Nashville Real Estate News

That will put more than just your car in the ditchYesterday, I told you a story about how Mr. Rogers changed the mindset of a tough Senator and saved children’s public television for a generation.

And I promised to show you another mindset that needs to be changed in our industry.

This weekend, I was driving to meet a client and was listening to one of the Real Estate shows on talk radio.  

There was an agent and a lender as the host that day and they were discussing lending delays. 

The agent asked, “Why does it takes longer than 30 days to get a loan approval these days?”

The loan officer’s answer was appraisals are taking a minimum of 2 - 3 weeks to get completed.  

That part is true.

Then he followed it up with this short statement, “I can’t send anything to my underwriter until

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How he fought the Senate and wonIt was 1968 and Fred was unknown to the vast majority of Americans, especially those Senators to whom he was testifying.

Although they were originally granted 20 million dollars, these Senators wanted to cut federal funding for his program and other similar ones.  

It was more than a cut.  With the backing of the current President, these Senators planned to slash funding by more than half.

Fred was there to do more than soften the blow.   He wanted the full 20 million dollar grant and this was not going to be an easy task. 

He could have dazzled them with impressive charts and numbers about why this work was so important.  

Or he could have made a series of philosophical statements to try to appeal to their intellect and gain their trust.

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The complete opposite of what you wantedSeinfeld may be the funniest television show of all time.

The character George was based on the life of co-creator, Larry David.

One day after spending time at the beach pondering his life, George decided that every decision that he has ever made in his life has been wrong.   

Later at lunch with Jerry and Elaine, George said, “My life is the complete opposite of everything I wanted it to be.  Every instinct that I have in every aspect of life, something to wear, something to eat.  It’s all been wrong.” 

Inspired by this revelation, George decides to order something different for lunch.  Suddenly, Elaine notices an attractive woman looking at George from the lunch counter.  Normally, George would have been intimidated by the thought of an

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Your personal sanctuaryBy the time he was thirty years old, Ernest Hemingway was at the top of his career.  He had already published “The Sun Also Rises” and “ A Farewell to Arms.”  

After returning from an African Safari in 1934, he purchased the newly outfitted fishing boat from Wheeler Shipbuilding in Brooklyn, New York and named her after his wife, Pilar.

More than anything, Hemingway loved to fish. 

In 1935, Hemingway won every tournament between Key West, Havana and Bimini. 

Much to the chagrin of the locals.  

In that same year, he landed the largest Marlin to date in the world at 1175 lbs.  And in 1938 he set another world record by landing 7 marlin in one day.   

The time he spent on the boat inspired him to write such classics as “The Old Man and the

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How the age of a home affects resaleI haven't heard this one in a while.

Is the age of the home a detriment to resale? 

That’s a great question and it gave me another reason to dig deep in the new Market Intel tool that I am testing.

With so many new homes under construction, it would be easy to assume that is what most buyers want today.  

You see new construction everywhere: downtown, in the city and throughout Metro Nashville.

Yet I wasn’t convinced.

So I thought about these two things before I looked at the numbers.

First, very few homes were built in Nashville in the five years following 2008.  Many builders crashed in this housing crisis when the inventory of homes skyrocketed.  

Once you shut a large operation down, it just doesn’t start back overnight. Large

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Distance to downtown nashvilleI was fortunate to get a sneak peek at a new product for Nashville housing information developed by Weiss Analytics and Inman News.

The product is called Market Intel and the information is presented in a way that is easy to understand and segment.  

At first, I did not see any surprises.

For example, single family homes within 11 miles of downtown were expected to appreciate 5.2% on average over the next year.  The forecast for the Nashville MSA as a whole is a 3% price increase over the next year.  

Due to the congestion and the investment made in the downtown area, many people prefer to be close to the city center. So that’s to be expected.

It’s when I looked at the same data for condos that I saw this.

Condos 11+ miles from downtown

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beware of the spaghetti methodThis is proof that the world has gone mad.

The latest trend in making an offer on a home for sale in this market is to use what I call the “spaghetti method.”  In other words, lets just throw out a ridiculous price against the wall and see if it sticks.   

The theory goes that the true market value of the property will be realized when the appraiser turns in his report and that’s the price the buyer will pay.   

You’ll likely have better results by going to a roulette table in Vegas and placing all of your life savings on 24 Black.  

There are several ways this could go wrong and here’s the worst. 

The home appraises for the ridiculous price you offered.

Don’t think it can’t happen because I’ve already witnessed it twice.  

That would

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Your Hidden Super Power in Real EstateDinner last night was perfect.   

Besides the best damn burger I’ve ever had, we had a discussion with some wonderful friends about coping mechanisms.  

And I know what you’re thinking.

Coping mechanisms?

Just hang with me for a minute because this is brilliant.  

First, this discussion reminded me of the story of Jon Sonmez.  Jon is the founder of the successful business  

Jon was quite a handful as a child and was diagnosed with ADHD.  He describes himself as hyper, inattentive and impulsive.  

Jon found a way to cope that made him successful in life and business.  Because of his impulsive nature he pre-plans decisions as much as possible.  He avoids on-the-spot judgement calls, organizes meals and schedules his

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Escaping from a prison you madeA man traveling through India came across a village with many elephants. 

When he stopped to admire these magnificent creatures, he noticed that they were only held by a small rope attached to their front leg.  Although the elephants could break the rope easily, there were no chains or cages to contain them.

Perplexed, he noticed a man nearby and asked why these animals made no attempt to get away.  

The man said, “When they are very young we use the same size rope to tie them up.  And at that age, they are not strong enough to break free.  As they grow older, they believe that they still cannot break that same rope, so they never try to escape.”

The man was amazed.  

Theses powerful creatures are imprisoned not by the rope, but by their

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This is what destroys leverageFast forwarding from our conversation on leverage on Monday.   

Many of us are fortunate to have some leverage when it comes to buying a home.  Like the ability to have a 20% down, flexibility in the move in date or an all-cash offer.

All of these things are great when you are buying a home and even better when it matches with the needs of the seller.   

Don’t assume that your flexibility is a benefit to every seller because they may be focused on something completely different.

So before we start flexing our leverage muscle, we need to find out what kind of offer the seller is looking for.  That’s rule number one. Without this knowledge, we can’t properly position our offer to make it as attractive as possible to the home seller. 


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