Nashville Real Estate News

Better than a crystal ballI made two predictions earlier this year.

The second prediction was that we would hit 4,000 sales per month in 2017.  We still have to wait to see if that comes true.

The first prediction: Nashville would finish out the year with approximately 3,000 home sales per month.

And for the month of November there were 2,978 sales. 

This is up 24% over last November. 

That's a huge jump from one year to the next, and many people doubted my prediction.

Now before you think that I’m ready to set up my own Psychic Hotline, there was nothing magical about my foresight.  

It was based on long hours spent analyzing the market. 

While others agents are out on the golf course or at the beach, I spent time digging deep so I could be more valuable

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Zillow: The price is wrong I recently read this question on Zillow’s help forum.  

Zillow estimates house $200K more than my agent. Could Zillow be wrong?

Human nature wants us to believe that Zillow is right. So, how do you know who is wrong in these situations?

And what if both are wrong?

Pricing your home properly is one of your biggest concerns when it comes to selling your home.  

You want to do it right so you do not leave any money on the table or have your home languish on the market for months.

You need a way to satisfy these questions for yourself.

Here’s what I suggest to my clients who are concerned about my recommended price.

First, take off your rose colored glasses so you can see your home as others see it.  Due to our emotional attachments,

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To: You, From: Steve JollyPeople have called it the most valuable resource in the world even though it doesn’t cost any money.  It’s been equated to life and said if it’s lost, you can never find it again.  

You may have guessed this precious resource is time.  

And in the giving spirit, I want to help you find more of yours in the coming year. 

Whether buying or selling, wasted time is one of the biggest problems that I see with real estate transactions.     

It’s usually the fault of emotion overriding preparation.  And I will give you a few examples.  

The first one is shopping for your new home, before you can commit to buying.  I understand that it is fun and exciting to visit homes that are on the market.  

The problem arrises when you find the perfect

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Crazy neighborsHere’s a strange story about the human side of the real estate business.  

Not long ago, I met my clients at a new listing and let them park in the driveway.

I parked on the street in front of the neighbor’s house.

And I am so glad that I did.  

After we finished touring the home, I walked my clients back to their car and then headed to mine. 

The neighbor spied me from her window and made a beeline straight out the door.

Seeing the furious look on her face, I waited on her with a big smile.  

She started out like lighting and thunder.   

In less than a minute, the lady calmed down and walked back in her house.  

I thought it was best to let my clients know that everything was ok and she was mad I parked in front of her home.

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Greater Nashville Association of RealtorsA few weeks ago, I told you that I was running for the Board of the Greater Nashville Association of Realtors.

And I found out late last night that I won my election.

Yay!

But now it’s time to get to work.  

I ran to increase the professionalism in our industry and to fight back against our government’s attempts to make homeownership more difficult for everyone.  

As fate would have it, this was served up in the news yesterday:

http://www.cnbc.com/2016/12/01/heads-up-homeowners-mortgage-interest-deduction-on-trumps-chopping-block.html

Steve Mnuchin, President-Elect Trump’s choice for Treasury Secretary, comes out firing and says, "We'll cap the mortgage interest, but we'll allow some deductibility.”

And he will get Congressional

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Negotiation Secrets of the World's Top BanksBuying a bank-owned home can be a frustrating experience because of the negotiation process. It feels like you are dealing with a robot.  No sense of emotion or urgency on their end.   

It’s the exact opposite of what you get when you are negotiating with the homeowner.  

I’ve often been asked, “Why do they do this?”

The answer is simple, because removing the emotion from the negotiation helps them sell for more money.  

One of the best ways they remove the emotion from the transaction is to set strict parameters for the sales price.   

In other words, they set a hard limit on what they are willing to accept for the home for a specific amount of time and they won’t deviate from that limit.  

For example, they might list a home at

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Buyers are Clue-less without this reportFor the sake of the story, let’s just call him John.

John decided to purchase a home and did not call his insurance agent like his real estate agent suggested.  He turned in all of the information to the lender, completed his inspection and thought all was OK.

What he soon found out is that his insurance was going to cost 3X as much as he budgeted due to prior claims on the home.

Since he had successfully completed the inspection period, there was nothing that he could do.

John was stuck paying more than he should and it could have been avoided with a simple call.

The CLUE [Comprehensive Loss Underwriting Exchange] report is like a credit report for your home and details every claim reported to an insurance agency over a five year period.

This

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Happy Value SeasonMost people think that the holidays are a terrible time to buy a home.  

And I would have to vehemently disagree with them. 

The biggest obstacle that you have to getting the most value are the other buyers who are willing to pay more for the same home.  

And this group of people were highly active in Nashville for the last 10 months.

This time of year many of them are distracted from the busyness of the season to think about looking for a home.  If they haven’t found what they want, most have given up until next year.

If you are a smart buyer, then you can use this advantage to save yourself a few dollars on your purchase.  

You might be thinking…Isn’t this true in January and February too.  

It is true that there is less buyer activity

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Jimmy Buffet in NashvilleBack in 1974, Jimmy told this story after his show at the world famous Exit/In just a few months after it happened.

Jimmy just finished recording an album at the Woodland Studio, and they decided to celebrate with a bottle of Jose Gold Tequila.  

As you know, all the best stories start with a bottle of Jose Gold.  

They were staying at the King of the Road Hotel, having fun and playing music on the rooftop.

After a while, they decided they were hungry and wanted to go to get some BBQ at Charlie Nickens on Jefferson St.  But they couldn’t find their car in the parking lot.  

The lot was full because their was a prosecutor’s convention in town and they were all staying at the King of the Road Hotel. 

Growing wearing after walking up and down

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Seinfeld School of Real EstateSeinfeld is one of my favorite shows of all time.

And if you go back to the very beginning in the first season, George Costanza was a real estate agent with Rick Barr Properties in New York.

In the third episode, The Robbery, George tries to convince Jerry to look at new apartments.  George claims that this apartment is “great” and is near Central Park, yet Jerry doesn’t quite believe him.  

Jerry turns down the apartment until he discovers that his current place was robbed while he was on the road doing standup.  

So, George, Jerry and Elaine go to look at the apartment.  

Jerry decides that he loves it and says, “I'm takin' it, I'm takin' the place, I'm gonna take it, this is gonna be my new place, I'm livin' here...I'm movin’.”

He is

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