Nashville New Homes: Fall is going to be fun!

Fall in Middle Tennessee is already off to a great start!

Leaves are beginning to turn, the Tennessee Titans first season under Head Coach Mike Munchak is underway, the Nashville Predators host their first home game of the season tonight, and Ole South rolls out its very first “Facebook Friends Friday” tomorrow.

You can find out more about Facebook Friends Friday on “The Ole South Blog,” where you will also learn just how easy and fun buying a new home can be!

Another reason Fall is off to a great start is the Real Estate market in Middle Tennessee.  Interest Rates are “stupid-low.”  Incentives are terrific, and there are still a lot of new homes to select from.   With the US Economy in the doldrums, and our local economy growing again, don’t miss exploring this great opportunity to purchase a new Ole South home!

 

This slideshow requires JavaScript.

Whether you choose your new Ole South home in Nashville, Murfreesboro, Smyrna, Spring Hill, or Clarksville, you can be assured you are receiving the very best new home value…period.  Visit our website OleSouth.com for the location nearest you.  Find out first hand why thousands of Middle Tennesseans are proud to say

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: Through the eyes of a homebuyer

You know the saying, “can’t see the forest for the trees.”  Yeah, that one.  There is a lot of truth in that cliche, and the solution is to take a few steps back and view things from a different perspective.

This week, we’ve been filming new TV spots of our new homes and neighborhoods throughout the Greater Nashville area for Home Center Network.  With pictures being worth a thousand words, a TV spot must be priceless,  especially through the eyes of a new home buyer.

I’ve always known our new homes and neighborhoods in Nashville, Smyrna, Murfreesboro, Spring Hill, and Clarksville offer the best new home values in all of Middle Tennessee, but this week has opened my eyes to see way beyond that.  They are also beautiful!  And even more so, the closer you look.

From the “resort-lifestyle” offered in Puckett Station and Scottish Glen, to the charming craftsman styled homes of Evergreen Farms, Ole South offers something for everyone desiring a new home in Murfreesboro.

In Smyrna, the maintenance-free convenience of Lee Crossing townhomes are unmatched by any others.  Our Belmont neighborhood is expanding into a new phase of homesites, in the best new school district of the area.

In Nashville/Davidson County, look no further than Ole South!  

One of our most successful neighborhoods, Barnes Crossing, is almost sold out and completed, with only 6 homes under construction remaining.  Close to Nippers Corner, Lenox Village, Brentwood/Cool Springs, and downtown Nashville, you will appreciate the affordable convenience of this community.   Just around the corner, you will find Rivendell Woods of Cane Ridge, offering a great selection of traditional homes and town homes.

Preserve at Old Hickory offers a wide selection of traditional homes and also offers maintenance-free townhomes in the adjoining Old Hickory Commons.  And we have special-purchase opportunities in the communities of Spencer Hill and Old Hickory Hills too!  Seen any brand new 3 bedroom homes with garages from 110,000 lately?  What about new 4 bedroom homes under 150,000?  You will at Ole South!

For those wishing to live in Williamson County, we offer ALL BRICK homes from the low 200’s in Benevento East, with another location coming soon.  Just around the corner is Meadowbrook and Cobblestone, offering a village of maintenance free town homes and traditional homes from the low 100’s.

The best values in the Greater Nashville area can now be found in Clarksville too!   A new family moves in as fast as the homes are completed, so no TV spots there yet!

We’ll finish up all of the filming this week and hopefully have our new neighborhood spots running in several weeks.  Until then, take time to visit our many new home neighborhoods today and see the beauty through your own eyes!

Find out why thousands of Tennesseans are proud to say:

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: The “Occupancy After Closing Agreement”

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.

 

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

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.

Read more…..

http://www.housingzone.com/housingzone/sales/hud-secretary-home-prices-set-rise

If you have a stable job, and plan on staying in the Nashville area, what are you waiting for?  The rent to go up?

No agency is better developing programs for first-time buyers than the Tennessee Housing Development Agency, THDA, who announced today a further drop in their program rates effective Monday, July 18th.  Check this out:  (shown are current rates, edited January 2012)

THDA Great Rate – 3.95%     This loan is perfect for a first-time buyer that already has their 3.5% downpayment funds secured, but has high “front-end” ratios.  With this loan, the house-payment can actually be as high as 44.99% of gross income, as long as no other installment debt is present.

THDA Great Advantage – 4.25%   This plan is great for those that may be just a little short on cash.  With this plan, the buyer receives a 2% grant, which can be used toward the required downpayment, or closing costs.

THDA Great Start – 4.55%   This plan is terrific for those wishing to save their cash for other plans.  The buyer receives a 4% grant, which can be used toward the required downpayment, administrative, and closing costs.  With a seller paying all closing costs (which Ole South does), this is truly a “ZERO CASH REQUIRED” loan.

Homeownership for the Brave – Veterans and active duty military ned to explore this great program.  Pick any plan listed above and subtract 1/2% from the fixed interest rate.  No first time buyer requirement, and if you have another home financed through VA, you can still use this program and not sell that other home…as long as the new home will be your principal residence.

Targeted Counties – The first-time buyer requirement is waived in designated “targeted counties.”  Maury County is one such area and you will want to explore to great selection of new homes in Ole South’s Meadowbrook and Cobblestone neighborhoods of Spring Hill.

Detailed information is available at THDA’s website, www.THDA.org.

 

Want to learn more?   Whether you are exploring purchasing your first home, looking to move-up or downsize, or would simply like to know more about all home financing issues and programs, drop by Bridgestone Arena this Sunday, July 17th from 1:00 to 5:00 pm for the 2011 Mayor’s Homeownership Fair.   THDA will be there.  And so will Ole South!

For more information, visit the website  http://www.nashville.gov/housingfair/

Come on down and learn more about why NOW is the time to purchase a new home!

And you are always invited to drop by any of our Middle Tennessee model homes.  We’ll be excited to explore your options with you!

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

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:

     

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: Work Equity as your New Home Downpayment?

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:

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: “Yes” Days of Summer – Week #1

For all of us at Ole South, this week was the official start of summer.  It was for all of the thermometers in the Nashville area also!

The “Yes Days of Summer” are officially underway and we will host numerous events throughout the summer for our residents, Realtors, and prospective home buyers.  Join Ole South on Facebook for breaking news of future events.  www.facebook.com/olesouthproperties.

We selected our Preserve at Old Hickory / Old Hickory Commons neighborhood to kick-off this years celebrations.  The residents there had organized a neighborhood yard sale for Saturday, and this weekend was Nationwide Open House Weekend too. 

My day started at Kroger at 7:00 am Saturday, purchasing the food and drink for the event.  I hate shopping and I always forget something.   My rationale for waiting until Saturday morning was that it would be cooler.  It wasn’t.

Shopping finally complete and arrived at Preserve at Old Hickory, where Grand Central Party was waiting to unload and set-up.  If you ever plan an event, you owe it to yourself to check this place out.  They have everything for rent, and it is very affordable.  Not only that, they make it all so easy.  http://www.grandcentralparty.com/

After everything was set up and organized, we fired the grills in the blistering heat.  I then told Wanda Comer, the beloved on-site manager at Preserve, to “shoot me” if I ever agreed to do this again when it was this hot.   She won’t.  And I am certain we’ll do it again, real soon…. because days like this really are fun!   Here, take a look….

This slideshow requires JavaScript.

Unlike “general” Real Estate, the best part of building and selling new homes is that we have the opportunity for continued involvment with our home buyers in shaping their community.  We see marriages, we see children grow up, and we have an opportunity, and responsibility to become involved in the community to make a difference in the quality of life experience.   Most of all, we make friends.

Wanda Comer takes these opportunities to make a difference and that is obvious by the admiration, love and respect her residents have for her.   Here is Wanda, presenting the $100 Gift Card drawing to resident Ashanti Chunn, who just happened to be out the door on the way to the store when Wanda called!

 Wanda is not the only one making a difference in the Preserve.  John Donlon and Annette Spicer manage the adjoining Old Hickory Commons neighborhood of maintenance-free townhomes and were on hand all day as well.  Chuck Reed, our Managing Broker, hovered over the grill  to make certain all had plenty to eat.  He also made some tasty snow cones.  Thanks also to our construction staff for making sure the grounds were in order and everything we needed to work with was on-hand.

However, the ones that make the biggest difference are the residents of these two communities!  They are very active in the HOA, have formed “Neighborhood Watch” groups, and are taking great pride in the future of their neighborhood.

We also had a visit from District 32 Councilman, Sam Coleman.  Sam has been a great friend to this community, as well as our entire city.  He has served two successful terms as District Councilman and will be running for Council-at-Large in the upcoming August election.  Sam is worthy of our support and will have my vote for sure.

This was a fun week and a great start to the “Yes Days of Summer!”  Earlier in the week, we hosted Gary Ashton & The Ashton Real Estate Group (TAREG) of Re/Max Elite (http://www.nashvillesmls.com/) for an afternoon on Old Hickory Lake followed by evening dinner at The Black Pearl Restaurant.  www.blackjackcove.com

Especially these days, no one is working harder than Realtors, but we all have to play every once in a while!  The saying about “all work and no play” needs to be revised to “all work and no play makes Jack a miserable person.”   A great time was had by all!

 Here’s to the 2011 Yes Days of Summer!

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: The “Dog Days of Summer”

I used to always wonder why people coined the phrase “dog days of summer.”   Back one summer in the early 1980’s, legendary songwriter Bobby Harden asked me to bring my keyboard over to his boat to play background on a song he had just written.  The song was about those old dog days of summer.  The title ended up being “Too Cold at Home.”   Several years later, the song was released by Mark Chesnutt.   We played it a lot over the years at the lake!  (Thanks Judie Wells for the antiquated picture!)

  

Rather than dog days, we at Ole South are having YES DAYS!  The upcoming weekend has been proclaimed Nationwide Open House Weekend all across the nation!   The weather is going to be perfect for an Open House also.  Like the song says, it is going to be “too hot to fish,” and “too hot for golf.”  Why not cool off looking at a new home?

In conjunction with National Open House Day, Ole South will kick off its 2011 Yes Days of Summer this Saturday, June 4th from 11:00 am until 4:00 pm at our Preserve at Old Hickory and Old Hickory Commons neighborhoods.   Tour our newest decorated model home (5011 Preserve Blvd. 37013 for you GPS tekkies) and enjoy hot dogs, refreshments, and a variety of family fun.  Yes, there’ll be a waterslide, a bounce house, as well as snow cones to give added relief from the heat.

And there is also a neighborhood yard sale as well.   A great way to find bargains, and meet the great residents of this neighborhood!

Now is an unprecedented time to purchase a new home.  Interest rates are lower than ever.  New homes are more efficient than ever before.  New homes are….well…. NEW!    Why not join us this weekend at one of our Middle Tennessee neighborhoods.  With brand new homes from 89,990 to 299,990, there is certain to be one for you!

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: Great Deal, Necessity, or Smart Financial Move?

In economic times like these, we should ask ourselves this question every time we consider purchasing something:

“Is this a Great Deal, a Necessity, or a Smart Financial Move?”

But most of us, including myself just don’t take the time.  Either we really don’t want to know the real answer, or we just don’t care.  We want whatever it is.

This week, a young professional couple pulled up at the model home in a brand new luxury sports car.  I know it was new because it still had the temporary dealer tag in the back window.  As they approached the door, I was confident that this was my next sale.

After a warm greeting, I asked them “what in a new home would be most important to them?”  Their answer…. “a new home…FOR RENT.”  Well damn!  

Even new home sales professionals know that home ownership isn’t for everyone.   So, lets find out why this couple shouldn’t buy.   Were they here in Nashville on a temporary relocation?   Were they expecting a transfer within the next year? 

No, they are from the area and have no intention of relocating away.   Further discussion revealed the reason for wanting to rent.  They were just unsure of the current Real Estate market.  They wanted to wait until the news media confirmed home prices have bottomed out, and appreciation certain.

I don’t want to appear cynical, but the car they drove up in was 1/3 the price of a nice home.   It lost approximately 30% of what they paid for it the second they signed the purchase agreement.  It has little chance of ever being worth what they paid for it.  And there are no tax advantages when they do sell it for less than they paid for it (unless they are self-employed and use the car for business.)  But, I know better than to make fun of something that someone purchased.  The car never came up in the conversation…. well not until later anyway.

If they had asked the above question about the car purchase, the only possible answer would be “a great deal.”    I bet the new car salesperson would have danced a jig around answering the question too!  But, they had received a nice discount, zero down payment, and 0% financing for 72 months.

 

For “First-Time Buyers” in Tennessee, buying a new home is almost that easy.  You can purchase a brand new home with zero-out-of-pocket money using the ‘Great Start” program, offered by THDA.  Coupled with today’s record low interest rates, you can more than likely own your new home for the same, or less, than a comparable rental would be.

The new home will not go down 30% in value the day you move in.  Real Estate has firm documentation of appreciation over time.  Chances are very good that your new home will one day be worth more than you paid for it.  Mortgage interest is tax deductible.  So are property taxes.   You can also turn your new home into investment property and rent it out, should you ever choose to move.    Try all that out with a car.  You can also borrow money on your equity.  Try that with an apartment.

Ole South has brand new homes, of all shapes and sizes, in a variety of locations throughout Middle Tennessee.  With prices ranging from $89,990 to $299,990, you are certain to find a home to meet your needs.    For more information on our locations, please visit www.OleSouth.com.   Visit any of our model homes and find out for yourself why thousands of Tennesseans are proud to say “Ole South Built It.”

And while you are there, ask yourself the above topic question.  At Ole South, the correct answer is “All of the Above!” 

After more discussion, the visiting couple decided the time was right to explore purchasing a new home.  I am sory to say that expedition did not take very long ….. their sparkling new car payment had pushed their debt-to-income ratio way over approvable limits.  For them, renting it is for a while longer.  And we’ll stay in touch until the time is right for them to explore again!

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: The stupid questions are the ones you don’t ask!

After the good-ole days of school, the thought of owning a home seldom crossed my mind.  I knew nothing about the process and was living under the assumption that I would have to have a large down-payment whenever the time came.  I didn’t feel comfortable asking questions.  I did not want to appear stupid.

A few years later, a friend who was a mortgage geek asked me why I had not purchased a home.  Being self-employed, I really did not know where to start, and did not want to admit it.   Swallowing my stupid pride, I finally laid all the pieces to the puzzle out there and purchased a home weeks later.  Then, I backed up to the “ass-kicking machine” for not asking someone sooner!  It really was that easy…and still is today!

Every year you do not own a home is another year you will not build financial security.  If the home you purchase does not go up in value at all, it will still be yours when it is paid for and you still have something to sell.  Home Equity loans have also put many children through college.  No apartment complex has ever managed to do that… except for its owners!

Lets address a few of the many questions that our first-time buyer of today might want to ask:

1)   How much down-payment will I have to have?     Don’t you just hate hearing the answer, “it depends.”  I do, and refuse to use that as an answer.  In most cases, you will have to have a minimum down-payment of 3.5% of your home’s purchase price.  In Tennessee, first-time buyers using THDA’s Great Start can purchase a new Nashville area home with ZERO down payment and ZERO cash out of pocket.  Of course, certain credit and income restrictions apply, but the program is relatively easy to qualify for.   Visit www.thda.org for more details.

Members of our US Military, Veterans and Active-duty, are also eligible for ZERO DOWN financing and can now receive a 1/2% reduction in their fixed interest rate under THDA’s new “Homeownership for the Brave” program.    Please contact me anytime and I will tell you all about these great options!  615.593.6340.

2)  Just what are closing costs?   Much like purchasing a car, closing costs include sales taxes and various fees.  The costs of obtaining your loan are also closing costs, and there are many options there as well.  Also included is an escrow account where you property taxes and insurance is pre-paid into the future.  Typical closing costs to range between 3 to 4% of the purchase price of your home.  This amount is due at the time of closing.

3)  Who pays closing costs?  Everybody pays in one way or another!  Who gives the money at closing is negotiable.  It is very common for buyers to negotiate with the seller to pay closing costs.  If you purchase a new home with Ole South, ALL of your closing costs are paid when using our network of preferred lenders.  In any case, we will pay 2% toward your closing costs with any lender.  We make it easy to own a new home.

4)  How much money do I need when I decide to contract on a home?  The deposit amount you place when you contract is a negotiable figure between buyer and seller.  That deposit is called “Earnest Money” and is held in escrow to apply toward your cash requirements at closing.  We at Ole South ask for a minimum $500 deposit at the time of contract.  If you use the THDA Great Start program through Ole South Financial, you will receive this deposit back at closing!

5)  When do my payments start?  Payments on your new home do not start until the home is completed and the transaction is closed.  Typical first payments are due 30 days forward to the 1st of the next month.  If you close on April 15th, your first payment will be due on June 1.

So get out there and explore the many homeownership options that are in front of you!   See for yourself how new homes are better.  Start by visiting the new home neighborhoods of Ole South.  And remember, if you have questions….. we have the answers!   www.OleSouth.com

This slideshow requires JavaScript.

 

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.