Murfreesboro, TN

Last week my partner Lisa Walters and I were on a listing appointment for an auction that was referred to us by Bob Parks Realty agent Mike Dugan. On the way home we began to talk about the differences between auctions in Murfreesboro and throughout the majority of Middle Tennessee as compared to other parts of the country where we work. It was the first time I realized most people have no clue of the differences.

First, there are two types of auctions; "Absolute" and "Reserve". The difference between the two is that at an Absolute Auction, the property will sell to the highest bidder regardless of price. A Reserve Auction is exactly that, an auction with a reserve price, the seller has a right to accept or reject the final bid. In different pockets of the country one is always more popular and accepted than the other.

In this blog I will not lean one way or the other as to which Auction Method is the best.

In Murfreesboro, most auctions are conducted with "Reserve". When a seller decides to use the auction method as a way of selling their property there are a few things they can count on. At auction you pick the day and time the property will sell. The sales price is determined by the market which consists of bidders interested in the property. The total amount of bidders could be countless but the minimum is at least two! In most cases everyone interested in the property has a right to attend and bid.

At auction there is no way to guarantee the final outcome; there is no crystal ball to look into the future. As a professional Auctioneer, I try to prepare my sellers for the most realistic outcome possible. I will never set false hopes of reaching a price that is not realistic. For this very reason is why most people choose to auction their property with a "Reserve".

For the majority, owning a home is the single largest investment they will ever make. Picking a date and time when you will sell your home regardless of price is normally too much of gamble for anyone. Most properties have mortgages against them which prevents the possibility of an Absolute Auction. Regardless unlike the private market, at auction there is no set price, the sky is the limit as to what a property can bring.

Sometimes it's hard to have a set reserve price, and for that reason I normally list my auctions "subject to owner approval" In this case it is a "Reserve" Auction but the Reserve is not set in stone. Our goal is to get the best and highest offer and then present that to the seller. They then have the right to accept or reject the final bid.

As a Real Estate Auctioneer, It's my goal to do the very best job each time I conduct an auction. I am hired to be an agent for the seller and to have their best interests at heart. I am not there to give away their property. If the final bid on a property is for whatever reason well under the value, the sellers have a right to reject that bid.

Having an auction is the best way to sell any property. Rather than wait for weeks or months, you pick a date and time to hold an auction with closings usually 30 days or less afterwards.

Check back soon as I will list reasons and benefits why other parts of the country utilize "ABSOLUTE AUCTIONS"

--The Auctioneer!

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MurfreesboroTennessee

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County: Rutherford

MLS Area:21, 22, 23, 24

Zip Code: 37128, 37129, 37130

Approx drive time to down town Nashville: 38 to 45 minutes

Average Sales Price:

• Area 21 $238,000,
• Area 22 $150,000,
• Area 23 $186,000,
• Area 24 $183,000

Average Homes square footage:

• Area 21 2376,
• Area 22 1650,
• Area 23 1945,
• Area 24 1940

Average Day on Market: 59 to 86

Neighborhood Highlight: Murfreesboro is located in Rutherford County, the fastest growing county in Tennessee and is home to the county seat. Established in 1811, Murfreesboro was originally named Cannonsburgh but was soon renamed for Revolutionary War hero Colonel Hardy Murfree. Since that time it has grown into one of the fastest growing cities in the country spurred by its industrial and commercial growth.

Murfreesboro is also home to the state's largest university, Middle Tennessee State University. Money Magazine has recently ranked it as one of the top 100 most livable small cities in America and all it takes is a visit to see why.

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City of Murfreesboro Statistics

Population 2005: 81,393 -2008

Special Census 100,575%

Change 1990-2000 39.6%

Climate Annual Average Temperature: 51.7 degrees

Monthly Average High Temp: July-78.8 degrees

Monthly Average Low Temp: January-36.4 degrees

Annual Average Precipitation: 53.75"

Annual Average Snowfall: 6"

Elevation: 619 feet above sea level

Prevailing Winds: Southerly

Freeze Free Period: (Days) 180

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Things To Do In Murfreesboro

Bradley Academy Museum and Culture Center

Children's Discovery House

Center for the Arts

Dog Park

Golf Courses

Greenway

Oaklands Historic House Museum

Parks

Wetlands

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Today I had to make a trip to Murfreesboro Tennessee. With the rising cost of gas, I made a point to compair the prices of gas on my way back to Clarksville. What I seen for the most part was a steady price average of $3.99 in most locations. Now there were some questions on the thoughts of price gouging.

See the photos below. What is the most interesting is the difference in the prices here and all 3 are with in sight of each other. The Kwik Sak and the Shell can both be seen from the BP Station.

At the Shell, you can buy Regular for $3.71 while the Kwik Sak is $4.49 ??? Your thoughts ?

I also have pictures along I-24 today from Exit 1 to 40... What is amazing is the same company has a variety of pricing along the way.

The metropolitan areas that do not have codes inspections by city or county officials get to be quite challenging for home inspectors, as the prevailing building code is… Well there ain’t one. These areas are real “Bubba’s delights” as builders and other tradesmen can get away with real slip-shod, “willy-nilly” workmanship.

The past few days I have been working in the bordering counties where there are no codes departments or inspections other than electrical – thank goodness. The finished product (term used very loosely here) provided by this ‘good ol’ boy’ network of builders and unhandymen is enough to scare the living daylights out of even the bravest of souls. Even scarier are that many of these properties do not have a home inspection before closing. The result is that the seller is left with a mell of a hess on their hands and now they are faced with the financial burden of cleaning up the mess. And, the buyers feel like they are buying a “pig in the poke”.

On the few new construction properties that I have inspected, the builder gleefully says. "There ain't no codes out here so I don't have to fix it. If you want the house fine, otherwise I'll sell it to someone else..." I really hate getting into these situations as I feel like I am really walking a fine line as to what is “acceptable”, and what isn’t. So the dilemma for many home inspectors is, what can one say about a property that as been built in an area where there are no codes inspections? I don’t know about other inspectors, but I wind up choosing my words VERY carefully…

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Michael

Copyright © 2008 by Michael Thornton of Complete Home Inspections, Inc., All Rights Reserved.

Enjoy the great parks of Middle Tennessee

They are great relaxing fun and, with the price of gas, can make great local trips.

Barfield Crescent Park is a 430-acre community park located at 697 Barfield Crescent Road in the southern area of Murfreesboro

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& click on "Featured Parks"

Paul LaLiberte, Broker------ Middle Tennessee's agent of choice

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Smyrna, TN 37167

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