According to the Greater Nashville Association of REALTORS, the housing market in Middle Tennessee is on the up and up. In fact, in January alone there were 1,101 home closings, which is an increase of roughly 6.6%. This is great news for those looking to purchase a home, as mortgage rates begin to decrease.
Of the 1,101 house closings in the month of January, 918 of those were residential in nature, and 117 were closings on condominium spaces. At the end of January, there were still 1,270 closings pending, which were not able to affect this already optimistic statistic. This statistic is only expected to improve as the weather warms up, and people begin to put more houses on the market in Middle Tennessee. As we’ve discussed, spring is the time to put your house on the market, before the sweltering heat of summer begins. If real estate closing figures are this positive during the coldest month of the year, then the figures for spring should be equally optimistic. This is great news for home buyers, as mortgage rates traditionally begin to decrease when more homes begin to sell.
Last week we wrote about how Nashville is one of the top cities in the nation for people to visit and live in. More and more we are hearing about how popular Nashville is, and how people love to call Music City home.
Nashville is a smaller city, which makes it more accessible to many families and singles, but with enough excitement to attract a variety of demographics. The cost of living in Nashville is very reasonable, making it a great place for people to raise families or start their own businesses. Many people consider Nashville the home of country music. While the majority of industry boom is in the music business, Nashville offers a variety of industries booming with job opportunity including new media, technology, and web development. Nashville unabashedly embraces their history and country music roots, and this is very appealing to many people who choose to live here. There are so many great reasons to visit Nashville and to call it home. If you haven’t already, come see why so many people love Music City!
According to a recent poll conducted by Harris Interactive, Nashville is among the top ten cities people want to live in or near. Nashville ranked #7 among urban powerhouses like New York City, Las Vegas, and San Francisco.
The poll surveyed over 2,500 adults this past September in order to determine some of the nation’s most popular cities. New York City has consistently topped the list for the past 12 years, but Nashville improved their rankings from last year’s #12 spot. Nashville’s musical roots and deep history make it a fast favorite for many tourists who often decide to settle in Music City. A great vacation spot, and a great place to settle down and raise a family, Nashville frequents many polls as a popular city in the United States. To this end, it’s no wonder people are flocking here from all over the country. While many people are born and raised in Nashville, and choose to stay here, others migrate here and decide to settle down. No matter where you are originally from, Nashville is a great place to call home!
If you’re shopping for a home and haven’t found what you’re looking for, don’t settle for something you won’t love in 5, 10, or 15 years. If you’re still not satisfied with the homes you’re viewing, be honest with your real estate agent and find something that suits you.
On the other hand, when you’re looking at a home, it may be helpful to see past the paint color, walls, and décor the current owners have. Imagine yourself in the home; imagine your family and your belongings filling the house for years to come. It’s important not to settle for a home that you won’t totally love, but it’s equally beneficial to imagine your family in the home instead of just looking at the bare walls and getting frustrated. Talk with your real estate agent and discuss your expectations. They may be able to recommend a different neighborhood, or a different style of home then what you originally said you were interested in. Be open about your expectations, while not limiting yourself to the homes you’ve been currently viewing and you will surely find your perfect home.
Real estate laws are constantly changing, and it’s more important than ever to stay up to date on all real estate legislation. Recently, the FHA waived the anti-flipping waiver temporarily.
Before the waiver, a mortgage could not receive Federal Housing Administration insurance was executed within 90 days of acquiring it. In other words, buyers could not sell homes within 90 days of buying them, preventing real estate investors from “flipping,” houses. Since this has been waived, a seller is now allowed to sell the property for a profit, within 90 days of acquiring it. The temporary waiver is only valid as long as the seller holds the title to the specific property, and no previous “pattern or flipping,” exists for the specific property. There are other regulations that must be adhered to, including the requirement that all repairs be made before the sale is made, and that proper documentation is kept to prove the increase in value. This temporary waiver is big news in real estate, and should make for many interesting real estate investments.
Spring is the best time to put your home on the market. The weather is right for moving and for house shopping, and people are starting to look for a home to invest in. While winter may still be in full force, it’s important to get your home ready for spring now.
Getting your home ready to put on the market takes time. Make a list of all repairs that need to be made, and start tackling that list now, before your home goes on the market. Don’t waste precious retail time by painting the interior of your home once it gets warm out, because you may be missing out on valuable selling opportunities. Use the next few months to update your home to a neutral color, and get rid of any clutter in your home. The sooner you prepare your home for the market, the better chance you have of making a sale this spring. Of course, some repairs and outdoor painting should wait until the weather is a little warmer, but it’s vital to get a jump start on any repairs you can so as not to miss out on a potential sell. Buyers will be out in full force this spring, so make sure your house is on the market at the best possible time.
With so many neighborhoods in Nashville, it is hard to decide where one would like to settle. However, each neighborhood in Nashville is so distinct and unique, if you know what you’re looking for it’s easy to choose.
Green Hills is located just past the Hillsboro Village west of Downtown Nashville. The area is home to the Green Hills Mall, one of the most popular shopping destinations in Music City. Surrounding the mall are wonderful local shops and world-class restaurants, making Green Hills a popular destination for locals and tourists alike. Green Hills real estate is as varied as the local shopping, and there are many affordable homes and great rental properties, as well as expansive homes for those with a bigger budget. With a close proximity to Vanderbilt University and Hospital and Belmont University you’re sure to find a variety of personalities in Green Hills. If you’re interested in shopping and having everything you need close at hand, Green Hills is an excellent place to explore and possibly settle for you and your family.
When you begin the process of selling your home, it’s necessary to understand the importance of marketing your home. Just like any business selling a product or service, you need to market your home as a product people want to buy. Failure to do this can elongate the amount of time your home is on the market.
The first step to properly marketing your home is to know your audience. What type of neighborhood do you live in? If it is a younger neighborhood, market to young families in coffee shops, local restaurants and popular social networking websites. If you live in an older neighborhood, you may want to continue to advertise in local newspapers and Sunday inserts. Once you correctly identify your market, it is so important to keep this message consistent throughout your home selling process. Steer your home viewings and community showings in alignment with your market. By understanding who will likely buy your home you can effectively target that specific market and sell your home faster. Marketing your home is a surefire way to sell it quickly for the price you deserve.
