckled or loose shingles.
Plumbing: The supply and drainage systems should be thoroughly examined, as well as the water heating equipment, and fuel storage systems. Also included in this category are drainage and sump pumps. Banging pipes and poor water pressure can be a sign of a problem.
Electrical: Safe electrical systems are very important. Look at the condition of the service entrance wires, service panels, breakers and fuses, and disconnects.
Heating: The heating system, vent system, flues, and chimneys should be looked at. The age of the water heater and whether it is adequate for the size house should be considered.
A/C: The inspector should explain the type of cooling system you have and it’s energy source. They should also inspect the central and through wall cooling equipment and determine the age of the system.
Interiors: An interior inspection can uncover plumbing leaks, rot, insect damage, or even construction defects and code violations. Things they should look at closely are the walls, ceilings, and floors; steps, stairways and railings; cabinets and countertops; garage doors and garage door openers if applicable.
Ventilation/insulation: Adequate insulation and ventilation in the attic and crawl spaces can prevent energy loss. The type of insulation should be appropriate to the climate. Excess moisture can lead to mold and water damage.
Fireplaces: Although beautiful, they can also be dangerous. The vent and the flue should be inspected and fuel burning appliances should be explained how to operate.
For more information, try the virtual home inspection at www.ASHI.org, the Web site of the American Society of Home Inspectors.
Just like there are no perfect people, there are no perfect homes. No mater how new or how expensive there can be issues. Many times people think that if the home is New Construction they don’t need an inspection because the builder generally provides a warranty. But I’ve heard of brand new Million dollar homes that didn’t have the drain pipe to the bath tub hooked up. And keep in mind that just because the home has passed codes, doesn’t mean it’s acceptable. Codes are a minimum requirement only and a good home inspector will look beyond this.
So, if you are buying a home without an inspection, think about why the Real Estate professionals and their companies and even the government if they are lending you the money, have you sign a waiver saying that you have been advised of your right to have an inspection and that you have chosen to waive that right. There is a good reason why you should always choose to Inspect!
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Pricing a Home to Sell
By Forrest Moody
One of the most important jobs a real estate agent does is determining the proper price to sell your home. If you price it too high, it is likely to set on the market for a long time and either won’t sell at all, or when you finally do get an offer, you end up selling it for less than you could have months ago if you had priced it properly to begin with. That’s why I always tell prospective clients, when I first meet with them about selling their home, that I don’t take over-priced listings. It doesn’t help anyone unless it’s the person who finally buys it under valued a year or two later.
So what determines the proper price? Many things actually, but most of all the Market determines the price. Not the homeowner, not the agent, not the buyer, the Market. Wait a minute, wait a minute….didn’t I just say the agents most important job is to determine the proper price? Well, actually the Market determines the price, but it’s the agent’s job to figure out what the market is saying at any given time. And this can change monthly, or even weekly, and is different in every area. Even some markets have submarkets. So one neighborhood could be a buyer’s market, and one could be a seller’s market.
Yes even in today’s climate. In fact I’ve seen some neighborhoods in our area that are a buyer’s market over all, but the single level homes in that neighborhood made up a submarket that was a seller’s market. I know this seems like a lot of information that you probably don’t care about. The point is, you need an agent who can determine the market you are in so that they can price your home properly.
Having an expert on the area is important, but it’s just as important that they look at more than just a comparative market analysis (CMA). A CMA just shows the raw numbers of what homes have sold for in any given time, and breaks down the amount of time they were on the market, and how much they sold for per square foot. To price it properly, they need to do a Price Trend Analysis, and an absorption rate. This way you can see if the homes in your particular market or sub-market are either going up, down, or staying the same, and you can see how many months supply of comparable homes are on the market.
The absorption rate is crucial! For example, if there are 12 comparable homes on the market, and 3 homes are selling per month, you have a 4 month supply, provided no other homes come on the market. What if you can’t wait for 4 months to sell? Then you have to look at the competition and decide which 3 homes are likely to sell in the next 30 days and make sure you are priced to be one of them.
So no matter how much you think your home is worth, or how much you owe or how much you have put in to it updating and remodeling, the market determines the price, and a good real estate agent can figure out what that is.
Important things to keep in mind when pricing to sell:
1. Upgrades don’t always bring more money, they can help make your home more sellable, but they may not ad to the value of the home.
2. Routine maintenance or replacement of leaky roofs, broken water heaters or
HVAC systems don’t ad to the value. These are items that are expected to be in working order. If it’s broken or in disrepair it will hurt the price, but if it’s
working it will just bring what it is supposed to bring.
3. Things that make your home more livable for you may not ad any value. For example swimming pools. Your family may love having a pool and enjoy using it for years. But don’t expect someone else to feel the same way and pay more money because you have one. A swimming pool is not an investment in your home. In some cases it can cause you to get less money or take longer to sell because many people do not want a home with a pool. Of course the exception to this would be places like Florida and California where it is expected to have a pool.
4. Check out the competition. If all the homes in your price range are updated and have granite counter tops and new appliances then you have to price accordingly.
If you can ’t update to compete with them, you have to drop the price low enough that it’s worth while for someone to do it themselves. Even then it may take longer because today’s buyer doesn’t want to do anything. They want move in ready and they want it for a good price.
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| Video Tour of The Home Reflections. |
| View Looking Out Front Foyer. |
| One of Six Fireplaces - The Great Hall. |
| Gold Accented Dining Room. |
| Beautifully Apportioned Wood Library. |
| Gorgeous Multi-Wood Kitchen. |
| The Juliet Balcony over-looking Great Hall. |
*The following realty company is not hereby a representative for "Reflections". |
Weichert Realtors - The Andrews Group
2207 Crestmoor Rd.Ste101 Nashville, TN
Tel 615-383-3142 |
Affordable Staging Ideas
by Forrest Moody
With so many homes on the market it’s more important than ever to make your home stand out from the rest. It’s not unusual in our area for homes to stay on the market 6-9 months, even a year if it’s a higher priced home. The ones that sell quickly are the ones that are a really good price and look fantastic. So if your home is just mediocre there is no reason for a buyer to pick it over any of the others. There are tons of mediocre homes to choose from. All too often I’ve had buyers look for weeks or even months at the selection of homes that fit their budget. By the time they finish looking they have forgotten about the ones at the beginning of the search that may have been fine, but they weren’t special. So how can you make yours stand out from the pack? Here is a list of
some affordable staging ideas that won’t break the bank.
Kitchens:
Make it smell like grandma’s been cooking. Buying is very much an emotional decision and smell is an emotional trigger. So put something in the oven like some cookies, or a pie, even a loaf of bread. At the very least put some cinnamon sugar and vanilla on a cookie sheet and warm it up in the toaster oven. Clear off the counter tops and only have a few decorative accessories. You can pick up some great buys at yard sale and 2nd hand stores. A nice tray with coffee or tea and some pretty silver and napkins. Display a bowl of candy or snacks so they have something to take with them.
Living Room:
Create a conversation area. Show the buyers that they can sit and talk without having to move furniture around. If there is a fireplace make it the focal point not the TV. You should try and accent the features of the room not your stuff. If the ceilings are high put a tall tree in the corner with a spot light shining up through the leaves. Remove personal photos and have just a few nice pieces of art. Buyers want to visualize themselves in the homes not your family, and lots of photos all over the walls tend to make the room feel crowded.
Bedrooms:
Clear off the tops of dressers and night stands and have only a few nice accessories on them. Get a nice new comforter set with dust ruffle, shams, valances, throw pillows, etc. If you shop around at places like TJ Max, Marshall’s, or Ross you can get all of this for less than $100 and it will really transform a boring bedroom. This is especially important in Master bedrooms. If there are other bedrooms that are vacant, put up a bed. Even an air mattress on a frame can be dressed up to look like a real bed. The buyer needs to see that the room is big enough for a bed. If you are showing it as an office take out everything else, except maybe and arm chair, and clean up that desk!
Bathrooms:
Clean off the counter tops, hide the trash can, close the toilet lid, and the shower curtain. Display some nice decorative towels, soap, dried flowers, or candles. Put up a new shower curtain, and liner. If the cabinets are old paint them and replace the hardware. Also consider replacing the faucets if they look dated and you are handy enough to do it yourself.
Exterior:
Curb appeal is so important! If you can’t get them in the door it won’t matter how fabulous the inside is. Trim the shrubs, mulch the beds, ad some flower pots on the porch or front steps. Night time lighting can have a huge impact so make sure turn on the porch and flood light as well as landscape lighting to showcase the house. Painting the front door and shutters black will make almost any color house pop. It’s amazing how different this one little thing will change the look. Think of them as accessories. They should be noticed from the road, not blend in. Paint the mail box and replace the numbers with some nice vinyl ones from a sign shop, not the cheesy metal foil block letters that always look crooked. Fix peeling paint and clear out spider weds. While the agent is opening up the lock box the buyer has a lot of time to look at the entrance. If it looks like it has not been well cared for they will wonder about the rest of the house too.
Interior:
De-clutter and neutralize. That doesn’t mean all white or off white. Some of the best wall colors are beige, tope, or khaki, and white trim. This gives a very warm feeling but is still neutral. It’s still ok to have a splash of color in the form of accessories. You don’t want it to feel to sterile. Make sure and turn on all the lights and open the blinds. They like to see lots of light.
Put some of these ideas to work and your home is sure to stand out from the rest, and you’ll sell it for more money. Until next time….
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