How's the Real Estate Market in the Cookeville Area? February 2012 Report.
It's time to crunch the numbers and see how the real estate market is doing in Cookeville and the surrounding areas. As always, these numbers include all the areas serviced by the Upper Cumberland Association of Realtors. This included Cookeville, Algood, Baxter, Monterey, Sparta, Gainesboro, Livingston, Celina, Byrdstown, and many of the smaller communities as well.
February 2012 Market Statistics for Cookeville / Upper Cumberland Region of Tennessee.
February Sales Year-to-date are down 22.84% over the same time last year!
A total of 79 homes sold across the region during the month of February.
There are currently 1362 homes for sale across the region.
By Price Range:
Under $100k - 34 homes sold in February 2012. (395 currently available)
$100,001-$200k - 30 homes sold in February 2012. (560 currently available)
$200,001 - $300k - 9 homes sold in February 2012. (222 currently available)
$300,001 - $400k - 1 home sold in February 2012. (92 currently available)
$400,001 - $500k - 0 homes sold in February 2012. (45 currently available)
Over $500k - 0 homes sold in February 2012. (48 currently available in this price range.)
20 out of the 79 homes sold in February 2012 were bank owned foreclosures.
By Town:
Cookeville: 31 homes sold in February 2012
Algood TN: 2 homes sold in February 2012
Baxter TN: 2 homes sold in February 2012
Monterey TN: 3 homes sold in February 2012
Sparta TN: 11 homes sold in February 2012
Gainesboro TN: 4 homes sold in February 2012
Livingston TN: 5 homes sold in February 2012
Celina TN: 3 homes sold in February 2012.
The remainder of the homes sold were scattered throughout the more rural areas of the Upper Cumberland.
Summary: Not great numbers, but at least some homes are selling in Cookeville and the surrounding areas. Sellers are still hesitant to list, and some buyers are struggling to find what they are looking for because of it.
Lets hope for better numbers at the end of March!
Understanding the Fannie Mae First Look Initiative
People looking at my Fannie Mae Homepath properties often ask me what the First Look Initiative is, as it often causes some confusion with both buyers and agents.
The Fannie Mae First Look Initiative runs for the first 15 days a property is listed. During that first 15 days, the home is available for purchase to buyers who plan to live in the property. The First Look Initiative also applies to buyers using public funds to purchase.
The idea behind the First Look Initiative is to help stabilize neighborhoods by giving owner occupants the chance to purchase the home before investors.
The new owner occupant must move into the home within 60 days of closing.
Investors may submit offers once the First Look Initiative expires. The time frame can be verified on the Homepath.com website. Each property has a countdown clock clearly displayed.
You can search for Fannie Mae Homepath properties for sale on the Homepath website, or click here: to request daily notification of new Fannie Mae Homepath properties in the Upper Cumberland region of Tennessee.
Dismal Start for 2012 Cookeville Area Housing Market
It's funny how perception and reality can sometimes be so very different. Just two blog posts ago I told you that the Cookeville Spring rush seemed to be starting early again this year. It definitely felt that way to me, because I've been working overtime trying to keep up. I've been super busy, and so have many of my fellow agents/friends.
Imagine my surprise then, when the latest market report for January 2012 showed a very different perspective.
January 2012 Sales YTD are down 28.91% over the same time last year!
This number is comprised of all the counties that are members of the Upper Cumberland Association of Realtors. This primarily includes the towns of Cookeville, Algood, Monterey, Sparta, Baxter, Livingston, Rickman, and Gainesboro. (Also some smaller locales within the counties.)
A closer look at the numbers:
Total number of homes sold for the entire area: 73
Total number of homes currently available: 1375
Average Sold Price: $117,717
Average Days on the Market: 144
Of those 73 homes sold in January, 20 of them were bank owned foreclosures.
So, what is my take on this? We are caught in a vicious circle. I have pre-approved buyers desperately looking for a home to buy. They can't find a home they like because sellers are terrified to put their house on the market. The buyers keep waiting and searching, and sellers keep watching and waiting for the market to improve.
Double Open Houses this Sunday in Cookeville
This Sunday, February the 5th I'll be holding open house at two of my listings in Cookeville. You are cordially invited to stop by and enjoy some tasty cookies while you tour these wonderful homes.
The first open house will be held at 1019 Nottingham COOKEVILLE, TN 38506, from 12-2pm.
This is a great starter home for busy younger folks who are always on the go. The home is neat as a pin so you can move right in! This lovingly maintained home has it all: Great in-town location, 3 bedrooms, 3 baths, basement and garage. Small yard is great for the person who doesn't enjoy yard work!
From the freshly painted deck you can see for miles. First time buyers take note: All appliances stay including washer and dryer. Convenient to Hwy 111.
The second open house of the day will be at: 163 Big Springs Circle COOKEVILLE, TN 38501 from 2:30-4pm.
This all-electric brick home is nestled in a quiet cul-de-sac Cookeville neighborhood near TTU. The cathedral ceilings, large double pane windows that fill the rooms with light, and stained glass window above the front door give this home lots of character. The upstairs includes a freshly painted living room, dining room, kitchen (with laundry), 2 full baths, and 3 bedrooms. The master bedroom has a trey ceiling and walk in closet, and the master bath has both a shower and a large garden tub. Pull-down stairs access the partially floored attic for extra storage. The lower level (with a private entrance through the garage and another in the split foyer -( ideal for parents, Boomerang generation, or for renting) includes 2 more bedrooms, another full bath, and a large bonus room. A room next to the two car garage has two 220 plugs, making it a perfect workshop or alternative laundry area. Wooded backyard with a metal storage building. All appliances stay. Over 2600 sq.ft of living space .
What do Daffodils and Cookeville Home Sales have in common?
We haven't had much of a winter here in Cookeville TN. We've only had one snowfall the entire winter, and unseasonably warm temperatures. As a result the Daffodils, Quince Apples, and Crocus' are already blooming.
For the second year in a row, the Home Buyers are out shopping early too. Last year, things really picked up in February. The same is true this year. The Daffodils are blooming and the buyers are shopping. You might think that the early emergence of the spring flowers has buyers inspired to get started early this year, but that's not it.
So why are Cookeville Home Buyers shopping early for Homes for Sale? The answer is simple.....income tax returns. This is the one time of year when the average working person has a big lump of cash to use as a down payment on a home.
Unfortunately for the February Home Buyer, the inventory of available Homes for Sale is pretty low. Traditionally the months of January and February are very slow, and so most Cookeville Home Sellers wait until March or April to list their homes for sale.
So my Dear Cookeville Home Sellers, Do you see an opportunity here?
February has suddenly become THE month to list your Cookeville Home for Sale. The competition is much lower, and you gain a big advantage. Who doesn't love an advantage in this housing market?
Listing your Cookeville Home for Sale in February enables you to pick up those buyers who are shopping now because they have a down payment.
So, what do Daffodils and Cookeville Home Sales have in common?
They are both blooming early this year!
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My clients say working with me is like hitting the Realtor® jackpot! I'm competent, reliable, hard working, and I know my market. Serious about buying or selling? Let's talk.
"I'm a great believer in luck, and I find the harder I work, the more luck I have".
-Thomas Jefferson
That simple statement really says it all! I value honesty, friendliness, professionalism, and reliability in a person, and that is what I consistently provide for my clients. I return phone calls in a timely manner, honestly answer your questions, and quickly address any concerns that arise.
Personal
I was born and raised here in the Upper Cumberland area, and know the region well. After graduating high school, I joined the Air Force for a 6 year tour. Because I specialized in the intelligence field, I was assigned to work at the National Security Agency. The years spent in the Air Force taught me a great deal about hard work and determination, and although my military career is behind me now, I still follow the Air Force core values: Excellence, Integrity, and Service before self.
Living for 6 years in the Washington DC area left me yearning for wide open spaces and friendly southern hospitality, so I returned home to enjoy life at a slower pace.
My intense fascination with architecture and old homes made a career in real estate a natural choice for me. I am absolutely passionate about both homes and land, and my favorite pastime is exploring the countryside. I also have an Associate degree in the Arts, and that often enables me to see possibilities in a house that others might not. If you need ideas to help turn your house into a home suited to the art of living, I can help.
Igen Beszelek Magyarul! I'm fluent in Hungarian also!
I specialize in the Upper Cumberland area of Tennessee, Including Cookeville TN, Sparta TN, Livingston TN, Gainesboro TN, Rickman TN, and Algood TN. Counties include Putnam, Jackson, Overton, White.
To whom it may concern;
Looking for and buying a house can be a stressfull experience under even the best of circumstances. Being a first time home buyer, I was not looking forward to the process and particularly the anticipated high pressure sales pitches that are so common today. I was very, very fortunate to have met Virgina Kail on that first day.
Virginia was professional, friendly and very informative. There was an instant feeling of trust that this person was interested in my best interest in finding just the right house. Virginia was patient and treated me like a friend instead of a prospective commission. I can honestly say that my experience was a pain free pleasure.
I can and have with clear conscience recommend Virginia to all of my friends and family. The only drawback is that Virgina helped me find my perfect house so I won't be able to work with her again any time soon to resell it. I love my new home and I owe a lot of that to Virginia Kail.
Sincerely,
Linda Santiago
New Homeowner
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--We have known Virginia Kail for approximately one year. After listing our home with her, we had it sold within four months. She then spent many hours searching for a new home for us. We found our new home within 6 weeks of selling our old home. She kept us informed of every step along the way. We would highly recommend her to anybody. She was great to work with.
James and Pamela Young
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Virginia is a caring and attentive agent that did a wonderful job finding homes that were not only in my price range but that also fit me as an individual. Once my home was found she then worked with my mortgage agent to iron out any and all issues with the home that I wanted. I was amazed that all of this was done in the background without adding to my worries.
She exceded my expectations by making herself available for all of my concerns and was even available just to listen to my worries over the mortgage. (Even when this was not her problem.)
She is an amazing and caring agent who goes out of her way to assist in all areas of buying a new home.
Beverly Harris
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This was my first time buying a home. So naturally I had very many questions, all of which were answered very quickly and correctly. She took the time to go into further detail about anything I did not understand no matter how many times I asked or different ways I asked and was always happy to help. Virginia showed me quite a few houses, all of which where right on the money for the requirements needed. When we did find a house that fit, Virginia worked very hard to make sure everything went as smooth as possible. She kept me up to date along the way. Virginia went above and beyond any expectation I could have ever conceived and made it possible for me to be living in my FIRST HOME! Thank you Virginia!
Lloyd and Elaina Lane
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We were out of state from Wisconsin, looking for a home in the cookeville area. Virginia did not know us. we called her office and she was able too work with us on several occasions. we did buy a home from her. I recomend her highly. she was very current on all our questions. she was a pleasure too work with. I would buy a home from her again if needed.
David & Donna Riter
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