Nashville New Homes: Your Very Own Dream Machine

Mar24

The past few years have offered some incredible opportunities for home ownership, with many just now getting off of the fence and exploring. What did they see, hear or feel that made them decide to act now?

I love selling new homes. You meet so many neat people. While they may have different needs, they all have one common desire – they want to own something!

One prospect I recently worked with answered the question like this…. “If I don’t buy anything now, I won’t have anything to sell later!”

She explained her reasoning…. a friend in her office was retiring. She and her husband were turning 60. All of their kids were grown. Their house was paid for. Their dream was planned. They wanted to see the world while they could still enjoy the experience.

They had recently sold their home of 35 years. With the proceeds, they purchased a smaller town home so they would have a place to get the mail, or a “home base.” They purchased a large Motor Home with plans to visit every state in the continental US, and Canada too! They were leaving April 30th, with no firm plans other than to take a break for a 14-day European Cruise in September. Needless to say, they still had a chunk of money left over from the sale of their home!

My prospect has similar dreams for her future, and like she said earlier, “If I don’t buy anything now, I won’t have anything to sell later!”

In essence, her new home is now her very own “Dream Machine.” When she is retirement age, it will be paid for. It will be hers to sell. The proceeds will be hers to enjoy. She put it even simpler…. “After 30 years of renting, all I would get is a Change of Address Form. Now I will have something to sell!”

Everyone has a dream for the future. Owning your own home will increase your ability to pursue that dream. And as long as you continue to rent, you are giving your landlord the ability to pursue his or her dream.

What is YOUR dream? There is a “Dream Machine” that can make it come true! CLICK HERE to find yours.

Trey Lewis is VP Sales & Marketing for Ole South Properties Inc, Tennessee’s largest independent home builder, 615.896.0019 direct 615.593.6340 or email TLewis@olesouth.com. Specializing in new homes in the Greater Nashville area to include Nashville, Murfreesboro, Smyrna, Clarksville, Gallatin, and Spring Hill, Tennessee.

Nashville New Homes: Get up to $11,000 from the government for your new home downpayment?

Jan19

In Tennessee YOU CAN!

Qualified “first-time buyers” can receive downpayment assistance of 4% of the purchase price of a new home up to $275,000 in most counties surrounding Nashville! And in Maury County, you don’t even have to be a “first-time buyer!”

It gets even better…. A “first-time buyer” is defined as someone that has not owned a principal residence in the previous three years. Even if you have owned a home in the past three years, there are a few specialty loans available that only require a $500 down payment. Sure there are certain guidelines and limitations, but why not explore and see if any are right for you?

We’ve all been saying that NOW is the time to buy, and many just kept sitting on the fence. NOW was yesterday. You have lost out on the very BEST deals.

If you’re sitting on the fence in Middle Tennessee, its going to cost you even more to keep waiting! READ MORE HERE.

Don’t get me wrong, ALL of the best deals are not gone. But they are going fast.

I’ve always said “there is never a bad time to buy a home, but some times are certainly better than others.” The planets ARE lined up in Middle Tennessee and they point to the new homes we have to offer at www.OleSouth.com!

Don’t panic. Its still not too late to take advantage of the great deals out there on a new Ole South home. But if you want to use up to $11,000 in free government money for your down payment, you better not wait much longer!

Nashville New Homes: The “Short Sale” can of worms.

Sep23

I was showing one of our brand new Ole South homes this week to a first-time home buyer. They loved the home and all of its many features, especially the fact that everything was NEW and under warranty too.

They had learned through others that new homes offered the best value for the money, and that in most cases, a new home could be purchased for the same price, or even less, than an older resale home comparable in size and features. They had looked at other resales, and told me everything that was important to them, even the price range. Well guess what? We have the perfect home nearing completion!

This particular home was $169,990, complete with all appliances and closing costs paid. Using THDA’s Great Start program for first-time homebuyers, their monthly payment, yes PITI, would be approximately $1153 with zero cash out of pocket at closing. If they chose to place their own down-payment of approximately $5950, their monthly payment would drop to approximately $1076.

They really liked the -0- down option, but developed a perplexing look on their faces. They really wanted a NEW home, but there was another home, similar in size, just 2 miles away they had seen online. It was listed for $84,900. It was a “short sale.”

They asked, “Just what does that mean?” I explained the basic process where the bank would hopefully agree to allow the current owner to sell the home for less than the bank was owed on the property. “You mean to say the bank is going to let them sell that home for 84,900?” No, not necessarily. “Then why is it listed for that price?”

Great question. And we Realtors know the answer. It is just like fishing. We know the list price is just to attract a prospect, who will then be encouraged to make an offer, which the bank, at some unknown point in time, will accept or counter. We all know that in most cases, the bank will not approve a listing price on a pre-foreclosure home until an offer of some kind is on the table. The general public does NOT know that.

So, in the meantime, those shopping for homes receive a unrealistic picture of home values. Neighborhoods suffer. Those trying to sell their homes without financial difficulty suffer. Zillow’s “z-estimates” seem to pick up on the suffering too, lowering those home values that are automatically calculated. People believe those values because they saw it on “the internet.”

Okay, let’s go ahead and open the can of worms.

The “short sale” can be a great alternative to foreclosure and I know many Realtors that are very successful negotiating the sale of homes in this situation. It can be a win-win situation for all involved, but only if extraordinary levels of patience can be applied.

Let’s be serious. Wouldn’t our whole real estate economy be better off if a property could not be listed at an arbitrary price that is basically pulled out of the sky?

Many will disagree, but ANY home listed for sale on our MLS should be able to be purchased at the price listed. Period.

Why can’t our MLS require all short sales to be classified a separate way without a list price, followed by the instructions? Or, if a price has to be present, enter $1.00. At least that way, the playing field is more level. I know there are data fields already for short sale notations, but that still leaves the “pie-in-the-sky” listing price. Simply put, it is “bait and switch.”

Again, there are many great Realtors that specialize in “short sales.” If you would like a recommendation, please feel free to contact me anytime.

Bad things happen to good people all the time. If you know anyone that has suffered a 30% drop in income or more, that may need assistance in avoiding a foreclosure or short sale, don’t forget about THDA’s newest program, www.keepmytnhome.org.

And always remember, better times are ahead.

Trey Lewis is a licensed Real Estate Broker in the State of Tennessee with Ole South Realty, 615.896.0019 direct 615.593.6340. Specializing in new homes in the Greater Nashville area to include Nashville, Murfreesboro, Smyrna, Clarksville, and Spring Hill, Tennessee.

Nashville New Homes: Even lower mortgage interest rates? Coming soon.

Aug29

That’s right. Even lower interest rates are on the horizon for first-time home buyers, thanks to the folks at Tennessee Housing Development Agency (THDA). Visit their website, www.THDA.org for more information.

Here are the new program rates that go into effect September 1, 2011 for all files submitted ON OR AFTER that date:

Great Rate – 3.95% For the first-time buyer that has their own down-payment funds and closing costs, if not paid by a seller. Perfect for those with front and/or back ratios below 45%.

Great Advantage – 4.25% Buyer receives a 2% grant that may be used toward down-payment, or closing costs if not being paid by seller

Great Start – 4.55% Buyer receives a 4% grant that may be used toward downpayment, admin fees, and closing costs if not paid by seller.

Remember! When you purchase a new home from Ole South in Nashville, Smyrna, Murfreesboro, or Spring Hill, and use Ole South Financial (our SunTrustMortgage Joint Venture), ALL CLOSING COSTS are paid! (note: certain conventional loans limit seller contributions to 3%)

YES! A first time buyer can purchase a brand new Ole South home with ZERO CASH DOWN AT CLOSING and receive a 4.55% fixed interest rate 30-year FHA loan. Find yours at www.OleSouth.com

NOW – an unprecedented time to take advantage of unprecedented opportunities.

Nashville New Homes: Zero downpayment available to even more home buyers.

Aug20

This morning, while reading Leneiva Head’s blog about THDA’s foreclosure prevention program, it hit me that I had forgotten to do something.

http://leneivahead.wordpress.com/2011/08/20/theres-a-way-to-keep-your-home-foreclosure-prevention-assistance/comment-page-1/#comment-61

Yes, I had forgotten to post about some recent changes from the great folks at THDA, who are always on the forefront of ways to boost home ownership!

Everyone should know that down-payment funding for FHA loans is still available for eligible first-time buyers through THDA’s “Great Start” program. To be eligible, your household income cannot exceed certain limitations and the price of the home you are purchasing must fall below a certain amount.

On August 1st, the income limitations were raised! These revised limitations bring the reality of home ownership within the reach of many more first-time buyers.

Lets look at the Greater Nashville area, including the adjoining counties of Rutherford, Williamson, Sumner, Cheatham, Wilson, and Robertson: A first-time home buyer can purchase a home with ZERO out of pocket if the home price does not exceed $226,100. A buyer’s household gross annual income cannot exceed $79.440 for 1-2 person households. If the household contains 3 or more, annual gross income can be as high as $92,680.

For eligibility in nearby Maury County, the home purchase price cannot exceed $200,160, with gross income limited to $70,320 for 1-2 person and $82.040 for 3 or more person households. Maury County is a designated “target” county and you do not have to be a first-time buyer to take advantage of THDA programs.

Like with any loan program, there are additional credit score and debt ratio requirements for eligiblity. Visit www.thda.org for all the details.

If you are looking to purchase a new home, and like the idea of keeping your down-payment, you will want to explore this program. We have homes available right now in almost every community that can fit within the guidelines. Visit us today and find out why Ole South is Tennessee’s # Home Builder!

www.OleSouth.com

Nashville New Homes: The “Occupancy After Closing Agreement”

Aug9

Wait a minute! When you purchase a NEW home, there is no need for an “Occupancy After Closing Agreement” …. right?

RIGHT! When you purchase a NEW HOME from Ole South in the Greater Nashville area, to include Cane Ridge, Antioch, Smyrna, Murfreesboro, Spring Hill, and now Clarksville, you get your keys the minute you sign the closing documents!

You can move in immediately!

That’s right…you don’t have to wait for anyone to move out! You don’t have to worry about swapping keys. You don’t have to worry about the home being damaged during the “moving-out” process, and you don’t have to worry about everything staying that is supposed to stay.

When purchasing a pre-owned home, these are all points to consider. With today’s volatile economy, anything can happen and delay a closing. Most sellers are hesitant to move all of their stuff prior to closing without a substantial deposit. They don’t want to be left on the street if the closing is delayed, or in some cases declined at the last minute.

And buyer’s of pre-owned home need to be concerned as well. What if the sellers do not move out timely? What if they take things with them that are part of the deal? Even worse, what if something happens to the property and the seller’s contents? Who really is responsible? All of those concerns should be properly addressed at the time of contract.

Just think back to May of 2010. Pretend you had just closed on your home purchase and gave the sellers a week to move out before assuming posession. Then comes the great flood. Your home has two feet of water in it and all of the seller’s stuff is ruined. Even though you own it, you are technically not yet the owner-occupant. You have insurance on your contents, but its not your stuff floating around. Even if the sellers had not cancelled their policy, would their insurance company still pay the claim with a wagging tail knowing their policy holder did not own the property? Lots and lots of complications. Situations like this, although rare, do happen.

You, the buyer, might also have everything loaded and on the way only to find out there is a complication in the title work and your loan cannot close on time. Can you say “MOTEL?”

When you purchase a new home from Ole South, you can cast all concerns to the side! Our purchasing process is simple, seamless, and reliable. We simply do not miss closing dates, unless you venture outside of our process with unknown lenders.

Through Ole South Financial, you will receive the very best financing program available and all of your closing costs are paid! No surprises. No hidden fees.

And yes, ZERO DOWN financing is still available for first time buyers.

And the best part….. when you finish signing the closing documents, you get YOUR keys to YOUR NEW HOME and can move whenever you feel like it!

Doesn’t it make sense to look at new homes first? Our model homes are open daily and anytime by appointment.

Nashville New Homes: Need more reasons to buy now? You’ve got em!

Jul15

If you’ve been waiting for the planets to become perfectly lined up before buying your first home, wait no longer!

Buying your first home is a big decision, and if you haven’t thought much about it, you need to start now. According to HUD, home prices have stabilized and will start rising.

Nashville New Homes: It all starts with affordable housing.

Jul11

It came as no surprise to anyone familiar with Fourth of July celebrations in Nashville for 2011’s “Let Freedom Sing” to be ranked in the top fifteen national celebrations. From aol.com: http://news.travel.aol.com/2011/06/28/july-4th-fireworks-15-of-the-biggest-shows-in-america-ranked-p/

And while the fireworks went BOOM, Forbes was busy compiling its list of 2011 Boom Towns! And Nashville is #3 on the list:

http://blogs.forbes.com/joelkotkin/2011/07/06/the-next-big-boom-towns-in-the-u-s/

Nashville is on a roll with Forbes, ranking #6 in the country for business and careers http://www.forbes.com/2011/06/27/best-places-11-top-50_slide_7.html and #4 on the list of best places to retire: http://www.forbes.com/2011/03/23/best-retirement-places-cities-living-costs-doctors-crime_slide_11.html

And late last year, Nashville was ranked as the 4th best college town in America! http://www.insidevandy.com/drupal/node/14645

All of these rankings are a benefit of affordable housing. Plain and simple.

Without affordable housing, all of these encouraging rankings would disappear quicker than France surrendered to Germany in 1940!

The Nashville area is committed to providing affordable housing, and there is no better place to learn more than this Sunday at the 4th annual Mayor’s Homeownership Fair at Bridgestone Arena. Here is the schedule for the day’s activities: http://www.nashville.gov/housingfair/schedule.asp

No home builder is more committed to providing affordable brand new homes in the Greater Nashville area than Ole South, and we’ll be at the Mayor’s Homeownership Fair also!

In our 26th year, we remain committed to providing the very best new home values in every one of our neighborhoods. Find our more at the 2011 Mayor’s Homeownership Fair, or by visiting our website, www.OleSouth.com.

Nashville New Homes: Bad economic news?….Another great opportunity for Tennessee!

Jun22

Every time you turn on the national news, or read a national headline, there is negative news about the economy, specifically the housing market. Many prospective buyers hear this news loud and clear, and sustain their “wait it out” philosophy. Why?

Because no one else is talking! I saw a great facebook post this week of a quote by Anthony J. D’Angelo, “If you have time to whine and complain about something, then you have time to do something about it.”

Yes we do! It is our responsibility as Realtors to communicate the positive to everyone, not just those already searching for a new home, but those that should be. Let’s start now:

Right now, low interest rates are resulting from a lackluster national economy. Every day the overall economic news leans toward “bad” is one more day that a home buyer can take advantage of unfathomable interest rates.

From the Wall Street Journal….”Based on incomes, this is as affordable as it gets,” said Mark Zandi, chief economist at Moody’s Analytics. “If you can get a loan, these are pretty good times to buy.”

It truly is a great time to buy. Not just because of low interest rates, but because of the programs that are available. In this world, especially in this Congress, loan procedures are always subject to change. Here is one potential change looming on the horizon that we have the opportunity to do something about:

https://realtorparty.realtoractioncenter.com/site/Advocacy?cmd=display&page=UserAction&id=1653

There are areas of the country that are suffering in this economy. But others are striving, and those areas are attracting jobs and economic activity much like a magnet. We are blessed that Tennessee is one of these areas!

http://www.bizjournals.com/nashville/news/2011/06/13/tennessee-no-6-for-2010-economic-growth.html

The Clarksville/Ft.Campbell area is a magnet all by itself, bringing industry that is thinking outside the box in attracting workers. Check out a unique approach from Hemlock Semiconductor:

Click here to learn more about Hemlock’s opportunities: http://www.clarksvillenow.com/pages/10125186.php?

And less than 50 miles away, Nashville just keeps on retaining and creating job opportunities, as reported in the Nashville Business Journal:

http://www.bizjournals.com/nashville/news/2011/06/14/employment-outlook-in-nashville-among.html

And there is even more encouragement for young adults to begin their careers in Nashville, creating many potential “first-time buyers.”

http://www.bizjournals.com/nashville/news/2011/06/20/nashville-a-top-city-for-young-adults.html

Education in Middle Tennessee is also in the national spotlight! Four Middle Tennessee High Schools are ranked among the top 500 in the nation. Below are the Tennessee schools on the list and their nationwide ranking:

Hume-Fogg Academic High School of Nashville, #33

Brentwood High School, #100

Ravenwood High School of Frranklin, #284

Page High School of Franklin, #494

The above facts are just a few examples of evidence that “Tennessee is happening” and attracting more attention and activity, just like that magnet! When you plan an evening on the town, you more than likely select a place that you have heard great things about, right? Businesses and relocating families are the same way.

Tennesseans, let’s join forces and get the word out on the economy in our great state!

When you are searching for a new home, you will hopefully consider one home builder that has been providing the area’s best new home values for over 25 years:

http://www.bizjournals.com/nashville/feature/ResBuilders-061711-1.html

We at Ole South appreciate everyone’s support and continue to be optimistic about life in the Great State of Tennessee. We invite everyone to visit our model homes and neighborhoods, as well as our website, www.OleSouth.com, to discover why thousands of homeowners are proud to say:

Nashville New Homes: Work Equity as your New Home Downpayment?

Jun7

What is the one thing that everyone in this world has in common? A FUTURE.

That’s right…everyone has a future of some kind. Although there are no guarantees in life, there are steps each one of us can take to make our future more stable and secure. Owning a home is one such step that everyone can position themselves to take. Your future really can be in your own hands.

Home mortgage criteria has changed a lot over the recent years, but that doesn’t mean it has to be more difficult to purchase a home. It just means you have to provide more proof of your ability to be a responsible homeowner.

FHA loans are the most widely used programs, where 3.5% of the purchase price is required as a downpayment, without exception.

WAIT A MINUTE…. aren’t there ZERO DOWN home mortgages? Technically, NO…. but actually…. YES!

In Tennessee, there are loan programs where the Tennessee Housing Development Agency (www.THDA.org) will grant first-time buyers up to 4% of the purchase price to be used toward the downpayment and/or closing costs.

If the seller of the property agrees to pay your closing costs, which Ole South will, you can use the THDA Great Start grant for your downpayment and administrative fees. How does THDA do that? What is the catch?

There is no catch. The fixed interest rate for loans using the downpayment grants are slightly higher than those FHA loans with your actual down-payment. If used responsibly, the Great Start program can be a very useful tool in financial planning.

With today’s historicaly low interest rates, the money you would normally put down can be used to pay off other debts with higher interest rates. A trusted mortgage professional can help you evaluate your options. I happen to know many, so please let me know if you would like to know more.

There are other ways in addition to THDA to secure a downpayment. You may have a relative or close friend that will give you the money, which has to be documented in the form of a gift letter affidavit that no repayment is required or expected.

And there is another provision that has been around a long time, but has basically been forgotten….WORK EQUITY. Most builders hate it because it really is a pain in the ass to deal with. BUT, it is a tool that can bring willing homebuyers to the closing table much quicker! We offer the program at Ole South and you do not have to be a first-time buyer to participate!

FHA allows the seller to credit the buyer an amount up to $2.00 per heated square foot living area for painting the interior of the home, including all wood trim and doors. The seller can also furnish the paint! Please remember in your negotiating, that is the maximum allowed amount and the builder can get the same job done for 1/2 of that amount.

You can also receive “work equity” credit toward your required downpayment for seeding and strawing your own lawn. And the seller can furnish the grass seed and straw as well!

Lets do the math using an 1800 s/f, $150,000 new home example, which Ole South offers plenty of choices. (www.OleSouth.com)

The required down-payment is $5,250. Paint the home and you can receive $3,600 credit toward your downpayment. You can seed and straw a typical new home yard and receive approximately $750.00 credit. That leaves your total cash out of pocket at $900…. and you still get to take full advantage of the lowest rates available!

History proves that over time, owning is always better than renting. Why not improve your financial future today by visiting one of our Middle Tennessee neighborhoods in Nashville, Smyrna, Murfreesboro, Spring Hill, and Clarksville? Find out why thousands of home owners are proud to say:

nashvillehomesblog.com

a fun look at new homes in nashville

Category Archives: First Time Buyer Information

Nashville New Homes: Your Very Own Dream Machine

Nashville New Homes: Get up to $11,000 from the government for your new home downpayment?

Nashville New Homes: The “Short Sale” can of worms.

Nashville New Homes: Even lower mortgage interest rates? Coming soon.

Nashville New Homes: Zero downpayment available to even more home buyers.

Nashville New Homes: The “Occupancy After Closing Agreement”

Nashville New Homes: Need more reasons to buy now? You’ve got em!

Nashville New Homes: It all starts with affordable housing.

Nashville New Homes: Bad economic news?….Another great opportunity for Tennessee!

Nashville New Homes: Work Equity as your New Home Downpayment?

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