Nashville Flooding: What do we do now?

After seeing historic flooding in Nashville TN, Franklin TN, and our surrounding communities, many will need a helping hand; especially if reports are true that it may get worse before it gets better.

Whether you are concerned for yourself and your family, or for your neighbors - please see the guide from the American Red Cross “Repairing Your Flooded Home.”
1) Take Care of Yourself First
2) Give Your Home First Aid
3) Get Organized
4) Dry Out Your Home
5) Restore Your Utilities
6) Clean Up
7) Check on Financial Assistance, etc

If you are looking to get involved for those around you – and we appreciate it so much – Hands on Nashville is thinking the same thing (please feel free to add updates below as more opportunities arise around the region): (HT @GiveEmKel) OR DONATE.

For firsthand accounts, check into this grouped photo blog @Flickr.

Thank you again to @nashvillest and everyone who contributed to #othersituation2010, #flood2010, #splashville, #Nashvenice, #nashlantis

((what is working with Kevin like?))

Kindest regards,

Kevin Pellatiro
(615)714-7918
kpellatiro@realtracs.com

Hoping to help you take advantage of the market – when you are ready.
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Keller Williams Realty
Each Office is Independently Owned and Operated.
9175 Carothers Pky Suite 110
Franklin, TN 37067
Office: (615) 778-1818

More than schools or curriculum - Teachers Matter

From your list of wonderful influences in your earliest classrooms, to mine (Mrs. Bloom in Homeroom, Mr. Martin and Mr. Foggianno in Math, Miss Jones in American History, Tim Paggard with English Lit) the obvious takeaway is that we need more of these influencers in our schools today. The next step might be the question that Amanda Ripley asks for the Atlantic magazine in their latest issue: What Makes a Great Teacher?

“One outfit in America has been systematically pursuing this mystery for more than a decade—tracking hundreds of thousands of kids, and analyzing why some teachers can move those kids three grade levels ahead in one year and others can’t. That organization, interestingly, is not a school district.”

Data has a way of being objective, or at least has the potential to be used that way. In a city that needs all the help it can get with it's Metro Schools, can Nashville make the change by taking a cue from the nation’s deepest well of analytics for educators?

“First, great teachers tended to set big goals for their students. They were also perpetually looking for ways to improve their effectiveness. For example, when Farr called up teachers who were making remarkable gains and asked to visit their classrooms, he noticed he’d get a similar response from all of them: “They’d say, ‘You’re welcome to come, but I have to warn you—I am in the middle of just blowing up my classroom structure and changing my reading workshop because I think it’s not working as well as it could.’ When you hear that over and over, and you don’t hear that from other teachers, you start to form a hypothesis.” Great teachers, he concluded, constantly reevaluate what they are doing.

Superstar teachers had four other tendencies in common: they avidly recruited students and their families into the process; they maintained focus, ensuring that everything they did contributed to student learning; they planned exhaustively and purposefully—for the next day or the year ahead—by working backward from the desired outcome; and they worked relentlessly, refusing to surrender to the combined menaces of poverty, bureaucracy, and budgetary shortfalls.”

Kevin Pellatiro
Hoping to help you take advantage of the market – when you are ready.
(615)714-7918 kpellatiro@realtracs.com http://signswemustobserve.blogspot.com/

5 Offers on a $550,000 foreclosure in Brentwood, $499k Short Sale Sold, and deals to be had…

There is good reason for responsible concern in housing today with shaky unemployment / economy numbers, shadow inventories from the banks, and homes taking longer to sell for less – but the on the ground activity is still more active than the popular buzz.

People are taking advantage of the market, even with these freezing temperatures:

This Brentwood foreclosure is listed for $550,000 (just over the median home value in Brentwood Tennessee) and has five offers in less than a week. It likely sold, and ready to have its new homeowners within 30 days. Below is the market data for this STEAL…

Another short sale in Brentwood is about to make a lucky homeowner (of a near custom quality residence in the Woodlands at Copperstone) very happy. Almost perfect condition, with beautiful old growth trees in the backyard.

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The deals are out there, but the market is moving quickly below the water line. If you really want a steal – be ready to act NOW. Cash is king, prepared and experienced lending can be almost as good.

Are you ready and prepared to take advantage of this market before all the spring competition?

Kevin Pellatiro
Hoping to help you take advantage of the market – when you are ready.
(615)714-7918 kpellatiro@realtracs.com http://signswemustobserve.blogspot.com/

Nashville: 2,700 NEW Jobs Created?

Nashville may see 2,700 new jobs and see Market Center Management Company update one of our most visible downtown intersections - at Commerce and Broadway - with the Nashville Medical Trade Center. There are still two huge contingencies 1) pre-lease the space and 2) Metro Council approving $585 million Downtown Convention Center project… but Nashville and the Ryman Auditorium are ready for the new neighbors – and like anyone right now; we want the influx of new jobs.

Rendings of the exterior of the proposed Nashville Medical Trade Center. Market Center Management Company announced today the location for its $250 million Nashville Medical Trade Center project: the site of the current Nashville Convention Center at 601 Commerce Street in downtown Nashville. The medical center will feature permanent manufacturer showrooms, temporary exhibition space, and conference facilities within a 2 million square foot complex. (Courtesy Market Center Management Company)

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Kevin Pellatiro
Hoping to help you take advantage of the market – when you are ready.
(615) 714-7918 kpellatiro@realtracs.com

Bank Error in Your Favor

Okay, not an actual bank error (perhaps that depends on our political persuasions, grin), but it feels about that good for Rob and Linda. They woke up to the news that they are suddenly going to receive $6,500 on their new home purchase (later this month). Not bad when you are expanding your living space - and who doesn’t want all the help we can get when talking on the expense of a move?

How come? What is the NEW tax credit about? Check with your tax guys and gals to confirm… 1) If you are a first time homebuyer, you are still going to receive the $8,000 tax credit through April 2010. 2) The new addition: If you have lived in your own home for five consecutive years over the last eight years – you are getting $6,500 if you are under contract before April 30th 2010 (just under 6 months from today). 3) If you are a builder, you can get back some of taxes you paid over the last five years.

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Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit


Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If
President Obama has signed the bill by the time I go to settlement; will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a first time homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you're within the phase-out range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is "consecutive." As long as he lived in that house for 5 years straight what he did since 3 years doesn't impact eligibility.

Question: I am an eligible first time homebuyer. I entered into a contract to purchase on
November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.

National Association of REALTORS® Government Affairs Division

$7,290 by April 30th – Move Up Buyers, 1st Time Home Buyers

Well, it looks like we are going to see a $7,290 version of the tax credit through April 30th of next year (contract date, close by the end of June 2010). NOT JUST FOR FIRST TIME HOMBUYERS, but also for move up buyers (who plan to stay 5 years, make under $125,000 individuals / $250,000 households).

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Hoping to help you take advantage of the market – when you are ready.

Kevin Pellatiro
(615)714-7918 kpellatiro@realtracs.com http://signswemustobserve.blogspot.com/

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Home Buyer Tax Credit to be Extended and Eligibility Expanded
by CalculatedRisk on 10/27/2009 06:03:00 PM

…and why don't agents like to get calls from buyers directly? Can a low offer be considered 'offensive'?

1) Guy is a home buyer from Sacramento who asks “I have a problem and I admit it... I call agents directly and why don't agents like to get call from buyers directly?”

THIS IS A GOOD THING. You should feel comfortable to call on any home you choose, whenever you choose - with or without an agent representing you. If you know your agent is responsive, informative, and helps you value properties for your specific needs – by all means, let us call too. I have agents tell me unpublished information on nearly every listing I call on. Still, if you want to know more… call and ask. My homeowners would love to know that you are interested, and would love the chance for me to tell you more about the home they are trying to sell. And if you are looking for an agent, tell them. If you are not, tell them that too :-)

2) Christelle in San Diego, California asked about closing costs for REO and Foreclosed properties. If the home is already at a price that is getting multiple offers, should I ask for closing costs?

If you are making an offer on a bank owned property that is going to have a bunch of people bidding on it – you might want to make yourself seem like the *easiest person in the world* to deal with. For instance:
‘Sale of Home Contingency’ to a bank might sound just like ‘your in-laws are coming to stay with you for the weekend.’
‘Closing costs,’ especially over a certain amount, might sound just like ‘you best friends annoying husband is ALSO joining you gals for drinks after work.’
‘Cash’ or a well written offer that involves a loan, might sounds like those magical words (at least to those of us addicted to the game, grin) ‘go play golf.’

Now we are having a little fun with this, but you really want to have a strategy when formulating your offer. The details can help you, or unknowingly hurt you. Just be sure to ask a lot of questions about how each detail works to your advantage – or against you. Just this month my clients in north Nashville were told about how much easier their offer was to accept; this wasn’t due to more money, it was less than anticipated actually, but it was us being more intentional with our details than the next guy. Give yourself the best chance that you can.

3) Jeremy asks “Can a low offer be considered 'offensive'?
This almost entirely based on the absorption rate (whether anybody involved knows it or not). Good market or bad, we all want to know if the house is going to sell. As home buyers, we want to know what we can reasonably offer and still get a deal; protect our investment. As home sellers, we want the most money that anyone would pay; getting the best return on our investment. How can we predict that though? Well, we can take an educated guess based on the number of home available divided by the number of homes selling each month (general area, surrounding community, specific trends for your home). It’s basically your gut feel - something to turn up to HIGH when home shopping or home selling – but with very real data.

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Hoping to help you take advantage of the market – when you are ready.

Kevin Pellatiro
(615)714-7918 kpellatiro@realtracs.com http://signswemustobserve.blogspot.com/

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((These are the top three questions this week as asked by real people from all over the country involved in the housing market and posting over at Trulia.com: http://www.truliablog.com/2008/04/28/trulia-voices-top-10-questions-of-the-week-8/))

Mortgage Rates below 5%

In hopes of saving you a little money each month, I wanted you to know that mortgage rates are below five percent in many cases.

National Averages Overnight: 5.16% for 30 year fixed / 4.56% 15 year fixed

A local bank that I checked with today shows even better (zero origination fee, zero discount points): 15 year fixed at 4.25% / 20 year fixed at 4.75% / 30 year fixed at 4.875%

If you currently have an interest rate around 6% or even higher, now might be the time to call your loan officer. If you are not sure of your rate, call me and I’ll help you check your previous closing file to make sure you are getting the best deal possible.

This article suggest that “Not too long from now, it's going to be harder to refinance.”

Need a recommendation for a lender you can trust here locally?

kevin pellatiro (615)714-7918 kpellatiro@realtracs.com http://signswemustobserve.blogspot.com/

Numbers Recovering :-)

Below is today’s look at our national real estate market from Calculated Risk. Keep an eye on his “Distressing Gap” …the difference between how many resale homes are sold, and how many new homes are sold. The national market can’t tell yet -because there are more foreclosures coming to test it - but we appear to be in actual, living recovery. Really.

Not yet above the waterline, but actually moving on the right direct; the proverbial bottom. See the direction of the graphs in the article below. The numbers for 2009 actually show this year is about normal for existing home turnover, but that inventory is still too high nationwide – with more shadow inventory to come.

The real question that the data can't predict:
Do you feel that values will hold in your new neighborhood?

Would you like to run the specific numbers together and find out what the numbers show?











http://www.calculatedriskblog.com/2009/09/existing-home-turnover-ratio-and.html

New in West Meade?

Built in 2007 but barely lived in – this open, roomy layout with vaulted ceilings and a private, treed backyard offers exactly what we love about a West Meade setting… BUT NEW! Its mostly main level living with both the master and the bonus room downstairs, large kitchen open to the great room, and your own office away from it all. Did I mention we have to sell?

:: Coming Soon :: Please feel free to have your agent call or e-mail me directly at…

kevin pellatiro (615)714-7918 kpellatiro@realtracs.com http://signswemustobserve.blogspot.com/

Looking in McKay’s Mill for lush, mature landscaping that is ready today?

1232 Habersham Way in McKay’s Mill

Very flexible and can be out in a hurry. Very well maintained and upgraded everything from wider hardwoods, granite, and surround sound –all of it. Jones Company has this plan under contract for almost $400k with less upgrades and no extra landscaping.

Are you considering the Cool Springs area??

Wait a minute: A comment on House Prices

Below is a re-post I thought we may need to keep in mind as we see housing numbers climb for sunshine during these glorious summer months. Nashville and our surrounding markets, as a whole, are doing fairly well - very well in some cases - but we are better than most in 2009 (nationally). As you and those you know plan how to take advantage of this market, remember to gather as much information as possible. Then use it... article below from Bill McBride, Calculated Risk (Hat tip: "A comment on House Prices" by CalculatedRisk on 8/25/2009 09:39:00 PM)

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I've seen story after story today suggesting the bottom is in for house prices.

This isn't like 2005 when it was almost certain that prices would fall, and fall sharply. Now we are much closer to the bottom than to the top in prices (for some metrics, see House Prices: Real Prices, Price-to-Rent, and Price-to-Income)

In some areas prices have probably already hit bottom - like some non-bubble areas, and some bubble areas with significant foreclosure activity.

But I think many areas, especially the mid-to-high priced bubble areas, there will be further price declines. I'm not as certain as I was in 2005, but I think these price declines will drag down the Case-Shiller indexes - and I don't think the price bottom is in.

I do not have a crystal ball, but

...It seems there are many more foreclosures coming. Some of this depends on the success of the modification programs, but the Q2 MBA delinquency report shows a growing number of homeowners in the problem pipeline.

And the Fitch report yesterday suggests few of these delinquent homeowners will cure.That seems to mean rising foreclosures, and more distressed inventory. The MBA Chief Economist Jay Brinkmann thinks foreclosures will peak at the end of 2010.

Historically prices bottom about the same time as foreclosure activity peaks. Maybe it will be different this time - maybe the modification programs will significantly reduce foreclosures - maybe prices will bottom before foreclosures peak ... but I'll go with the normal pattern.

And on the demand side, there has been a surge in first-time homebuyer activity. There was significant pent up demand from potential first-time buyers who were priced out of the market in 2004-2006, and then were afraid to buy as prices fell. But demand from these buyers will probably wane later this year, even if another tax credit is enacted.

Just like the "cash-for-clunkers" demand declined after the initial burst.

For mid-to-high priced homes, there are few move-up buyers (or so it would seem since so many low end homes were distress sales). Right now the months-of-supply in many of these areas is well into double figures, suggesting further price declines.

And on unemployment: most forecasts are for unemployment to rise into next year some time. Historically house prices do not bottom until after unemployment peaks. That seems especially likely now since so many homeowners are underwater. Once again I'll go with the normal pattern.

Also looking back at previous housing busts (like I did earlier today looking at the early '90s) there are usually some months during the bust with increasing prices. So no one should expect every month to be negative during the bust ... especially are prices get closer to the bottom.

I could be wrong - this isn't as certain as in 2005 - but I don't think house prices have bottomed. If I'm proven wrong, I'll be the first to admit it.

Best to all.

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Are we getting there? The Economic Upside of 2009

We could be in market recovery.

Doug Short - of dshort.com, Motley Fool contributor - and Steve Cassaday - President and CEO of Cassaday & Company - have chosen to share an interesting conversation with the rest of us… They are not doing so as someone trying to sell us, and so saying good things (it a great time to buy, sign here), but by established market trends and experience (see these figures, the sun will come out tomorrow).

And when these two talk, it might be a good idea for us to listen. Doug Short has been charting financial data for over 25 years. He tried convincing us to ‘store up’ for this mess back in 2007. Steve Cassaday is one of the best Financial Advisors in the country – not back when, but right now.

These guys talking RECOVERY is something to hope for heading into winter. Honest considerations that our markets are showings real signs of life, of resilience. Could we look back on these times as the initial growth period?

For the record, previous upswings far outpace the downturns.

In their example for our consideration, the four worst market drops in history are lined up at their deepest, darkest lows (current S&P low of March 9th 2009 used):

Here's to a better tomorrow, today.

Renovation Financing: An Opportunity For Everyone

We have all seen properties that aren’t in the greatest of shape, but is there a way to realize that potential? With renovation financing, you can turn a property you are thinking of buying – or the one you already own – into the home you have always wanted.

All types of homebuyers can enjoy the benefits of renovation financing programs. Any qualified customer who plans to purchase or refinance a primary residence, vacation home or an investment property to make renovations is eligible to apply. Qualified buyers can choose a fixed or adjustable-rate loan that is based on the after-improved value of the property. The loan covers all the costs of minor and major repairs/additions/renovations, as well as the purchase price or any existing liens, minus the required borrower investment.

The most common renovation loan is the Streamline 203(K). This is an FHA renovation loan that simplifies the process of getting a mortgage and includes the cost of renovations – all in one smooth transaction. This loan provides flexibility with loan amounts up to 110 percent of the home’s appraised value and renovation amounts of up to $35,000. The process is fast and easy and helps the homebuyer purchase and repair a home sooner. And, since this is an FHA loan, the applicable down payment for qualified buyers is 3.5 percent beginning Jan. 1, 2009.

Renovation loans are not limited to just the Streamline 203(K), the standard FHA 203(K) and HomeStyle are also available. HomeStyle is a conventional renovation loan that can be used by investors to rehab owner-occupied or investment properties. These programs are similar to the Streamline 203(K) with minor differences, such as a greater amount of work that can be done, how renovation funds are dispersed and the third-party consultant to oversee the project.

Oftentimes, a common question concerning renovation financing is, “What can be included?” Almost any kind of repair or improvement can be financed as part of a renovation loan. Some examples include major appliances, an HVAC, structural improvements, finishing a basement, remodeling kitchens and baths and more. In certain situations, an entire home may need to be fully renovated. There are renovation programs that can cover the entire process. Funds are disbursed with the condition that all work must be started within 30 days of closing, cannot stop for a period of more than 30 days and must be completed within six months (1).

A primary component in the renovation process is the property. For homebuyers planning to buy a new property, renovation financing can expand their opportunities. Buyers may find that they are able to choose a house they never considered because they can now allow for the renovation costs when they purchase it. For homeowners who are eager to improve their property, accessing renovation financing can bring them closer to turning their plans into reality.
Once customers have either secured a property or determined that they are going to make improvements to an existing property, they will want to contact a renovation specialist. He/she will tell customers everything they need to do and what documentation they need to supply in order to get their loan approved quickly.

One of the most important steps in the renovation process is for the customer to select a contractor. It is advisable to get recommendations and price quotes from several reputable contractors. In most states, the contractor selected must be licensed and insured. The selected contractor will also need to be made aware of the project scope and guidelines. A renovation specialist can help explain the process and provide the customer with the required documents that the customer and contractor will need to complete throughout the project.

The completed work write-up or detailed bid, contractor documents and appraisal are submitted by the renovation specialist for final property approval. Once the approval process is complete and any outstanding conditions are met, the loan can proceed to closing and the renovations can begin.

Properties in almost any condition are eligible for renovation financing. Qualified customers can transform a “before” with a loan based on the upgraded “after.”

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Call a renovation specialist today! By Rob Weber -- a renovation specialist with Wells Fargo Home Mortgage. He can be reached at 847.404.7006 or by e-mail at rob.weber@well sfargo.com. (article from Chicago Agent Magazine)

Copyright 2009 Agent Publishing LLC
1. Nine months is allowable on certain transactions exceeding $50,000 in repairs. Customers should check with their renovation specialist to see if they qualify for the longer term if needed. This information is accurate as of date of printing and is subject to change without notice.

Wells Fargo Home Mortgage is a division of Well s Fargo Bank, N.A.
© 2009 Well s Fargo Bank, N.A. All Rights Reserved. #62724, 1/09-5/09. An Equal Housing Lender.

What's your headline for this one...

A Rolls Royce Phantom (2008 model MSRP = $340,000) in the parking lot of the Newport, RI Wal-Mart (captured by John Rowles, Mainrhode.com, on his phone Saturday).

Best headline for this photo we’ve heard so far?

“I hate my new job.”

((for fun: the old Grey Poupon commercial))

Turn mid 300’s into mid 500’s? Cool Springs East in Franklin TN

If you love the convenience of Cool Springs in Franklin (just off of Carother’s), there is an interesting property that could use your love and affection.

Now if you idea of home renovation sounds like slow forms of torture, or a good way to sap the color from life as we know it – understood. This one is a candidate for hiring a professional AND rehab lending (yes, it still exists) to fix up and enjoy. Completed by a professional (read: you still play golf on the weekends at Nashville Golf and Athletic around the corner, visit Lowes and Home Depot for light bulbs ONLY), and still finish up under *this year’s* market values.

Consider that the top sale in the neighborhood fetched a ‘wow’ $160/ft, but we still wouldn’t count on going to the top. Still, having shown it a few times, know that this house was in fantastic shape and kitchen was stunning. Upgrades and floor plan were not untouchable though; just a well done, well cared for home. Two other relevant sales have seen an equally ‘wow’ $110/ft, but one had serious unfinished space (a full floor actually) and the other had two floors of blank, hard-to-use square footage (cut up by the dormers upstairs, and hard to value in the windowless basement). Back to this Cool Springs home – if you could find your way into buying it right, put significant money into it (through cash, or readily available bank lending) – it could produce a property calmly valued at $140/ft. Note: Two other homes in the neighborhood just sold at ~$150/ft this year; one just six weeks ago on a terrible lot.

$140/ft = $560,000+ Interested in seeing past that BEAUTIFUL wall paper (grin)?

Some recent fun in the last few weeks…

Nashville :: home sold on the first day. Crazy. Well prepared and beautiful landscaping to compliment stunning 60’ maybe 70’ foot trees in the backyard. Did we give it away? Not a chance - received the second highest price in the neighborhood, outperforming half a dozen comparable homes this year; plus the several still available (we were second only to a recently renovated version of our home).

Nashville :: we paid 20% less than the average home price (27% below the median). Compared to a neighborhood home that closed within three weeks of our purchase – that meant 1,000 square feet… for FREE (about 2.5 two car garages worth of house). Pretty good first time purchase, especially with $8,000 still to come in the mail.

Williamson County :: THE house (the one we all wanted to hang out at as kids - pool, spa, game room, amazing private setting - even a community lake, the whole nine) was just purchased for $45,000 less than anything else in the neighborhood. Love it.

Thompson Station :: home sells in 30 days thanks to homeowner’s light décor, hard work (with three kiddos no less! Wow) and intense commitment to the showing process. Getting price? About $7,000 more than identical floor plan on the same street (that recently sold).

Murfreesboro :: Short sale purchase is the lowest ‘purchase price’ and ‘price per square foot’ in this highly desirable ‘Boro neighborhood… lowest of all *16 transactions* in 2009! Top ten signs you got great deal – 16 other people paid more :-) Another pretty good first time purchase, with $8,000 in the mail.

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Are you or someone you know looking to protect yourself in the sale of your home? How about ensuring that you buy your next home right?

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Are you ready to take advantage of the market?

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128 days left. 18 weeks.

Typically, you want to allow 60 days to find the right home -- 30 to 45 more days to go through the inspection and loan process. Roughly, only 38 days remaining before a 90 day process might put the $8,000.00 stimulus check (set to expire November 30th) at risk for you first time home buyers.

Its going to be a log jam at the end of November. Builders, lenders, and title companies are going to be bursting at the seams to meet the deadline. Avoid the strain and stress of standing in that line -- start looking online and getting inside your favorite properties sooner rather than later.
Here is a convenient search site to save your top ten list. Drive by those favorites today, and start narrowing in on your preferred neighborhoods. Do you need help discovering which areas might be best for you? Send an e-mail with your questions, start asking your friends about their commutes to work/play, and get in your car (grin)! Driving to the houses you like online can really show you the difference between which neighborhoods you like, and which you can strike from your list right away.

Most importantly, try and write down the answer to your crucial search question: What am I looking for in my next home?

1.

2.

3.

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Nashville: Most affordable and stable market in the country?

From Thomas Wood, business writer at Nashville Post: Among large metro areas, Nashville has one of the most stable housing markets in the country. That’s the word from PMI Mortgage Insurance Co., which has just put out its latest quarterly Economic and Real Estate Trends Report.

The report goes on to explain national woes "Florida, California, Nevada and Arizona continue to have the highest risk scores - 36 of the most risky MSAs are located in these four states - but an increased risk of lower future prices is now spreading across all regions of the nation, due to the significant increases in unemployment and foreclosure rates."

Report available here.

Murfreesboro continues growth: 'Boro ranks 12th in U.S.

Its not all good news in these challenging times, or in this story, but the ‘Boro continues to attract:

"Murfreesboro is centrally located in Tennessee, adjacent to Nashville and along I-24," vice president of economic development with the Rutherford County Chamber of Commerce Weber said. "This central location makes the community easily accessible to newcomers." She noted that "the Middle Tennessee economy has not experienced the significant losses other areas in the U.S. are experiencing. As a result, some people may be relocating here looking for opportunity."

Murfreesboro Mayor Tommy Bragg said he thinks attractive opportunities for employment as well as educational, religious and recreational pursuits continue to draw people here. "I continue to think that our growth will be sustained over the coming years because of low tax rates, educational opportunities, a stable government, and it's a great place to live and work"