Nashville Real Estate Blog - Blog Archive: February, 2017

information relating to real estate in Nashville Tennessee

Nashville Real Estate Blog - Blog Archive: February, 2017 Close
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February 2017

Found 12 blog entries for February 2017.

History of Mortgages Financing a home with a long-term mortgage is the most common way to buy a home in America, but a surprisingly large percentage of homeowners own their homes outright. Interest rates seesaw up and down, and home prices tend to appreciate over time. As long as owners are able to make the required monthly payments, all seems okay. But how has this system evolved over the years?

In decades past, prospective buyers who couldn't pay cash for a home commonly saved for a 50 percent down payment, and then secured a loan for the balance, with a balloon payment due anywhere from one to five years later.

Between 1931 and 1935, during the Great Depression, a quarter of a million people lost their homes each year. Then President Roosevelt stepped in to

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West End Condos Nashville According to a recent report out of the Nashville Post, local developer Acree Wells Development Partnership has opted not to move forward with a luxury condo project that would’ve been built in Nashville’s West End neighborhood. 

Citing cost considerations as the primary reason not to build, it’s unclear as to what may now be developed at the property, which is situated in a highly desirable part of West End at 3208 Long Boulevard. 

The original project, which was dubbed The Robertson, was designed to stand three stories high and include just 11 luxury condo residences, while also boasting a rather elegant exterior that would’ve blended in perfectly with the surrounding residential landscape. 

As noted by The Post, Acree Wells Development

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Questions to Ask Yourself When Determining If You're Ready To Buy a HomeNashville’s real estate market has been red hot for quite some time now, prompting many home buyers to act fast when looking for a new place to live. With home prices constantly on the rise and competition among other buyers only getting stronger, the home buying process can be even more stressful than normal right now, which is why it’s important to take a step back, take a deep breath, and try to make the best decision possible if you’re someone currently in the market for a Nashville home or condo.

While the ultimate goal may to eventually buy a home, jumping into the process too quickly is never a good idea. So before you even begin a home search during such a crazy time, ask yourself the following questions in order to make sure you’re truly ready

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Tennessee Down Payment AssistanceAs housing inventory continues to dwindle and more and more people are moving to Middle Tennessee than ever before, home prices are also rising at a rapid pace, pricing some would-be buyers out the market. 

But according to a new report from The Tennessean, the Tennessee Housing Development Agency is expanding its efforts to help more first-time home buyers get into a new and affordable place to live. 

With the aid of $60 million in federal funding, eligible buyers can receive as much as $15,000 in down payment assistance, which will be available to buyers in seven zip codes in Davidson County, as well as 29 additional counties throughout the state. 

For reference, the Davidson County zip codes include the following: 37218, 37207, 37208, 37115,

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Nashville Riverboat Switching gears to lifestyle news for a bit, it appears another attraction could be coming to Nashville’s riverfront as early as this summer, if all goes according to plan. According to multiple reports, Knoxville-based Tennessee Riverboat Co. will be seeking approval from the Metro Board of Parks and Recreation to dock a 600-passenger riverboat at Riverfront Park beginning this summer, which would be available to host anything from dinner cruises and wedding receptions to sightseeing tours and any number of entertainment cruises than include live music.  

As noted by the Nashville Post, Tennessee Riverboat Co. has been operating in Knoxville for over 20 years and seems ready to expand into the larger Nashville market, which of course enjoys a much

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Reasons to Paint Home When homeowners make the decision to sell, one of the first considerations usually concerns making preparations to speed the selling process and help to obtain the best possible price. But existing homes are somewhat like used cars - they often show signs of wear and tear that can devalue them, or have design issues that will need to be overcome in order to get the most attention from qualified buyers. 

Some good examples of this include the presence of pet odors, stale cooking smells, or smoke, as well as worn or faded walls and ceilings, or stained or damaged windowsills or trim. In addition, homes may also have some type of negative design issues that may discourage buyer interest, such as rooms that appear too dark or very small, oddly

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Showing Rental Property If you are a landlord who has decided that it is time to cash in on one of your rental properties, then you likely face the common issue of selling a tenant-occupied home.

Opening the home to a variety of real estate agents and prospective buyers is undoubtedly an inconvenience to tenants, especially since they are not related to this real estate transaction and are facing the stress of moving out in the near future.

Tenants, as opposed to owner-occupants, have nothing to gain from the sale and can sometimes be reluctant to let showings happen. Nevertheless, it is important to cooperate with tenants and keep them informed about showings. After all, without consent for showings, selling becomes difficult. How can your listing agent and other

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Nashville Home SalesIt’s already been well-documented that 2016 was a particularly strong year for the Nashville housing market, as previously mentioned in our recently posted year-end review. Now just one month into the new year and we’re already starting to see the beginning of what looks to be an even better 2017. 

According to recently released numbers, 2,411 residential properties sold in the Nashville area back in January, which is not only an 11% increase compared to January 2015 but also a record-setting sales volume as well. 

Unfortunately for active home and condo buyers in Nashville, though, median prices have also risen compared to this time a year ago, with the median price for a single-family home climbing to $261,500 last month, and the median price for

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Nashville Housing Market in 2017For the first time last year, closings in the Nashville area surpassed sales from 2007, a time in which the market was thriving just before the crash. Nashville’s crazy housing market captured a lot of headlines last year, and a strong start to 2017 is already painting a favorable picture for the year ahead. 

But are rapidly rising home prices keeping some would-be buyers from ultimately purchasing a home in Nashville? Well, if you’re truly in a position to buy and also prefer buying over renting, they shouldn’t. 

Unlike the market conditions that led to an eventual crash, the Nashville real estate market in particular has two significantly different factors working in its favor. First, with roughly 86 people a day moving to the Nashville area right

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Nashville Housing Market in 2016With 2016 now well behind us, updated housing data from the year that was continues to pour in, giving those of us who work in the real estate industry some insight as to how well the Nashville real estate market fared over the last 12 months. 

According to recently released figures from the Nashville Association of Realtors, a total of 38,954 homes were sold last year in the Nashville area, which is up from 36,873 closings in 2015, or about a 5.6% increase in overall sales. 

With inventory low throughout much of 2016 and housing demand strong, home values jumped by 11% in 2016, reaching an average sales price of $255,660. In 2015, the average sales price in Nashville was recored at $229,584. 

With a very healthy job market that continued to

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