Tag Archives: Ole South

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: As floodwaters rise, “Memphis in May” rises too!

Normally, the content of this blog focuses on New Homes and other topics relevant to Nashville and the surrounding area.  But after all, Tennessee is one big happy state and some amazing things are happening just 200 miles west.

In May of 2010, Nashville was suffering from the catastrophic flooding of the Cumberland River.   This year, Nashville was lucky.   Now, in May of 2011, the rain clouds turned to Memphis and the Mighty Mississippi.

 

And it couldn’t have picked a worse time.  Every year, Memphis opens its doors to the world for its month-long “Memphis in May” celebration.  During this celebration, events such as the Beale Street Music Festival and the World Championship Barbecue Cooking Contest take place.

Here is information about this year’s “Memphis In May” event.  The information was published before the flooding.

http://www.memphisdailynews.com/editorial/Article.aspx?id=58240

And now, the floodwaters decided to attend as well. 

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The show will still go on thanks to advance preparation, quick thinking, and just plain old determination.    I really love the “reactive” ad graphics for the event.  Check it out!

Here is an update on all of the event’s festivities:

http://www.memphisinmay.org/Default.aspx?p=74023&naid=6848

Meanwhile, flood waters continue to threaten the area.  Read here for more area information:

http://madmikesamerica.com/2011/05/mississippi-flooding-threatens-millions/

“Memphis in May” festivities will go on.  Meanwhile, the festivities in Tunica won’t for a while… unless water-taxi services are put in place.  Take a look:

With the casino cages quiet, those visiting Memphis will now probably have more money to spend on BBQ!

Meanwhile in Nashville, the weekend promises beautiful weather to shop for your new home.  Take a minute to visit any of our model homes in Nashville, Murfreesboro, Spring Hill, Smyrna, and Clarksville.  You’ll be amazed by the values you will see.  You’ll also enjoy the Otis Spunkmeyer cookies we’ve baked just for you!

If you can’t find the time to visit in person, start with our website!  www.OleSouth.com

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: Obligation or Opportunity?

What’s the difference?   If an obligation is something that you have to do,  an opportunity is something that you should want to do.  

Recently, our friends at THDA gave me a book to read by Mark Sanborn, “You Don’t Need a Title To Be A Leader.”   The book is all about how anyone, anywhere can make a positive difference in daily life.  The book is loaded with clear, simple and meaningful ideas.   In other words, it is worth reading!

 

One of the most meaningful chapters to me was “Obligation or Opportunity?”   Let’s face it, we all have obligations in our daily lives.   We want obligations to be completed as quick as possible, with little regard of the outcome.   An opportunity presents hope and when acted upon can lead to something much greater.

 What can happen if we “transform” each obligation into an opportunity?  Why not give it a try?  After all, we’re going to do whatever it is anyway!

What if:

Instead of “I have to show a house…”   we  thought “I have an opportunity to show a home to someone that needs one…(creating an even greater opportunity to feed my family…)”

Instead of “I have to attend a meeting…”     try  “I am attending a meeting where I have the opportunity to take away something that I can build on and use”

Next time you are very busy and the phone rings, dont think “*&^%@!”     Why not, “this call just might be my next opportunity to gain a client.”

Instead of “I have to make an appearance at an event….”  think  “I have an opportunity to meet new friends and acquiantances.”

Instead of “I have to work in the yard..”  think  “I have the opportunity to make my neighborhood more appealing”

 

And this Sunday, instead of “I have to go to church with Mom….” why not think “I have an opportunity to show Mom, and her friends, that I care…”

The possibilities are endless!   And today, I have the opportunity to present the very best new home values in Middle Tennessee!   See them in person or online at www.OleSouth.com.

Is your life full of OBLIGATION  OR OPPORTUNITY?  

It is your choice.

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: Take time to smell the mulch.

I can now cross another item from my “bucket list.”   I have lived to be 50 years old.  And..other than being fat, I feel pretty darn good!   I am thankful for having many good friends that helped make turning 50 more fun than it would have been otherwise!

It also helps to see that I am not the only one getting older.  Remember Ruby?

Birthday week 2011 will be one to remember.  From a surprise gathering at The Black Pearl at Blackjack Cove Marina on Old Hickory Lake, to dinner at Nero’s in Green Hills … the surprises keep coming.   It was a pleasant surprise to learn that “Nero” is actually still alive and well.  You see, man can live by corn cakes alone!  Like me, this restaurant has been in Nashville for 50 years plus also!  http://www.nerosgrill.com/

After spending a whole day cleaning the boat, another great surprise was coming home Monday evening to see this:

Thanks to Dana Moore and his crew, mulching is one less thing I have to do!   Don’t get me wrong, I enjoy working in the yard … but there are other things I enjoy doing more…

…Like selling new homes!   Fortunately, we have been quite busy lately and are starting more new homes each week to keep pace with sales!    Now is a great opportunity to purchase a new home in Nashville.  Our local economy is steadily rebounding, but interest rates remain historically low.  Whether you are a first-time home buyer, upsizing or downsizing, or investing… the “window of opportunity” is wide open.  

        

Don’t know where to start?   Why not give me a call at 615.593.6340?   Not sure where you want to live?  Check out our many Middle Tennessee New Home locations at www.OleSouth.com.  Come find out the many reasons why New Homes Are Better.  I know first hand, because I live in an old one.  The one with a freshly mulched yard that needs a new roof.

Regardless of your religious preference or faith, this time of year is all about coming back to life.  Brown grass is turning green, leaves are appearing on once-bare trees, and flowers are sprouting.   It looks like “its safe to come out now!”   It is, and I am looking forward to it!   Let’s all slow down, even if just for a moment, and enjoy watching nature come back to life.

I am going to take a few extra minutes and smell the mulch…before it washes away!

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

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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: What do YOU want? What do YOU need?

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!

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: Time to learn new tricks!

If you are reading this, you are already part of the ever-expanding influence of “Social Media.”   For many people, the only source of news is a “smart-phone,”  continuously displaying Facebook updates and “tweets” of the day’s events.  Social Media has re-defined the way we learn of “breaking news.”  You, too can be a news-breaker!

This Thursday, April 7th, you can develop and sharpen your social media plans with Carol Flammer,  the leading expert in Social Media for Real Estate.   Read more about Carol here:  http://www.carolflammer.com/  This is a “don’t miss” opportunity, especially for Real Estate professionals!

The session is from 9:30 am – 12:30 pm at Regions Center, 315 Deaderick Street in downtown Nashville.  It gets even better for Real Estate agents, who will receive 3 CE Credits for attending.  Parking is free in the garage at 350 Deaderick Street.   Click here to learn more about the event and to register: 

http://www.hbamt.net/social_marketing_2011.htm

If you are not a member of the HBAMT Sales & Marketing Council, you should consider joining.  It is great networking fun while keeping up with the latest development in our industry!

I’m looking forward to Thursday!   There has got to be more creative ways to get this message across:

SEE YOU THERE!

 

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?

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!

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: There’s a lot we can do!

When you hear disappointing news, sit back and ask yourself “what can I do about it?”   In many instances, the first and easiest answer that pops into mind is “nothing.”   Isn’t it time that we all think just a little deeper for a better answer?  There is a LOT that we can do.  And we need to start doing it!

Statistics show that for every 100,000 homes that are built, 150,000 construction jobs are created, ALONG WITH 150,000 manufacturing jobs related to appliances, furniture, etc.  Hmmm… for every new home sold, THREE JOBS are created (or saved!)  That means our loyal Ole South home buyers created or saved over 800 jobs last year alone!

  What can we do?  Encourage people to buy new homes!  Read about these statistics and other good news here:

  http://www.trulia.com/blog/Craigschaid/2011/03/foreclosures_plunge_27_-_biggest_drop_on_record

I have a silly question.  If statistics prove that housing creates (and saves) jobs, then why is our government taking steps to discourage home ownership?

There is discussion within BOTH political parties on Capitol Hill about eliminating the home mortgage interest deduction.   There are alternatives being discussed as well, but we need to be informed.  With everyone acknowledging that housing is the key to economic recovery, why are they even considering anything that would have questionable effects on home ownership?  Here is more information on this subject:

http://www.mercurynews.com/real-estate/ci_17637345?nclick_check=1

What can you do?  Contact Congress!  Here is a handy website that will give you the contact information for each of your elected officials in Washington.

http://www.congressmerge.com/onlinedb/

Would you like to see property values in your area climb?   Even if your home is not for sale, you can help the value of your neighbor’s home that might be.  What can you do?

  

Spend a few extra hours in the yard.  Fresh mulch, trimmed bushes, and green grass makes everyone take notice.  Scrape off any peeling paint and add a fresh coat.  Just those pennies spent will translate into serious dollars for you…and your neighbors!

What else can I do to make things better?   Relax.  Have some fun.  Soon.   We are…starting tomorrow.  Cruising on the Carnival Triumph from New Orleans can be cheaper than staying at home!   If you can’t go, the next best thing is to read about it until you can.  Right here:  www.johnhealdsblog.com

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