Nashville Real Estate News

Frustration Flowing at Old Hickory DamThis would be a great place for a rock quarry if it wasn’t next to a historic neighborhood, Old Hickory Lake, Old Hickory Dam and the most popular recreation area in Tennessee.

Industrial Land Developers LLC has applied for a permit for a surface mining (pit) operation to supply the building industry.  They have formed a coalition with the State Government and the Army Corp of Engineers to push hard for this site in the face of a significant local backlash. 

It’s always suspicious when big government tries to push people around in their own backyard.

In addition to the unusual level of support, this property has a few twists that are getting swept under the rug. 

First, the proposed blasting site is within 6oo feet of the earthen part of Old

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Are you now required to rent to criminalsIf you own rental property or are thinking about it, then you should read this story.

Sher Powers, real estate investor and broker/owner of Urbane Residential Specialist, recently brought up this point due to recent changes at HUD (Department of Housing and Urban Development).   Sher is wicked smart and dialed into the investor community in Nashville. 

So when she brings up a concern, I listen. 

Now, the government has not issued any new laws, but HUD has produced new “guidelines” of legal obligations for landlords.  They were designed to help landlords avoid Fair Housing violations by not accepting any tenant applications from people with criminal records. 

These guidelines do not mean that you are required to rent to people who are felons;

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This is the biggest problem facing buyers in Nashville todayIt’s not finding the house that you want or getting a loan.  The biggest problem for buyers in Nashville is presenting an offer that gets accepted. 

This is due to the intense competition for homes in every part of Nashville and most of the surrounding counties.  The level of competition is coming from every direction.  We get calls every day from someone saying.

  • Rental properties are expensive and hard to find
  • I want to sell my home and move to a larger one (or downsize)
  • My company just moved to Nashville and I want to take advantage of this market
  • I’ve heard Nashville is the place to be, I want to invest there

Did you notice the trend here?

We are rarely coming across anyone moving out of Nashville.  Everyone wants to buy.  

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Why some deals die a quick death on the closing tableMost lenders got burned badly during the housing crisis that started in 2007.

Some of it was self inflicted due to the lax lending standards, like stated income loans that I talked about last week.  This led the industry to make massive changes over the last decade which made it more difficult to get a home loan. 

The days of “no doc” loans are long gone and it seems that the pendulum has swung to the opposite end.  Borrowers need to prove where money is coming in and going out down to the last dollar. 

If Granny recently sent you a check for your birthday, they will likely want to see a copy of it.  This sounds funny, but I am not kidding.  If you ask anyone who has taken a mortgage lately and they feel like they have been through the wringer. 

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Why I became a realtorIf you’ve heard me talk about my start in real estate, you probably heard me say it had to do with the opportunity that I saw in selling bank-owned homes. 

This opportunity was not the reason “Why” I decided to become a Realtor, it was simply my vehicle for entering the real estate industry in a way that made sense for me. 

I decided to become a Realtor, for the same reasons that have motivated me since my first “real” job at 15 years old. 

First, I love a new challenge.  Every piece of property that I help you buy or sell is a new project that comes with its own set of obstacles, roadblocks and hurdles.   Real estate is like a giant puzzle that you have to take apart and put back together the right way to get to the closing table.  Challenges

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Here we go againIf you have read the news lately, you might have seen reports of a great recession just around the corner that will rival the housing crisis of 2008.

While it is true that we are overdue for a downturn based on our historic recession/boom cycles, I do not expect it to be anything like the housing crisis experienced in 2008.

In 2005, I was a student of the market.  I started selling foreclosures in 2005 because of the market conditions and the way loans were being sold.  I saw the opportunity long before the crisis evolved. 

The good news is that I do not see the same conditions today that I recognized in 2005. 

First, sub-prime lending is nowhere near the levels we experienced in the run up to the housing crisis.  This is a very small portion

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the nashville bearIf you’ve ever wondered if the street newspapers were doing any good, then you need to read this story.

Mario Martinez lost his job and then his home almost six years ago.  Until last week, he had been living in a broken down trailer inside an abandon barn without running water or electricity.  Mario did not have much, but he had Bear, a Great Pyrenees, and a few other dogs.

Five years ago, Mario and Bear began selling The Contributor newspaper in Donelson.  Everyone loved Bear and he was the glue that kept subscribers coming back to Mario.

“Everybody notices him!” said Martinez of Bear. “He’s the one who made the money; I just collected it for him.”

They worked hard selling papers everyday to save enough to start a lawn mowing business.

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How to break through the fear of movingPeople who want to upsize (or downsize) in Nashville face a tough challenge right now.

There is not much inventory for sale and many are afraid that they will not be able to buy a home if they sell theirs.  The fear that they feel is real and aggravated by the constant news of multiple offers and homes selling in days.

You think that this market would have every seller jumping for joy.  However, the thought of being homeless is enough to stop most people in their tracks. 

If living in temporary housing will not work for you, then I would recommend that you include a contingency in any contract for your home that ensures you find suitable housing.  This way you can postpone the sale of your home until you can close on your new home.  This makes

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3 secrets to high fuctioning organizatonsI spent last Friday and Saturday in meetings as part of Leadership GNAR [Greater Nashville Association of Realtors].   Our final speaker was Captain Neyland Springer of the United States Navy.

In addition to Flying F-14 Tomcats for the Navy and the Boeing 787 “Dreamliner” for American Airlines, Captain Springer also teaches leadership to Naval Officers.  One of the topics he discussed was High Functioning Organizations. 

After successfully landing a fighter jet on Aircraft Carrier more than 250 times, Captain Springer understands what a high functioning organization requires. 

He boils it down to three things: Safety, Boundaries and Value.

First, everyone in the organization must feel safe.  For business, safety means much more than the

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when jordan lost his mojoAt 21 years, 8 months Jordan Spieth became the second youngest winner Masters Champion in 2015.  He also tied Tiger Wood’s scoring record with an 18 under par for the tournament last year.

If you would have turned on the TV Saturday during the Masters in 2016, it’d be like déjà vu.  Jordan made history with the seventh day in a row on top of the leader board and the longest streak for a defending champion.  These were not lightweight records.  They were set long ago by golf legends Ben Hogan and Arnold Palmer. 

Jordan held the lead through the first half of Sunday’s round, and then fell apart at the famous Amen Corner.  He lost six strokes in three holes.  It might have been the biggest meltdown in sports history.  And it cost him the victory.

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