Middle Tennessee Real Estate

It's Official: I've Moved

2007-08-09T10:01:00.001-07:00

I've moved! My official real estate blog has moved to a new swanky location. You can find me now at http://midtnrealty.wordpress.com. Come by and say hello!

Middle Tennessee Real Estate

On Mortgage Fraud. Again.

2007-07-31T19:19:00.000-07:00

One of my favorite bloggers posted today that someone has actually been convicted of mortgage fraud in Tennessee. I've had several buyers describe how lenders can get them in a house - the how-to's constitute mortgage fraud. When I've explained this to them, they generally freak out and often don't get the home because their only way is through fraudulent lending.

What is mortgage fraud? It's when the numbers are dummied up so that the underwriter and ultimate lender are misled into giving a loan. Now loans where you don't declare your income are okay because lenders know you're not providing back-up documentation to prove your salary. And if a buyer does this, he or she should expect to pay a higher interest rate.

In the simplest terms, it's mortgage fraud when something happens that the lender does not know about.

Here's a link to an amazing blog appropriately called Mortgage Fraud Blog. The best consumer is an informed consumer, so please bookmark these pages and stay up to date on the various schemes. Don't be a victim!

This news is older, but still informative... here's a link to identifying real estate scammers courtesy of CNN Money.

Cash Back at Closing

2007-07-30T20:20:00.000-07:00

I had a listing appointment today with a smart, experienced woman. Several years ago, she wanted to invest in real estate so an agent offered to "help" her by introducing her to an investor. I'm not sure how the whole scheme worked, but she overpaid for a house by about $125,000. The appraiser was in on it. The real estate agent must have been, too, because when the buyer said she was nervous about it the agent kept saying it would be okay.

A side note... when you work with a real estate agent, MAKE CERTAIN that your agent analyzes the market to see what the home is worth. Get your market comparables. If your agent doesn't provide this for you (and yes it's okay to ask), then your agent hasn't provided proper "care" for you and could get in deep doo-doo as a result.

So this agent introduced the buyer to a grifter. Somehow he walked away from the deal with a boat-load of cash. The only way anyone should ever walk away with money is if the seller agrees to pay the buyer for repairs outside of closing. Also, the seller's net profits are acceptable. Real estate agents will take checks back to their brokers, but the checks will be made in the name of the company - not the agent.

I'm writing this as a caution for everyone. If someone is involved in a real estate deal and stands to make a lot of money (and is not the seller or the agents collecting commission on behalf of their broker), then it smells bad. If it smells bad, it's probably not legal. I'm thinking my client's statute of limitations is up on this, but I did give her a name of a good real estate attorney. She's a very bright woman, so if she can be a victim of a scam, then anyone can. Be careful out there - there are some very bad people who want your money.

Under Pressure: Your Toes

2007-07-21T15:38:00.000-07:00

A blogger I love reading posted today about how his brother-in-law nearly had his foot amputated because of a pressure washer. They had been jet skiing in some nasty waters of south Florida and after finishing, they cleaned their equipment with a pressure washer. In a moment of distraction, the bro-in-law accidentally sprayed his foot making a little hole. The skanky water was filled with so much bacteria and other gross stuff, that his foot and leg up-to-his knee became severely infected.

Naturally when I think about pressure washing (I always want to call it power-washing), I think about some of the homes in the neighborhood next to mine with green crud growing up the siding. If you have crud on your siding, dear readers, hire a pressure washer or rent one. But do it because your neighbors find you to be embarrassing!

I found a treasure trove of do-it-yourself pressure washing videos at Expert Village. The host most definitely looks like he knows the ins and outs of pressure washing. Here's a sampling (and try to be patient through the commercials).

Click here for more on "How to Pressure Wash Your House: DIY Home Improvement Project Tips"

Let me know if you do any home-spun pressure washing! I'm very interested in hearing about your injury-free results!

I Scream for Ice Cream

2007-07-18T14:17:00.000-07:00

Today is National Ice Cream Day in the United States. My personal favorite mixed ice cream is caramel praline. But there's not a lot that's better than plain ol' vanilla ice cream covered with chocolate syrup. In honor of National Ice Cream Day, and because it's "Wordless Wednesday" we're going on a home tour featuring four homes from four cities that claim to be the birthplace of the ice cream sundae.

Our first stop is Buffalo, New York:

This pretty home is in North Buffalo and has an asking price of $415,900. It has 4 bedrooms, 3.5 baths, and 3300 square feet. It is located at 69 Starin St., with MLS #280398.

Our next stop is Two Rivers, Wisconsin:

This 5 bedroom, 2.5 bath home with 2847 square feet is available for $227,500. It's located at 3204 Parkway Blvd. and can be found usng MLS #913584.

Now we'll head back over to New York, this time Ithaca:

I love this bungalow style home. (Tell me if it's more cottage to you!). This home has 1200 square feet, 3 bedrooms, 1 bath, and can be yours for $199,000. Check out MLS #124589 for more info!

Finally we head to mid-America to Evanston, Illinois:

I'm beginning to think I like a very specific style of home. This $549,000, 3 bedroom, 2 bath home on 1501 Dewey is listed under MLS #1276785.

That's it! Now go make yourself a lovely, sweet ice cream sundae!

I Want to Suck. Your Blood.

2007-07-11T07:13:00.001-07:00

Dracula's castle may be for sale, for a cool $136 million. I wonder if it comes with a stack of carved firewood. Carved into the shape of a stake.

Beware of Retention Ponds

2007-07-10T21:22:00.000-07:00

I learned today that oftentimes when a lot next to a home has a sinkhole or is a ponding area for when it rains, that the homeowner can be responsible for maintenance of the lot. Sometimes the plat maps don't tell the whole truth. If you own a home next to a water retention area or culvert, go to the county records office and pick up a full printout of the neighborhood blueprint, complete with footnotes. And read the footnotes to see if they say, "Homeowner in Lot X responsible for maintenance of retention area." It could be a bitter surprise!

Here are what retention ponds typically look like, just in case you're wondering.

Wet.

Dry.

The really bad stuff. This sinkhole actually dropped in Guatemala City, killing three people. So while you're getting the neighborhood plat (with the small print on the second page), order a geographic survey, too.

Bob Parks #77 in Nation

2007-06-28T13:58:00.000-07:00

I opened my magazine from the National Association of Realtors this afternoon and saw an article that ranked companies in 2006 by the number of transactions. Bob Parks Realty, LLC earned a rank of #77 in the NATION. That's some big business! We had 6,142 sides that we closed, or 10.7 sides average per salesperson (mine was 15 sides). Our sales volume was $1,500,400,000. that's just incredible. We have 575 agents with our company, spread over 10 offiees.

Beautiful Cul de Sac Home

2007-06-25T11:36:00.000-07:00

This beautiful home has just been listed for $179,900. It has almost an acre that includes a huge front yard, fenced in back yard with a nice wood deck and very nice landscaping. The inside is being completely repainted, so it'll be move-in ready in just one short week!

The seller is a builder, so he's loaded the home with lots of updates, including new fixtures, designer carpet, higher-end Armstrong vinyl. BUT the biggest bonus is the upstairs, which includes a SECOND master bedroom and a huge bonus room. There's lots of storage throughout the home. If you're interested in seeing this home, please contact me at (615) 491-2161.

124 Blue Fox Trail
Murfreesboro, TN 37129
SIEGAL SCHOOLS
3 Bedrooms (2 masters
Office/Exercise Room
1-Car Garage with built in shelving
3 full baths
HUGE bonus room with dual ceiling fans
Roof & appliances are less than 3 years old
Incredible lighted storage

Lenox Village Coming to Smyrna

2007-06-20T15:06:00.000-07:00

A gorgeous community is planned for Smyrna called Lenox Village. With 340 single family homes expected, the developer is offering 25 different floor plans. There is already a waiting list! For more information, read this article in today's Smryna A.M. (featuring a fabulous quote by yours truly!).

Rats in the Belfry

2007-06-07T22:27:00.000-07:00

I showed a new home yesterday - beautiful, tastefully painted, nice fixtures - you know, the works. Then we walked into the garage and noticed a pile of grass seed was spilling out of a small, built-in cabinet. So we opened the little storage door and screamed. A RAT was inside and started to move to us - toward the light. My buyer and I got out of there FAST. AAAAAGH!

That was only the second time I've screamed during a showing. The first was when I laid my business card down on a counter and accidentally brushed another card. About a kazillion baby cockroaches came streaming out from under that card.

The time the spider ran out of a closet and up my pant leg didn't make me scream. I think I just wet my pants over that one! haha!

Housing Numbers for Smyrna & LaVergne

2007-06-01T09:01:00.000-07:00

Smyrna

2007
Homes currently on the market in Smyrna: 348
Home under contract (pending): 140
Homes closed in May 2007: 82
Homes closed Jan. 1 - May 31, 2007: 376

2006
Homes closed in May 2006: 84
Homes closed Jan. 1 - May 31, 2006: 348

Current
Least expensive: $97,100 (998 square feet, 2 bedroom, 2 bath, zero lot line on Dellwood Dr.).

Most expensive: $649,900 (this home has a contract on it, but is located in Hidden Valley and has 4706 square feet, four bedrooms, three and a half baths).

Total number of homes for sale for over $300,000: 26

LaVergne

2007
Homes currently on the market: 405
Home under contract (pending): 83
Homes closed in May 2007: 72
Homes closed Jan. 1 - May 31, 2007: 304

2006
Homes closed in May 2006: 84
Homes closed Jan. 1 - May 31, 2006: 406

Least expensive: $25,900 (mobile home in Driftwood Village currently under contract. The home itself is uninhabitable according to the listing agent on the MLS). Next least expensive: $40,000 on Fergus Road that just came on the market this week.

Most expensive: $452,900 in McFarlin Pointe. Four bedrooms, two and half baths, 4008 square feet.

Total number of homes for sale for over $300,000: 28

This research definitely shows a tale of two cities. Smyrna real estate market is right on track, and perhaps a little ahead of the numbers from last year. However, the number of homes sold from last Jan-May (2006) to those sold this Jan-May (2007) in LaVergne dropped 25% this year. The good news for LaVergne, however, is the numbers seem to be leveling again when you compare May to May (2006 v. 2007), so my thoughts are the market is picking up again. I hope gas prices stabilize so that consumers can regain confidence and get back to investing in purchasing their own homes!

I Love this Wonk

2007-05-30T15:54:00.000-07:00

This is a very cool new toy I found online today. Developed by Trulia, it shows new construction and home growth in Nashville and surrounding areas from 1890 to present. Click here to see what's happened in our area. Or click here if you want to look at other areas. Enjoy!

Raise Your Credit Score

2007-05-28T18:58:00.000-07:00

Without a decent credit score, you won't be buying a home unless you're following the bread trail of a predatory lender. This article today on MSNBC outlines suggestions for raising or improving your credit score.

If your credit score is below 620, you can pretty well forget about getting a good interest rate on a home loan, much less getting a loan at all. The average score, according to the article, is around 720. The article really does provide a strong outline on how your credit score is determined, so go read now!

Home Sales Dip? Again.

2007-05-25T08:50:00.000-07:00

National news is reporting today that homes sales fell in April, for the 9th straight month. In April, I found buyers were more active - based on the fact that I found buyers for my homes listed in April and we closed in May.

MSNBC has the story about home sales and home prices falling.

More locally, I'm seeing fewer homes being listed. I believe this will eventually be good for sellers because of supply and demand. With fewer homes, there will be less to choose from when buyers are ready, so eventually that will positively impact the market. When we reach that point, I believe the market will take off again.

Unless the subprime mortgage industry keeps dragging the market down.

Gorgeous Gated Community Coming

2007-05-17T06:24:00.000-07:00

Though they are a different company within the company where I work, I don't always agree with their decisions. However, this time they are building a gorgeous community in Murfreesboro called Marymont Springs off of Rucker Lane. With over 600 acres, they are building an estate gated community featuring lakes, trail, and more.

Homes will range from $300,000 to over $1 million. It looks like it will be absolutely stunning once complete and I'm going to be working hard to earn enough to build my own home there! :)

Read the article about how the neighborhood association will be paying for its own roads printed in today's Daily News Journal.

Not again!

2007-05-15T16:36:00.000-07:00

Another body was found in a home, but thankfully this time a Realtor wasn't involved! A woman in Spain stopped making her mortgage payments, so the bank/lender foreclosed on the home. Without even going to look at it, the bank sold the home at auction. The buyer went to look at it after there was a nearby fire - and found the previous owner. She was sitting on the living room couch, mummified.

Holy crap! Read the story here!

Sweet Home

2007-05-14T11:27:00.000-07:00

Just listed this pretty home today for $127,000. It’s a three-bedroom, two bath home in the back of Lake Forest (technically, it’s in the Gammon Estates subdivision). It backs up to woods.

More details:

$127,000 604 Angel Way Court, LaVergne, TN
Big living room with wood burning fireplace
Breakfast nook in kitchen
Stove, dishwasher & refrigerator remain
Formal dining room
Walk-in closet in master (trey ceilings and private bath)
Nice deck - will need to be pressure washed
One-car garage

This home will be a short-sale as the father had a major medical issue and medical expenses will eat you alive. Plus, he is no longer able to maintain a yard. Please let me know if you’d like to see the home! And now for some photos:

Bright = Blinding Light

2007-05-10T05:43:00.000-07:00

I posted this at Shak & Jill and thought it was too funny not share here!

We've all read things like, "Charming home with city view" and have gone to look only to find that the real estate agent has been very creative in his or her description. The folks at Bigger Pockets posted a funny rundown on how to really read real estate ads. Go here for a good laugh!

Here are a couple more that I've written in my own listings and what they mean:

Brick - Brick veneer on the front only. If it said all-brick, it'd be real brick all around.
Popular Neighborhood - Way overcrowded and possibly filled with gangs and/or crime.
Mature Trees - Nice shade, but let's hope you don't have septic because the roots will probably be eating away at it.
Immaculate - Not filthy.
Spacious - Not tiny.
Fenced Back Yard - To keep neighbor's snarling rottweiler or pit bull out.
Affordable - Needs work.

You get the idea! May the buyer beware!

Townhome in Popular La Vergne Community

2007-05-09T06:13:00.000-07:00

JUST LISTED!

Brick townhome w/upgraded carpet, all appliances (including stove, refrigerator, microwave, dishwasher, washer & dryer), gorgeous kitchen, private patio, 2- spacious master suites & big living room. Walk to Veterans Memorial Park from this quiet community.

Easy access to jobs, schools, shopping, entertainment, interstates, N'ville, M'boro, and more!

Total Square Feet: 1355
Bedrooms: 2 (two master suites with oversized closets and private baths)
Total Baths: 2 1/2
Price: $111,000 (seller will consider helping with closing costs)

Brick front. Monthly association fee of $75 covers all outside maintenance, including insurance on the structure and yard work.

Huge living room has room for big-screen television (not pictured).

Kitchen has beautiful cabinets, all appliances, nice bar area, pantry, and roomy dining area.

Master bedroom has walk-in closet, private bathroom, office or sitting area, and cathedral ceilings.

Private patio includes storage area for yard equipment (not that you have to do any work on the yard, but still!).

Call Kathy at (615) 491-2161 for a private tour, or email ktyson(at)realtracs(dot)com for more information.

Welcome Agent Janice!

2007-05-03T13:04:00.000-07:00

My friend and mentor Janice Williams is jumping into the blogging river. I'm her only lifevest so far, so be nice to Miss Janice! Visit her at This is Murfreesboro. She'll be writing a post soon to give me photo credit for her fabulous picture! Nudge nudge wink wink. Hahahaha. Welcome Janice!

Six Bedroom with Creek!

2007-05-02T07:22:00.000-07:00

A friend of mine has the gorgeous home listed in the west Nashville area in the Woodland Forest subdivision. It was too pretty not to mention here! Some stats: 6 bedrooms, 4 1/2 baths, 2 rec rooms, 2 kitchens (in-laws, anyone?), over 3700 square feet, hardwood floors, new carpet, new paint, and it BACKS UP TO A BEAUTIFUL CREEK! It's listed at $319,900, already reduced $20,000 from original price. Here are some photos:

Front of the home features two car garage, plus third garage. Plenty of room for parking for when you have parties! Quiet cul de sac is an added bonus.

Check out these gleaming floors!

All kitchen appliances remain and include stove, dishwasher, refrigerator, and coffee pot!

This is the downstairs bonus room with a kitchenette. Could be in-law apartment!

This is my very favorite part. This view is amazing and the creek runs right beside it.

If you'd like more information or a personal tour, give me a call at (615) 491-2161. The seller is willing to help with some closing costs, etc. if the offer is strong enough.

Please Never Happen to Me

2007-05-01T20:00:00.000-07:00

I hope this never ever never never ever happens to me or my clients. An agent showing a house allowed her clients to go back to the bedroom alone. Shortly after, she heard a scream. The buyers had found the homeowner deceased on the bed. She died two weeks before. The listing agent wouldn't say how long it had been since the last showing, but my money says it had been at least two weeks. Read the article here.

Side note: I try to contact my clients every week!

Welcome New Agent

2007-04-19T14:51:00.000-07:00

Sometimes people in the real estate industry are viewed as cut-throat and treated like used-car-salesmen.Admittedly, I have run across agents who try to profit from the work of other agents, who lie, who try to mislead. Thankfully those are few and far between, but it's a shame when one bad apple gives everyone else a black eye!

In contrast, however, I also have the privilege of knowing some of the smartest, and most honest, moral, and ethical people around. One such acquaintance of mine just got his license with the state of Tennessee. Glen (Robert) Dean and I don't always agree on politics. We often have different views of the big, wide world. Even so, I know he will be an outstanding agent (though with another company) because he strives to be fair. It is such a pleasure for me to welcome Glen to the the real estate roller coaster! Enjoy the ride!

Open House Sunday 4-22-07

2007-04-19T11:27:00.000-07:00

I'll be hosting an open house in Smyrna's beautiful Stonewood subdivision this Sunday, April 22 from 2:00-4:00 p.m. I hope you stop by and say hello! Here are some property details:

5416 Cliffstone
$349,900
4 Bedrooms, 3 baths
Huge bonus on 2nd floor
Huge Florida/Hearth room
Master bedroom downstairs
Eat in Kitchen + formal dining room
3 Car garage
2 fireplaces
Hardwood floors, Corian counters, double ovens, master has two separate walk-in closets (one for her summer wardrobe, one for winter - haha)

Directions: I24 East to Exit 70 (Almaville Rd.) Turn right and go approximately 4 miles then right into Stonewood subdivision. Left on Woodcliff (first street after entering subdivision), then right on Cliffstone. Home on right near end.

Now for some photos!

Beautiful treed lot on almost a half acre. All brick home!

This is photo of hearth room / sunroom. You can see the kitchen looks onto this extra space.

Then we have the second fireplace in the formal living room.

Note the double stainless steel ovens, gorgeous hardwood floor and bay window in the breakfast nook!

Hope to see you on Sunday!

Disciplinary Action - Oh My.

2007-04-19T11:12:00.000-07:00

Licensed agents in Tennessee get a quarterly newsletter from the Tennessee Real Estate Commission, a part of the state's Department of Commerce and Insurance. If you don't think agents are regulated, here are some of the most recent disciplinary actions taken by the commission. I've left off names, but am including the violations and fines:

Revoked license and assessed a civil penalty of $30,000 for improper, fraudulent or dishonest dealing. (two more like this at $10,000 each)
Assessed civil penalty of $1,000 for *failure to exercise reasonable skill and care.
Assessed civil penalty of $1,000 for failure to timely submit an offer.
Firm assessed civil penalty of $750 for *failure to notify TREC of the change of a firm address.
Assessed civil penalty of $250 for *failure to timely deposit escrow money.
Assessed civil penalty of $250 for an *advertising violation.
Assessed civil penalty of $500 for *failure to properly disburse escrow funds.
Assessed civil penalty of $250 for misleading advertising and failure to exercise reasonable skill and care. (several of these advertising problems)
Firm assessed civil penalty of $8,000 for paying unlicensed affiliates.
Assessed civil penalty of $1,000 for failure to include all terms and conditions in a contract.
XXX license suspended for one year for misrepresentation on his application for licensure.
Assessed civil penalty of $1,000 for failure to answer a complaint.
Assessed civil penalty of $2,500 for *failure to timely complete education.
Assessed civil penalty of $2,500 for *failure to exercise adequate supervision.
Assessed civil penalty of $250 for failure to timely complete administrative measures.

* Multiple reports of disciplinary action on these violations.

So don't think for a second that we aren't very careful about working with honesty and integrity. Besides it being a moral, ethical, and legal prerogative, we do know that Big Brother is watching us!

Mortgage Help May be Coming

2007-04-17T11:50:00.000-07:00

The big players in the mortgage business, Fannie Mae and Freddie Mac, may be gearing up to help home owners in distress due to possible foreclosure, according to news today via Comcast.net. According to the article:

Richard Syron, Freddie Mac's chairman and chief executive, said the company is "working on a major effort to develop more consumer-friendly subprime products that will provide stable financing alternatives going forward," which are expected to be available by midsummer.

30-year mortgages are already commonplace, but growth is expected in 40-year mortgages. Because these mortgages are longer-term, buyers will pay more interest, but monthly payments would be expected to go down.

In other news, the housing market economic outlook is being called "modest" by forecasters. According to CNN,

The South, which accounts for about half the nation's home building, showed a 3 percent decline [in housing starts], and building fell nearly 8 percent in both the Northeast and West.

But according to the same article, the National Association of Home Builders predicts the housing market to stagger along,

The glut of new homes for sale on the market has slammed sales and profits of the nation's major builders.

On a personal note, the market does seem to be picking up after what has been my longest dry-spell since I initially got my real estate license. For that I am very thankful! I'm always available as a full-time agent to help you with any of your real estate needs. I also appreciate any referral business you can send!

Open House this Sunday

2007-04-12T07:49:00.001-07:00

I'm helping an agent in my office out this Sunday by hosting an open house on one of her listings. If you're in the housing market or you know someone who is, please stop by 302 Davids Way between 2:00 and 4:00 p.m. on Sunday. It's a beautiful home with lots of upgrades! There are so many lovely places to live in La Vergne and this one is definitely one of them! Some photos:

Notice the privacy fence in the back, all brick (with some wood), level yard, two car garage.

I love this living room. Neutral colors, fireplace, bright.

Here's the real winner... this kitchen with the black appliances is very pretty. I like having a pantry (see to the right of the stove) ... very nice.

A formal dining room is huge!

PLUS a breakfast nook.

PLUS a bonus room!

(See, I told you this house is beautiful!)

Finally, a view of the back yard!

Come by and say hello! And don't forget about the lender I know whose company is offering $5,000 toward closing costs (while supply lasts - probably mid-May). I received a phone call earlier this week about this offer, but never heard back from the caller. Let me know if you want more info because this won't last long.

And for your added info, here's a quick guesstimate... to buy a home for $110,000, your payment would be around $785 p/month (includes tax and insurance). So to buy a home for $200,000, it would be around $1400'ish. And there are plenty of other homes out there! Right now, we have 381 homes on the market in La Vergne. Lowest price is $31,500 on Old Jefferson Pike and the highest is $485,900 in Hampton Estates.

"Straw" Mortgages = Bad Bad News

2007-04-11T08:35:00.000-07:00

A new scheme, or perhaps not so new, is out there that fraudulently misleads lenders, buyers and sellers. It's called a "Straw Mortgage" and can work several ways. For example, Blanche Evans of Realty Times listed these (along with others) in a recent article:

induce appraisers to inflate property values in order to obtain a larger mortgage loan for the "straw borrower."
submit bogus invoices for phantom "upgrades" or "renovations" that falsely inflate the value of the property. This allows the fraudster, "straw borrower," or "investor" to obtain a larger mortgage.

Typically, a straw buyer is someone whose identity is concealed, according to columnist Broderick Perkins. He has another interesting article about how to recognize and avoid fraud.

And right here in our own backyard, a national ringleader was caught in Nashville for mortgage fraud. He's squealing on the people who helped him, so expect a lot of headlines about this. Read about what he did and how he did it from The Tennessean here.

Finally, here's a first-hand example of what happened to a California builder. May the buyer beware.

Condo Communities Hit by Mortgage Probs

2007-04-09T05:35:00.000-07:00

Condominium communities traditionally charge community fees ranging from $25 to well over $200 p/month for maintenance, lawn work, and more. But according to today's Tennessean, condo associations are feeling the crunch caused by subprime loans because owners are unable to pay the monthly charges. As a result, they are dipping into reserve funds to pay for new roofs and other services offered by the associations.

Read about the problem in the article here.

Bob Parks in The Tennessean

2007-04-05T12:01:00.000-07:00

Here's an interesting article that was published in Sunday's Tennessean about Bob Parks. Mr. Parks created a very wonderful environment for agents to work in. We prefer working with people who know and trust us to total strangers. However, if you feel you've come to know me from my various online blogging, I'd love to meet you, your family, or friends and help you buy or sell a home! Happy Easter!

Real Estate IS like a Roller Coaster

2007-04-04T09:42:00.000-07:00

I found this on Curbly.com and reposted it at Shak and Jill, but also had to post it here. It's the U.S. housing market from the 1800s to today graphed out and created as a roller coaster. I swear the first time I watched it, my heart was pounding. But that's because roller coasters scare the bejeezus out of me. If the video doesn't load automatically, click here.

Should I Stay or Should I Go...

2007-04-03T11:46:00.000-07:00

I've been reading conflicting stories online about whether the market is improving or whether it's going down the toilet. I'm going to holler about how great it is!

Okay, first was an article on MSNBC.com that says this spring is the season for reckoning for the real estate market. It's the pivotal time on the market where we figure out if housing sales are going to be strong or weak because spring is typically when homes hit the market and start selling selling selling. The article talks about how some of the big boy dominoes in the lending industry are falling: from Lennar yesterday to Countrywide last week to New Century Financial Corp today. (I think if it wasn't so sad, the first from the Boston Herald today that says "Call it the March Madness of Mortgages" would be funny.)

Then we go to this headline from CNN.com: Stocks fueled by easing oil: Strong pending home sales report also supports Dow and S&P 500. Another article says that Pending home sales index in surprise rise!

This article says that homes set to close (or pending) are way up! I definitely want to hang my hat on this report for a while! From my personal experience, I can confirm the recent drought in home sales, but suddenly I'm getting extremely busy again. Let's all keep your local Realtor busy because it bodes well for the economy!

THIS IS HUGE! Five Grand (free) Available

2007-04-03T11:03:00.000-07:00

One of my favorite lenders came to our meeting this morning to tell us about the "Welcome Home Program" his company is sponsoring. For a limited time (probably until mid-May or when the money runs out), down payment assistance up to $5,000 will be available for buyers. A buyer would, of course, still have a passable credit score and there are a couple more requirements:

The borrower must owner occupy the home (no investors for renting)
Homebuyer education required for first-time homebuyers
A portion of the grant may have to be paid back if the home is sold or refinanced in the first five years (ask mortgage consultant for details) (the lender told us this was R.A.R.E.)
The borrowers' annual household income cannot exceed $49,280
The borrower must have an investment of at least $500 in the transaction (and up to $300 can be a "gift" from a family member)
The $500 investment required is waived if the borrower is disabled
First come, first served basis - extremely limited.

If you are one iota interested in this, pick up the phone and call immediately because the free five grand won't be around long. I can be reached at (615) 491-2161 and my office number is (615) 459-4040 (ask for Kathy T.).

Housing Big Part of Nation's Economic Wellness

2007-03-28T06:08:00.000-07:00

MSNBC.com featured an article yesterday about Americans being spooked about the economy. The housing market, as usual, is a cornerstone of the nation's financial health. Lots of economists are watching the housing market closely this spring to see how foreclosures and regular listings are priced as they come on the market:

A lot depends on how well the housing market holds up for the coming spring selling season, usually the busiest months for home sales. A flood of new listings — on top of foreclosed homes now being prices aggressively for quick sale — could further depress the market.

Read the article here.

Is Your (Financial) Broker a Crook?

2007-03-25T14:48:00.000-07:00

I saw this link at the Consumerist and thought it very helpful. So I'm sharing it here.

Yeah Baby!

2007-03-25T10:22:00.000-07:00

According to Sunday's Murfreesboro Post, home sales are on the increase... in Murfreesboro at least. I've been seeing it as well on the west side of Rutherford County - Smyrna and LaVergne. After several very quiet months in the real estate industry, the phone has started to ring again. People are beginning to list their homes and other folks are looking to buy.

With spring, hope also blossoms for a great real estate year!

Williamson, Rutherford Counties Growth Astounding

2007-03-22T07:21:00.000-07:00

Williamson and Rutherford counties are remarkable places to live. With superb dining, schools, and shopping, affordable housing, easy access to Nashville, and no state income tax, people are flocking to these areas. Both counties are among the top in the nation for growth. Read the article from today's Tennessean!

Up with People Work in Middle Tennessee

2007-03-21T06:58:00.000-07:00

I didn't post much last week because I was busy with some volunteer work. My family agreed to be a host family for two young ladies doing community service work around the world. Here's an article in the Smyrna AM newspaper about what we did.

FHA Loans May Get a Boost

2007-03-20T08:44:00.000-07:00

I received this today from Billy Carver, a lender with Pinnacle Financial Partners in Smyrna, TN:

Dems Want To Help Borrowers By Boosting FHA Loan Program
Monday March 19, 7:00 pm ET
By Jed Graham

With subprime mortgage defaults and foreclosures on the rise, Congress is ready to get tough on "predatory" lenders. But some industry experts warn that new laws to curb aggressive lending practices could worsen the subprime credit crunch and raise the risk of foreclosures. So where will borrowers with shaky credit turn? Possibly to the federal government.

At the same time that lawmakers are looking to restrain subprime lending, they also want to loosen restrictions at the Federal Housing Administration, which backs loans for borrowers with modest incomes.

"We need to expand the role of the FHA to issue more mortgages at better rates," Sen. Hillary Clinton, D-NY, said last week.

The Bush administration also supports steps to revitalize the New Deal-era agency. It backed a bill last year that would have eliminated the minimum 3% down payment requirement for FHA loans. The bill easily passed the House, but stalled in the Senate.

Easing restrictions at the FHA might help future borrowers, but wouldn't do much for those in danger of defaulting. But last week the National Community Reinvestment Coalition urged Congress to rewrite FHA rules to let the agency refinance subprime loans in default.

"As this crisis worsens, mortgage tsunamis will ravage working-class neighborhoods across this country," said John Taylor, NCRC president.

Taylor's ideas for FHA intervention and "a national rescue fund" may be well received on Capitol Hill. Senate Banking Committee Chairman Christopher Dodd, D-Conn. said Monday he asked executives at five big subprime lenders to testify at a Thursday hearing, along with financial regulators.

Dodd said last week that he "will use all the powers and tools at my disposal to keep families victimized by predatory loans in their homes."

Bloomberg News reported last week that Dodd said a few billion dollars in aid "may be a lot less costly" than $164 billion in lost wealth due to foreclosures.

The $164 billion figure came from a report by the Center for Responsible Lending, which projected the cost of foreclosures on subprime loans made from 1998 to 2006.

While subprime lenders are going bankrupt or tightening standards, and regulators have issued more restrictive guidance, Congress also appears likely to act.

"We're going to pass a bill that will substantially diminish the likelihood of people being given loans that they should not be given," Rep. Barney Frank, D-Mass., who chairs the House Financial Services Committee, said last week.

Legislation proposed by Rep. Carolyn Maloney, D-N.Y., would require lenders to consider the ability of borrowers to pay back mortgages after a "teaser" introductory rate expires.

Federal regulators proposed guidelines earlier this month along the same lines, instructing lenders to assess how borrowers could cope with payments once higher rates kick in.

Clinton said she would also "propose a stop to prepayment penalties designed to trap borrowers."

Lawmakers seem to be following "the typical pattern" in targeting aggressive lending practices, said Alex Pollock, a resident fellow at the American Enterprise Institute and former CEO of the Federal Home Loan Bank of Chicago.

Once the mistakes have become clear, then you clamp down on them when the market is already going down and push it further down," Pollock said.

But at the same time, Clinton wants to raise the $363,000 limit on FHA-backed mortgages to help buyers in more expensive markets.

The FHA doesn't lend directly, but it provides a guarantee that encourages lenders to give decent rates to borrowers they might otherwise shun. Back in the 1990s, FHA-backed loans accounted for about 12% of the market.

But as subprime lenders have pushed the envelope, the FHA's share has fallen to 3%. While the new foreclosure rate on subprime loans hit 2% in the fourth quarter, the rate was just 0.93% for FHA loans. But the delinquency rate was about the same: 13.46% for FHA loans vs. 13.33% for subprime. The data suggest the FHA provides "more forbearance or mitigation" than subprime lenders, Pollock said.

Delinquencies on prime mortgages were just 2.57% in the fourth quarter, with new foreclosures at 0.24%. Would the government take on undue risk by allowing the FHA to refinance loans in default? Not necessarily, as long as the original lender had to take a substantial haircut, Pollock said.

Ronald Utt, senior research fellow at the Heritage Foundation, said an expanded FHA role is unwarranted. "One could only marvel," he said, when Congress "sees a disaster sweeping through financial markets and tries to figure out how it can be a part of it."

Lowering the minimal down-payment requirements would attract borrowers who are "living on the edge," thereby putting the program at risk, Utt said. As Congress tackles the subprime sector, it's also weighing tougher regulations for Fannie Mae and Freddie Mac. The government-supported firms inject liquidity by investing in mortgages and bundling them into securities.

The Federal Reserve and the Bush administration have argued that Freddie and Fannie are so large that they present a systemic risk to the broader economy. Both firms have said they will facilitate loans that would help rescue borrowers faced with sharply rising payments they can't afford. They've also warned that Congress could exacerbate weakness in the housing market if it puts restrictions on how the firms deploy capital.

Stricter Subdivision Guidelines May be Coming

2007-03-15T08:08:00.000-07:00

The Rutherford County Planning Commission is considering stricter guidelines for new subdivisions, including wider roads. The Daily News Journal reported today that issues being considered include "overcrowding of schools, community amenities, sidewalks, trees, street lights and common areas."

Let us take these concerns and apply them to all areas, communities, and cities where people live in Rutherford County.

Read the whole article here.

Stocks Plummet

2007-03-13T20:24:00.000-07:00

I'm hoping my bigger picture economic analysis is not coming true, but after seeing the stock market plummet today I worry. On the plus side, we live in a nation that has bounced back so many times from bumps in the stock market and mini-recessions. I hope for the best.

Here's what Comcast is reporting tonight on the effects of the subprime slump.

More About Late Mortgage Payments

2007-03-13T11:18:00.000-07:00

After yesterday's announcement by Countrywide home loans, more information is coming about how late payments have hit a historical high. According to MSNBC.com news:

The Mortgage Bankers Association, in its quarterly snapshot of the mortgage market released Tuesday, reported that the percentage of payments that were 30 or more days past due for all loans tracked jumped to 4.95 percent in the October-to-December quarter.
That marked a sharp rise from the third-quarter’s delinquency rate of 4.67 percent and was the worst showing since the spring of 2003, when the late-payment rate climbed to 4.97 percent.

It appears that much of the cause is due to subprime loans - or that second loan needed to make it to a 100% loan (typically an 80-20 loan split between two lenders). One problem experienced by a friend of mine is that that second loan was an adjustable rate mortgage. After her two-year guarantee was up at a lower rate, the second mortgage jumped by over $200 p/month. When you're on a bare-bones (or bare-pantry in this case) budget already, that $200 becomes nearly impossible to pay. So people pay that first, more expensive mortgage and let the second slide for several weeks (until next payday) or month(s).

In my bigger economic picture (and let me stress that I'm NOT an economist), I worry that we are heading into a recession. Some more articles:

Subprime lendings next act

Weak housing market weighs on job growth

Will subprime mess ripple through economy?

Treasury: Subprime issues manageable

Freddie Mac refuses some subprime loans

More homes, fewer buyers

Subprime apocalypse? or not

New foreclosures at record high

So you see the lending industry is reeling, at least for subprime lenders.

Zero Down Ends

2007-03-12T06:49:00.000-07:00

Countrywide has ended its no-money down option for home loans, according to CNN.com. This policy change results from an increase in delinquent loan payments. Read the article here. This means that buyers will need to start saving money again to pay for a down payment on home loans through Countrywide. Other lenders may still be offering 100% loans, but they may not last long.

In other news, the FBI is warning lenders to look out - they're watching them for mortgage fraud. If found guilty of mortgage fraud, lenders can face severe fine and prison. Remember the good ol' advice: If it seems too good to be true, it probably is. If it makes you uneasy, there's probably a reason.

In other news, a mortgage lender I know said his company is now offering $5,000 towards closing costs between March 15th and April 15th (or when the money runs out). If you're interested in learning more, contact me at (615) 491-2161 or ktyson(at)realtracs(dot)com.

Up with People Coming!

2007-03-06T11:33:00.000-08:00

This bears repeating on all the blogs I contribute to or author:

The world-famous "Up with People" troupe is coming to LaVergne, Smyrna & Nashville! Following a week of volunteer work (they are helping to build a playground at Wherry Housing on Weakly Road in Smyrna), they will be performing two concerts at Opryland's Acuff Theatre. I have tickets available for the 3:00 p.m. and the 7:30 p.m. concerts. Tickets are $50 VIP and $20 general admission. All proceeds will go to Vanderbilt Children's Hospital.

My family will be hosting at least one "Up with People" student. I'm a little bit nervous, but I think it will be a fantastic opportunity for my daughters to meet with people from other cultures and countries. Here's what the "official" word from the Up with People website says:

"Through travel and cultural immersion, Up with People has provided students with a renowned international education and an unmatched passageway to see the world. And we've been doing it for four decades.

"As the world has changed, so too has the Up with People program. Once primarily impacting communities through its musical productions, the current Up with People program addresses the very real need for young adults and leaders who have global perspectives, intercultural understanding, knowledge of worldwide social issues, leadership skills and a dedication to community service. Today, through its distinct 22-week program, Up with People students experience personal growth, leadership training, service learning and performing arts as they travel through three continents. For many students, it's a global education that lasts a lifetime; for others, it's a life-transforming experience."

So if you're looking for something fun to do on St. Patrick's Day, give me at shout at 491-2161 to buy tickets for Up with People! It's for a great cause!

FANTASTIC New Web Site

2007-03-05T08:01:00.000-08:00

Move over Martha Stewart... there's a new gal in town. My good, dear friend Bad Bad Ivy is destined to be one of the web's most-read, best-loved online do-it-yourself, homemaker goddess personalities with the launch of her brand spanking new web site: Home Ec 101.

This site is teaches you "What you wish your mama taught you" and explores subjects including getting those tricky grease stains out of clothing, cleaning the ultra-gunk from you bathtub, what to do with that leftover Kroger rotisserie chicken, and how to make dinner from a bare pantry. Home Ec 101 also features a forum allowing readers to interact, share ideas, ask questions, and converse about those "pesky" children.

Dont' walk, RUN to this snarky new site! Bookmark it! You'll thank me later.

HOME-EC 101.

Technorati Testing

2007-03-04T18:15:00.001-08:00

Installing some software here. Testing 1,2,3.

Technorati Profile

Subprime Loans + Naypayers = Foreclosure

2007-03-03T08:09:00.000-08:00

I know this post will go all over the place, but bear with me. Let's start with some numbers. I searched for homes listed by Progressive Real Estate, the company that handles the HUD foreclosures. In our region, there are currently:

46 homes listed on the market in foreclosure.
94 homes pending on the market in foreclosure.
725 homes closed last year as the result of foreclosure.
701 homes closed in 2005 as the result of foreclosure.

That means 1,426 people and families lost their homes in the last two years in this area - and these are only the homes that are insured by the Federal Housing and Urban Development (HUD) Commission - not other bank foreclosures. There are probably 1,426 different reasons these folks lost their places to live: illness and subsequent medical bills, lost jobs, relocation and home didn't sell so couldn't afford two mortgages, death, bad money manager, etc. But key is the inability to pay and I'd venture to guess that many can't afford to pay because they are paying a much higher interest rate than people with good credit scores. They pay higher interest because that are at-risk borrowers.

When you become a licensed real estate agent in Tennessee, you must follow very strict regulations by the Tennessee Real Estate Commission, governed by state law. Agents have to keep the clients' interests above their own (by law). This means if it's better for the buyer to NOT BUY, then that's what we need to suggest and therefore not push the buyer into a situation where foreclosure may be down the road.

Therein lies a key difference between real estate agents and lenders. We are regulated... STRICTLY regulated. Lenders do have some oversight, but their regulation isn't written as law with constant oversight. Instead, they get the following (via MSNBC article on 3/3/07):

Federal bank regulators, worried about a surge in defaults on high-risk home mortgages, on Friday called on lenders to exercise caution in making subprime loans and strictly evaluate borrowers’ ability to repay them.

The proposed guidance issued by the Federal Reserve and the other four federal agencies that regulate banks, thrifts and credit unions, comes in an increasingly troubled market for subprime mortgage loans. Home-mortgage delinquencies and foreclosures are spiking, especially for people who took out subprime mortgages — higher-interest loans for those with blemished credit records or low incomes who are considered higher risk — during the sizzling housing boom that waned in the second half of 2005.

Now I think these guidelines are absolutely necessary and I'm very happy to see them. My suggestion, though, is for bigger government (radical, I know). I think the focus on consumer protection also needs to include the money people, not just the Realtors who show homes and write contracts, but also on the people who have the ability to break a family financially by shoving through a loan that they can't afford to pay.

I do want everyone to be able to purchase a home, but not at the risk of ruining their credit in the future. I know before I bought my first home, I grieved every time I drove by any house - small, medium or large. I so desperately wanted my own home. But my husband and I waited until we could afford it and have gradually moved up so that we have plenty of room for us, our daughters, his Mom, two cats, and two dogs. And our credit is still good because we waited six years until we could afford it.

At the risk of being labeled a crazy Realtor, I urge first-time home buyers to wait until they can afford it, wait until they have great credit. (And here's where my own personal commercial starts) (sorry!) Be strong. Wait. And when you're ready, call! And I will introduce you to lenders who are honest, trustworthy, and who also look out for your best interests.

Polar Plunge for Housing

2007-02-28T11:38:00.000-08:00

January brought more than North Pole temperatures to the nation - it also brought freezing home sales.

Brokers and real estate analysts are predicting that the glut of real estate agents on the market will greatly diminish in the next couple of years as the market kicks people out. And given the news from CNN and MSNBC, it may take less than two years.

According to both news venues, sales fell over 16 percent from the previous month. From MSNBC:

The monthly decline was the sharpest in 13 years, since a 23.8 percent drop-off in January 1994.

Ouch.

Sales Down?

2007-02-13T06:36:00.000-08:00

Today, the Tennessean reported that home sales fell for the fifth time in six months when January numbers came in low. This, of course, is a reflection of the Nashville market rather than some of the surrounding counties. The report issued by the Greater Nashville Association of Realtors also said there are more homes on the market.

In my own experiences, I am currently working with two buyers who are ready, willing and able to purchase except there are no NICE homes in their price ranges. One buyer has narrowed it to a nice neighborhood that charges a $15 per month association fee so all the lawns are mowed. We've been watching homes to hit the market and are looking at one today. The other also has a specific neighborhood with a specific price, but sellers are inflating their home prices so it's making it difficult for this single mother to find one that she considers safe, sound, and affordable.

I currently have a listing in Antioch - a 3 bedroom, 1 bath all-brick clean gem. We have received three offers on the property and I have a waiting list of two in case this buyer falls through. It is listed at $114,950 which is very affordable. So if you're thinking about selling your home, analyze the market carefully, look and see what you're competition is, and try to come in just under if you need to move your house quickly.

Here's the link to the article in today's Tennessean.

Home Buying Made Easy

2007-02-09T10:00:00.000-08:00

I'm one of five agents in my office offering a seminar on "Home Buying Made Easy." There is no admission charged and free parking! We will cover:

Renting v. buying
The Truth about Zero Down
Home Safety Issues
Your Credit Score
Why Title Insurance
Buying a HUD Home
Home Warranties
Home Inspections

The seminar will be held Monday, February 12th at the Smyrna Public Library, 400 Enon Springs Rd., beginning at 6:30 p.m.

It will also be held on Saturday, February 17th at the LaVergne Public Library, 5063 Murfreesboro Rd., beginning at 10:30 a.m.

There will be NO SALES PITCHES given at this meeting, as requested by and promised to the library, but plenty of helpful info to take home. Please let me know if you're interested in coming or if you know anyone who might benefit from it.

Starbucks v. McDonald's Coffee

2007-02-05T09:49:00.000-08:00

I saw on Good Morning America this morning that McDonald's won over Starbucks in the taste war of coffee. I do like Mickey D's except it's usually too hot and I burn my mouth. At least Starbucks is at drinking temperature.

What do you like? Comment below and enter to win a $5 gift card to your choice of Starbucks or McDonald's... Drawing to be held on February 28th!

Forget Waterfront, Let's Go Underwater

2007-02-02T09:06:00.000-08:00

Remember the old movies that showed people living underwater? Or the Abyss which scared the bejeezus out of me when the platform was falling into the abyss? Or how about that Jaws movie that was underwater when the shark rammed into it?

It appears that underwater living is right around the corner, starting with hotel getaways. According to MSNBC.com, one vacation spot is called Hydropolis and will feature 220 rooms for $1500 p/night. It's being built near Dubai in the Persian Gulf and will feature a missile defense system to protect it against terrorists. Another is the Poseidon Mystery Island off the Fiji coast set to open in mid-2008.

Wow. Maybe this is an investment to consider. Hopefully your money won't end up washed up. Here's a photo of the Poseidon Mystery Island pod from MSNBC.com (and it looks like the photo credit on the bottom goes to Poseidon Resorts). A cool web site to visit.

CLEAN Home in Antioch

2007-01-27T16:56:00.000-08:00

I just listed a beautiful, all-brick home in Antioch. As silly as this may sound, it just SMELLS clean when you walk in the front door. Here's some extra info:

Affordable $114,950 (seller may pay "some" closing)
All appliances remain (stove, refrigerator, dishwasher, washer & dryer)
1104 square feet
3 bedrooms, 1 bath
HUGE master with walk-in closet and sitting area
Fenced in backyard on 1/3 acre
Huge wooden deck
Mature trees
One-car garage w/separate door
Convenient to Metro Transit Authority & school bus stops!

All-brick home on crawl space. New storms doors, new vinyl, and big corner lot!

Efficient, CLEAN kitchen with dishwasher, stove & refrigerator to remain.

Open floor plan. Living room has cathedral ceilings. BEAUTIFUL!

Dining room right off kitchen (combo dining and living). Seller added back door (pictured) and deck. Backyard has privacy fence, except for very back fence line which is chain-link.

Huge master bedroom has walk-in closet and sitting area. All blinds and shades remain.

Call Kathy at 491-2161 if you'd like to arrange a personal tour! (Monthly house payment would be approximately $800 p/month).

Featured Home in LaVergne

2007-01-24T08:15:00.001-08:00

At this moment, there are 339 homes for sale in LaVergne on the MLS (listed by a Realtor). The least expensive* is a mobile home in Driftwood Village for $38,500 and the most expensive is an elegant home in Hampton Estates for $485,900.

There are 86 homes currently under contract and 29 homes have closed so far this year. Last year, a total of 1,015 homes were sold in LaVergne. The average price of homes now available is $156,000.

Like the children of Lake Woebegone, I want to describe a home in Lake Forest that's above average. This home has over 2,000 square feet, 3 bedrooms, 2 baths, a huge bonus room, and a back yard enclosed with a privacy fence. It has hardwood floors in the kitchen and dining room, like-new carpet, and fresh paint throughout. One of the amazing features is a dual fireplace (or two-sided fireplace) that you can see both from the living room and the sunroom. The address is 1712 Jimmy Cove and the sellers are asking $177,000 - they may be somewhat negotiable on the price. Here are some photos:

This home is the perfect example of the beautiful, affordable homes in this community. We have great neighbors here - big city convenience with a small-town feel. If you like to drive down a road and see someone giving you the hand-on-the-steering-wheel "howdy wave" then this is a terrific place to be! LaVergne has so much to offer - come on over!

*These figures are homes that have LAND or LOTS that are also owned by the seller, not mobile homes parked on a rented pad.

I Feel Like a Focker

2007-01-19T19:35:00.000-08:00

I just watched "Meet the Fockers" and laughed at Gaylord's Wall of Fame. It was an homage his father made to acknowledge his son's accomplishments and the funny was they were all 9th and 10th place awards, a jock strap, and more.

I felt a little bit like a Focker this week, but was still proud of it! I made the Top 10 Agent list in my office for December - coming in at NUMBER EIGHT. Woot!

Buyers Representation is Serious Business

2007-01-19T19:09:00.000-08:00

Jerry Seinfeld just learned that when you sign a buyers representation form, it's serious business. A judge recently ruled that he and his wife owe a real estate agent approximately $100,000 in commission. Apparently, they worked with an agent who introduced them to several properties. They found one they liked and wanted to go take a second look at it. The agent was in church, so they went without her and bought the home directly from the seller.

We are required to get buyers sign a buyers representation form which states our responsibilities, summed up as: a fiduciary responsibility to represent the buyer’s best interests, including reasonable care, loyalty and confidentiality (use all diligence in finding property, act on buyer's behalf in all negotiations, use all professional knowledge to aid buyer throughout process, and exercise all duties owed to consumers, customer and clients as set forth by Tennessee law (more about that down below).

The buyers in turn sign that: 1) they will not contact another agent; 2) they will inform other agents that they are working with another professional should they come into contact with any (like at open houses or model homes); 3) if they purchase property without agent during the term of the agreement, they will owe their agent a commission (agreed upon in the agreement); and 4) they will inform their agent of properties they are interested in.

What do we owe to customers?

Disclose to each party any adverse facts that the licensee has actual notice or knowledge.
Maintain confidentiality for each party, except for information which the party has authorized for disclosure.
Provide services to each party with honesty and in good faith.
Disclose to each party any timely and accurate information regarding market conditions that might affect the transaction, only when such information is available through public records and when the information is requested by a party.
Timely account for trust fund deposits.
Disclosure of any referral fees through recommendation of services of another individual, organization or business (e.g. warranty).

What do we owe clients?

Obey all lawful instructions of the client when the instructions are within the scope of the agency agreement.
Be loyal to the interests of the client. Place the interests of the client before all others in negotiations of transactions.

Do I believe Jerry Seinfeld, possibly the funniest man on Earth, should have paid the agent? Absolutely. He should have done it long before it went to court.

Great Investment Opportunity!

2007-01-16T12:39:00.000-08:00

I just co-listed a nice sized duplex in Nashville, just off Gallatin Rd. The duplex is the next exit up from Opryland (if you're coming from the south), so is convenient to everything. Here's more information:

Address: 1107 Richmond Rd., Nashville, TN 37216
Price: $172,500
Duplex: 3 Bedrooms, 1 bath each side
Basement: Full basement with one-car, side-entry garage. Basement is not divided so renters will share. Washer/dryer hookups in basement.
Yard: Big fenced backyard, with separate fencing for garden spot. Large deck, mature trees.
Appliances: Refrigerators (2), Dishwasher (2), Stove (1)
Schools: Dan Mills Elementary, Isaac Litton Middle, and Stratford Comprehensive High School
Other Info: Home needs a little TLC, being sold as-is. Seller to provide paint for new owner. Hardwood floors need to be sanded and restained, but will be BEAUTIFUL once complete. Electric AC, Gas heat. Taxes $1,600 p/year.
Co-Listing Agent: Susie Davenport

If you're interested, the mortgage payment would be approximately $1150 p/month. You'd need to figure in taxes (another $133 p/month) plus insurance ($100'ish) for a total payment of $1,382 p/month. Rent half of it for $700 p/month and your mortgage payment drops to (approximately) $782. Call me at (615) 491-2161 if you want more info or if you'd like a personal tour!

Shortage of Affordable Homes??

2007-01-11T08:36:00.000-08:00

According to an article in today's Tennessean, homes in Nashville are less affordable today than in years past. While one would naturally want to instantly agree, I made a few keystrokes to see just how many homes there are in Nashville available for no more than $100,000. In the entire metro area at this very moment, there are 447 single family homes available. The least expensive is in an area I can only guess may be challenging to live because it's priced at $23,900. There are four homes listed for $100,000 in my search range, including this three bedroom, one bath home on Jenkins Street, located in the Cumberland Gardens subdivision:

Gorgeous hardwood floors, remodeled bathroom and kitchen. Very affordable (my guesstimate is that payments would be between $750 and $800 p/month). In reading further, that home may be sold, but it still proves that there are homes out there if you take your time to look.

Email me at kathy(at)kathytyson(dot)com to enter into a drawing for a $10 Starbucks giftcard. The email subject line should be: I Want Starbucks and should be sent no later than Friday, January 19th.

Moratorium Madness

2007-01-10T14:15:00.000-08:00

In what appears to be a move that will stop county growth, members of the Rutherford County Regional Planning Commission is studying the legality of a moratorium on residential growth for six months while developing plans for the future.

Hear that noise? It's the screeching halt of economic development in the county. Let's make it real simple. Jobs come to an area. When jobs come, people come. People stop coming because there's no place to live. No people, no jobs. Home Depot, Lowe's and other building supply companies start laying off workers because sales are down. Builders start laying off brick-layers, carpet installers, construction crews because they can't build. These people who are no longer earning a paycheck can't pay their bills. Their homes go into foreclosure and they lose their creditworthiness.

Meanwhile the builders are also going bankrupt paying the interest on the lots they own that they can't build on. It's an ugly proposal, in my opinion.

Read more about it from today's Daily News Journal.

It's All Good

2007-01-09T15:48:00.000-08:00

Housing slumps, economic impact, no affordable homes. It sometimes seems that if it weren't for bad news... but this article in the Tennessean shows that the gloom isn't for real - at least in the Nashville market. 2006 was a banner year for the middle Tennessee area with a new record set (over 40,000) for home sales. In addition, the price of a single-family home set a record in December, hitting $184,562, according to the article.

So it's not bad, really. It's all good.

Housing Market Impacts Economy

2007-01-02T10:24:00.000-08:00

The housing slump of 2006 may continue into 2007, according to MSNBC.com. Although housing usually impacts the economic well-being of the U.S., the 2006 economy didn't suffer much because of strong jobs and the (finally!) drop in gas prices.

The correction in the housing market is expected to continue. Translation: home prices were rocketing out of control in some markets, so the prices are now falling back to Earth and becoming more realistic. This does not mean that home sales will stop... it means that buyers will not be as willing to pay outrageous prices for real estate.

Nashville Among Hot 2007 Markets

2006-12-31T15:50:00.000-08:00

Middle Tennessee (represented as "Nashville" on the interactive map) is viewed as a hot market in 2007 for real estate. Go to this link if you want to see what's not so hot (West and Northeast).

Development Tax Increase Wanted

2006-12-29T07:40:00.000-08:00

Rutherford County wants to increase the development tax from $1500 to $3000 on new construction, but the proposal must be approved by the state. The county commissioners do not expect the State General Assembly to okay their plea for money which will help the county cope with its rapid growth. Rutherford County greatly needs more funding to help pay for new schools to house the huge influx of students as this is the fastest growing county in the state. Also, the money would pay for roads, traffic lights, and more.

Development tax is usually paid by a home builder (it does trickle down to the home buyer in the price of the home).

Read the article in the Daily News Journal here.

Population Passes 6 Mil

2006-12-27T16:36:00.000-08:00

The population of Tennessee has passed SIX MILLION, according to the Tennessean. The state grows by about 50,000 people each year from births, people relocating from other parts of the United States, and people coming here from other parts of the world (I'm unclear if there are any other ways to come here...).

Meanwhile, hat tip to the lovely Japanese couple I spent today with who are moving here from Miami. They picked middle Tennessee because they believe the people are friendlier, plus there's no state income tax.

Read the article in Friday's (Dec. 22) Tennessean here.

Housing Slows Economy

2006-12-21T07:36:00.000-08:00

Just read on MSNBC.com that the housing slump in 2006 has officially slowed the U.S. economy.

The economy has been losing momentum all this year. The main culprit behind the third quarter’s slowdown was the deepening housing slump.

The good news is that most economists do not expect the economy to fall into a recession. The article also states that, "The Fed’s goal is to slow the economy enough to thwart inflation, but not so much as to cripple economic activity."

Personally, I'm seeing the housing market pick up again. Read all about it here.

Must Sell Car to Buy Home

2006-12-21T06:39:00.000-08:00

I saw this article in today's Tennessean about a woman who has to sell her Grand Am in order to buy a home. First, let me say that an $800 house payment in Franklin? Wow. That's quite affordable but it can be very very hard when you live from paycheck to paycheck.

It may seem unreasonable that she has to sell a car to buy a home, but there is some logic to the apparent madness. When a lender looks at a loan application, the person needs to meet a certain debt to income ratio to qualify. If you owe too many debts, you would be considered ineligible for the loan.

This formula may even include credit that is available to you. Let's say you have three credit cards with a balance of $320, but get turned down for a loan. Confusing, but it could be because you have $30,000 in credit available - or you have the ability to charge the cards up that high which would hinder your ability to pay a house note. Although I'm not a lender, I think it's a good idea to limit the number of credit cards you have ... make on-time payments to the one or two you have and be sure to pay all other bills on or before they're due. It's so devastatingly important to keep up your good credit. Even if you're not ready to buy a home or may never buy a home, landlords often check your credit score before renting and potential employers can do the same.

Lots of High Priced Homes Available

2006-12-18T20:52:00.000-08:00

Rutherford County does not have a shortage of high end homes; in fact, there are so many that they seem to stay on the market longer. But according to the Daily News Journal, they'll go fast if any other major companies relocate to this area.

The real need is for affordable homes. If you have a home that can be priced under $125,000 and it's in good shape, it will almost certainly sell fast. Read about the market at this link.

November Freeze

2006-12-12T06:17:00.000-08:00

Although prices were up, home sales dropped 9% in the Nashville area in November. While sales of commercial, multi-family, land and more were down, the downturn was driven entirely by the largest drop in single-family home sales in at least five years.

Realtors are naturally concerned, but overall most agree that the market is balancing itself out after the years of rapid growth. If buyers are hesitant, they should reconsider as interest rates are very low and they can afford to be picky when house hunting. Sellers need to be extremely cautious in pricing their homes correctly and in staging them to be appealing to buyers.

Read the Tennessean article here or visit the Greater Nashville Association of Realtors web site for consumer information.

Mortgage Rates Drop

2006-12-07T09:39:00.000-08:00

Mortgage rates have dropped for the fourth straight week, according to Reuters News.

"Rates for 30-year mortgage rates fell to 6.11 percent from 6.14 percent, the lowest since 6.10 percent in the January 19 week.Rates on 15-year mortgages also ebbed to 5.84 percent from 5.87 percent. The last time they were lower was in the second week of February, when they averaged 5.83 percent.One-year adjustable rate mortgages were 5.43 percent, down from 5.46 percent.

These are absolutely incredible rates! If you'd like to learn more about buying a home, I am one of five agents sponsoring a "First Time Home Buying Made Easy" seminar. Agenda items include:

Renting vs. Buying
How to Qualify for a Loan with ZERO down
Home Safety & Insurance
Your Credit Score
Why Title Insurance
Buying a HUD Home
Home Inspections & Warranties
Closings Costs

We are tentatively scheduling three seminars: January 22, January 27, and January 29. If you're interested, I'll post updated info as we nail down locations!

Housing Market in Recovery

2006-12-05T07:57:00.000-08:00

Pending home sales were down in October according to the National Association of Realtors, but the market is recovering. Given my own business calls, I believe that to be true. Read the article from MSNBC here or from the horse's mouth at NAR here.

"The national median existing-home prices for all housing types was $221,000 in October, which is 3.5 percent below October 2005 when the median price spiked above adjacent months to $229,000."

The leveling out of home prices is great news for buyers! The fact that buyers are again in the market is great news for sellers!

Good News from Greenspan

2006-12-01T11:12:00.000-08:00

After years as head of the Federal Reserve, it would seem natural that Alan Greenspan still has something to say. This time, what he says is great for the real estate industry: "The worst is over." Go read aobut it from the National Association of Realtors web site.

Sellers, start your engines!

Ready to Flip?

2006-11-30T05:36:00.000-08:00

If you think you want to get into flipping houses, this article may be of great interest to you. It features a couple who offer the lessons they learned when flipping their first home in Oregon. Two things popped out immediately: it's all about the location and never think you will do it "under" budget. Go and read ... it's a good one!

And if you're interested, there are a couple of possible "flip" homes in Smyrna for under $100,000. In Nashville, there are 407 homes under $100,000. Yes, that's 4-0-7. Here's a Renovation Calculator to help figure out how much specific remodels would be worth in a flip. Like the actress in the infamous campaign ad said, "Call me!"

Batman Building Could Be Yours

2006-11-29T15:31:00.001-08:00

Whether you picture it with the Eye of Sauron inside the towers or simply consider it the Batman Building, the Bellsouth Building is up for sale! It could be yours for a cool $125 million. Any takers? Read the article from the Tennessean for more info.

Batman Building Could Be Yours

2006-11-29T15:31:00.000-08:00

Bob Parks to be Honored

2006-11-26T19:07:00.000-08:00

Congratulations to Bob Parks, the founder and owner of the company I work at. He is being recognized as the Humanitarian of the Year by the YMCA. We really do work hard as a company to make contributions back to uor community. We give to the American Heart Association, the American Cancer Society, Make-A-Wish, and more. Several years ago, when agents approached Bob about what he wanted for Christmas, his reply was to donate money so a child could have a good Christmas. Years later, thousands of children have received new clothes and toys under their tree because of Bob. So thank you Bob Parks for your support and compassion throughout the years. It's an honor to work at your company.

Remodelers moving to West (East) Nashville

2006-11-19T13:09:00.000-08:00

For a long time, according to the Tennessean, people bought homes in East Nashville so they could be remodeled and resold at a huge profit. However, the trend is turning and now homes in West (East) Nashville are under the looking glass.

Read about the trend at the Tennessean.

NOTE: I edited this adding West (East) Nashville because it's the East end folks like, but the west end of east end. :) Thanks John!

Candlelight Tour of Homes

2006-11-19T13:06:00.000-08:00

A candlelight tour of homes is slated for Murfreesboro from 4:00 - 9:00 p.m. on Saturday, December 9th. Tour admission is $10 per person 21 years and older; $8 for high school and college students; $5 for ages 6-13; and free for children ages 5 and younger. Tickets may be purchased at any home on the tour or at Oaklands Historic House Museum, according to the Daily News Journal. Money will be used for the upkeep and maintenance of historic homes.

Read all about it here.

Time of Year for Fireplace Maintenance

2006-11-13T05:55:00.000-08:00

As cold weather settles in, it's the time of year to perform maintenance on your fireplace. Chimney fires occur when heat combusts flammable material (residue from fires) on the chimney wall, so get your chimney inspected and cleaned!

If there is a fire, here's a guide about how to detect it and what to do (after calling 911) from the Hearth, Patio & Barbeque Association.

Nashville and Rutherford Numbers Differ

2006-11-09T18:43:00.000-08:00

The Tennessean reported this afternoon that the housing market in Nashville improved in October, thanks to sales in condominiums. Condo sales were up 44% from this time last year. Last month, 3331 homes were closed in Nashville.

A quick study of the Rutherford market revealed that 503 homes were sold in October throughout the county. In October 2005, 556 homes closed. This means home sales were down a little more than 9% from this time last year.

By comparison, in October 2005 only 32 condos sold in Rutherford County. In October 2006, 19 condos sold. This is nearly a 60% drop in condo sales - a sharp difference between Nashville and Rutherford County.

Builder Incentives in Mid Tenn

2006-11-07T15:48:00.000-08:00

During the office sales meeting this morning, one of our agents announced the incentives currently being offered on one home by a local builder. He is giving $10,000 to the buyer - whether closing costs, appliance upgrades, furniture, etc. He is also offering ...

are you sitting??? ....

a red 1956 Studebaker.

I have no idea if the one being offered looks anything like this one, but here it is anyway.

Anyone want to tour a nice home with me?

Applications for Loans Decline

2006-11-01T08:04:00.000-08:00

The number of people applying for home mortgages has declined, according to MSNBC. This provides a bigger picture of how many people are currently buying, not just a snapshot of new construction. Read the article here. This really is a good time to buy ... sellers are selling their homes at more reasonable prices rather than attempting to inflate prices like from the housing "boom" from this past summer and year. Go get you some! :)

And by the way, remember that buyers can't pay too much -- that's a very positive function of hiring an appraiser!

Doors are Important

2006-10-30T08:12:00.000-08:00

Hello I love you, won't you tell me your name?

Well, those aren't exactly the type of doors I'm talking about here. There was an article in today's Daily News Journal by Cindy Watts about how doors are important to a home's curb appeal. I think the doors with leaded glass panels are gorgeous and definitely add value to a home being marketed. I know that people generally value their privacy, but these doors are beautiful.

I tried to find a photo of my favorite storm door, but it appears that Lowe's doesn't carry it anymore. It was glass but along the top and bottom edges was a stained glass design. This picture shows the type of design I liked, but it's not a storm door.

So there are some ideas! Go to Lowe's or Home Depot and look around at your options! And send me a photo of your door if you'd like me to post it here!

Home Price Drop is Massive

2006-10-26T09:15:00.000-07:00

According to my Comcast news, the drop in home prices has been massive in the last six months. It's the biggest drop this nation has seen in the last 35 years. Think about 35 years. It was 1971 35 years ago. I was 11 years old, and I'm old as the hills now.

Here's what was going on in 1971:

Charles Manson and three "family" members convicted of killing Sharon Tate (what a yucky way to start this list)
Apollo 14 lands on the moon
Switzerland gives women the right to vote
Filming of the Godfather begins
NPR's All Things Considered broadcasts for the first time
Door's musician Jim Morrison is found dead in Paris apartment
Apollo 15 astronauts first to ride a lunar rover on the moon
Walt Disney World opens in Florida
The UNIX Programmer's Manual is published
Led Zeppelin IV is released containing most requested rock song ever "Stairway to Heaven"
Date set for withdrawal of troop from Vietnam
Sara Evans, Ewan McGregor, Alison Krauss, Jeff Gordon, Lance Armstrong, Snoop Dogg and Christina Applegate are born

So you see 35 years is a long long time. I believe it's the market correcting itself because prices were going up too fast. Or to put it more professionally, the article states, "The declines in prices served to underscore the severity of the correction in the once-booming housing market, which had seen sales of both new and existing homes soar..." Here's the article.

Readers are always welcome to contact me at (615) 491-2161 with any real estate questions!

Drastic Drop in Home Prices

2006-10-25T08:53:00.000-07:00

Bad news for sellers, but great news for buyers! Home prices are dropping, according to the National Association of Realtors and as reported by CNN.com. In addition, home sales are also down which means the market is easing. Nationally, there is a 7.3 month inventory of homes which represents a solid buyer's market.

Here's one gorgeous home now available in Antioch. It's near the lake, is very affordable, has fenced in back yard and lots of wildlife!

Video Tour of Antioch Home

2006-10-23T07:02:00.000-07:00

I have a listing at 3637 Burwick Road in Antioch. Rather than just still photos, my friend Ivy and I shot this video tour of the home. Please call if you'd like to arrange a personal tour! I can be reached at (615) 491-2161.

Click To Play

This gorgeous Antioch, TN home is for sale! Contact Kathy Tyson for details.

23 in a Million

2006-10-18T21:38:00.000-07:00

You'll soon be callng me Braggy Braggerson but here goes! The million or so realtors in this country received an email several months ago about some of the marketing they're doing to promote their real estate businesses. I sent in a brief blurb about blogging. Say that real fast five times. Brief blurb about blogging. Brief blurb about blogging. Brief blurb about blogging.

I had mostly forgotten about the blurb until I received an email today from a lender who pointed it out to me. Here's the link. Scroll down ... way down ... it's the third idea from the bottom. But hey! Out of a million realtors in this country, I'm kind of tickled to see it in at all! And I am working with a couple of clients from blogging, thank you very much!

Remember: Skate for the Children (Two) is Thursday, October 26th from 6:30 - 9:00 p.m. Proceeds go to Christmas for the Children.

I Could Live Here

2006-10-17T20:02:00.000-07:00

This tree house is way cooler than my house. It clearly shows that tree houses are not just for amateurs nowadays! I just thought this was kind of neat and am wondering if they add value to a home when it hits the market!?

Here's a link to the story by MSNBC.com. Be sure to click the slideshow to see more treehouses.

Buying that First Home

2006-10-13T20:36:00.000-07:00

When I bought my first home in 1988, it was very very hard. We had to come up with a lot of cash (about $5,000) and found when we got close to the closing that we had to come up with another $1,000. Thankfully, one of my brothers had just come into money after leaving the military so he and his wife helped us out (which we paid back, of course).

According to an article in today's MSNBC.com real estate section, buying that first home continues to be difficult. Part of the problem is that although there is a huge inventory of homes available in our local market, the inventory is very small for AFFORDABLE homes. Most first-time homebuyers go for FHA or THDA loans, but these have strict guidelines as to the condition of the home that are eligible for the loans. If it's a crappy place, it won't go FHA. And these nasty places are the ones that are in the price ranges of people looking to buy.

Read all about it in this article from MSNBC.

Number of Agents Shrinking

2006-10-08T19:09:00.000-07:00

We may be seeing fewer real estate agents in the coming months. Typically, when agents retire their licenses, it's at the end of the year when fees, insurance, and other expenses are at their highest. However, there may be an even bigger drop than usual in the coming months according to an article published by CNN.com.

The article - Real Estate Downturn Hits Real Estate Agents - said there was a 26% growth in the number of agents from 2002 to 2004. The National Association of Realtors is predicting that existing home sales to fall 7.6 percent in 2006, so "Agents, who work on commission, are already beginning to feel the bite."

When you consider buying or selling a home, be sure to ask if your agent is full time so you will know if they'll be working for you full time as well!

Remember: Skate for the Children, October 10th, 6:30 - 9:00 p.m., Smyrna Skate Center. Or contact Kathy T. at 491-2161 to make a donation to the Christmas for the Children fund.

The Christmas Challenge

2006-10-06T19:06:00.000-07:00

Bob Parks Realty hosts a "Christmas for the Children" event annually to help impoverished children in the area. Unfortunately, the Christmas for LaVergne and Smyrna children may be cancelled this year because we have been unable to raise adequate funds to pay for it. Many thanks to the blogging community who have stepped up to the plate to help in the fundraising efforts. We need $12,000 at this point. Donations have begun to come in:

Logo designed by Tim of a TN Redneck in King Harald's Court. Tim offers this all the way from Norway. Wow. We are reaching across international boundaries to help our children.

MONEY DONATIONS
GlenBlogJenBlog
Ivy's Mom

TIME AND BLOG SPACE DONATIONS
This is Smyrna
Drama Llama (Mark has also secured the Smyrna Skate Center for us!)
Cool People Care (thank you Sam)
Big Orange Michael
Chip Manor
And Nashville is Talking

BUSINESSES
Smyrna Skate Center
Ernie Dunbar of Allstate
Smyrna, LaVergne, Murfreesboro & Nashville City Guides

As you can see, we have a long way to go. Please come to our "Skate for the Children" night on Tuesday, October 10th at the Smyrna Skate Center. Open 6:30 - 9:00 p.m. Admission is $4 ($2 to go to the Christmas for the Children fund) and skate rental is $2.50. We will have donation buckets at this event if you'd like to give a little more (or a lot more), plus we'll be having a silent auction.

Join us, won't you?!

THDA Help Available

2006-10-06T18:51:00.000-07:00

A fund has been created in middle Tennessee to help repair the homes of the disabled and elderly, according to the Tennessean. The Tennessee Housing Development Agency (THDA) will manage the $3 million grant, which was announced Thursday, October 5th at the Governor's Housing Summit.

THDA is a wonderful agency that often helps first-time homeowners get into their first homes. There is a program that offers grant money for these buyers. The catch: buyers have to take a class to qualify, and often have to come up with a 1% (one percent) downpayment. If you're thinking about buying a home and have saved some money, talk to me. I'll put you in touch with some amazing lenders who can show you what to do!

Home Buyers Get More Say

2006-10-04T17:02:00.000-07:00

I disagree with any agent who says the housing market in middle Tennessee hasn't slowed. I just closed on a home that was under $130,000 in Smyrna. It had four bedrooms, two baths, fenced in backyard, and hardwod floors. It took four months to sell that baby. It should have sold within a couple of weeks. The housing market IS slowing. This is GREAT news for home buyers because there should be more homes available for you to choose from and you may have a full minute or two to decide to write an offer rather than the nano-second you had before. (Time is ALWAYS of the essence!). Interest rates are still low, so affordability isn't really a detriment right now, either.

But here's an interesting article published at MSNBC.com that I'm linking for your reading enjoyment! Home buyers seen slowly gaining more clout

I think it's unbelievable that people are offering vacations, cars, flat screen TV sets, etc. to buyers. The caveat is when the sellers offer this kind of incentive, why would a buyer accept it? Wouldn't you be better off asking to take $5000 or $20,000 off the price tag? I think so! You can generally figure your mortgage payment to be about $7 per $1000. So if you buy a home for $100,000, your house payment would be $700 p/month. This usually includes home owners insurance and taxes, so obviously that $7 can vary up to $7.50 or more. By knocking $5,000 off the purchase price, that's $35 p/month. For 30 years. You'd be in a better financial situation by applying that money to your purchase or closing costs!

But that's just what I'm thinking. Talk amongst yourselves! :)

Feds Changing Guidelines for Risky Loans

2006-09-29T08:32:00.000-07:00

The Feds in Washington have taken a long, hard look at higher risk loans and will be announcing changes in the guidelines this Fall. The main objective is to clarify the loan terms in marketing materials so borrowers will understand that their interest rates will vary, thus causing their mortgage payments to increase.

The new guidelines would "force lenders to tighten underwriting standards by avoiding low-documentation loans in most instances and ensuring that borrowers will be able to afford the payments when they rise in the future," according to the National Association of Realtors daily news feature. Read about it here.

All this after reports of mortgage fraud being on the rise. Mortgage fraud happens when loans are obtained by providing false information.

Gas Prices Up & Housing Summit Coming Up

2006-09-29T05:52:00.000-07:00

Someone explain to me why we pay more for gas money when property values are higher. Today's Tennessean tried to explain:

Higher rents are another factor that leads to higher prices in Nashville and varying prices among neighborhoods, said Randy Bly, of AAA Autoclub South, based in Tampa, Fla.
"Gas stations near a high-rent district pay more for their lease, and it gets passed on into the cost of the gas," [Mike Williams, state director for the American Petroleum Institute] said.

So real estate is to blame for higher gas prices. And competition and other factors. Go read the article if you want to learn more.

Also, the Governor is hosting a Housing Summit to announce new initiatives for affordable housing. According to the Tennessean, the Tennessee Housing Development Agency will announce how it plans to spend $1 million allocated by state legislation to promote affordable housing at this year's conference.

No ThankSSssss

2006-09-27T05:38:00.001-07:00

A couple in Idaho made a ssssssstartling discovery when they bought a house to "flip" ... it was full of ssssssnakes! The house was full, the outbuildings were full, and the yard looked alive. Ssssit down, open this link, and read the MSNBC story. Then try to shake off your heeby-jeebies! Eeek!

Buying a Home: Up-Front Fees

2006-09-23T14:45:00.000-07:00

In this land of milk and honey where buyers are now able to buy homes at time with little to no money down, don't think you can walk into a new home with nothing out of pocket. The list below shows what kind of expenses you'll be expected to pay out of pocket right away:

Earnest Money shows you are sincere about buying a home. Earnest money will go into an escrow account and it will be applied to your loan, closing costs, etc. at the time of closing. Sometimes buyers get this money refunded, depending on your contract. How much? Anywhere from $250 to $500 to $1000 is good. The more you can put down, the more serious your seller will consider you. This money is due when you write the contract.

Credit Report is what your lender will pull to see if you're credit is strong enough to qualify for a home loan. The amount varies by lender, but expect to pay between $35-$75 once you are in a "binding" contract and make formal loan application.

Appraisal must be done when you buy a home, unless you're paying cash. This will cost between $300 - $400 and is also paid at loan application to the lender.

Home Inspection is not mandatory but strongly recommended. A home inspector must be licensed by the state and the inspection will cost between $250 and $350 depending on the inspector, size of home, and scope of inspection. You will pay the inspector directly at the time of inspection.

Well Water Test is usually required by lender if the home uses well water rather than city water. The water is tested for safety, ensuring no bacteria causing illness. You can also get an idea if there is sulfur in the water at this time. Cost is approximately $35 and is due at the time of testing.

Septic System will be tested if home is not on city sewer. This ensures that the tank is not full and field is in good working order. Cost if between $150 and $200 and is usually paid at closing.

Termite Inspection is conducted to ensure there are no wood damaging organisms (termites, mold, etc.). The termite company is usally paid at closing and costs $35 to $75. When I represent a buyer, I like to pick the termite inspector so we know the inspection is being done professionally and honestly. Shout out to my guy at Bert's Pest Control - he can be reached at 848-0906.

Mortgage Rates LOW

2006-09-21T13:39:00.000-07:00

According to the Associated Press through MSNBC, mortgage rates are now at their lowest level in six months. Rates have dropped to 6.4%, down from 6.8% in July.

Home sales have been slow, but according to the article, this is good: Sharp declines this year in home sales and construction of new homes have provided support for the view that the economy is slowing to a more sustainable pace and eased worries about inflation.

If you're thinking about buying a home, experts think the rates may hover in this range the remainder of the year. So it may be time to stop thinking and start doing - you've got 3 months left before 2007!

Home Starts Down in August

2006-09-19T09:00:00.000-07:00

Home starts were way down in August, according to MSNBC. The fall was greater than expected - the slowest rate since August of 2003.

According to MSNBC, "The report came a day after an industry survey showed that home builder optimism sank for the eighth straight month in September to the lowest level in more than 15 years."

Read the story here.

How People See Your Home

2006-09-15T20:13:00.000-07:00

You must go to this link to see how people see homes for sale. It was posted by Kerry Woo (aka Wonderdawg), one of the most eloquent, interesting, and entertaining bloggers in the middle Tennessee area. Don't miss it! You'll laugh! You'll cry! You'll book mark it!

HERE IT IS!