Nashville Real Estate News

It's surprising what they don't knowI love a good laugh first thing in the morning.

My first email today was a hoot.  It came from another agent at one of these firms that are supposed to “disrupt” the real estate industry.  

Since their claim to fame is against the law in Tennessee (and several other states), it’s interesting that they decided to put a brokerage here.  But I digress…

This agent was trying to contact the person selling a For Sale By Owner (FSBO) home.  So he clicked on a Zillow contact form that was obviously sending his question to another agent.  

I understand how a consumer might get this confused.  But this is an agent and one that claims to be an expert.  Yet, he does not understand the basics of how the biggest website in real estate works.  

When I

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Open door then open walletWall Street calls companies like Opendoor, property-exchange platforms.  

I like to call them “OpenWallet.”

Their offer sounds intriguing.

Give them your keys and walk out with a check into your new life.  Things are never as simple (and inexpensive) as they seem.  

While these companies are not currently in Nashville, they could be soon if their funding doesn't run out. 

This recent investigation by Inman News show how much it is really costing the seller.  

http://www.inman.com/2017/03/22/opendoor-cost-markup-fee-las-vegas/

They found that Opendoor was marketing the homes 6.13% higher than the price they paid the seller.  Though, they claim to buy homes at market value.  

In addition, they also charge the seller a service fee of 6% -

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3 big mistakes new investors makeI’m preparing to teach a class on Investing at Greater Nashville Realtors on April 4th, so this is top of mind.

I routinely work with investors and see first hand how difficult this market can be. 

You see the flipping shows on HGTV and the ads for the next real estate course that is being taught in a local hotel ballroom.  All of these "shows" make it look easy to succeed at investing.  Nothing is further from the truth.  

If it is so easy, why are the promotors teaching you how to do it, instead of buying up all of the amazing deals in town.  

Also, if it is difficult for a seasoned investor, then it’s double trouble for the newby.  When you are new at anything, you tend to make a lot of mistakes.  

So, I hope to save you some headaches

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When you dont think you need helpHere’s what happened.

Jordan Marshall and his wife wanted to buy a home for their growing family.  During the search process, he discovered that one of his friends wanted to move.  

Jordan decided to buy the home from his friend.  And at first everything seemed perfect.

After he paid more than $115,000, he discovered that the did not own the land that the home sat on.  

On top of that, the landowner was hostile and was preventing Jordan and his family from moving into the home.  He blocked the driveway with vehicles and earthen barriers.

The cops were called and it got ugly.

Now Jordan is paying for a home that he cannot live in and he will have to resolve this in court.  

He was a first time homebuyer and said he didn’t know what he

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be the change in NashvilleMarch 17th was my Dad’s birthday.  So I usually dedicate time on this day to thinking about the impact that he had on my life and the lessons I learned from him.

A few weeks before my 16th birthday, I had my eyes on a blue 1967 Pontiac Firebird.  It was a beautiful car and wicked fast.  Just what I needed.  

I had worked the whole year before to save and had just enough money for this car.  My Dad loved the car too, though he had second thoughts.   

One day after school I needed to go to run an errand and no one was home.  I thought it would be a great idea to take my Dad’s motorcycle and save him the hassle.  Even though I wasn’t supposed to ride without his permission.  I did it anyway.

Less than a mile from my house, I was rounding a blind

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3 keys to selling your home for more money in less timeSelling your home is a daunting task.  There is so much money at stake and you do not want to mess this up.  If you do, you could have a big problem with a string of zeros on the end.  

Besides, who has time for problems…Right?

You just want to get it done quickly and at the right price so you can move into your new place and get on with your life.  

What you need is a trusted agent and a game winning plan.  Luckily, you found me and Gretchen.  

With more than 500 sales under our belt, we developed a plan that sells your home for more money in less time.   

Here’s some of our recent results in Bradford Hills.

  • 1624 Roundhill - Sold for $2,500 over list price.  Under contract in 4 days.
  • 608 Roundhill - Sold for $10,100 over list
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Will the Fed destroy the housing recovery in Nashville?The news on the street is that the Federal Reserve is dead set on hiking the Federal Funds Rate tomorrow.  

While this does not directly affect the mortgage market, it is a precursor to higher rates overall.

Banks are required to keep a certain percentage of cash deposits on hand at all times.  Sometimes they need to borrow money overnight to meet that requirement.  The interest rate at which they borrow overnight is called the Federal Funds Rate.  

Banks set their mortgage rates based on their expectations of future rates and the current yield of 10-year Treasury Bonds.  

This expectation is why you’ve seen the mortgage rates move higher 10 days out of the last 12 business days.  Also, the 10-year Treasury Bond has seen it’s rate increase

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What this letter says about you and your financial strengthIn a seller’s market, your pre-approval letter is one of the most important documents that you can supply to the seller with your offer.  

Why?

Because this provides the seller a glimpse of your financial strength and the effort taken by your lender to verify it.  

We know that you are a great candidate for a home and have excellent credit, but that’s what every buyer’s agent says about their client.  With loan denial rates between 10 - 20% on average, we know that cannot be true for everyone.  

So, sellers and listing agents are giving the approval letter more scrutiny than ever before because they desperately want to avoid having to put the home back on the market.  

In this market, it’s not only important to have a pre-approval letter,

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Who spends 100,000 to save 12Last week, a flight from Los Angeles to Honolulu was diverted back to LAX over a blanket.

Shortly after takeoff, a sixty-six-year old man was cold and requested a blanket. The steward returned with a blanket and requested payment of $12.  

It’s ridiculous to charge someone $12 to borrow a blanket for a few hours, when it’s cold inside and they can’t go out for a walk.

The upset passenger made an inflight call to Hawaiian Airlines and said, “I’d like to take someone behind the woodshed for this.” 

If I were on the other line, I would have laughed and gave the old guy a blanket.  But the airline did not see it that way.

So they decided to dump their fuel and land back in L.A.

In case you did not know, a full 747 carries around $200,000 in

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Last chance for property tax relief in NashvilleApplications for property tax relief in Nashville are due on April 5, 2017. That’s less than one month away.   I first told you about this last year, and I thought this was a good time for a reminder.  Here’s that story.

http://www.nashvillerealestatenow.com/blog/what-you-should-know-about-property-taxes.html

There are certain requirements to qualify.  If it does not apply to you, it may be available for someone you know.  We have fewer people taking advantage of these programs than expected.   

If you know someone who might benefit, please forward this information to them. 

There are two main programs:  The tax relief and the tax freeze.  

Let’s start with the tax relief.

The amount of tax relief varies and is based on your primary

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