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The Smallest Updates Can Make the Biggest Difference

Your Nashville Experience

One of my clients is currently looking to purchase a new home closer to downtown. Currently they have a home about 20 miles, outside of downtown, that will need to be sold before they will move. They invited us in to give them a review of their home and were eager to hear our suggestions on what they could do to get the most out of their listing.

We took out the drone and gave the home owners an aerial view of their property, as they were not aware of some of the missing places on their roof.

Then we were shut down.

Since the initial shutdown, my clients were able to have the insurance adjuster look at their roof, since a bad storm came through and they were able to get a brand new roof. We all know how important a roof is, when considering to purchase a home. They will receive an immediate recognized increase in their listing, for this reason alone.

Aside from the new roof, COVID-19 enabled them (like so many others), to start punching off a list of things they are doing to further increase their asking price. Understanding that they also self-installed a sauna on the back of their home and it is awesome. I mentioned this to give context of their skillset. Bluntly, if construction, renovation, breaking things and putting them back together; if that is not your skill set, that’s ok! It’s not mine either. Don’t let your ego get in the way of making certain renovations in your home and potentially messing something up.

Make a list of the things you CAN do and a list of things you can NOT.

While days on market, are consistently holding strong, at (1) month, consider checking a few of these things out before listing your home, as they could help you increase your asking price.

  1. Paint areas that need it
  2. Replace toilet seats
  3. Replace light bulbs / fixtures
  4. Clean everything
  5. Remove all clutter
  6. Remove the weeds from the flower beds
  7. Shape up the bushes / trees on the property
  8. Remove all personal images
  9. Re-caulk bathroom / kitchen areas

Also see, Setting Expectations 

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Middle Tennessee Real Estate Stats (Jan – July 2020)

 

Real Estate Stats 2020
Davidson, Cheatham, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson

If you are considering listing your home in the Middle Tennessee market or considering making a purchase; you definitely want to continue reading. In short, the market is doing really well.

Here are the numbers.

On average residential sales are a little less than 3,000 units per month. January there were 2,152 homes sold. In July, there were 3,953!

Even with a significant slow down with condominium sales, January – July, still shows a positive trend line. January there were 299 condos sold. In July, there were 506!

Farm / Land / Lots Closings is also trending positive, with 155 closings in January and 217 in July!

Multi Family Closings saw a 90-day stretch of less then 50% of the “normal” closing volume. Don’t worry, this segment of real estate bounced back to Jan / February numbers, closing June and July with 25 and 27 deals!

One measurement did go down 20%.  Good news, we want this number to not to slow – it’s the Number of Days on the Market (DOM as you might see it listed). In January the average home was on the market for 40 days. July closed at 32 days on the market. Anyone who has purchased or sold real estate, understands how important a week can be, how much interest in due in a week and how many more people have to see your home to find a buyer in that week. Always look at DOM, there could be a story there.

If you have any questions about the numbers or what to look at a few homes in the area, please contact me directly.

Cole Evans
615-775-4227 (text pls)
Cole@coleevans.co

 

 

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Pre-Qualification vs. Pre-Approval

Whether you are purchasing your first home or considering what a second home ‘could’ be, it’s very important to get pre-qualified. Most lenders can pre-qualify you within hours (if not minutes), which will help you get an idea of what you can afford for a mortgage payment.

Getting pre-qualified does NOT mean that you are pre-approved.

(i.e.) Today you rent and have a car payment and you have really good credit. You connect with a lender and get pre-qualified for $250,000. You’re so happy! While looking for a new home and so excited about leaving the rental market, you decide, “Hey, I need to update my vehicle.” And you go out and purchase (because you have great credit and a good job) a ‘used car’ for $20,000. You continue your search, find the perfect place to call home – only to find out that you are not approved.

While your financial snapshot may look a certain way today, tomorrow it can change. If you take out more debt or open another line of credit / credit card, you are directly effecting your credit score and debt in equity numbers, which helps a lender determine what you can afford for a mortgage payment.

Dedicating time to having a clear understanding of your financial snapshot is very important when considering to purchase a home. If you find yourself not being qualified today – that doesn’t mean you won’t qualify and be approved in 6 months – it just means you will have a plan and you’ll need to stick to that plan.  Most lenders provide great insight as to what you can do to help improve your scores.

Takeaways

  • Getting pre-qualified is very important when purchasing a home
  • Pre-qualification does NOT equal pre-approval
  • Avoid large purchases or opening lines of credit during this process
  • Align with a realtor and lender that you trust
  • If you’re currently not qualified to purchase a home
    • understand your short / long term goals
    • execute on that plan
    • and you will soon find yourself, Approved!

 

…..

My name is Cole Evans. I’m an Affiliate Broker with Compass Real Estate and I would be happy to help you find your next home, list your current home or help answer any questions you may have.

Cole Evans
cole@coleevans.co
615-775-4227

 

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Setting Expectations in Real Estate

SELLERS

When people are looking at homes, they are immediately trying to place their items in your home. They are thinking if the kitchen is going to be big enough, can the table fit, will the bed fit the same as the current bedroom, does the toilet have a door, it continues until the potential buyers make a decision to make an offer.

Until the point of making an offer, there are many factors that can keep potential buyers from staying interested in your home and ready to move on to the next one on the list.

  1. Remove personal images from everywhere
  2. Dust everything 
  3. Clean every single window in the home
  4. Replace bulbs with more watts
  5. Pack up and stage where needed
  6. Paint everything that needs it

When the time comes to list your property, it’s important to start looking at your home as a return on your investment – the next place is ‘your‘ new home. The current property, you’ve paid for, you’ve maintained, you may have raised your kids in, is now ready to go to another person / family and that person will (more than likely) not be interested in your property if it smells like cat urine and looks like the time stopped there 20 years ago.

 

BUYERS

You have it much easier, in my opinion. Sellers have to paint and clean and stage and box up their life and all you have to do is be real.

  1. Be real about what you are looking for
  2. Be real about what you can afford
  3. Be real with what you are going to have to give on and what you won’t
  4. Be real with clear communication
  5. Be ready

We [Nashville] are in one of the strongest real estate markets in the country and that is a great thing for everyone. It’s great for the local and regional economies, it’s great for small businesses and it’s great for people that are buying and selling – because we have a lot of inventory available and it’s moving. If you have not connected with a real estate agent and if you don’t have a good understanding of the market, it can be a bit overwhelming to take it all in at one time. In today’s market, Buyers need to be prepared to have 1% (minimum) ready to put down for earnest money and be prepared to make an offer (over asking) in the case of multiple offers. In a strong market, like Nashville, this is the reality.

I had a few meetings with a local college professional that was interested in making an offer on this specific home. She’s lived in Middle Tennessee for many years and was completely caught off guard that she couldn’t offer $10k below asking – just because, with $500 earnest down. While this may seem acceptable, in a hot real estate market – it can be difficult to get Sellers interested in an offer that isn’t like the others they are receiving.

Here’s a slideshow of data since 2010, to give you more perspective.

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A Few Facts About Selling Your Home

I am grateful to have joined with Wendy Monday’s team at Compass Realty. With over a decade of licensed agent experience in Nashville, Wendy’s insights, relationships and comprehensive knowledge of the real estate industry is what places her at the top of Nashville REALTORS.

When we meet with clients, we dedicate time setting expectations. One very important note is that the average buyers will see 10 homes before the purchase. This is why it is so important to understand the advantages of staging and/or decluttering your home.  People have a difficult time ‘getting over’ certain things they’ve seen – this may be a wild paint color, it may be that collection of items you have in the special place in your home. If your home is 1 of the 10 a prospective buyer is going to see then it truly needs to be ready to show!

Homes are currently selling in Nashville around 97% of the list price. This is a big one – with the market consistently growing, large corporations moving their headquarters / additional locations to the Middle Tennessee region and the general growth of the population of the city and surrounding communities – we help our clients understand value.

It’s exciting to read that Smile Club Direct is hiring over 2,000, Amazon 5,000, AllianceBerstein moving their headquarters here and so many more small businesses are hiring and growing their businesses. This is great for the economy. As of August 2019, the average home price in Davidson County is around $335,000. The great news is that our technology enables us to help our clients understand more about the market, see the stats of other homes that have sold in the area and receive the best price for their home.