Greater Nashville Association of Realtors Reports October 2009 Home Sales Up by 22.7% Over October 2008!

It's true!  Good news in the greater Nashville, Tennessee area for Home Sales!  There were 2145 home sales in the month of October 2009, which is up 22.7% from the 1748 in October 2008.

We are, however, still down 18.4% from last year overall.  The median price for a single family residence in October was $160,000, down from $170,000 in October of 2008.  The median price for a condominium in October was $144,000 compared with last year's price at $152,500. 

Another spot of good news is that the greater Nashville area is in a much more "balanced" range of inventory now at only an 8 month supply.

Let's keep that good news rolling in!

Here's the full report put out today by the Greater Nashville Association of Realtors...

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If you are interested in finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE.  Please note:  You will have to register with my site to be able to search the MLS.  I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move?  Wanting to Invest?  Need help as a First Time Buyer?  Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

Home Buyer's Tax Credit Extended and Expanded:  It's Official!

I just received an email explaining all of the details on the Homebuyer's Tax Credit, which has been extended and expanded to current homeowners.

According to Me, this is good news for current homeowners, who were previously left out of this tax credit.  Perhaps this will encourage the middle part of the housing market to start moving!  This is also good news for first time homebuyers, as they now have another five months to seal the deal on their first home (that is, if they can actually get approved for a mortgage and are disciplined enough to save). 

For our economy, though, this seems like bad news.  Where exactly are we getting all of this money from?  Oh, wait, it's from people like me.  And if I have any children, this money will come from them also. 

And another gripe I have:  If the government really wants to try to help out the American people and not just the banks, then why such steep regulations on who and how one can receive this money?  For example, you have to make less than $125K (if you're single/less than $225K if you're married), you must have lived in your primary residence for 5+ years, and you can't buy a house for more than $800K.  Oh, and there are SEVEN more stipulations concerning the home itself.  I just don't get it.

The following is an email report from Tonya Esquibel, a mortgage broker here in Nashville that I like working with.  The following email report came with instructions to "Copy and Paste as You Wish".  So here goes:

Tax Credit for Homebuyers

First-Time Homebuyers (FTHBs): First-time homebuyers (that is, people who have not owned a home within the last three years) may be eligible for the tax credit. The credit for FTHBs is 10% of the purchase price of the home, with a maximum available credit of $8,000.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Current Owners: The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What are the New Deadlines?

In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.

Tax Credit Versus Tax Deduction

It's important to remember that the tax credit is just that... a tax credit. The benefit of a tax credit is that it's a dollar-for-dollar tax reduction, rather than a reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time homebuyer were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps

The amount of income someone can earn and qualify for the full amount of the credit has been increased.

Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible

Joint filers who earn up to  $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price

Qualifying buyers may purchase a property with a maximum sale price of $800,000.

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Remember, the new tax credit program includes a number of details and qualifications. For more information or answers to specific questions, please call or email me today.

In addition, you may be able to benefit from additional housing related provisions, including the following:

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Tax Incentives to Spur Energy Savings and Green Jobs

This provision is designed to help promote energy-efficient investments in homes by extending and expanding tax credits through 2010 for purchases such as new furnaces, energy-efficient windows and doors, or insulation.

Landmark Energy Savings

This provision provides $5 Billion for energy efficient improvements for more than one million modest-income homes through weatherization. According to some estimates, this can help modest-income families save an average of $350 a year on heating and air conditioning bills.

Repairing Public Housing and Making Key Energy Efficiency Retrofits To HUD-Assisted Housing

This provision provides a total of $6.3 Billion for increasing energy efficiency in federally supported housing programs. Specifically, it establishes a new program to upgrade HUD-sponsored low-income housing (for elderly, disabled, and Section 8) to increase energy efficiency, including new insulation, windows, and frames.

Expanding Housing Assistance

This provision increases support for several critical housing programs. It includes $2 Billion for the Neighborhood Stabilization Program to help communities purchase and rehabilitate foreclosed, vacant properties.

As always, if you have any questions about your specific situation or would like to discuss how you may benefit from this program, please call or email me. I'll be happy to sit down with you.

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If you are interested in finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE.  Please note:  You will have to register with my site to be able to search the MLS.  I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move?  Wanting to Invest?  Need help as a First Time Buyer?  Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

Downtown Nashville's Terrazzo Condominium Complex in the Gulch is having an Auction!

Yes, you read that right.  Thirty (30) of these luxury downtown Nashville condos are going to be auctioned off on Saturday, November 21, 2009 at the Renaissance Hotel Nashville.

The starting bids will be $159K for a 900 square foot condo, going all the way to $399K for a minimum bid on a 2,090 square foot condo. 

Previously I did a blog post on the Terrazzo Condominium Complex and, at the time, the starting price for one of these condos was $317K. 

So, for any of you first time buyers who are still wanting to take advantage of the $8k tax credit, and for any others of you  who are wanting to purchase in the Downtown Nashville Terrazzo in the Gulch Condominium Complex for a rock bottom price, then give me a shout and I can help you get signed up for an auction paddle!

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If you are interested in finding a condo in the Gulch area of downtown Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE.  Please note:  You will have to register with my site to be able to search the MLS.  I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move?  Wanting to Invest?  Need help as a First Time Buyer?  Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

Nashville's "City Paper" Reports that Mortgage Lenders in TN has Dropped by More than Half!

I was perusing the Nashville City Paper and an article on mortgage lenders caught my eye.  Apparently the number of mortgage lenders who are licensed in the state of Tennessee has DROPPED BY MORE THAN HALF over the last two years!  That is an EXTREME number!

I won't quote the whole story to you since it is available online, but the gist of the story is that due to the drop in demand for housing and the new stricter standards for lending, there is simply not the need there previously was for these services. 

This story also reports that a lot of these Nashville and other TN mortgage lenders needed to go, and I think we can all agree with that!  Fraudulent and non-documented loans need to be gone for good!  Newer, stricter regulations are also coming in 2010, according to the article, so we may see the number of Nashville and other TN mortgage lenders drop even further.

Here were the numbers given:

1.  2007 - 17,000 Licensed Originators in TN

2.  2009 - 7,824 Licensed Originators in TN

I want to give an opinion here.  As a Realtor, I want to see a healthy housing market where homeowners are making gains on their homes and truly creating wealth for themselves.  That would include a healthy number of mortgage lenders to accomodate the need.  But, as a consumer, an American, and a human being, I believe FRAUD IS A BAD THING and I think we need to be mindful right now.  Less credit debt is a good thing, money in the bank is a good thing as well, and an honest look at how we can improve our economy and our nation as a whole is also good!

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If you are interested in finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE.  Please note:  You will have to register with my site to be able to search the MLS.  I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move?  Wanting to Invest?  Need help as a First Time Buyer?  Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

 Downtown Nashville Condo Sales:  September 2009 Market Report Tells All!

In September 2009, condo sales in Downtown Nashville were definitely healthy!  Just have a look at this market report!

From the looks of it, Downtown Nashville Condo Sales were the greatest in these different Condo Complexes:  Velocity in the Gulch, the Viridian and the Rhythm at Music Row. 

The Velocity in the Gulch is starting to be a popular place to live, and since this past month they have been offering to match the $8k tax credit!  Also, the brand new Rhythm at Music Row made a splash with four sales in their terrific location on Music Row!  And don't forget about the Viridian, downtown Nashville's gorgeous condo highrise with tight security and unbelievable views from their location on Church Street!

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If you are interested in finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE.  Please note:  You will have to register with my site to be able to search the MLS.  I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move?  Wanting to Invest?  Need help as a First Time Buyer?  Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

 Nashville's Green Hills Area Condo Sales:  September 2009 Market Report

In September, sales were a little bit slower in the Green Hills Condo Market than the previous booming August month!  But there were still people moving into condos!  Have a look:

Nashville's Green Hills continues to be a place that people want to live, with its easy access to interstates, dining, shopping and relative safety.  Go Green Hills!

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If you are interested in finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE.  Please note:  You will have to register with my site to be able to search the MLS.  I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move?  Wanting to Invest?  Need help as a First Time Buyer?  Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

Nashville Area Oak Hill Home Sales:  September 2009 Market Report

Well, here's my gripe of the day...  I actually ALREADY did this market report back a couple of weeks ago, but then whatever server for whatever machine that ActiveRain is on deleted it, and I was too upset to put it back up (none of it was saved).

So September's Market Report for the Oak Hill Subdivision of Nashville, TN comes a bit on the late side this month! 

Let's dive right into it:

 5 Sales, ranging in price from $372K to $625K. 

If you missed out on buying an Oak Hill home in September, though, fear not!  There are still 37 other homes on the market in Oak Hill, two with contracts, ranging in price from $299K to over $5M. 

As I have said before, I LOVE living in the Oak Hill area of Nashville, TN - it's where I grew up - I love the large yards and spacious homes - some old and some new - but all with character! 

See you next month!

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If you are interested in finding a home in Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE.  Please note:  You will have to register with my site to be able to search the MLS.  I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move?  Wanting to Invest?  Need help as a First Time Buyer?  Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

Madison, TN's Finest New Listing - 228 Slayton Drive!

Let me introduce you all to my newest listing, 228 Slayton Drive!  Located in Madison, TN, this property was built in 1979.  With 3 Bedrooms and 1.5 Baths, this renovated home sits on nearly a half acre (0.49 acres)!

The current owner called this her first home when she purchased it in 1983.  Over the past 26 years, she has taken good care of the house, resolving any issues quickly and has used professionals!

Let's take a look inside!

When you walk in the front door, the first thing you see is the living room.  At 13 x 21 in size, there is ample room for furniture, and also a wood burning fireplace for those cool Fall and Winter nights!

Here is a closeup of the mantle, which was lovingly handmade by the owner:

The heart of this home, however, is the kitchen.  Fully renovated, this is the type of kitchen where families and friends can hang out together and enjoy each others' company!  Have a look at the new tile, new ceiling fan, new countertops and new Stainless Steel appliances!  The new owners are REALLY going to enjoy this kitchen!!

You may have noticed the door in the previous photo?  This door leads to the laundry room, which has new lighting, tile, fresh paint and shelving! 

So now, on to the bedrooms...

What struck me about this house as different from others is simply how spacious every room was.  Two bedrooms are on the main level and from the following pictures I hope you will be able to tell how generously sized the rooms are at this home for sale in Madison, TN.

Here's the Master Bedroom, which is 14 x 16 and boasts a half bath and a walk-in-closet!

Here's the Half Bath with a new vanity countertop, new toilet and fresh paint (did I really just say new toilet? - well it is!)!

And the Walk-In-Closet...

Bedroom #2 is also large at 10 x 19!  It has an extra large closet with bi-fold louvered doors, is adjacent to the full bath, has been painted and has a new ceiling fan in it!

Here's a shot of the other side of Bedroom #2- I am standing where the bed is...

Now onto the GUTTED TO THE STUDS Full Bath!  The renovation of this bathroom really came out well!  A new shower, toilet, vanity countertop, as well as new sub-floor, new vinyl, new light and plumbing fixtures and a fresh coat of paint!

Now, onto the downstairs, where there the third bedroom is...

This bedroom has a sleeping area and a play area, plus a large under-the-stairs closet!

And last, but not least, the yard! 

Fully Fenced!

Here are the specifics, at a glance, to this Madison, TN home for sale:

• Approximately 1527 square feet
• 3 Bedrooms
• 1.5 Baths
• Fully Renovated
• Full Unfinished Basement with Expansion Potential
• One-Car Garage
• Half Acre Lot (0.49 acres)
• Fully Fenced Back Yard
• This home can go FHA or VA and will also help the First Time Buyer get their $8000 Tax Credit
• Taxes are $1,200 Per Year
• Schools are Old Center Elementary, Brick Church Middle School and Hunters Lane Comp High School

This house for sale in Madison, TN is what I like to call a PERFECT 10! 

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If you are interested in finding a home in Madison or in the Green Hills / David Lipscomb area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE.  Please note:  You will have to register with my site to be able to search the MLS.  I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move?  Wanting to Invest?  Need help as a First Time Buyer?  Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

September 2009 Home Sale Statistics from the Greater Nashville Association of Realtors 

This just in from the Greater Nashville Association of Realtors (GNAR) - I am quoting this verbatim:

There were 1,935 home closings reported for September, which is down 6.7 percent from the 2,075 closing reported in September of last year.

 Third quarter closings were at 6,213 for 2009, down 9.1 percent from the 6,836 closings during the third quarter of 2008.

 Year-to-date closings are 15,453, compared with 19,833 through September of 2008, which is a decrease of 22.1 percent.

 There were 2,120 sales pending at the end of September and the average number of days on the market for a single-family residence was 86.

 The median price for  a single-family home was $160,000 in September, while the median price for a condominium was $142,500. That compares with median prices of $168,900 for single-family homes and $148,500 for condominiums in September of 2008.

 Inventory is at 23,975 properties, compared with 24,270 available at the end of September last year. Single-family inventory is actually down and condominium inventory is nearly the same amount as was available at this time last year. Multi-family and farm/land/lot inventory continues to be higher than last year's levels.

For complete Nashville Home Sale Statistics from the Greater Nashville Association of Realtors, get clicky here!

This Nashville housing market is tough!

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If you are interested in finding a home in the Green Hills / David Lipscomb area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE.  Please note:  You will have to register with my site to be able to search the MLS.  I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move?  Wanting to Invest?  Need help as a First Time Buyer?  Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753

The Nashville Symphony, Giancarlo Guerrero and Pianist Lang Lang:  EXCEL!!!  Nashville Symphony Graphic Designers/Editors:  FAIL!!!

I had the distinct pleasure of being taken to Opening Night at the Nashville Symphony last Friday night.  My bf Ben had surprised me with tickets and I was particularly pleased that the fabulous Chinese pianist, Lang Lang, was going to be performing Beethoven's Concerto No. 3 in C minor!  In fact, it was an all-Beethoven night.

The Nashville Symphony, performing in their gorgeous and relatively new Schermerhorn Symphony Hall, opened with the Leonore Overture No. 3, Op. 72a.  I was not familiar with this piece, and actually for a good reason!  This Leonore Overture was the second overture written for Beethoven's Fidelio (the only opera ever written by Beethoven), and was used at the opera's first revival in 1806.  While this overture, along with two others, did not end up being the one ultimately selected, it was a beautiful piece to begin Friday evening's concert with!

Giancarlo Guerrero did a wonderful job conducting the Nashville Symphony and as soon as the Leonore Overture was complete, the musicians re-arranged themselves and made way for the Steinway grand piano to come up from below the stage. 

Lang Lang's performance was spectacular!  As a pianist myself with a music degree in Piano Performance, I have to admit that it takes a REALLY SPECIAL PERFORMER to pique my interest.  Lang Lang exceeded all of my expectations.  I even found tears coming to my eyes in different parts of the Largo movement.  His ability to play softly blows my mind.  Also, his ability to play within the standard Classical style while still exuding passion and excitement for the Beethoven Concerto No. 3 in C minor was simply exquisite. 

Our audience seemed to agree.  With four ovations, Lang Lang was persuaded to play an encore of one of my favorites, the "Aeolian Harp" Etude by Chopin, Op. 25 No. 1.  It was equally gorgeous and then the star set himself up in the lobby of Schermerhorn Symphony Hall and signed autographs!  Too fun!  I got this picture of him...

I know I should mention Beethoven's 'Eroica' Symphony No. 3 in E-flat major, which followed Lang Lang's performance and was marvelous again under Giancarlo Guerrero's conducting!  I must say, though, my thoughts were completely on the exhilarating performance of Lang Lang and it was difficult to focus!!!

Thank you Nashville Symphony directors and board for bringing Lang Lang to Nashville!  He was amazing and this native Nashvillian left very inspired - I went home and practiced!

On a separate note, I am a bit peeved about the front of the InConcert performance notes booklet - they have the grand piano turned the wrong way - did anybody else notice this or just me?  It's embarrassing, to say the least, and my hats are NOT OFF to the graphic editors who slipped up on this.

That's my only gripe.  Just sayin'.

Take it away, Lang Lang!!!  Please come back and soon!

______________________________________________________________________________________ If you are interested in finding a home in the Green Hills, Downtown, 12th South, or Oak Hill area of Nashville, or would like to look at other real estate for sale in the Middle Tennessee area, please search the MLS HERE. Please note: You will have to register with my site to be able to search the MLS. I will contact you initially and all requests thereafter for privacy will be respected.

Looking to move? Wanting to Invest? Need help as a First Time Buyer? Please feel free to call me, Emily Lowe (yes, I'm a Realtor, with The Lipman Group Sotheby's International Realty) at 615.509.1753