Nashville Real Estate News

This is key to NashvilleNothing stops growth like the burden of taxes.  And if you don’t believe me, just as the fine folks in the city where I was born, Detroit Michigan.

In the 1950’s Detroit was the fourth largest city in the US with more than 1 million people living in the Metro Area.  It became a model city that was held up for all the world to see as a shining example of progress.  

Within 30 years, Detroit was in a steep decline from which it is now starting to recover.  And in that time period, Detroit lost half of it’s population (and tax base).

One of the biggest problems facing Detroit was it’s debt load.  As they took on additional financial burdens, people left the city.  As people left the city, the council raised taxes to make up for the lost revenue. 

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Nashville property tax increaseThe big news is out.   The recent reappraisal by the Davidson County Property Assessor shows the value of real estate in Nashville is up 37% over the last four years.  

The smallest increase is 24 percent, with one area in East Nashville seeing a 93% increase in property values.  

For a map of the increases in your Metro Council District, go here:

http://www.tennessean.com/story/news/2017/04/21/final-reappraisal-nashville-property-values-soar-record-37-percent/100704912/

Now this does not mean that your property taxes are automatically going to increase.  State law prevents Metro Council from increasing the total amount of revenue collected during the reappraisal.   And Mayor Barry has already stated that she will not seek an increase in

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Believe in NashvilleIf you are not a fan of hockey, then you probably do not realize what the Nashville Predators did in the first round of the playoffs.  

This was supposed to be the year that Nashville really made a run at the Stanley Cup, the ultimate prize in the National Hockey League.  However, they underperformed throughout the regular season and did not clinch a playoff spot until late in the year.

Most people in Nashville were disappointed when the Predators were matched against the Blackhawks in the first round of the playoffs. They felt like the Preds would be easily defeated like they were twice before.  

Chicago isn’t any ordinary hockey team and here’s what makes the victory so amazing.

  • Chicago was a number one seed and a favorite to win the
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Deliver more than you lostIn 1850, Henry and Clement left their family home in Ohio to move to South Bend, Indiana. With $68 and a forge, the started the H & C Studebaker Co, a wagon making business.  

The business was slow at first, and they had to scrape by with blacksmithing work.  In the first year, they only sold a couple of wagons.  It didn’t take long for people to hear about the quality of their work, and their business began to grow.

Within 25 years, the company was the largest manufacturer of vehicles in the world.  In 1902, they entered the automobile market selling electric cars that could travel 30 - 80 miles on a single charge.  In 1904, they began to sell gas powered vehicles.  

Growing up in Detroit, I heard many stories about the automotive industry.  And

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 Don't make this mistakeMarket value is defined as the highest price that a buyer would pay in an open and competitive market.

And who wouldn’t want the highest price that the market would pay?

You would think that everyone would, but that’s not always the case in this crazy market.  

Here’s a common story.

A home goes on the market today and immediately the seller receives an offer.  The seller is excited and accepts the offer on the same day the property is listed.  The seller thinks everything is wonderful and they start packing.  

What they don’t realize is the buyer is going through a completely different set of emotions.  

The buyer is excited that they have a home under contract, at first.  Since they have submitted several offers on other homes and

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Here's where most failI read this letter from a seller on the website: Houzz.com

“I want a quick sale as we already bought our new home. Thus, I suggested we list at $999K, which will get us in just under what the market sales say our house might be worth. My hope is that the lower price attracts buyers who may be looking at under $1M. If I'm lucky, we get multiple offers and can counter to $1.05. Even if I'm not lucky, I'd rather accept a $1M offer within 2 weeks of listing than hold out for more and face 6 months' of stress and having 2 large mortgages.”

Part of the problem is that this seller is guessing at the market value of their home, but will come back to that in a minute.  

Neediness is this person’s #1 problem.

Most do not consider being needy a problem

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It's not always as it appearsYou may have seen this report in the Nashville Business Journal today. 

Here is the link:  

http://www.bizjournals.com/nashville/news/2017/04/13/slideshow-the-nashville-areas-best-bets-for.html

On the surface, it looks like a great article.  They wanted to give you a measure of school performance with the local cost for housing.  In other words, what educational “bang for your buck” are you getting in several counties in Metro Nashville.

They used the State of Tennessee’s school report card to measure things like graduation rate, promotion rate and standardized test scores.  

According to the Nashville Business Journal, Rutherford County had the best combination of school performance and low housing prices.  I thought it was interesting

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No other choiceHere’s the story.

A buyer in another state purchased a home for his family.  It was a lovely place and just what he needed for his family.

The whole process was smooth, up until closing day.

After paying for their home at closing and receiving the deed, they started to move in.  They had already moved out of their old home and were excited to be in their new place.  

As they were unloading boxes, they received a call from the title company.  They learned that the seller had decided to give his home to someone in his family for free instead of selling the home.  

The buyer asked, how could this be?  We’ve paid for the home and have a copy of the deed.  They did not get a reasonable explanation from the title company.  They were told the deed

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Nashville Market Report March 2017March was another strong month in Nashville and came just short of setting a record for the month.  If there was more inventory, I expect we would have easily sold 97 more units to put us over the top.  

3,420 homes were sold last month, which is the most for March since 2006 and is 8.9% higher than the sales we experienced in 2016.  Every sale category that we follow (residential, condominium, multi-family and land) beat last March’s numbers.  Year to Date we are 9.7% ahead of 2016 on sales volume.

Inventory continues to dwindle as the volume grows.  The total inventory is down 10.4% over the same month last year.  This equates to 1,241 fewer homes on the market today.  Buyers are really starting to feel the pinch and anxiety of losing out on so

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Your least favorite class is what everyone wants to knowYesterday, I taught a class on Investing in Real Estate.  It was designed to help agents work with investors and invest in real estate themselves.

Some of the material was a dry and my goal was make it fun and interactive.  

The whole class went well, except for one thing.  

What I thought most people would consider boring, was the very thing they wanted to focus on.  

Math.

That’s right.  Most everyone’s least favorite class in school was the hot topic of the day.  

They wanted to dive into the calculation part of the class and work with real life examples.  And it got me thinking.

If these folks wanted to better understand the value calculations, then maybe you would too.  So, I thought it would be best to tackle the most

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