Lynn Hammond

I just received a notice from my local real estate association the bill is not final, but an extension is imminent. The latest version extends the program to sales signed by April 30. Purchasers would have 60 days to close. The credit will also include "step-up" buyers who have lived in their current home for at least 5 years!! Very good news!!

The credit will be cut 10% to $7,290 but income eligiblity for first time home buyers will stay the same. The income will rise for "step-up" buyers to $125,000 for individuals and $250,000 for couples.

Let's all keep our fingers crossed that this goes through!!!

Just wanted to post a quick note about closing before the deadline. If you have any first time homebuyers that are scheduled to close next month, you may want to check with their lenders and title/closing attorneys to see if they will be open the day after Thanksgiving. Even if you have a closing scheduled for the beginning of the month, it could get pushed back to close toward the end of the month. Not to mention, the banks will not be open on that day to wire funds!! This just occured to me as I plan for one myself and I thought I would share!!!

The market in Williamson County slowed a bit for the month of September, 2009. There were 219 residential and condominium closings in September as compared to 236 in August, 2009. Compared to September 2008, the median sales price has decreased 5% for residential properties and the condominium median price has fallen 8%. Days on the market has also increased over last year by an average of 12 days more for residential and 5 more days for condominiums. The average for 2009 is between 89 and 104 days on the market.

Compared to some of the areas around the country, Williamson County is performing in a much stronger position. Hopefully we will see an extension of the first time homebuyers credit and we will begin to see an upswing. The starter homes are selling more swiftly in our area. Unfortunately the sellers with a home listed above $350,000 are experiencing much longer days on the market.

All we can do is keep our chin up and be optimistic!! It will eventully turn around, as in my 22 years in this business, it always does!!

I feel so lucky to live in a city that was voted one of the friendliest cities in the country! I moved to Nashville 9 years ago from Tampa (via Atlanta), and I have to say that this city lives up to its reputation. It is not just a "southern charm"; there is a different vibe here. Everyone is so open and helpful regardless of your needs. I am not saying that we do not have our fair share of grumpy people. Buyers and sellers are certainly showing that side these days!! My husband and I are very fortunate to have ended up in such a wonderful city. The real estate market is down slightly, as is the case with most parts of the country, but we seem to be taking it in stride as we do everything else with the usual optimistic spirit I have become accustomed to!

Y'all come and see us sometime!!

I saw on the news yesterday that only 10,000 mortgages per state were receiving assistance from the federal government or their lender to help bring their mortgages current and avoid foreclosure. Then I read today that according to RealtyTrac that foreclosures are up 23% over quarter three in 2008. In my area we are seeing an increase in foreclosures in the higher end homes, which had not been the case up until this year. I am concerned that we are headed toward the increase in inventory that just seemed to be coming down. We are still not in a stable market, but I had hoped that we were headed in that direction. Do you think we should still offer assistance to those in trouble, or just let the market ride itself out?