Nashville Area in the Spotlight!!

In the past 3 years, the rise in popularity with not only tourism, but with people relocating to Music City has been incredible.  Some say the ABC TV hit “Nashville” has brought a new hip, trendiness to town nashville-tv-show-1-480x240 .  I have seen people from Germany drive into the Bluebird Café parking lot (while I am waiting 2 hours to go in for a show) just to get a picture of the sign and entry. Such a great job has been done by the production company duplicating the Bluebird inside and out on a sound stage hidden away in Nashville that visitors don’t even know it’s not filmed there! bluebird Cafe

The new convention center is bringing in tremendous business nashville_music_city_center1…they can’t build hotels quick enough to accommodate all the conventions wanting to come to Nashville!  Attendees may come here for a few days to visit and decide to stay forever!

And then let’s never forget the incredible music scene here that started with the honky tonks on Broadway and now truly welcomes all genres of music with Jack White, Kings of Leon and so many others calling Nashville home.  Rymand Auditorium and Batman Building Lower Broadway web size

Nashville’s housing market has rebounded stronger than anywhere else in the nation in the aftermath of the recession, according to a new study.

Nashville’s median home price today is 11 percent higher than the peak values before the recession strucka net growth that’s the best of the nation’s 100 largest metro areas. Rounding out the top-5: San Francisco, Honolulu, San Jose and Columbus, Ohio.

That analysis comes from the financial website SmartAsset.com, which crunched federal data and numbers from the National Association of Realtors.

To read the full article, go HERE.

The Nashville-Davidson-Murfreesboro-Franklin, Tenn. market also placed seventh on REALTOR.COM‘s list of the 15 hottest selling markets in the country right now.

burning-homes1  hot-real-estate-market1

To read more about the REALTOR.COM study, go HERE.

Posted in brentwood, brentwood homes for sale, brentwood real estate, buyers, davidson county, financing, for sale, franklin, franklin homes for sale, franklin real estate, gallatin, gallatin homes for sale, gallatin real estate, green hills, green hills houses for sale, green hills real estate, hendersonville, hendersonville homes for sale, hendersonville real estate, home buying blogs, home selling blogs, homes, homes for, homes for sale, houses, houses for sale, keller williams, moving, nashville, nashville homes for sale, nashville real estate, real estate, real estate articles, real estate blogs, realtor, relocation, rosalie mietzel, rosie mietzel, sellers, sumner county, tennesee, tn, unclassified | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Closing Costs? I Have My Downpayment – Isn’t That Enough?

The simple answer is…NO.

Every offer presented in recent weeks on my listings has included a Special Stipulation that says “Seller to pay 3% (or $5000 or other stated amount) of purchase price towards buyer’s closing costs.”

An article by USA Today states that roughly two-thirds of Millennial home buyers don’t understand or are not very aware of the additional fees besides their downpayment that are due before the property title can be handed over.  These fees can include title and escrow fees, lender fees, the price of an appraisal, and many more.  Traditionally there are certain fees paid by a seller (such as title insurance, real estate agent commissions) and other fees paid by a buyer (points and loan fees, lender title insurance, home insurance, mortgage insurance). Then there are additional items such as a buyer’s  credit report, home inspection and appraisal that are paid up front by the buyer, and things like a home warranty that either party can pay.

The issue is potential home buyers are “looking first, learning later” about the home-buying process.  Millennials who are typically more tech-savvy than their predecessors, use the power of the internet to find all these wonderful homes to look at and Realtor contact information right next to the home information. It looks so easy – they want to go see houses, without understanding the home-buying process and fees involved.  Nobody is getting home-buying education in school, so they are learn from trial and error…from reading articles…from their parents.

There is roughly a minimum of 3% of closing costs in additional to a down payment that must be paid to be able to purchase a home.  There is no rule that says a seller has to pay them for a buyer.  If they do, it is usually factored into the price…or sometimes a seller as reduced his price to bare bones and there is no more margin to play with. It’s OK to ask…but if you really want the home, be considerate that a seller already has his hefty share of costs to sell his home…and may not be able to pick up the tab for your costs as well.

Posted in brentwood, brentwood homes for sale, brentwood real estate, buyers, davidson county, financing, for sale, franklin, franklin homes for sale, franklin real estate, gallatin, gallatin homes for sale, gallatin real estate, green hills, green hills houses for sale, green hills real estate, hendersonville, hendersonville homes for sale, hendersonville real estate, Holiday, home buying blogs, home selling blogs, homes, homes for, homes for sale, houses, houses for sale, keller williams, moving, nashville, nashville homes for sale, nashville real estate, real estate, real estate articles, real estate blogs, realtor, relocation, rosalie mietzel, rosie mietzel, saving money, sellers, sumner county, tennesee, tn | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

I Can Do This Myself…(When it might not be best to DIY)

Those 4 magic letters…F S B O…

A frustrated buyer has spent days, weeks, or months looking for the perfect house…

  • He has looked online at all the websites that bring the listings to him – until he discovers a large majority are inaccurate and the houses are under contract.
  • He has looked  at the smaller list of truly available properties his Realtor sends him.
  • He has driven around looking for signs in the front yards, found one that looks promising, calls the Realtor to  hear those frustrating words…”Sorry, it’s already under contract, closing next week.”
  • Then he finds that perfect yard sign…For Sale By Owner.
  • FSBO 3

“I’ve struck the Mother Lode!” thinks the anxious buyer.  He calls the homeowner and asks for an appointment to come see the house.  The homeowner offers “Tonight is fine or tomorrow night after I get home from work”.  He finally gets someone on the hook.  “That was easy,” thinks the homeowner.

The buyer goes over, and is in awe over the new windows and floors, fresh paint, new flowers in the garden.  He loves it – better than anything he has looked at previously.  “How much will you take?”

“Well, I’m listed at $230,000, but I can go a little lower…”

Wow – magic words to a buyer’s ears.  “Will you take $225,000?”

“Yes, I guess I could.  Let’s write it up.”

Wow – wasn’t that easy?  So the buyer and seller get out a piece of paper, agree on a price and what day they will close.  Then the buyer calls his lender…”I bought a house today!”

The lender says, “Great! Bring me your purchase contract so I can start working on the loan.  When are you closing?”

“The end of the month,” says the buyer. “I just gave notice on my apartment!”

“Uh oh…that’s only 3 weeks away.  I need at least 45 days to make this  happen.  What about your closing costs – who’s paying for those?”

“Uh…what closing costs? We’re not paying a commission.”

“Not the commission,” the lender says.  “I’m talking about the costs of your  loan. You barely have enough  money to cover your 5% down payment – there are a few thousand dollars more in points, PMI, fire insurance, title insurance, pro-rated property taxes, the escrow agent’s fee – who’ going to pay all those?”

“Shoot – we didn’t talk about any of that.  What’s PMI?  I don’t have enough money to pay for all those things, ” says the buyer as his bubble starts to deflate.

“Well, you could have asked the seller to pay them – but it’s a little late now that you’ve negotiated a sales price already.  Who is paying for the title insurance? When is your termite inspection scheduled? Who’s going to pay for the termite repairs? What about a home inspection?  Did you get a Property  Condition Disclosure?  Did you ask for a Home Warranty? I need you to bring in a check for your credit report and $450 for the appraisal.”

“But, we didn’t talk about any of that… what appraisal?.”

“The appraisal is to make sure you’re not paying too much for the house, and to protect our position as the lender too.  We have to order that right up front. You’re going have to go back to the seller and ask for closing costs – you don’t have enough money to pay for all those things on top of your down payment.  What about the price – did you have a CMA done before you made your offer?” The lender is burying his head in his hands, knowing what the answer is going to be.

“WHAT’S A CMA???”

That’s what your Realtor would have prepared for you before ever writing an offer – a Comparative Market Analysis –  so you knew what other homes in the neighborhood had sold for in the last 6 months, so you didn’t pay too much for the house.”

“I’ll call the seller and get back to you.”  So the buyer calls the homeowner…

“Ahhh, we may have a problem. Can you pay my closing costs?”

“What are you talking about? We already agreed on a price! I can’t pay anything more at this point – that was  the lowest I can go – I have a loan to pay off and need money for my next house.”

The buyer asks timidly, “Did you ever have a CMA done?”

“Yep – but that doesn’t mean anything – my house is better than all of those. When the insurance adjuster came out last year, I had one done when I was thinking of selling instead of repairing.”

“So you’re asking more than what the CMA says your house is worth? Why did you have an insurance adjuster and repairs?” The buyer is getting nervous now.

“It doesn’t matter – we have a deal!” says the unhappy homeowner to the more unhappy buyer.

Unfortunately, this story is based on truth. Good and bad. Notice I did not use the word “Seller”, as the sale never closed.  The house did not appraise because the homeowner was overpriced by $25,000 because he owed too much on his mortgage.  There was hidden damage due to a flood two years ago. The buyer lost $450 on an appraisal that he cannot use on another home.  The buyer had given notice on his apartment, and had to move – to another rental. The homeowner lost the spring marketing time, with his house tied up in this transaction for weeks. If it had been an FHA sale, the low appraisal would have been tied to the house for six months.

If a Realtor would have been involved in the transaction, there would have  been a multiple page purchase contract giving the buyer (and seller) protection from start to finish.  The Realtor would have been available during business hours to show property. The buyer would have been provided sales history to help come up with an informed offer price. The offer would have included who was to pay for title insurance, closing costs, termite repairs and a home warranty. They would have been able to access the Property Condition Disclosure, that would have told why repairs were done.  The offer would have included an inspection period for the buyer to perform his due diligence.

This is just the tip of the iceberg iceberg of everything that would have been provided to a buyer and seller if a Realtor would have been involved in the transaction. It’s about a lot more than just the commission. There are many successful For Sale By Owner transactions. particularly with sophisticated buyers and sellers, or a Realtor selling his own property. But in many situations, the prospect of saving the commission is far outweighed by the  pending disaster lurking below the surface.

FSBO 2 sign

Posted in brentwood, brentwood homes for sale, brentwood real estate, buyers, cost saving, davidson county, financing, for sale, franklin, franklin homes for sale, franklin real estate, gallatin, gallatin homes for sale, gallatin real estate, green hills, green hills houses for sale, green hills real estate, hendersonville, hendersonville homes for sale, hendersonville real estate, home buying blogs, home selling blogs, homes, homes for, homes for sale, houses, houses for sale, keller williams, moving, nashville, nashville homes for sale, nashville real estate, real estate, real estate articles, real estate blogs, realtor, relocation, rosalie mietzel, rosie mietzel, saving money, sellers, sumner county, tennesee, tn, unclassified | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Simple Ways to Reduce Home Heating Costs

rmietzel:

An update to my previous blog – in November, we had insulation installed in our crawl space, beneath our floors throughout our home. The installed said we “were heating 1000 sq. ft. of dirt in the crawl space”. We thought it might take 2-3 years to recoup the cost of doing. After suffering through cold feet and having to run the “emergency setting” on our heat pump the past 3 years, this winter we are facing the coldest weather in recorded history for Nashville, and haven’t once had to run the emergency setting on the heat pump! In fact, we have reduced our temperature setting inside our home by at least 5 degrees…and are seeing an immediate savings of at least $100/month on our electric/heating bill! It was extremely affordable to have the insulation installed (even a DIY project for some folks), and we will recoup the cost in 2 years at this rate!

Originally posted on Through a Buyers Eyes:

With the return of winter weather comes for many homeowners, higher utility bills.  Here are a couple of tips to help you control costs, some of which require no expensive purchases or upgrades!

Leaky windows and doorways – cold air that enters will create drafts that are costly, as you turn up the thermostat to remove the chill. Seal drafts around windows & doors using caulk or weatherproof tape. 

Utilize the heat that’s already in your home – after using your oven, leave the door open so the heat enters your house. After showering, instead of using the exhaust fan, just open the bathroom door so the steam migrates to the rest of the house. It keeps moisture in your home and moist air feels warmer than dry air…and reduces the amount of static electricity and static shocks you will get! 

Use your thermostat wisely.  Even without a programmable one…

View original 171 more words

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5 Home Projects that Pay Off with Buyers

As the name of my blog implies, homes for sale can be seen completely different by a homeowner and “Through A Buyer’s Eyes”.  If you have lived in your home for years, you are comfortable…and don’t even notice burned out light bulbs, cobwebs, etc.  But when your house is for sale, a buyer certainly will, as they are sometimes looking for a reason to ELIMINATE a home from the long list they are considering.

Sometimes to sell, improvements have to be made first.  Realtors across the country have rated several home improvement projects that will not only add value, but will also recoup most of the cost upon resale.  The 2015 Cost vs. Value Report lists the top five remodeling projects with the highest return on investment as smaller, exterior improvements (leading to that critical “first impression”):

  1. Steel Entry Door – for the 2nd year in a row, this is the #1 home improvement when it comes to seeing a return – 100%.
  2. Manufactured Stone Veneer – replicating the look of natural stone for a much lower price, it will recoup 92.2% of your investment.
  3. Garage Door Replacement – this can update the entire exterior of a home, and recoups 88.4% of your investment.
  4. Fiber-cement Siding – resistant to termites, rot, moisture and fire. Expect a return of 84.3%.
  5. Wood Deck Addition – outdoor entertaining space is a huge draw for many buyers. A deck provides a large amount of additional living area at a fraction of the cost of an indoor addition, and can return 80.5% of your investment.

Remember, that all real estate is local, every neighborhood unique, and resale value of projects varies from community to community.

Posted in brentwood, brentwood homes for sale, brentwood real estate, buyers, cost saving, davidson county, decorating, for sale, franklin, franklin homes for sale, franklin real estate, gallatin, gallatin homes for sale, gallatin real estate, green hills, green hills houses for sale, green hills real estate, hendersonville, hendersonville homes for sale, hendersonville real estate, home buying blogs, home selling blogs, homes, homes for, homes for sale, house decor, houses, houses for sale, keller williams, moving, nashville, nashville homes for sale, nashville real estate, real estate, real estate articles, real estate blogs, realtor, relocation, rosalie mietzel, rosie mietzel, saving, saving money, sellers, sumner county, tennesee, tn, unclassified, williamson county | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

Why the “3 P’s” Aren’t Enough to Sell A House These Days

I just read a great article in Inman.com that is so relevant.  It used to be that the “3 P’s” could sell a house:

  • Put a sign in the yard
  • Put it in the local Multiple Listing Service (MLS)
  • Pray!

It takes a lot more than that to successfully find buyers and sell a house these days…  a lot more “P’s”.

  • Price – always the most important. If you don’t price something correctly, no amount of marketing will get a buyer to buy. Pricing = Psychology.  Some people think $199,999 sounds better than $200,000.  But what if a buyer has an online search criteria of $200,000 – $250,000?  He would miss this house by one…dollar.
  • Promotion – better known as Marketing, Advertising, and Exposure. This is not where “less is more” is the right answer – go overboard on Promotion. It all starts with the Photos – another “P” word.  The old saying “A picture is worth 1,000 words” is so important in real estate in this era of smart phones, tablets, and online searches.

Old house with tree through it 1  log cabin web size

Regency vinyl window     old hickory waterfront 2

  • Placement or Positioning – in the marketplace.  A condo will attract different buyers than a log home. Lakefront vs. farm.  There’s a buyer for everything – but you must find that market and make sure you are positioned/placed in front of them.
  • People – a Realtor’s team that helps find buyers and help close transactions. Whether it’s assistants, escrow officers, lenders, termite inspectors, title officers, it takes an entire team to reach a successful end to the home buying journey.
  • Physical Evidence – proof of what a seller or his agent is doing to.  If you choose the right product at the right price, and promote and position the product correctly, then you will have fewer problems. Your house will sell faster with fewer hassles.

Rosie Pending Sign

Posted in brentwood, brentwood homes for sale, brentwood real estate, buyers, davidson county, financing, for sale, franklin, franklin homes for sale, franklin real estate, gallatin, gallatin homes for sale, gallatin real estate, green hills, green hills houses for sale, green hills real estate, hendersonville, hendersonville homes for sale, hendersonville real estate, home buying blogs, home selling blogs, homes, homes for, homes for sale, house decor, houses, houses for sale, keller williams, moving, nashville, nashville homes for sale, nashville real estate, real estate, real estate articles, real estate blogs, realtor, relocation, rosalie mietzel, rosie mietzel, saving money, sumner county, tennesee, tn | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , | Leave a comment

7 Things That Won’t Happen in Real Estate

1)  Run out of houses to sell. 

“There’s just nothing available.”  There will always be a constant source of homes on the market.  Between motivated sellers, new home builders, investors, bank-owned properties, speculators and the like, there may be more inventory available at certain times of the year than others…but there will always be houses to sell.

2)  Houses will be given away.

“I got my house for nothing!”  Except for the rare opportunity to receive a home through an inheritance, houses will always have a price tag on them.  Sometimes high, sometimes low.  But you will always have to trade dollars for home ownership. So the best thing you can do is get pre-qualified so you know what you can afford before you start looking.

3)  Buyers will disappear.

“There just aren’t any buyers out there any more.”  At different times of the year, the volume of buyers can fluctuate.  Right now in many locations, buyers are still hibernating due to cold winter weather.  There may be fewer buyers, but they may be more serious due to job changes, relocations, growing families, termination of a lease, or financial changes in their lives.  But there will always be some buyers looking for their next home. Spring traditionally starts the strongest “buying season”, with warmer weather, sunnier outlooks, and knowing what their tax return will show!  If you, as a seller, aren’t seeing buyers or traffic through your front door, you might have your home priced to high.

4)  Real estate agents won’t be necessary.

“I don’t need an agent.”  Buyers may be able to search for homes online…but real estate agents have all the information – whether a listing is under contract, off the market, or price reduced. . And they have the tools to schedule showing appointments.  Sellers may be able to see what their competition is priced at, but real estate agents can go into the databases and pull the history of what has sold in recent months – the true determination of a home’s value. An agent can screen people ahead of time, so a seller is not opening his door to every person that wants to see inside his house – whether they can afford to buy it or not…or are truly a serious buyer vs. a weekend hobbyist looking for decorating ideas.

5)  Interest rates will go lower.

“We’ll wait a little longer – rates might go down.”  Not happening.  There may be small fluctuations in what lenders charge for real estate loans.  But I remember not that long ago when interest rates were 6%, and 10%…even 13%.  If you are balking at paying 3.8% interest rate, and hoping for better…well, it  just may backfire and you’ll be back up at 4.5% or higher.  We don’t have a crystal ball…but we do have common sense! And the longer you wait, prices will be going up and the best buys will be gone, putting you even further behind in the house hunting race.

6)  Sales prices will go lower.

“If he got $150,000 for his house, then I want $165,000 for mine.”  Most market areas have experienced their lowest prices in recent years and are rebounding with higher prices and increased home sales.  The days of lowballing a seller’s asking price are being replaced with a crowded field of buyers submitting multiple offers. It is a seller’s market right now in many areas, caused by reduced inventory and greater demand. A seller always wants to ask more than his neighbor got…and sometimes gets it.

7)  The sky will fall.

“Oh my gosh, it’s a terrible time for real estate!”  Not true in any way.  Don’t believe the myth.  As a buyer, be ready to go when a great deal is presented by your Realtor.  As a seller, price your house realistically, using the guidance of your professional Realtor. As a Realtor, be ready to offer your expertise to buyers and sellers, to make their next real estate transaction the most positive experience it can be.

One more thing that won’t happen in real estate…if you work with me. You won’t be abandoned half-way through the process or turned over to assistants.  I’ll always answer my phone.  Go ahead and try it now…615-249-8885.

Rosie Mietzel, Keller Williams Nashville  rmietzel@kw.com   , 615-249-8885

KellerWilliams_Realty_NashvilleGreenHill_Logo_Stacked_RGB

30 Burton Hills Blvd., #400, Nashville, TN  37215    615-425-3600

 

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