Nashville Real Estate News

There is a strength in you.  I can see itLast week, I watched one of my favorite movies: Braveheart.

It’s the story of William Wallace, Robert the Bruce and their fight for Scottish independence.

Because the English Army is much larger and superior to the Scots, most of the men want to passively accept English rule.  Even though, the English soldiers terrorized and mistreated the people of Scotland for years.  

William Wallace would have none of that.  He was ready to fight for revenge and freedom.  

Wallace and his men cannot win the battle on their own and need help from Robert the Bruce, who has a claim to the Scottish Throne. 

Robert the Bruce is torn between securing freedom for his country or joining the English to easily gain his crown.  

Siding with the enemy comes with

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Insane Open House UpdateLast Friday, I told you about one of the most bizarre open houses that I ever attended.

It was designed to attract hundreds of buyers and show them how important it is to be represented by an agent.  

The home was originally listed at $299,900.  Before visiting the open house, I estimated that the market value of the home was $400,000.  

One of the strategies that the agent used was to list the home 25% below market value to create a flood of buyers which would pump up the price.  And bring some publicity to the whole event.  

Just before the open house, the price was changed to the highest offer at the time, $365,000.

As you can imagine, many buyers were shocked when they found the new price at the open house.  

Since then the list

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Yesterday was a big day for meYesterday was a big day for me.

I reviewed and approved the final proof of the book that I wrote last year. The book is my attempt at convincing the real estate industry to abandon all forms of annoyance marketing.  

Especially, telemarketing calls.  

If you have tried to sell your home recently and withdrawn the listing, then you know exactly what I mean.  

Hundreds of agents in this area subscribe to services that gather the expired or withdrawn listings and match the information to your phone number.

So, starting the morning after your listing cancels, your phone rings off the hook for the next few days.  Most of these agents claim to have a buyer for your home and want to preview the property. 

The truth is many of them just want the

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The home automation nightmare is comingAn agent in San Francisco received a call from a client.  The buyer thought something was wrong with the furnace in their new home because it was acting like it had a mind of it’s own.

The buyer noticed that the home was warm all the time regardless of where the thermostat was set.  They would set the furnace on 70º and then later when it felt warm again would see that it was set on 80º.  

This happened multiple times, until the call to the agent.  

After some detective work by the agent, they discovered that the former owner was cold in their new house.  And was trying to make it warmer using the app on their phone.  To everyone’s surprise, it was still connected to the thermostat in the old home.  

No one had thought to disconnect the home

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Is this the most bizarre open houseEarlier this week, I spoke to a fellow agent in Nashville who was planning a big event around his open house. 

This agent is mad that information on homes for sale is available online and prefers that agents go back to being the gate keepers of that information.  

This agent owns the home in the open house and currently has it priced well below market value.  No showings will be allowed until the open house.  They have already received offers above the list price. The list price will be changed to the amount of the highest offer just before the open house starts on Sunday.  And the highest offer will be available for review by other buyers during the open house.  

The agent described his open house as a “S#!t show.”  Complete with the filming of

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Best medicine for home inspectionsThe inspection process when buying or selling a home is a source of extreme confusion to many people.

So, I want to help clear the air for you.  

The average contract has 3 contingencies:  Inspection, Appraisal and Financing.

Let’s focus on the Inspection contingency today.

And in Tennessee, most people agree to resolve the inspection contingency within 2 weeks of everyone signing the agreement. 

The inspection contingency period is designed for any type of due diligence, and not just the general home inspections. 

If you have concerns about any of these issues, the time to check it is during the home inspection.  This is not a comprehensive list, but is presented to give you an idea of what you may want to consider.

 

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Raiders of the Last Nashville HomeOne of my favorite movies of all time is Raiders of the Lost Ark.  

What’s not to like about Indiana Jones searching for ancient treasure while fighting the the bad guys.  

It’s a little like buying a home in Nashville right now. 

And if you want to be successful, you need to channel your “inner Indy.”

Remember that scene from the movie where Indy is being chased through the streets of Cairo by a pack of hooligans.  Then all of a sudden the streets clear and he is face to face with a monstrous swordsman who is ready to chop his head off.

When Indy sees his expertise at handling the sword, he quickly pulls out his gun and shoots him.

Notice that he didn’t play around with the competition or test the waters in any way.  He went straight to

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Bigger is not always betterYou've heard the saying that Bigger is Better, right?

According to a recent study by financial site, NerdWallet, that is not always true.  

NerdWallet looked at data from realtor.com in the largest metro areas in America to see whether larger or smaller homes are appreciating the quickest.

And here’s what they found.

In 17 of the 20 areas studied, they found that the smallest 25% of homes appreciated the fastest when calculated as a percentage.  The median annual growth rate for the smallest homes was 9% vs. 4% for the largest 25% of homes.  

Some of this may be driven by people moving to the cities rather than suburbs.  Homes in the city tend to be smaller than homes in the suburbs.  

We've also noticed a trend in the suburbs.  The

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Anti-solar way to keep your home coolTen percent of the energy consumption in Tennessee can be directly tied to air conditioning.  That is nearly double the national average of six percent because of our location in the warm and sunny south.  

The sun heats up the materials that make up our homes and continues to release that heat throughout the day and night.  In addition, the atmosphere traps most of that heat here on earth so it cannot escape back into space.

Long ago scientists figured out that not all the heat radiation is trapped by the atmosphere.  Certain wavelengths bypass the atmosphere and easily escape into outer space.  Those that escaped were a very small portion of the total. 

Until recently, anything that would change the sunlight to the correct wavelength was incredibly…
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Could you use fifteen thousand dollars in down payment assistanceThe Tennessee Housing Development Agency, THDA, has announced a new program that includes $15,000 in down payment assistance for first time homeowners.

They call it their Hardest Hit Fund Down Payment Program.  It is designed to promote home ownership in areas that were hardest hit by the mortgage crisis and and slower than average to recover.

These incentives are available in 30 zip codes across the state of Tennessee with seven of them here in Nashville.

The zip codes include: 

37218 - Whites Creek Area
37207 - Parts of East Nashville
37208 - North Nashville
37115 - Madison
37217 - Priest Lake Area
37086 - LaVergne 

Here’s how it works: 

The buyer must qualify for the THDA Great Choice Program and buy an existing home in one of the targeted

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