I recently read in a report called “Growing Green: The Potential for Green Job Growth in Tennessee” that was put out by the Research and Statistics Unit of the Tennessee Department of Labor and Workforce Development’s Employment Security Division and released to the Governor’s Task Force on Energy Policy. One of the basic things it stated was that Tennessee could add 45,000 new “green” jobs with a $1.9 billion investment in energy efficiency and renewable energy production.
This would allow many workers to transfer their skills to “create the energy infrastructure of tomorrow” and also stabilize employment, or as Gov. Bredesen stated, “could mark a turning point for job creation and retention in our state.” And, “Solving Tennessee’s energy and environmental problems will stimulate our economy at a time when many people are looking for work.”
Where all this money could come from is another story but with the recent investment in Clarksville that is estimated to bring jobs to between 500 and 900 people within the next five to seven years, the real question is; can we afford not to invest in green industries in our state. Having and keeping jobs in Tennessee will always be a good thing for families and properties.
It looks as if the real estate market was down around 30 percent for the 2008 year from 2007. As bad as that sounds, it was not near the loss that has been reported in other states such as California, Florida, Nevada, Arizona and Georgia. In fact, Atlanta has been hit much harder than the Nashville and surrounding areas.
In addressing the Nashville market, Greater Nashville Area Realtor President Mandy Wachtler has said, “The real estate market in Greater Nashville is clearly feeling the effects of national economic trends, It has taken longer for the trends to have their impact here, and the impact is still less than many other locations. And, we anticipate that we will be among the places where positive trends are seen earlier than other locations, as well. Even with the current market conditions we have, there is still no better place to be than right here.”
So with that, there are many that believe with everything Nashville, Tennessee offers, this is definitely the place to be!
Water is the source of life. It is also what causes mold, eats through many things and carries disease and is something that you want to control from getting into your home. Many times people call the plumber or the basement guy to get water out of those low places in your home. I’ve just discovered, in many cases, you should be calling your landscaper!
That’s right; many times your landscaping company can correct the drainage issue that is coming into your home for far less than you might think. They also reroute the water to go around your home instead in your home taking water away from the foundation. If you live in and around Nashville, Teacup Gardener is a wonderful landscaping company with extensive experience in this area.
If you live in other areas, give your landscaper a call and ask for referrals to see if they have the kind of experience needed to tackle this kind of job. It is up to you to do your homework and make sure any company really knows how to do those things required; especially in times of economic stress as companies expand their services.
The term “green” is thrown around these days like a flag of honor. Many people are looking for the “green” angle to sell everything from toilets to real estate. That’s not to say that there are not some very good and green products out there; but buyers beware. You will need to get a good green education in order to really know what you are getting.
There have been many articles and programs in the last few years talking about what is good for the environment and what is not. I find a great resource is to see what homeowners around the country are doing to turn the homes they live in or are building green. This gives you a good idea of what you can look for when shopping for a home. The bottom line is for you to know what is green and what really isn’t before you invest your hard earned money into the technology or real estate.
In the current climate of foreclosures there is a lot of talk about REO properties and short sales. Though purchasing foreclosed property from a bank can be a very good deal, there are a few things that you should be aware of going in. One is that the property is “as is” and the bank will, most likely, not negotiate any repairs. They are selling the home at a loss so they will not throw in repair costs. For you, that means you need to be prepared to do any needed repairs or improvements after you close.
The other thing that I have found that people don’t understand is the bank does not pay any of the closing costs. People who are currently selling their home will, because of the current market, agree to pay the allotted amount allowed for the buyer’s mortgage, normally 3%, of the buyers closing costs. Banks don’t do this so you need to make sure you have enough money to cover all the closing costs, including title insurance. Once you know what to expect, buying these types of properties get easier.
If you are currently looking for a property to purchase for a primary residence or as an investment, you have probably seen some, if not all, of the above terms. This post is to simply define and help you understand these terms and how to know when a house is in that given situation.
Pre-Foreclosure: When someone missies a payment on their home they are considered in pre-foreclosure. This doesn’t mean that foreclosure is imminent. It just means that if the payments continue to be late and the loan is not brought current, foreclosure could be an option for the bank.
Short Sale: This is when a house is headed for foreclosure and an outside buyer steps in and negotiates with the owner of the house and the bank and makes arrangements to purchase the house at a discount; with both parties approval.
Foreclosed property: This is a property that has been reposed by the lender due to the fact that the owner neglected to pay the required payment on the loan that secured the property. The mortgage note gives the lender the authority to take this property back when the payments are not made on time. The actual requirements are by state. Many lenders will participate in foreclosure sales at the county courthouse and sell them right away.
REO: Stands for Real Estate Owned and is property has gone through the foreclosure procedure and is now owned by the lender. Most of these properties are listed on the mls services and the sellers agent are local brokers who specialize in this type of property.
No matter what type of property you are looking for, now is a very good time to be looking. Couple that with the low interest rates and this is an optimum time to buy.
Now that we are getting into the cold weather season, it is vital that you take care of your pipes. There is nothing worse than busted water lines!
The first thing to consider is inside lines that are on the outside walls. One of the best and easiest ways to protect from water freezing in those pipes is keep a small stream, or drip, coming out of the faucet during the night when it is the coldest. Running water does not freeze as easy as stagnant water. This only applies to the cold water side unless you are in extreme conditions.
The next pipes to examine are the outside faucets that are exposed to the cold. Many people forget about these and that can spell disaster once the water thaws. Not only can the pipe burst but the inside of the faucet can also split as well is extreme cold. There is pipe insulation that can be bought at the hardware store and easily cut into pieces to fit. If you are in a pinch, you can take an old rag and wrap it around the faucet and exposed pipe then secure it with duct tape. It works great and saves you a trip to the store.
The pipe insulation also works great for exposed pipes in basements and crawl spaces that are prone to freeze. In extreme cold there is a heat tape that can be wrapped around pipes to keep the water flowing. You will need to make sure you can plug this in in order for it to turn on. Whatever you do, keep you and your plumbing pipes warm!
You don’t have enough or any down payment money.
You don’t think you will qualify for a loan.
You want to wait until rates get to the bottom.
You’re not sure what the economy is going to do.
You don’t know whether you will have a job or not.
In other words, there are some very real scary things that may be keeping you from buying a house right now. There is also a great saying that came out of President Roosevelt in regard to The Great Depression; “the only thing we have to fear is fear itself”.
The only way to overcome the fear is to get good information and good knowledge on the subjects in question. The way to do that is to seek out council from experts in the fields you’re worried or scared about.
Find out from you mortgage lender if there are programs out there where you don’t have to have a down payment. (There are!)
See if you can qualify for a loan and if you can’t, find out what you need to do in order to qualify down the road.
Talk to your lender about “timing rates” and see what they have to say.
Listen to experts and find answers on the economy and where it looks to be going. Note: not just the gloom and doom guys in the national media.
Talk to your boss or supervisor about the possibility of keep your job long term. They may be able to tell you for sure but knowing you are thinking about buying a house, they should be able to make you comfortable, or not, about buying right now.
Get the information and move according to what you access about your situation. It can be done but it is up to you to do the work and ask the questions.
You read everywhere these days about making concessions and giving away trips and cars, etc. in order to entice people to come look at your house and buy it quick. Though those things are more popular in other areas, they can be used as positive motivation for a buyer. However, no one wants to look at the inside of a house if it looks bad on the outside and it’s hard to get a house looking really good on the outside this time of year; so what can you do?
There is one of two things that you can do to help the look of your home this time of year. One is to make sure your gutters are cleaned and your yard is picked up to present a very nice and neat area. This means pulling up the dead annuals, raking leaves and picking up any “gifts” left for you by the pets. The other is to get rid of any clutter that is outside of your home on the porch, deck or driveway. This opens up the space and makes everything look cleaner and bigger. This is the same for inside a home as well and one of the reasons many people rent a storage facility to house some of their household items while the home is being sold. You can also hire professional landscapers and stagers to help you as well if you are having difficulty with the process.
Happy New Year! I hope everyone had a wonderful holiday season and you are ready to go in 2009. The beginning of the year causes many to both reevaluate the previous year and anticipate good and bad things in the up coming year. With that in mind, let’s look at real estate in the Nashville and surrounding areas.
We had a mixed bag in 2008. Though the overall economy has fallen and the mortgage crisis is still reeling from bad lending practices, real estate values in the Nashville and surrounding areas have faired much better than those in other areas around the country. Prices have fallen and there are cases were families are upside down in their properties yet that has been far and few between here. For the most part we have held up well through much of the turmoil.
So what should we expect in 2009? Experts around the country have said that both house prices and interest rates will continue to fall throughout the first half of 2009. Since we have no way of really knowing, I guess we will have to wait and see if they are, in fact, correct. Rates have fallen to around 4.5% several times recently so there is a lot of demand for people looking to refinance their owner occupied property. I have also seen a great interest in buying this last week as those who have been waiting for awhile are starting to realize that rates are now low enough to entice them to start looking again.
Overall, I would say that 2009 will be a good, if not a great year for real estate in Nashville. My hope is that real estate will be the same all over the country as people get back on their feet and the country moves forward. Here is to a great year foe us all!
