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Dean Brown

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Brentwood Real Estate Is Still Strong

02-04-09
Dean Brown

Brentwood Real Estate Is Still Strong

Last year Williamson County was listed as one of the 10 Best Places to Get Ahead and the 16th richest county in America, according to Forbes Magazine. Of course, Brentwood is located in the heart of Williamson County and it’s no wonder Brentwood attracts so many famous faces! I just so happened to take a peek at what Wikipedia had to say about Brentwood. Did you know that Brentwood is home to many people considered household names across America?

According to Wikipedia.com, Brentwood, TN is home to many sports legends like, Barry Trotz (NHL Coach), Scott Wells (NFL), Brandan Wright (NBA), Ryan Suter (NHL Player Nashville Predators) and our rising NFL star Vince Young (NFL Player Tennessee Titans). It is also home to some famous musicians like, Melinda Doolittle, Ronnie Dunn, John Schlitt, Margo Smith, CeCe Winans, Jack White, Dolly Parton, Bucknastys, and of course country music sensation Carrie Underwood. We are also blessed with some very famous television personalities like, Dave Ramsey, talk radio host, Brad Stine, comedian, Niki Taylor, supermodel, Gwen Shamblin, Best Selling Christian Author, Philanthropist and Founder of The Weigh Down Workshop and The Remnant Fellowship Church, and the 2008-2009 National American Miss Jr Teen, Victoria Calton.

With so many famous people living in Brentwood, TN it is no wonder the real estate is so HOT! Even in rough times, when high priced areas are often hit the worst; Brentwood has been holding its own in this huge market downturn! Brentwood has a very healthy housing market as 87% of the homes are owned while only 9% are rented. Only 4% of the homes are vacant! With numbers like these, it’s no wonder housing has stayed flat in a 18% to 30% decline in real estate nationwide!

So, despite what you hear, the Brentwood real estate is strong!

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Examine Contractors Before You Hire Them

01-29-09
Dean Brown
In these difficult times, it is more important now than ever for a homeowner to carefully examine the contractors they hire for home improvement projects. You don’t want to hire a contractor who has let their licenses and insurance lapse or fallen behind on payments to suppliers. The last thing a homeowner wants to do is hire a contractor who is on the brink of bankruptcy. A man from Tucson Az, hired a contractor to build a pool at his home and they went bankrupt in the middle of the job. So, make sure you have a payment schedule. Do not pay for anything in full. Fortunately, this Arizona man had a payment schedule and had plenty of money left over to have the pool completed by a different contractor. While it is impossible to gauge a company’s financial situation with certainty, there are services that can help you check legitimacy of the contractor. For example, go to the Better Business Bureau www.bbb.org or Angie’s list at www.angieslist.com or even the Tennessee Department of Commerce and Insurance at http://licsrch.state.tn.us or call them at 1-800-544-7693. You can find out insurance information, court filings, including any lawsuits, or liens against the company. Once you have selected a company to do the work, request a written contract with lots of specifics. If the any part of the job changes, be sure to add new information to the contract as it happens. Insist that the contractor includes a start and end date along with detailed pricing. Be sure you understand the entire contract and do not sign it until you do. Make sure you pay the suppliers directly for materials. This prevents contractors from using your money to pay for other jobs. If your are unable to do that, ask for detailed receipts and verify them with the companies before reimbursing the contractor. Contractors will be willing to do these things to insure they are taking care of their clients. If you come across one that isn’t willing to do these things, keep on looking. That is why we are making these suggestions in the first place.
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Under Pressure

01-29-09
Dean Brown

Remember the song, “Under Pressure” sung by everyone from Queen to David Bowie to American Idol contestants? Well, that is what is going on here in the Brentwood Real Estate market. I earned my real estate license in 2005 and plunged into the cesspool of real estate full force in April 2007. I left a nice paying job, although they had recently moved me so that I was making about half what I had made the year before. There were copious layoffs at my company and even though I had been one of the sales superstars of the company for all of 2006, they had a different idea of my future. Their motto was, “What have you done for me lately?” So, with my spouse already in real estate full time and a book full of business, I took the plunge. It was great being my own boss running a real estate business in one of the most highly desired areas in the South. Then the bottom fell out. We still managed to do okay for the rest of 2007 and struggled through the ups and downs of 2008. What a wild ride! Then something peculiar happened this past winter when we least expected it. Typically in any given winter, we have November and December off but our business really began in November. Was it election year jitters that had people sitting on the fence until after the election or did the mortgage rates really seem that attractive to buyers. One thing is for sure, we were not going to complain. We are currently working with about 10 buyers and investors and about 15 sellers. There is only so much pressure Brentwood real estate can take. I predict that we are on the verge of a mini real estate boom before the big one hits again either this year or next year. It is clear by the chart below that although the number of sales per quarter is way down this year and almost down 50% over a two year period, the median home price has remained steady. I used to be a stock broker so this chart speaks to me differently than most people. I see a lot of underlying pressure with rates at near all time lows and median prices staying steady. All we are waiting on is a stimulus from the Obama Administration.

If it happens you heard it here first! Lawrence Yun, the Chief Economist for the National Association of Realtors (NAR) said, “There is a pent-up demand which could be unleashed with the right stimulus, including a non-repayable home buyer tax credit. The Obama administration and Congress need to move fast to stimulate a spring sales upturn which will help to stabilize home prices and set the foundation for a sustainable economic recovery” (Rismedia.com, 2009).

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What is a Short Sale

01-24-09
Dean Brown
A short sale is a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. It is not necessarily about the amount the home is worth but what the owners own on the home which causes them to fall short on their payments due to hardship. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship. A short sale typically is executed to prevent a home foreclosure. The bank will often allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. For the home owner, this can help avoid foreclosure on their credit history and give them partial control of the monetary deficiency. A short sale is nothing more than negotiating a pay off with lien holders for short of the full debt amount. It does not extinguish the remaining balance unless settlement is clearly indicated on the acceptance of offer. In order to have a short sale properly executed, hiring a Realtor that has experience with short sales is a great way to handle this. The borrower will have to complete and prepare the following: Hardship letter - a letter stating why they are in the situation they are in (you will want to state the facts, but the worse off it sounds, the better). This statement of facts describes how you got into this financial bind and makes the plea to the lender to consider the short sale process and accept less than full payment. Proof of Income - the lender will require the two most recent bank statements, last two year’s tax returns, and last two pay stubs (2,2,2). CMA’s - Comparative market analysis- sometimes the market declines and property values fall. If this is part of the reason that you are looking into short sale and cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). Your Realtor can prepare a CMA for you that show prices of similar homes active, pending and sold in the last six months. Authorization- Lender will not disclose any of your personal information without written authorization to do so. You will need to write a letter to your lender allowing your Realtor to have full authorization to discuss this account on your behalf. The letter will need to consist of: Property address Loan number and phone number Your name Date Your Realtor’s name and contact information with a note of you authorizing them to discuss this account and short sale on your behalf In the short sale process, once your Realtor receives an offer, they will present that and the listing agreement along with any and all requested information so that the lender will hopefully accept or counter the offer. Be prepared for the lender to renegotiate commissions. ;)
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Finding a Realtor When Buying a Home

01-24-09
Dean Brown
Buying a Franklin home can really be stressful. In order to help in this process, finding the right Franklin Realtor can make a huge difference. Here are some things to look for when you shop for a Franklin Realtor. You want to find a Realtor who you are comfortable with. There are certain Franklin professions where trust is of their utmost importance. At the top of this list is a Realtor. You should be able to talk openly and honestly with your Franklin Realtor. If you can’t find someone you trust, then you might want to get a new one. You need someone who is local. If you have someone who knows about the Franklin areas who can tell you the up and coming subdivisions, then you have some good insight as to where a good investment would be. If you are buying in Franklin Tennessee, a Realtor from Kentucky won’t be much help. You want someone who wants what you want. Your Realtor needs to listen to what you want and what you are looking for and stay within those parameters unless they know something that might aid in finding you what you want. A Realtor who asks questions and focuses solely on what you want is a Realtor worth keeping. You want someone who works as a Realtor full time because you want their full time attention. You want them to know what is on the Franklin market and what subdivisions have what you are looking for. This way, you won’t waste your time driving around aimlessly searching around Franklin. By hiring a full time Realtor, you assure yourself that their search for your new Franklin home is full time as well. You also want someone who doesn’t have a million clients at once and can focus on your needs and wants. You want them to know what you want and focus on that. Another plus in helping you find a great Franklin Realtor is through friends and family and by word of mouth. Ask around and you will find someone that is happy to tell you all about their fantastic Realtor. If their Realtor sounds fantastic, get there contact information. Word of mouth is the best way to go.
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