5 Scenarios to Help you Decide if You should Sell Your 12th South Home in Nashville, TN

I'm NOT going to state the obvious here.  If you are having to relocate for a job or for personal reasons, then this is a no-brainer.  But for those of you who live in Nashville's 12th South area, here are 5 scenarios in which you may want to consider upgrading to a new home.

1. Your Home is Worth More than You Paid for it.  If you bought your current home before 2007, then you will really need to take a good look at the numbers.  If you purchased a newly built or wonderfully remodeled home then the numbers may not look so good to you.  You will need to see the recent comparables to be able to determine that.  If you purchased your home AFTER 2007, then chances are that you may be sitting in a great position to be able to sell and walk away with a nice chunk of change in your pocket.
2. Your Home has a Renovated Kitchen and Master Suite.  Older homes in the 12th South area that have remodeled kitchens and master suites will sell more quickly, if they are priced correctly.  If your 12th South home is older and it is not remodeled, then you may want to run a cost vs. value estimate on doing this work before selling it.
3. As an Investor, the Cap Rate on your Investment is over 10-12%.  12th South is a very trendy and much loved area to live in.  The local market there looks good!  Because it is currently a relatively stable area, your investment's cap rate may be as high as 12%.  But to make the most money possible on your investment, anything over a 12% cap rate should really be looked at again.  Your money may be able to work harder for you in another local market area.
4. You have Outgrown the Size of Your Home.  When you bought your lovely 12th South bungalow with 1400 square feet, it was really big enough for you and your dog/cat.  But now you're married with one child and a second one on the way.  There are children's toys EVERYWHERE, the home is bursting at the seams with all of the "stuff" and you can never find a spot just for you to escape to.  It is either time to purge a lot of the "stuff" - which is difficult to do when children are involved, or it is time to sell.  And do it now, while it is still a buyer's market.
5. You Found Your Dream Home and You are Able to Afford it.  You just heard from a friend that a house you've been wanting for years is about to come on the market.  You've run the numbers and you know that with the current low interest rates and your career going well you could really afford THAT home.  Go for it!  Again, it's still a buyer's market, and interest rates are low.  The 12th South market is HOT and from the increase on your investment you will walk away with an extra $30-$50k on your home. 

I am currently running an individualized market analysis on 250 homes that I hand selected in the Oak Hill, David Lipscomb, Green Hills and 12th South areas of Nashville.  I will be mailing brochures to the owners of these 250 homes and giving my opinion on potential profit they could walk away with if they sold their homes.  If you would like to be added to this list, please let me know and I will gladly add you.

It is my belief that you CAN build wealth over your lifetime with the real estate purchases that you make.  Even if you feel that you made a "mistake" with your home purchase, you need to know the FACTS about your circumstance, as each individual home or condo has its own story. 

I am hoping that these 5 suggestions help you make an informed decision about whether or not to sell your 12th South home in 2012!

Nashville's 12th South Area:  A Review of 2011 Real Estate Data

Nashville’s 12^th South area is a trendy spot for homeowners!  With the park, restaurants, shops and other businesses continuing to increase in number, 12^th South is a real “hot spot!”

This is definitely clear when looking at Real Estate Data for 12^th South during 2011. 

Here is what I found:

There were 86 properties  sold in Nashville’s 12^th South area during 2011:

·         15 properties sold in the $500K-$700K range

·         43 properties sold in the $300K-$499K range

·         28 properties sold in the $299K and under range

The highest residential sales price in 12^th South for 2011 was $629,700 and the lowest residential sales price was $180,100.  The average sales price per square foot was $169.33 and the properties were on the market an average of 79 days.

In the $500K-$700K range, all of the homes were either new or had been fully renovated.  One was not listed, but was sold by Realtors.  The average sales price per square foot was $180.86 and the homes were on the market an average of 82 days.

In the $300K-$499K range, three of the homes were fixer uppers (needing either kitchen or bath updates or both).  Eight of the homes were zero lot line (commonly known as duplexes).  The average sales price per square foot was $168 and the homes were on the market an average of 84 days.

In the under $300K range, ten homes were fixer uppers, three were zero lot line homes and one was not listed but was sold by Realtors.  The average sales price per square foot was $151.07 and the homes were on the market an average of 76 days.

As far as condos go, there were 5 condo sales in the 12^th South area in 2011.  The average price per square foot was $155.61 and the condos were on the market an average of 86 days.  Condo sales prices fluctuated from $169,000 to $308,000. 

There were three lots sold in the 12^th South area during 2011.  They were an average size of 0.39 acres, were on the market an average of 10(!!) days and ranged in sales price from $215K-$250K. 

Three multi-family homes were sold last year in 12^th South.  They were on the market an average of 62 days and ranged in sales price from $154,000-$319,900.

Two commercial properties were sold.  Sales prices were $355,000 and $449,000.  They were on the market an average of 42 days.

The overall absorption rate for the 12^th South area in 2011 was 60%.

Whew.  Got through them all.  12^th South – you are definitely holding your own in real estate!

Now the fun part - the pie charts:

For more information on real estate in Nashville’s 12^th South area, please feel free to contact me at 615.509.1753. 

Reside in Nashville's Oak Hill area? Here's the Real Estate Review for Last Year

As a homeowner in Nashville's Oak Hill area, I was curious to see how Oak Hill fared in real estate sales during the last year (2011). So I did a real estate review and the following is what I found:

There were 47 homes sold in Oak Hill during 2011:

·      4 homes sold for over $1M

·      6 homes sold in the $700K-$999K range

·      6 homes sold in the $500K-$699K range

·      20 homes sold in the $300K-$500K range

·      11 homes sold in the under $300K range

The highest sales price in Oak Hill for 2011 was $2.59M and the lowest sales price was $185K.

In the $700K-$999K range, one of the homes was a "fixer upper" (needing either kitchen or bath updates or both).

In the $500K-$699K range, two of the homes were fixer uppers. One was a foreclosure.

In the $300K-$500K range, five of the homes were fixer uppers. One was a short sale and one was not listed, but was sold by Realtors.

In the under $300K range, seven were fixer uppers, one had major water issues, one was a foreclosure and one was a short sale.

I did not include the following homes in the above list, but they are worth mentioning:

·      One Oak Hill home was foreclosed on in 2011 and is now listed

·      Four homes were quit claimed

·      One home was a FSBO (For Sale by Owner)

Here are some pie charts of the 2011 Oak Hill Real Estate Review

The data shows that there was a 42% absorption rate for last year.

If you would like any more information on Oak Hill Real Estate, please feel free to contact me. 

Disclaimer:  All of this data was collected from Realtracs.com and from the Tennessee tax records.  All information is deemed accurate, but not guaranteed.  I am, after all, human. 

Bad Neighbors and the Sale of your Nashville Home

We have all seen comedic movies about bad neighbors; “Funny Farm” comes to mind for me.  And then there are the scary movies about bad neighbors; “A Nightmare on Elm Street” stands out in that category [can you tell I was a child in the 80’s??].  While these examples of un-neighborly neighbors are extreme, truly bad neighbors are no joke. 

Bad neighbors can make your Nashville home difficult to sell.  The houses on either side of my home in Oak Hill are rented out.  The house to my left is rented out to a very nice family.  The house to my left is rented out to… Belmont University music school guys who are in a band (or from the sound of it, lots of bands).  If you are familiar with Nashville, then you know that there are LOADS of musicians here and the Belmont University music student is a very common occurrence.  I love Nashville (I’m the rare native) and I love music, but let’s just say I am not necessarily loving heavy rock music at 1:00 a.m.  If I were that age, I’d probably be joining in and staying up late with them.  But, being in a different phase of my life, I’d really rather not hear them so late at night.  Now, to their credit, these guys are all super nice and completely respectful if I ask them to keep it down.  And, as for the beer bottles that are sometimes launched into my yard, I just launch them back.  : )  But not everyone is as fortunate as I am.

This brings me to another story.  I was showing houses in East Nashville (affectionately called East Nasty by its residents) which has good areas, bad areas and transitioning areas.  My clients (first-time homebuyers) had found a WONDERFUL little cottage style home that they were so excited to see.  As lots of people in Nashville are, they were very active in their church and in the Nashville community.  We noticed some neighbors across the street with their kids out playing in the yard and thought “how cute”.  We then viewed the house.  It was a TERRIFIC house and they were excited about the possibility of actually owning this home and making it their own.  While they were talking about where to fit furniture and what they might need, I stood and looked out the front window.  I saw the little children continuing to play across the street and then I noticed that there were lots of adults out there.  I surmised that they were having a party.  Then I noticed that the adults were passing some stuff around.  I looked a little more closely and figured out they were passing around weed and cocaine to one another.  [GULP]  This was all taking place in the yard with children around.  I then called my Christian clients to take a look.  (I do believe in not hiding anything from a client when purchasing or selling a house).  They took one look at that and were ready to go.  With the neighbors openly abusing drugs in the yard, the police could have been contacted to help remedy the situation.  But these homebuyers were not about to take the risk that nothing would be done.  And I don’t blame them.

All of this to say that IT MATTERS who your neighbors are.  Whether you are selling your home or buying a home in Nashville, have a look at the neighbors.  If you are currently living with bad neighbors, there may be a solution (depending on what that situation is).  Animal cruelty (which I unfortunately see too often during showings), too many cars/unwanted yard art and drug abuse all come to mind as situations that may be remedied by the city. 

Do you have a bad neighbor?  If so, what are they doing?  I would love to hear what people are dealing with out there and will try to be helpful in offering a solution.

5 Ways to Get Your Nashville Home Ready to Sell in 2012

Well, first of all, HAPPY NEW YEAR!!!  So far it's off to a great start, but I'm only three days in :P

I am not doing New Year's Resolutions this year.  As I said on Facebook, "I'm entering into 2012 with goals of living passionately in both my personal and professional life. I want to learn more about myself and the loved ones around me. I want to let go of fear. I want to pursue things that I have not previously been brave enough to pursue. I'm excited for the journey and the adventure that 2012 will bring."

Is it weird to quote myself?  Hmmm...

Then on to quoting other people, Tara on Trulia to be exact.  Well, with my own spin added.

If you DO set resolutions and one of your resolutions is to sell your Nashville home in 2012, then I think you will find the following 5 things to do very helpful towards that goal:

1. Write it down!  Yes, on paper.  With a pen.  Okay, maybe with your Stylus on an iPad.  The point is, figure out how much money you have invested in your current home.  Now, how much would you LIKE to make (in an ideal world) and how much do you think you are LIKELY to make (in the real world now).  Look around your house with a business eye rather than a personal eye.  Would YOU buy your house in its current condition?  If you say YES right away, then ok.  If you say YES with the reservation of 'but maybe I would want this area a little nicer', then roll up your sleeves.  It's time to get that unkempt room or two (or 3,4,etc.) put back in sellable condition.  What is sellable condition?  A decent paint job, the floors have to look good and the clutter needs to be gone.  Onward.
2. Study your Local Market.  In other words, march yourself into some neighborhood open houses.  Objectively compare your house to each home you visit.  Take the paperwork from each home with you.  Are the neighbors offering incentives to buyers?  Do any of the neighbors have amazing features that your house doesn't have.  Do YOU have amazing features in your house that others don't have?  All of this needs to be carefully looked over.
3. Pull your paperwork together.  This is going to include all paperwork you have on your home.  Current mortgage statements, financial statements, any receipts you have on work that has been done to the house, etc.  I also like it when sellers write a general letter on why they selected the house to begin with and what they have enjoyed about the house while they have lived in it.  Don't make it too long, but make it genuine.  Leave it out when buyers come to see your house.  Ok, that last part wasn't really "paperwork". 
4. Prepare a Timeline.  Along with your real estate agent, make a realistic timeline of how and when all aspects of the selling process are going to happen.  Determine whether you want a quick sale for a bit less money or if you want to hold out for the price you desire (and PLEASE take into consideration the comparables).  If you price it out of the neighborhood, it's more than likely that the buyers will BUY out of the neighborhood for that price.
5. Get busy.  With your list of to-do's.  Work on curb appeal.  De-clutter.  Keep the real estate agent's in-home brochures on your property with you at all times so you can hand it out if friends or acquaintances are asking.  Now for some un-conventional advice:  Read up on negotiating strategies.  There are lots of books and blog posts out there on negotiating.  If you familiarize yourself with this process, you will feel less frustrated during negotiations.  Yes, real estate agents are trained in this.  Ask your agent for their opinion about how you feel you should negotiate.  Maybe do this before hiring an agent so you know how they are going to approach negotiations.

Now - get started and sell your Nashville home in 2012!

Selling Your Nashville Home During the Holidays

When you look at your holiday calendars you may find the months already overloaded with seasonal obligations — shopping, entertaining, children’s pageants, charity work, decorating the house, and so much more. If you are also trying to sell your Nashville home during the holidays, you are under extra pressure to keep your home in “showtime” condition. And that could be the last thing you need before the holiday spirit is broken.

It is understandable why you would be tempted to take your home off the market during the holidays. Better to just pack it in and start fresh in January, right?

Not exactly. Top-selling REALTORS® say taking your home off the market during the Christmas season is a mistake. Jennie Ling, a vice president of Virginia Cook REALTORS® and the number one sales person in her company for almost every one of her more than 35 years in the real estate business, says ”The holidays are my best-selling period. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses. I showed homes on New Year’s Day last year. I like the holidays because the buyers have more time, and they can look at homes together.”

Before you take your home off the market, consider the following points:

If, after reading this article, you feel the timing may be right to try and sell your Nashville home during this holiday season, then let's talk, weigh out the pros and cons and see if selling your home during the holidays would be good for you!

Well, I have taken a nice long break from blogging.  Those of you who blog know that some time off every once in a while can do wonders for rejuvenated energy towards writing.

New in my world, I am engaged.  (!)  Which is another motivation to get back to blogging - I need to pay for this wedding thing!

As many of you probably know by now, there has been a slight turn around in the real estate market.  For the first time in several years, the numbers have been going up.  As in more home sales.  I am not seeing that the Sellers are getting top dollar again for their homes, but at least the inventory is starting to move a bit faster.

That being said, I am looking forward to getting back into the habit of bringing you the latest news on Nashville real estate, and I will be happy to answer any questions you might have.  Email to:  emily.lowe@comcast.net

In fact, if you would like to, send me a question about the Nashville real estate market by email and I will answer it on this blog - of course, the question has to be an appropriate one and I will let you be anonymous (first name or no name only).

Thanks - it's good to be back!

First-Time-Home-Buyers:  Want to Be on HGTV?

Here's the opportunity:

If you are a first-time home buyer and you don't mind your home shopping/purchasing experience being public, then please call Emily Lowe at 615.509.1753 as soon as possible!

This show will air on "My First Place" on the network HGTV.

So, again, if you want to be on HGTV as a first-time-home-buyer, then give me a call!

3 Cosmetic Improvements to Make to Your Home Before Selling

1.  Kitchen

Ah the kitchen.  The central hub of any home.  And the kitchen is the best room to improve.  Re-paint or replace those old cabinets, put in a granite countertop, change out the old tile or vinyl for new tile or vinyl.  A fresh coat of paint will also go a long way.  Replace old knobs for newer ones, splurge on a new faucet and don't forget those light fixtures as well!  To go all out on improving the kitchen, replace the old appliances with new stainless steel appliances.  These are the #1 types of improvements buyers are looking for in a home!

2.  Master Bath/Suite

The Master Bath/Suite.  The getaway space in your home.  It's so nice for buyers to be able to envision themselves relaxing in an updated master bathroom.  Most of the cosmetic improvements to be made in the bathroom center around fixtures and maybe some tile and paint.  The faucets, knobs, light fixtures all need to be updated.  If the tile is really old or has major cracks in it, then it's time to update the tile as well. 

3.  Curb Appeal

Last but certainly not least, improve the curb appeal of your home!  An inviting exterior is what draws the interest of a potential buyer to further explore your home.  Plant shrubs and flowers, replace old light fixtures and door knobs with new ones and if there are problems with the driveway or porch, get them fixed as well! 

As far as how much to spend on these three improvements to your home:  well, my opinion is that less is more.  Whatever work you can do yourself, do it!  This will save you a lot of money on your remodel.  However!  You can shoot yourself in the foot if the work you do is substandard, so make sure that you are capable on the front end!

If you feel uncertain as to how much to spend, a real estate agent will usually be able to ballpark the numbers for you.  This is something that I frequently do for my clients and their rate of return on their investment usually makes them happy. 

Hope this post has been helpful!

February 2011 Home Sales Decrease, Median Prices Increase

According to the Greater Nashville Association of Realtors (GNAR) there was a 13.3% decrease in home sales in February (in comparison to last year's February home sales).

There was a glimmer of hope for median home sale prices:  the median price for a single family residence in the greater Nashville area increased $10,000 when compared to February 2010. 

Not such good news for condos, which declined by $17,950 when compared to February 2010.

To me this is fatiguing news.  It's really rough out there in the real estate market for sellers. 

On the "silver lining" side, if you are looking to buy, it is a great time and with median house prices on the rise, time may be running out to find those great deals!

View the full report here.