Nashville New Homes: What do YOU want? What do YOU need?

Apr10

In Nashville, new homes come in all shapes and sizes. Somewhere out there is the perfect home that meets all of your needs, so get out there and find it! You can start by visiting the new homes offered at www.OleSouth.com. We have new homes all over Middle Tennessee including Nashville, Smyrna, Murfreesboro, Spring Hill, and Clarksville.

FHA Mortgage Insurance Increases April 18, 2011

If you can contract to purchase your new home before April 15, 2011, you can have your loan application approved in time to avoid the increase in FHA mortgage insurance premiums on April 18th! Or, you can wait and pay more. It won’t be the end of the world, but it is savings worthy of consideration!

One of the first questions I ask our visitors is “what in their new home is most important ?” The answer tells if your prospect has given serious thought and preparation in purchasing a new home. Think about it. We are in the business of satisfying NEEDS first, and WANTS second.

Before you begin your quest for a new home, make two lists….one list of things that you need and another list of things you want. Then, beside each item, write down how that item will make your life more enjoyable, or just how necessary that item will be.

Many put a formal dining room at the top of the list, because their family comes for Thanksgiving every other year. Let’s do the math! The average home with a separate, formal dining room costs at least $10,000 more to purchase than a similar home with a breakfast room. That’s approximately $70/month. You will spend $1,680 in your higher payment just to have Thanksgiving at your house every other year. That doesn’t even include the cost of the dining furniture either. Will a few card tables and chairs in the Great Room suffice? And we forgot about the cost of the groceries too! What about going to Cracker Barrel instead?

Others want a 4th bedroom because family comes to visit a week in the summer. That extra 4th bedroom will cost at least $15,000, or approximately $100/month, not including the extra bedrom furniture. Feel like you really need to pay $1200/year to give Mom and Dad their own room for a week? A motel would be cheaper, and their visit more enjoyable too.

Lets dig on. Will that smooth-surface range really make food taste better? Does an “undermount sink” actually accomplish anything? If you want a double-vanity, will you really use both sinks at the same time? Are you going to pay extra for a room full of hardwood, and then cover it with a rug?

Is a seperate shower and soaking tub really one of life’s deal-breakers? Are you really going to use both at the same time? Wouldn’t a combination tub/shower still suffice? If not, don’t feel guilty. That option is approximately $20/month and you get the double-vanity too!

There is absolutely nothing wrong with wanting a lot of extra features in your new home. Ole South offers a great selection of home plans and options to satisfy your wants, while our included features will satisfy most all of your needs.

Balancing your needs and wants will lead to more happiness..not just with your new home, but everything life has to offer. And don’t forget, if you contract to purchase before FHA mortgage insurance goes up, you’ll be able to have a few more “wants” for the same monthly payment, or less!

I once had a couple that had just gotten engaged tell me they HAD to have an upper AND lower Owner’s Suite. I was expecting to hear that they were taking care of an aging parent when I was informed that “we fight a lot and need space from each other.”

So…. Lets get married and buy a home. Might as well go ahead and have a baby too!

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, and Spring Hill, Tennessee

Nashville New Homes: “Homeownership for the Brave” – Breaking News for Veterans and Active Military!

Apr8

The Tennessee Housing Development Agency just hit a “home run” in their newest program, “Homeownership for the Brave.” Those that are eligible will receive a ONE-HALF PERCENT permanent reduction in their fixed interest rate on their home purchase!

This program is valid for purchasing a home, preferably a new one! Here is a list of those that are eligble for this great program:

* All Veterans

* Active Duty Military

* Retired Military

* Active Duty Reservists – or Reservists who have served 180 days minimum active duty

* Personnel discharged under conditions other than dishonorable

* Spouse of Veteran, or Surviving Spouse of Veteran

There are certain income and purchase price restrictions, per existing THDA guidelines. Click here for more eligibility information: http://www.thda.org/singlefamily/dpchoices.html

This program is BRAND NEW and not even listed on THDA’s website yet. (www.thda.org) If you would like additional information, please do not hesitate to contact me anytime at 615.593.6340, or your favorite mortgage lender. If you don’t have a favorite lender, why not give Chris Meagher or David Prince at Ole South Financial a call at 615.898.7152. Remember, if you use Ole South Financial for your new home mortgage needs, ALL CLOSING COSTS ARE PAID on your new Ole South home.

And don’t forget that certain military personnel are still eligible to take advantage of the Home Buyer Tax Credits! This was discussed in a previous blog post here: https://nashvillehomesblog.com/2010/11/10/thank-you-sir/

We have new homes all over Middle Tennessee, including Clarksville! For detailed information on our neighborhoods and available homes, please visit our website, www.OleSouth.com. Even better, visit one of our model homes and see for yourself why “New Homes Are Better!”

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 home sales in the Greater Nashville area to include Nashville, Murfreesboro, Smyrna, and Spring Hill, Tennessee

Nashville New Homes: A new home or a puppy? Which is least expensive?

Mar30

Back in February, I returned from a mission trip in Honduras to find out we were getting a puppy. Here is Ruby, our new “Blue Doberman” at 6 weeks old. (Notice she has floppy ears)

For those that are keeping up with the news regarding housing, things are really looking up for a change! And the word is getting out too. Read on…. http://money.usnews.com/money/blogs/flowchart/2011/03/28/one-sign-the-housing-bust-could-end-soon

Back to Ruby. She is now 12 weeks old. And her ears are now different. (I always thought a Doberman came with pointed ears until now.)

To my point.

We got Ruby on February 13. She has now had her ears “clipped” (which I still think is mean) and various other puppy charges, and the responsibility of pet ownership has already set in. And it adds up.

If someone bought a new home on February 13th, the first payment has still not come due. And when it does, with today’s historically low interest rates, that payment will not break your budget. After all, everyone has to live somewhere…why not in your own place?

FACT: You can purchase a new home, and spend less cash than purchasing a puppy.

Here is a great example combining the purchase of a new home – and cash flow management.

This brand new home in Rivendell Woods of Cane Ridge is all ready to be your next home, especially if you already have a puppy. The back yard is already fenced in! At 156,990, just bring your furniture and food. Even the window blinds and all kitchen appliances are included.

What cash flow? Using THDA’s “Great Start” program (www.thda.org) through Ole South Financial, you can move in this new home with ZERO cash out of pocket. And your first payment will not be due until July, if you want to plan it that way! Right now, you can own a brand new home in Nashville for less than $750/month, including taxes and HOA!

We’ve got a great selection of traditional homes and townhomes all over Middle Tennessee. From 89,990 to 299,990, you are certain to find the perfect home for your needs. And one that your puppy will like too!

Call me anytime and let’s explore your many options! If I cannot answer, please leave a message. I’ll probably be taking Ruby out to pee!

Nashville New Homes: Mortgage Costs to Rise – Soon.

Mar14

Please don’t be surprised. You have heard all the news that “Home Affordability is at a peak.” If you still don’t believe it, keep waiting…… and pay more as a result.

Those that have aspirations to own their first home, change their lifestyle with another home, or purchase a vacation/future retirement home have a great opportunity RIGHT NOW to get just a bit more for quite a bit less!

Here is one increase that is definite. On FHA loans, MMIP (Monthly Mortgage Insurance Premiums) will increase by .25% on new loan files initiated after April 18, 2011. An active loan file is considered to be one that has a “FHA case number” assigned to it. If your new loan file has a case number before April 18, you are fine. If it doesn’t, you will pay more.

How much more? It depends on the home you buy. For example, if you purchase a $165,000 home and do not have a “case number” before April 18th, your payment will be $34 more each month after the increase. That is not the end of the world, but it is $34 each month, and you must qualify for that additional amount too!

If you contract to purchase now, and begin the loan process, you can purchase approximately $5000 more home than you will be able to if you wait. And THAT is assuming that interest rates remain the same. Bets anyone?

Here is the full scoop:

http://www.quickenloans.com/mortgage-news/fha-loan-requirements

Keep in mind that you do not have to actually close on your new home by April 18th to take advantage of the lower premiums. All you need is an accepted contract and a loan in process. Consult a mortgage professional for more information. If you don’t have one in mind, give Chris Meagher at Ole South Financial a call, 615.898.7152. Take advantage of the “peak affordability” today!

In the meantime, visit www.OleSouth.com. We define “affordability” in new homes all over Middle Tennessee.

Nashville New Homes: Just when is Spring Break anyway?

Mar10

Although it was light years ago, I still remember when the school year school started after Labor Day, and ended before Memorial Day. It seemed like all of the area school systems had the same calendar too. If we had snow days to make up, we would either add an extra hour to the day…or go to school during one of those teacher “in-service” training days. Sure seemed a lot simpler back then.

I can also remember when Spring Break actually happened in the Spring. Now, many systems are calling it “Winter Break.” Which is it? Well, it depends on what school system you are in… and possibly where you may travel.

At the bottom of the page are the various Spring Break schedules for the school systems of Middle Tennessee: (Believed accurate but not guaranteed – confirm with school system if important)

RIGHT NOW, it is “Spring Break” for home buyers, especially those buying their first home! I won’t dwell on it, but home-affordability is at a peak RIGHT NOW. Inflation aside, the costs of purchasing a home with a FHA loan will rise on April 18th for everyone that does not have an active purchase contract in process. Buy a new home NOW and you will get more house NOW for the same monthly payment you will have by waiting…. and that is IF interest rates and prices do not rise, which we all know they one day will. And so will your rent.

First-time homebuyers can purchase a home with ZERO cash-out-of pocket using THDA’s “Great Start” program through Ole South Financial (898-7152). Veterans may also purchase with ZERO DOWN using a VA Loan. Consult Ole South Financial, or your favorite lending professional for more information.

Even better, certain members of our armed forces are still eligible for Home Buyer Tax Credits if they purchase by April 30th, 2011 and close before June 30, 2011. That is terrific news, especially for those returning to Ft. Campbell from recent tours of duty. (Click below for more details.) Remember, we have new homes in Clarksville too!

http://www.federalhousingtaxcredit.com/service_mem.php

Now that you know “Spring Break” is NOW for home buyers, here is when it occurs in our area schools: (check school system for most current information regarding snow day make-up calendar)

Metropolitan Nashville Public Schools March 11 – 18 www.mnps.org

Rutherford County Schools March 21 – 25 www.rcs.k12.tn.us

Murfreesboro City Schools March 21 – 25 www.cityschools.net

Sumner County Schools March 11 – 18 www.sumnerschools.org

Williamson County Schools March 21 – 25 www.wcs.edu

Franklin Special School District March 21 – 25 www.fssd.org (balanced schedule is 3/14 – 25)

Wilson County Schools March 14 – 25 www.wcsschools.com

Lebanon Special School District March 14 – 25 www.lssd.org

Maury County Schools March 21 – April 1 www.mauryk12.org

When your kids learn of “Spring Break” in Maury County, they will want to move there. Why not visit the new homes we have there in Cobblestone and Meadowbrook? Learn more at www.olesouth.com!

Nashville New Homes: Welcome Fat Tuesday!

Mar8

What does Fat Tuesday, Metropolitan Nashville Public Schools, and Ford Motor Company have in common? The answer: GREAT NEWS!

Nashville has been named a “Ford Next Generation Learning Hub.” There are only seven recipients of this designation in the entire country. Metropolitan Nashville was chosen and recognized for its progress in the transformation of area High Schools with the Academies of Nashville initiatives. Read more of this great news here:

http://www.mnps.org/AssetFactory.aspx?did=58837

You can feel the commitment that Metropolitan Nashville is making to education just by visiting the new facilities that it continues to build. If you haven’t seen the new Cane Ridge High School, you should drop by for a visit. Until then, check out this video!

Last Friday, I was honored to speak to the Construction Career Academy students of Cane Ridge High School. We had a great time that day preparing for upcoming job-shadowing session they will participate in with local business professionals. Earlier this year, Ole South hosted a “construction-site visit” with many of these students at our Villas at Rivendell Woods.

Fat Tuesday also means Spring is just around the corner! Green grass growing, trees budding, flowers blooming, and birds singing are just a few of the sights and sounds that Spring will bring. There is no better place to experience Spring than from your very own private verandah at The Villas at Rivendell Woods, located in the rolling hills of Cane Ridge in southeastern Davidson County. Call 615.731.1968 for information.

There are two new exciting new floorplans featuring these private balconies, accessed only from the Owner’s Suites. Experience the sizzle of Bourbon Street, or the flair of Key West…. right here in Nashville! (And we also have this newest town home design under construction in Murfreesboro, at The Villas of Evergreen, phone 615.849.9410.)

At either of these great locations, leave the yardwork behind! Then you’ll have even more free time to enjoy Fat Tuesday next year!

Nashville New Homes: Good times ahead for Landlords.

Mar4

Buying a home isn’t for everybody. If you are not sure about your current job, marital status, or a host of other varibles, you may be better off just renting a bit longer until your life settles in. It may also be that you are self-employed and find it hard to obtain financing with all the changes in the mortgage market. Or, through no fault of your own, you may have lost your job and not been able to pay everything on time every month over the past years and now your credit score is hindering your ability to get a home mortgage.

For those that do not fit any of the above scenarios, but are still renting for whatever reason, you really should give serious consideration to home ownership. Read more here:

http://www.ehow.com/info_7930598_average-apartment-rent-increase.html

Rising costs are based on supply and demand. The cost of many materials used in the construction of new homes are increasing. The price of oil effects the cost of everything too, and we all see what is happening there. Good news for prospective home buyers – these rising costs have not been passed on to the consumer – YET!

But at some point they will be. If you don’t believe me, perhaps you can believe Warren Buffett:

http://www.usatoday.com/money/economy/housing/2010-03-01-buffett01_ST_N.htm

First time home buyers can still purchase a new home with zero cash out of pocket. So can eligible Veterans when using a VA loan. And don’t forget, certain members of the US Military may still be eligible for last year’s $8000 tax credit! Here it is direct from the IRS website:

Members of the military and certain other federal employees serving outside the U.S. have an extra year to buy a principal residence in the U.S. and qualify for the credit. Thus, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2011. If a binding contract is entered into by that date, the taxpayer has until June 30, 2011, to close on the purchase. Members of the uniformed services, members of the Foreign Service and employees of the intelligence community are eligible for this special rule. It applies to any individual (and, if married, the individual’s spouse) who serves on qualified official extended duty service outside of the United States for at least 90 days during the period beginning after Dec. 31, 2008, and ending before May 1, 2010.

So get out there and explore your possibilities! It doesn’t cost anything to look. But it might cost you something if you don’t…on the first day of every month!

Here are our newest spots from Home Center Network, Comcast Channel 49. You can see all of our neighborhoods daily at 9:00 am & pm, as well as our website, www.OleSouth.com.

Where are YOU going to be when the rent goes up? Why not in your very own brand new Ole South home?

Nashville New Homes: It’s not personal.

Feb24

In new home sales, or any sales field for that matter, there is rarely the perfect time to schedule a week-long trip. What are you going to miss? What will you return to? These are questions that go through the mind.

This year, we managed to select the perfect week for our mission in Honduras, which hopefully you read about in past postings. We missed the largest snowfall of the year and we missed the most frigid temperatures recorded this winter. On our return day, the weather turned near perfect! What timing!

The warmer weather turned loose a hotbed of activity in the new home market with our sales and traffic at levels we had not seen since the home-buyer tax credit expired last year. I am proud to say that ALL of our available new homes in Nashville’s Spencer Hill are now pending! And we’re starting more, even a 4-bedroom home for $149,990!

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The traffic surge continues into this week too, thank goodness! And according to this, the same trend is developing in Nashville! http://kennethbargers.com/2011/02/09/2011-home-sales-begin-with-increase-in-the-greater-nashville-area/

The one thing all prospects have in common right now is they all are expecting “a deal.”

They’ve heard all the national statistics on home sales and they are also hearing us shout “now is the time” from our rooftops. They are reacting by exploring their options. We have to react smartly and cannot afford to let emotions block the way to a potential sale.

There have been recent examples of transactions that could not be fathomed at any other time. Mansions listed for 1.5 million selling for 800k, short-sales of homes where 180k is owed selling for 150k or less, etc. Transactions like these are what prospective buyers have heard about. Even though these transactions are not the mainstream in Nashville, their expectations have been raised. It is our charge as Realtors to keep expectations in check, but most of all make everyone involved realize that “it’s not personal.”

Realtors are solutions to needs and desires. Most Realtors have a realistic idea of what can be accomplished in a successful deal and set expectations accordingly. Listing Agents and Buyer Agents have a duty to set parameters within reality.

Buyer agents have an exceptionally difficult task in balancing their clients expectations and the reality of a successful offer. Their clients have to know that they hit “rock-bottom” without leaving a single dime on the table. The process may start with an offer of ridiculous expectations, and it may start with an offer closer to reality. It depends on the Buyer Agent and the desires of their client, but in neither case is to be taken “personal.”

Listing agents also have their hands full. When was the last time you presented an offer to your “seller” only to hear “They want WHAT? Do they think I am a fool? To hell with them, etc…” The listing agent also has to set expectations, and focus much harder on taking emotions out of the picture when presenting offers. “It’s not personal!”

Nashville is very fortunate to have a diverse population, and especially fortunate to be a destination for people relocating to the United States from other countries. Negotiating tactics vary and must be kept in perspective. In many countries, negotiations start AFTER everyone has agreed. All of us have to know that this is simply a process and not an indication of the buyer’s honor or integrity. “It’s not personal.”

In negotiating a recent contract, the laundry list of items and price concessions appeared endless. You CAN do this and that. Yes, technically we could. But, we won’t. It’s not personal.

The most important ingredient to any negotiation is the element of mutual RESPECT. Without that, your deal will go no where.

Let the negotiations begin!

Nashville New Homes: 2011 – The Year of the New Home.

Feb5

For the past several years, those bearing bad news have held a firm grip on the microphone. After all, they had a lot of negative things to report, so lets not blame them. Bad news does sell. And people do buy it…that is, until they have heard enough!

Since the first of January, I have been asking prospective home buyers a question…. “If you had purchased 60 days ago, you could have saved a little bit more money. Interest rates have edged up slightly, even though they are still at record lows. Just what has made you come out to explore now?” (Please keep in mind that these prospective buyers are among the NINETY PERCENT of people that still have jobs in this country.)

The responses are very much the same across the board. “I’m hearing more positive news, I feel good about my job, and I know my rent will probably go up next year.” OR … “We’re getting closer to retirement and probably won’t have another chance to buy with interest rates this low.”

Folks, the “bearers of good news” are now getting their time at the microphone! And the message is getting across. It is certain, and sad, that many Americans are still without work. The NINETY PERCENT that still work will be the ones that turn this economy around, and help put those unfortunate ones back to work. If we truly want that to happen, we’ve got to communicate positive news whenever possible.

Let’s take a look at the good news that is now circulating…..

http://www.inman.com/news/2011/01/27/real-estate-sales-rebound-in-2011-prices-nearly-flat

We all know that the price of things are a simple result of “supply and demand.” We all know that there is a finite supply of land… there’s just not any more of it being made. Here’s another opinion of why now is the time to buy:

http://realestate.msn.com/article.aspx?cp-documentid=23505825

I can tell you that our sales have picked up dramatically and our inventory of completed homes is being snatched up quickly in many areas. WE ARE BUILDING MORE! Please visit www.OleSouth.com for information on all of our new home neighborhoods in Middle Tennessee.

No two pieces of property are the same, and no two areas are alike. You have got to weigh the “risk vs. reward” and at the same time keep in mind that you are buying a home first, and investment second. And the most important part…. you will one day own it, something you cannot say for your apartment.

Things are looking better for the housing industry, but at the same time we also have to be realistic, as you can read here:

http://www.calculatedriskblog.com/2011/01/new-home-sales-increase-in-december.html

From a person that specializes in selling new homes, there is a good chance you will always hear … “now is the time to buy.” We are not trying to be intentionally misleading. In most cases, compared to renting, “anytime is a good time to buy, but some times are better than others.” Feel free to quote me on that!

How things are really does depend how you choose to look at things. I prefer optimism over pessimism anyday.

One thing I can say factually, there is a small village in southern Honduras, near Choluteca, that will soon be looking at their homes in a totally different light….actual light…. at night! They will also have access to filtered drinking water for their homes, and a more healthy cooking stoves thanks to District 6760 of Rotary International.

Nashville New Homes: And what else does the groundhog see?

Feb2

Every year on the 2nd of February, certain people brave the frigid weather to gather in their traditional spot for the “made-for-tv” event, Ground Hog Day. That traditional spot is Punxsutawney, PA and the celebration is all about the groundhog, Phil, seeing his shadow…. or not.

There are mysteries surronding this momentous event. Why Punxsutawney, PA? I cannot imagine the sun having many chances to shine there any during the winter. Why not Jacksonville, Myrtle Beach, or even better..Roatan , Honduras? Why do people give Phil’s annual appearance any credibility at all. He has only been right 39% of the time, much like our local weatherfolks!

Here is the history of this day in folklore, along with his predictions over the years. http://www.stormfax.com/ghogday.htm

And the results of today’s ceremony…… http://www.examiner.com/holidays-in-providence/groundhog-day-2011-results-did-punxsutawney-phil-see-his-shadow-on-feb-2nd

OK, Phil did NOT see his shadow, which means he is not scared to come out. Winter will soon be over and it is time to prepare for spring. What else did Phil see? Better yet, what are WE seeing?

According to USA Today, growth is on the upswing for 2011. Now, you too can come out of your hole!

http://www.usatoday.com/money/economy/2011-01-24-1Aecon24_ST_N.htm

We can expect a rebound in home sales. More people are renting now than before the boom years of 2000-07. Some should not have been able to purchase a home in the first place, but there are many more out there that can and will purchase a home as the job market improves. Read more:

http://online.wsj.com/article/SB10001424052748704254304576116402472968150.html?mod=wsj_share_facebook

And speaking of job growth, the Greater Nashville area is steadily recovering, and will continue to throughout the year. Williamson County ranks 3rd in the US in job growth. Check it out!

http://www.wkrn.com/Global/story.asp?S=13942518

Supply and Demand: As the economy improves, demand for homes will rise, and so will home mortgage interest rates. Prices in the Greater Nashville area have stabiilized and will be on the rise as our economy regains its health. Those that do not own a home should get off the fence NOW. Nothing to lose, and all to gain. Read more:

http://online.wsj.com/article/SB10001424052748704268104576107923872216898.html?mod=wsj_share_facebook

Which brings me to the conclusion: If you are considering buying your first home, or any home for that matter, you will not find a better value than in a new Ole South home. Visit www.OleSouth.com for more information on our Middle Tennessee neighborhoods. Just like the ground hog discovered today, it’s okay to come out and look around!

Happy buying and selling!

nashvillehomesblog.com

a fun look at new homes in nashville

Tag Archives: First time Buyer

Nashville New Homes: What do YOU want? What do YOU need?

Nashville New Homes: “Homeownership for the Brave” – Breaking News for Veterans and Active Military!

Nashville New Homes: A new home or a puppy? Which is least expensive?

Nashville New Homes: Mortgage Costs to Rise – Soon.

Nashville New Homes: Just when is Spring Break anyway?

Nashville New Homes: Welcome Fat Tuesday!

Nashville New Homes: Good times ahead for Landlords.

Nashville New Homes: It’s not personal.

Nashville New Homes: 2011 – The Year of the New Home.

Nashville New Homes: And what else does the groundhog see?

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