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July 2014 Rutherford County Housing Market Statistics

by John Jones

During this episode of TMC John discusses July 2014 Rutherford County Housing Market Statistics.

Don't miss this video!!! John discuss the nightmare about using online lender.

JOHN: Hey guys. John Jones here, Tuesday Morning Coffee.  Today, we’re going to talk about online lenders, Internet lenders.  Stay away from them.  I know that any one that you see, they’re going to give you a better deal.  I was looking at Quicken earlier.  They’re going to defend your dollars.  Guys, I’m telling you.  I have more delayed closings, almost 100% ratio when we use an online lender.  Let me tell you something.  I’m not seeing the better deal.  In fact, in most cases, local lenders can meet the same deal that they’re saying they’re going to give you.

The mortgage business is very hard sometimes to decipher because it can be a lot of smoke and mirrors.  They can offer you a lower rate, but if you look over here, they’re charging you more for that rate.  So sometimes it’s hard for the public to really understand.  The best way to understand is to actually get an estimate from the company and compare it to a local lender.  But I promise you this. If you use a local lender, your chances of having a delayed closing go way down, and we’ve got some great local lenders in this town.  I just had one last week with Quicken Loans, and of course, it was delayed.

And when something gets delayed like that, of course, you don’t know it until about a day before.  You’ve already set up your moving company.  The people that were living in the house have set up their deal.  Everybody has to close to move to the next house, and then one little delay.  There’s no accountability when you use an online lender.  They’re never going to see you again.  Okay?  You’re never going to run into them at your children’s school.  You’re never going to run into them at Kroger.  With a local lender, if there’s a problem or if there’s a document that they don’t have, you can hand deliver it.  You can go look somebody in the eyeballs and say, “What is going on?  Let’s get this fixed.”  And things can run a lot smoother. 

So you’re going to hear a lot of promises, that they’re going to save you a lot of money.  I haven’t seen it.  They’re a pain in the tail.  So don’t be disappointed.  Don’t fool with Internet lending.  Go use a local lender.  They do a great job.  And another reason to use a local lender, if you’re not getting a big advantage from going online, why wouldn’t you try to keep the money in the local economy?  You’re helping a local company.  You’re helping a local mortgage rep that’s going to sink money back into Rutherford County.  So that’s all I got today.  I’m going to get off my soapbox, but stay local on lending.  I promise you it will go smoother and you will get just as good a deal as anybody’s promising you online.  Thank you.

Awesome Educator Winner

by John Jnes

Watch to find out who John draws as winner for the $500 gift card to the Parent Teacher Store!

Thank you to all the teachers who participated and we wish you all a fantastic year!

Reliability of Search Engines

by John Jones

During this episode of TMC John discusses the reliability of search engines such as Zillow.

JOHN: Hey guys. Tuesday Morning Coffee here.  Today, we’re going to talk about Zillow, Trulia search engines.  This comes right on the heels of a big announcement where Zillow has purchased Trulia, which are two of the largest sites in the real estate search engine platform industry I guess you would call it.  They purchased Trulia for 3 billion in stock.  Neither company is making money by the way, which blows my mind, but somebody believes in them because they keep giving them money.  But anyway, as I go on a lot of listing appointments now, a lot of information that I see that the seller has is coming from these sites.

And I want to tell you a little bit about that.  A lot of their information is good information.  They get into public records and do a pretty good job.  Typically, the Zestimates that they have, the feature that tells you your home’s worth is usually off, but they’re doing the best they can.  But where I really see the problem with Zillow and Trulia is their information is usually dated on homes for sale.  A lot of homes that are on their site actively for sale are actually under contract.  At John Jones Real Estate, we have partnered with BoomTown, and I think we have what I think is one of the most up-to-date search engines out there.

It’s right here on your screen: murfreesborohomesonline.com.  And when homes in Rutherford county, maybe they don’t go pending in the MLS, so they still show active on Trulia or Zillow.  This site, if there is a contract on it, maybe it’s an active with a financing contingency.  So the bigger sites still think it’s available.  This site that I’m showing you is going to have up to the minute to show you if that home is under contract so you’re not wasting your time looking at homes that aren’t necessarily for sale.  Then of course, you’re calling your agent or calling an agent that has it listed trying to get information on it only to be disheartened when you hear that home is under contract.

So if you want the most current information out there, murfreesborohomesonline will get you that here in the Middle Tennessee area.  Thank you so much, and we’ll talk to you soon. 

Summer Edition

by John Jones

John Jones Real Estate has a SUPER giveaway going on for teachers in our community right now! Watch to view details!

JOHN:  John Jones, Tuesday Morning Coffee, back to school edition.  We’ve got a real exciting giveaway that we want to tell all you guys about, but especially teachers.  Teachers, on Facebook, if you will go the John Jones Real Estate page and like it, you will be eligible for a $500 gift certificate to the Parent Teacher Store by August 1.  August 1 is the deadline.  That’s the day we’ll draw the names.  All teachers, as long as you teach kids in Rutherford County, whether it’s Rutherford County Schools, Murfreesboro City, private schools, you’re eligible.  If you already liked our page on John Jones Real Estate, just send us a direct message that you’ve already like our page, and you’ll be eligible as well.

We’re doing this because we love teachers.  One because I’m married to one, and I love her.  Number two is I love teachers because they put up with me for a lot of years, 20 what?  How many years?  Sixteen years?  I can’t remember.  So I have a soft spot for teachers who had to put up with people like me.  But anyway, this is our back to school, our way of saying thank you teachers for what you do and the hard work you put in.  So come like our John Jones Facebook page.

Tips for Selling Your Home in the Summer

by John Jones

Tune into today's Tuesday Morning Coffee to hear John's tips for selling your home in the summer!

JOHN:  Hey, guys.  Tuesday Morning Coffee coming at you.  Got some good coffee this morning.  Oh, it’s good coffee made by Ms. Janelle.  Today, we’re going to talk about selling your home in the summer.  Now contrary to popular belief, summer is not the best time to sell your home, especially in our area or region of the country.  Actually, spring would be the best time, but sometimes you’ve got to sell in the summer, so how do you use summer to your advantage? 

Well, first of all, there’s several reasons why the summer is not the best time.  One is it’s extremely hot.  It’s extremely humid in Middle Tennessee.  People are on vacation.  Kids are out of school.  They require attention.  People are out of their routine.  There’s a lot of summer activities that distract, and did I mention, it’s very hot in Tennessee in the summer?

But if you do have to sell in the summer, here’s some things you can do, suggestions that I’m going to give you that can help you during the summer months to help use summer to your advantage.  In Tennessee, most of our yards and our landscaping have the potential to look the best during the summer.  So that’s one thing that you ought to use to your advantage.  Make sure your grass is cut and trimmed, even if you have to cut it twice a week during the summer.  Make sure it’s watered and cut and looks great.  Make sure your landscaping is manicured and trimmed back, mulched up, everything looks great.

We have a lot of green in the summer that obviously can give your house quite a good accent or curb appeal.  Decorate your home.  Use the summer influence to decorate your home.  Simple things.  Think about what your summer colors are.  White is a pure summer color.  Vivid blues are a summer color.  I would consider buying maybe some throw pillows and things like that for your bed.  Replace some of those with some of these type of colors.  Throw rugs, things of that nature that you can use with summer colors to kind of accent your house and get people in the mood of summer. 

Another thing that I think is becoming more and more popular is even if you don’t maybe have it set up in your home now, move your home outside.  If you have to go purchase some cheap type of outdoor furniture, think about creating some outdoor space on your patios and porches with some furniture and once again, maybe some bright colorful pillows and things like that to kind of give it that accent of summer.

Also, you’ve got to remember in the summer when you’re showing your home, go with the flow with the summer.  You have Daylight Savings Time, so be prepared to show your home more in the evenings.  Turn your lights on at dusk to kind of maybe accent your house in the evenings as people are driving around a little later in the summer and checking things out.  My last I’m going to give you, and this is crucial, it’s very hot in Tennessee in the summer.  Keep your air conditioning turned down for showings.  When you leave the home that day, keep it a little lower than maybe you normally would.

The last thing you want is people coming to show your home and it’s 78 degrees in your home.  It’s stuffy.  They want to get outside as quick as they can to get back in the car to go to another home because it’s not comfortable.  You want it to be extremely comfortable when people are looking at your home so they’ll stay longer and enjoy the home that you have.

These are my tips.  Thank you.  If you should need anything, call us at 867-3020.

2014 June Rutherford County Housing Market Stats

by John Jones

Tune in to today's TMC where John discusses 2014 Rutherford County Housing Market Statistics.

JOHN:  Hey, guys. John Jones here.  Tuesday Morning Coffee.  We’re going to talk about market statistics for June and also the half year mark.  In Rutherford County, single-family homes, closed sales for June.  This month, year over last June, year over year were up 1.6% in closed sales.  Pendings were up about half a percent.  Inventory’s down about 1% for the month.  Year to date, since we’re at the half-year mark, closed sales for the year are 4.8% more home sales this year than we had last year.  Inventory for the year has been down about 5%.  All those factors translate into prices going up.  We’ll talk about that more in a second.

Currently, days on the market is down from 75 days this time last year to 69 days this year, so we’re down about six days of days on the market.  Currently, we have a 4.27-month supply, which is a pretty low supply of homes.  Now once again, like I told you last week, under 250 the home month supply is way down there.  We’re talking 2 to 3 months in most cases, in most price ranges.  As you get higher, that number goes way up.  Home prices, people ask me all the time, “John, have home prices gone up in Rutherford County?”  Overall, they certainly have.  I’m looking at about a 7% increase over this time last year.  Now, in some price points, that could be a little higher.  If it’s under a $150,000 house, that’s probably a little higher than that.

However, in some price points like over 350, that number’s going to be quite a bit lower.  If you go up over 500, that number’s probably—that number probably hasn’t gone up a dime.  In fact, it’s probably going down because in our upper price ranges, we do have a lot of inventory.  But that kind of gives us a picture.  Our market’s pretty much on the same pace it was last year, a little bit better, not a whole lot, about 5% better.  And everything we’re hearing right now, rates are pretty low, but everything that I’m reading tells me that rates are going to creep up, and a lot of the experts anticipate probably by this time next year it’ll be about a 1% jump. 

So if you are in the market to buy and you can buy, it’s probably not a bad time to do that because rates have such a—they probably go under the radar a little bit on how important they are as far as the home purchase is concerned.  They make a huge difference.  So anyway, if you need anything, call us, 867-3020.  Thanks.

Absorption Rates & The Growth of the Market

by John Jones

During this episode of TMC John discusses absorption rates and the growth of the market.


JOHN:  Hey, guys.  John Jones coming at you. Tuesday Morning Coffee.  Thanks for tuning in.  Sorry I haven’t been with you the last couple of weeks.  I’ve been at the beach getting some sun.  But today, I’ve got a very interesting topic to speak with you about and that is absorption rate or how many months’ supply of homes we have on the market.  It’s a key indicator, a key measurement in the growth of your real estate market and kind of gives you a truer picture of what’s really going on. We’re reading articles every day that the market is getting better, and in Rutherford County, that is the case in most price ranges.

But I think the numbers I’m about to give you will show you really what’s going on in every price range.  Quick lesson.  Zero to three months’ supply of homes on the market means you’re in an incredible seller’s market. It means prices are going up; there’s more buyers than there are sellers.  It is rocking and rolling.  Four to six months, it becomes a little more balanced. Doesn’t really favor either party too much.  Homes are probably still going to go up just a hair, but it’s more of a balanced market.  It doesn’t really favor the sellers or the buyers.  Then over six months, it definitely becomes a buyer’s market.  Then the higher you get up as far as in months of inventory, the more it favors a buyer and the worse it hurts a seller, obviously.

So real quick. Under 150,000 in Rutherford County right now—excuse my computer—under 150,000 in Rutherford County right now, we have a 2.1 supply of homes, so it’s definitely a seller’s market; 150 to 200, 2.77.  Still very strong seller’s market.  Home prices are going up; 200 to 250, 4.27.  Getting a little more balanced; 250 to 300 in Rutherford County, 7.5.  So now it’s kind of trending over to a buyer’s market in that price range.  However, from 300 to 350, it pops down to 5.66.   A little bit of that is there’s so much new construction in that 250 to 300.  That’s why it’s slightly higher.  When you go to 350 to 450, it goes up to 6.8.  When you go 450 to 550, listen to this.  It’s from 6.8 to 18 months’ supply from 450 to 550.  That is definitely, definitely a buyer’s market at that kind of absorption rate; 550 to 650, it goes to 25 months’, which is a two-year supply of homes.  And anything over 650 runs up to 27 months, which is obviously over a two-year supply as well.

So yeah, when people ask me, “Are home prices going up?”  Yeah, generally speaking, under 350, definitely, definitely.  But when you get over that, it gets a little tougher, and the higher you go in Rutherford County in home price, the tougher it gets for the seller, the better off it usually gets for the buyer.  So anyway, I hope that report helps you, maybe brings you up to speed on what your house is doing, but I appreciate you tuning in.  And if you need anything real estate related, remember John Jones Real Estate, 867-3020.

The Buyer is the Smartest Person in the Market

by John Jones

Tune in to today's TMC where John discusses how the buyer is the smartest person in the market.

 

JOHN:  Hey, guys. This is John Jones. The title of this segment on Tuesday Morning Coffee is “The Buyer is the Smartest Person in the Market.”  Now I would have a lot of sellers disagree with me on that, but the truth of the matter is the buyer is the smartest person in the market. You’ve heard the old adage, “A home is only worth what you can sell it for.”  Well, who determines what you can sell it for? It’s the market. It’s the buyers in the market.  Right now more than ever, we have a more sophisticated buyer than we’ve ever had.  The reason being, the buyer has this computer, this smart phone, this tablet where they are engrossed in information every day.

Most of the buyers that we’re working with right now are going to one of the major sites every day, whether it be Trulia, Zillow, RealTracs.  They’re also getting e-mail alerts to where when something hits their parameters, they know about it instantly.  When you look at that information, like the buyers are in a small segment of a market, which most buyers have got it pinpointed to a certain price range, a certain area, those people, it’s amazing.  They know that market inside and out.  In fact, a lot of cases, when they tell me they’ve kind of been looking, “John, here’s what we’re looking for,” they’ve been on the Internet for months looking at this particular market.

I have to go back to the office and really regroup and learn that market just as well as they already know it. It’s amazing the things they can tell me, and this is all because of the information and technology. It makes things faster.  It makes it very easy for a buyer to learn more about a home.  So right now, buyers are the smartest person in the room.  So with low inventory like we have and a lot of price ranges, I tell my sellers, “Look, in two weeks, in a lot of cases, maybe not the higher price ranges, I’m going to know whether we have priced this home correctly. Either we’re going to have an offer, which means we’re probably in the ballpark, or we’re not.

If we have ten people walk through this home in the first two or three weeks and I have no offers, that is telling me or the market is telling me they’re rejecting our price. We need to adjust it and adjust it quickly. The biggest mistake a seller could make is waiting two or three months to adjust the price.  Now I would not have said this 10 years ago, 15 years ago, and the reason I wouldn’t have said it is information moves slower.  It took me a little longer to figure out what the market was saying about particular property.  Now guys, 250 and under, I’ll know in two or three weeks in the current climate of the market we’re in where there’s more buyers in that market than there are sellers.

They’re sitting on the fence, waiting to pounce.  They’re looking at the computers every day, so we’ll know pretty daggum quick.  So I say this a little tongue in cheek, but I’m being very serious.  The buyer’s the smartest person in the market right now, so we must listen to them as sellers. We must understand them. We may not agree with them.  We may not like the message they’re giving us, especially when it tells us maybe we’re not going to get as much as we want for the property as sellers.  But I promise you this.  They’re going to give you accurate information if you just listen to them.  Thanks a lot.  If we can help you in any way, please call us, 867-3020.  Thank you.

April 2014 Rutherford County Housing Market Statistics

by John Jones

During this episode of TMC John discusses April 2014 Rutherford County Housing Market Statistics.

JOHN:  Hey, guys. Tuesday Morning Coffee.  Thanks for tuning in.  Today, we’re going to talk about April numbers 2014.  Slight increase in April over April 2013 of 3.4% in closed sales, just a slight increase, which has pretty much been the trend so far this year.  Year to date, we’re 2% up over this time last year, which basically marks the end of our first quarter.  Also, pendings this month are—pendings for April were slightly down compared to pendings last year, about 6%.  We’ll see how that plays out next month with closed sales.  Our inventory is also down 4.6%.  Now, I think the inventory is part of the reason maybe our sales aren’t quite as high as they could be.  Because I think right now in a lot of price ranges, there’s buyers there, especially in the lower price ranges, but there’s no homes there for them to buy.

So that’s going to be an interesting thing as we move forward.  Right now, days on the market is down from 78 days this time last year to 70 days now.  Like I said, the year-to-date closed sales are down 2%.  What I’m really interested in seeing is this.  As we move into the second quarter and the second half of the year, our last year, the second half, we had some bumps along the way.  Interest rates kind of took a little uptick on us, and also we had the government shutdown, so that caused some things to kind of slowdown that second half of the year.  It’s going to be interesting to see how we compare as we move into that part of the year, which is going to be a few more months. But right now, everything’s pretty vibrant.

The biggest problem I see in the market right now is inventory under 250,000.  If you’ve looked to sell your home or been thinking about it or maybe you backed off a couple years ago because you couldn’t get what you thought you should get, you might relook at that because prices have come back in a lot of cases almost to 2007, 2008 numbers.  Give us a call, 300-7475.

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