Nashville Short Sale Specialist - Rhonda Burgess

In case you missed the inauguration of our 44th president, President Barack Obama today, he made a statement that I think we as Americans need to definitely take to heart .  In his speech, he said “Choose hope over fear”.  That’s a powerful statement.  Fear is a feeling and that is all that it is – a feeling.  Fear cannot hurt you.  Fear cannot kill you.  Fear cannot stop you.  Fear emanates from the past.  It is just a feeling.  What we should do is trade that one feeling for another.  Hope will lift you up.  Hope can make you feel good.  Hope can increase other good feelings.  Hope gives you a reason to get up in the morning.  Hope is all about the future. 

This economy has been very challenging, and let me say especially challenging for those of us in the real estate industry.  Whether you are a Realtor, mortgage broker, builder, or banker – it has been hard.  It has not been fun.  It has been down right terrifying.  I personally have had fears of my own home being foreclosed on, fears of not being to take care of my children as well as I have in the past, and fears of my business failing through no fault of my own.  My list of fears go on and on, too numerous to post here. 

But today I am choosing hope over fear.  The economy has been rough and it has been hard.  And that’s exactly what it is now – a “has been”.  I am choosing to look forward with optimism and renewed energy.  I am choosing to embrace hope and banish fear from my vocabulary and my way of thinking.  What has happened is in the past and that is exactly where we should leave those feelings of fear.  It is time to look forward to the future with hope, no matter what political party you belong to or which way you voted.  It’s time for a new way of thinking.  Choose hope over fear.

For the month of November 2008, there were 33 residential single family home sales in Smyrna, TN. These sales prices ranged from $77,000 to $353,000. The average days on market were 75 days from listing to actual sale. The median home price was $151,689. There were only two recorded condominium sales for the same time period. Each unit sold for approximately $104,000 with an average of 72 days on market. All of these figures are based upon numbers provided by the Middle Tennessee Regional MLS. Of these 33 residential sales, nine of the homes were listed as foreclosures. One additional home was listed as a short-sale property.

There are currently 321 single family homes on the market in Smyrna, TN. At a sales rate of 33 sales per month, this equals to a nearly 10 months supply of homes. There are currently 33 condominiums on the market in Smyrna, TN. At a sales rate of 2 sales per month, this equals to a 16.5 months supply of condominiums.

This is clearly a buyer's market in Smyrna, TN. If you are interested in purchasing a home in Smyrna or any of the surrounding middle TN neighborhoods, and you want to work with a local area expert, contact Rhonda@RealtyWorldNashville.com at your convenience.

It's leaf collection time in Smyrna.  For those residents who are in need of leaf removal, the Smyrna Public Works Department will be coming by soon collecting leaves to be mulched and composted.  All leaves must be in biodegradable or paper bags.  Leaves in plastic bags will not be accepted.  Once your leaves are correctly bagged, place them at the edge of your yard, not in the street.  The chipper crew will come by and pick them up as they work their way from one side of town to the other.  There is no need to call to schedule a pick-up.  This is another great weekend project that can really impact your curb appeal and help your home to stand out from the crowd.

You've seen the signs - they are everywhere. Foreclosures are at an all time high. Some may be in your very own neighborhood. If you've decided that the foreclosure route is the way to go for you, do your homework ahead of time. Determine your strategy for buying the foreclosure.

Buying on the courthouse steps: Back in the good old days of the real estate boom, the banks might have 10-20 properties for sale at the foreclosure sale. If you are going to the sales now, be prepared for a list of 70+ homes at any given sale. While you can usually buy a property for the lowest price on the courthouse steps, you should double-check to see if the property has any liens or back taxes due beforehand. Whether you check on these extra expenses or not, these bills become yours when you buy the property that day. The buyer has no inspection period to determine the condition of the property. The buyer also needs to have certified funds on hand because payment in full is required immediately.

Utilizing a real estate professional: Buyers should make sure that the real estate professional whom they choose has experience in listing and selling foreclosures. An inexperienced agent can cost the buyer time and money when it comes to dealing with the various banks and investors. An experienced real estate professional can save a buyer this same time and money by securing information on the back taxes, if applicable, and on liens such as those from homeowner associations.

Buying at auction: Some of the best deals can be found at auction. The banks and investors selling properties through auctions may sell them for 60-70% of the property value just to get them off their books. Generally, the buyer will need at an earnest money deposit of at least 5% of the purchase price down on a winning bid. The actual closing of the sale may take longer but most closings are completed within 60 days. And one of the best thing with auctions is that the back taxes and/or liens are normally cleared up beforehand.

Buyer Beware. Foreclosures can be a great opportunity to build equity and make money but a novice buyer can end up wasting a lot of time and money too if the homework is not done. Consult an experienced real estate professional.

The recent collapse of Lehman Brothers has affected everyone from Wall Street to Williamson county. Construction was stopped last month at Laurel Cove, which is one of the largest residential projects in middle Tennessee. The project is on hold indefinitely as Lehman defaulted on a $121 million construction loan for Laurel Cove. Other developers of the community state that they will fund the project themselves but the construction will be delayed until they can assume the existing Lehman loan. Laurel Cove will contain approximately 800 luxury homes priced from $600,000 to $1 million dollars. Five hundred lots have been sold to builders so far. The first nine holes of the golf course, designed by Greg Norman, have been completed. The day spa, fitness center, and clubhouse are more than half completed.