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TUESDAY MORNING COFFEE JUNE 2016

by John Jones

Check John out talking about this years May numbers compared with last years and how condo/townhomes are the new starter homes!

3 Benefits of Using Local Lenders

by Meredith Thomas

A while back, John Jones talked to you about the perils of using online lenders like Quicken Loans and Lending Tree. This advice rings truer today now more than ever, with the increase in the online lending companies that have been established in the past few years. As a recap, here are the top 3 reasons to choose a hometown lender over an online lending broker:

Accountability & Integrity When you’re talking about the most important investment of your life, a more personal relationship with your lender is a no-brainer. With online lenders, you’re talking to people working out of a call center that might be in a different part of the country. With an investment as big as a home purchase, wouldn’t you rather look the person in the eye when getting advice about this purchase? Hometown lenders want to work hard to keep you satisfied and win your business so you can be a good long term referral source. They know one of the best ways to do that is by offering superior customer service. A good local lender, just like a good real estate broker, creates a relationship of trust and reliability. They will hold your hand through the process, help prevent you from making major mistakes and answer all of your questions. There’s less accountability when you use an online lender. They never lay eyes on you in the first place and once the transaction is complete you're not going to run into them at your local grocery store. Would you trust an online doctor to diagnose your cancer? In my experience, home buyers find accountability in the face-to-face relationship with their lender to be imperative in the already-stressful process of buying a home.

Fluid and Timely Transactions: There’s always an advantage to working with people who are more familiar with the area and often have an existing relationship with your realtor. This puts local lenders in a better position to resolve conflicts during the transaction. In the past few months alone - and as indicated by numerous others on various online message boards - our agents have had to navigate their clients through several issues with Quicken Loans, including delayed closings, lack of communication, and lengthy turnaround times for simple submission of basic documents and forms. And as you all are aware, one delay leads to multiple delays in the cycle of a real estate transaction. IMHO, these are unnecessary headaches that can be avoided by using local lending.

Fueling the Local Economy When you shop locally for a mortgage, your investments are used in that same local economy in which you now live. You’re helping a local company who supports local businesses, events and charities, thus sinking money back into their local economy. It’s a true win-win for everybody. Like the old saying goes, “Love your lender, love your town, love your agent and there will be love all around.” And by “old saying” I mean, 30 seconds old because I just made that up. But it’s still true.

Moral of this point: Trust your local lenders to maintain integrity, provide you with superior customer service and an all around smoother transaction.  If you do choose to work with an online lender, perform thorough research on the company, check out online reviews and engage with people on online forums to become the most informed consumer possible. We work with some of the best mortgage lenders in the business so give us a call at 615-867-3020 for a referral. I'd love to hear your feedback on the choice between online vs. local lending. As agents, what do you recommend to your buyers considering using an online lending company? Homebuyers, what has been your experience working with these lenders? 

5 Tips To Sell Your Home Wicked Fast

by Meredith Thomas

 

Like Shakira's hips, the numbers don't lie; often well-staged homes will sell faster and bring more lucrative offers than their messy, cluttered counterparts. The key is to getting ahead of the process. Often times, sellers will delay putting their house on the market because they dread the overwhelming process of cleaning and de-cluttering. But fear not, mighty minions. By beginning the monumental task of clearing the clutter and doing a pre-pack now, you can reduce the stress of preparing for showings and make it easier to move when your home sells. Still fighting the urge? Here are 5 staging and organizing tips to help you get the move on, well...your pending move.
Started (Purging) From the Bottom Now We're Here:
Clutter distracts from a home's features and makes it seem like there isn't enough storage space. Do a proper sort and purge, tossing outdated clothing, duplicate items and rarely used gadgets. If you haven't worn it/used it/looked at it in a year, send it packing (literally). If it's broken/busted beyond repair, it's a goner. Say bye bye. Shed no tears. To keep this task from turning you into The Exorcist's Regan MacNeil, tackle one room (or even one drawer) at a time. Proceed with patience, my friend. You can do this.
Pack Everything but the Kitchen Sink:
Now it is acceptable to pack like a pack rat. Start pre-packing your home, storing non-essentials or out-of-season gear in the garage or in off-site storage. Only the best and brightest need make it to the final round of joining you in your future abode. The idea is to give potential buyers a sense of space, which can't be done if your home is overloaded with your own crap.
Fix Glaring Problems:
Remove out-of-style wallpaper, replace broken light fixtures, update cabinet and drawer pulls, and refresh dated window treatments. Simple fixes like these can make your home stand out from the competition. And don't forget to consult with your real estate agent before taking on certain fix-it-up projects. He/she can advise you on the most cost-effective fixes to take on and what to leave on the table to negotiate with a potential buyer. You got 99 problems, but don't let fixing stuff be one.
Depersonalize Dang It:
Your home by definition is very personal so this step can sometimes be very difficult for home owners. The key is to take the "you" out of your home so it will be easier for potential buyers to see themselves living there. Remove family pics and personal collections and replace them with neutral artwork and simple accessories. Create a neutral canvas so to speak, so others can imagine their own belongings in the space.
Polish Your Armour:
Research the latest design trends and stage your house to match. Potential buyers aren't just looking for a structure to inhabit - they're looking to fulfill their dreams and improve their lifestyles. Staging helps sell those dreams and creates a more emotional purchase that can generate more money for the seller. And, um hello, who doesn't want to sell a dream and make some money? Make sure each room has a single, defined purpose. Also make sure that every space within every room has a purpose so that buyers will see how to maximize the home's square footage


Like Shakira's hips, the numbers don't lie; often well-staged homes will sell faster and bring more lucrative offers than their messy, cluttered counterparts. The key is to getting ahead of the process. Often times, sellers will delay putting their house on the market because they dread the overwhelming process of cleaning and de-cluttering. But fear not, mighty minions. By beginning the monumental task of clearing the clutter and doing a pre-pack now, you can reduce the stress of preparing for showings and make it easier to move when your home sells.

Still fighting it? Here are 5 staging and organizing tips to help you get the move on, well...your pending move.

  • Started (Purging) From the Bottom Now We're Here: Clutter distracts from a home's features and makes it seem like there isn't enough storage space. Do a proper sort and purge, tossing outdated clothing, duplicate items and rarely used gadgets. If you haven't worn it/used it/looked at it in a year, send it packing (literally). If it's broken/busted beyond repair, it's a goner. Say bye bye. Shed no tears. (And NO, jamming your closets to the brink will not fly either. Buyers will look there also.) To keep this task from turning you into The Exorcist's Regan MacNeil, tackle one room (or even one drawer) at a time. Proceed with patience, my friend. You got this.
  • Pack Everything but the Kitchen Sink: It is finally socially acceptable to be a pack rat. Start pre-packing your home, storing non-essentials or out-of-season gear in the garage or in off-site storage. Only the best and brightest should make the cut and travel with you to your new abode. The idea is to give potential buyers a sense of space, which can't be done if your home is overloaded with your own crap.
  • Fix Glaring Problems: Remove out-of-style wallpaper, replace broken light fixtures, update cabinet and drawer pulls, and refresh dated window treatments. Simple fixes like these can make your home stand out from the competition. And don't forget to consult with your real estate agent before taking on certain fix-it-up projects. He/she can advise you on the most cost-effective repairs to take on and what to leave on the table to negotiate with a potential buyer. You got 99 problems, but don't let fixing stuff be one.
  • Depersonalize Dang It: Your home by definition is very personal so this step can sometimes be very difficult for home owners. The key is to take the "you" out of your home so it will be easier for potential buyers to see themselves living there. Remove family pics and personal collections and replace them with neutral artwork and simple accessories. Create a neutral canvas so to speak, so others can imagine their own belongings in the space.
  • Polish Your Armour: Research the latest design trends and stage your house to match. Potential buyers aren't just looking for a structure to inhabit - they're looking to fulfill their dreams and improve their lifestyles. Staging helps sell those dreams and creates a more emotional purchase that can generate more money for the seller. And, um hello, who doesn't want to sell a dream and make some money? Make sure each room has a single, defined purpose. Also make sure that every space within every room has a purpose so that buyers will see how to maximize the home's square footage.
The key to preparing your home to sell is to just get started. Make a list, check it twice. Before you know it, you'll be celebrating your new move with champibble in solo cups (only because your Waterford crystal champagne flutes will be packed and ready for transport.) And don't forget to lean on your real estate agent throughout the process. We're here to help guide you through the transaction and make sure everything goes smoothly so that you have an enjoyable experience. Don't cave to the fear because remember, "The only thing [you] have to fear is...fear itself." 

Color Trends for 2016

by Meredith Thomas

If you like to stay up to date on the latest in home design, then you may be interested to hear the color trends predicted for this wild colorful ride that will be 2016. From Benjamin Moore's Simply White to Behr's Ivory Keys, the leading color trend is white, which - while that may not sound all kinds of crazy - will serve as a neutral backdrop for other dramatic elements you can utilize as a more "colorful" extension of your personal style in your home. 

But before you go out and buy gallons of non-refundable eggshell, note that this year's on-trend whites have a bit of color and the warm feel of happy to them. These subtle variations in tone make them the perfect accompaniment to other hot colors that are being highlighted in home decor trends this year. Keep that in mind as you select your accent colors as well. Choose corresponding hues that represent your own uniqueness. Do you, girl (or guy.)

 To update your living space using the neutral white trend, give these following steps a go-go:

  • Create a blank canvas -- Paint an entire room in your favorite warm white shade. Starting with a neutral background lets other elements in the room stand out and become the focal point. Neutral rooms tend to be minimalist, so scale back on the knick knacks and accessories and let the major pieces support your design. Simple is the new black. 
  • Experiment with hues -- Try layering with several shades of white. Create a clean, classic look with a white room and an occasional pop of color. The design possibilities using a white color palette are surprisingly endless. "Hues" to say you can't have fun with color? Color Fun 101
  • Add contrast -- Bold accent colors and crisp lines create sharp contrasts against white walls. Consider creating a feature wall with one of the other 2016 trend colors, like Blue Cloud from Olympic Paints or Paradise Found by PPG Porter Paints. You can also add other architectural elements in a dark wood or with geometric patterns. A little fun never hurt anyone so have some. Now go. 

Get out your paint brush and give some of these splashes of color a whirl. And in the wise words of someone I've never met on Pinterest, "Change is good. Paint is change. Therefore, paint is good." 

5 Things Home Owners Need To Know About Boosting Home Value

by John Jones

I receive weekly calls from current and past clients inquiring about whether or not certain renovation projects are worth the time and investment. Today I want to talk about the 5 most important home improvements you can do to add value to your home and prepare it for resale in this current market. I’ll also talk about a few improvements that will add more personal value than monetary gain. 

Before diving into the list, I want to stress to home owners the importance of continued maintenance of your home from the moment you take ownership. Continued upkeep will end up benefitting you in the long run and is easier on the wallet as opposed to making a bunch of renovations at the time you are ready to list. 

Your home is one of the biggest investments you’ll ever make. Capitalizing on that investment by tackling these 5 projects to help increase your home’s value: 

  1. Paint: Wall space is the most noticeable element in any home. A new coat of fresh paint is the best way to transform and revitalize any room in your house. Neutral colors tend to attract more buyers because it allows them to focus on the home’s attributes. White and beige color schemes work with most types of furniture, so buyers will be able to see themselves in the space. 
  2. Clean / Updated flooring: Next to wall space, flooring is another thing people first notice upon entering your home. While hardwood flooring is a very popular asset to your home, clean, high-quality carpet can be quite attractive and will create a warm atmosphere. Be sure to repair any flaws in your flooring and have your carpets professionally cleaned or replaced if necessary. 
  3.  De-clutter and depersonalize: Vital to the pre-listing process is de-cluttering and depersonalizing your home as much as possible. Thoroughly cleaning your home, removing personal belongings like family photos and minimizing decorative accents will make it easier for potential buyers to imagine themselves living in the space. 
  4.  Update Fixtures and Hardware: Replacing old light fixtures and door hardware can go a long way in making your home appear up-to-date and modernized. Long gone are the days of all brass fixtures. Oil-rubbed bronze or brushed nickel accents have become trends that many home buyers now look for when perusing homes in today’s market. Installing new hardware fixtures throughout the home is a simple and inexpensive endeavor that can make any space brighter and more appealing thus creating a better overall sensory experience for the potential buyer. 
  5. Landscaping - Making very minimal changes to your outdoor landscaping can vastly improve your homes curb appeal. Mowing your lawn, pulling weeds, removing dead or overhanging branches from trees, trimming overgrown shrubs and bushes, and adding a fresh layer of mulch to garden beds are some of the basic maintenance items that will help spruce up your home’s exterior. I don’t recommend spending a boatload of money on elaborate landscaping schemes. This can sometimes overwhelm potential home buyers because they lack the desire or ability to maintain it. 


There are many home improvement projects from which home owners will gain a lot of personal value that won’t necessarily bring as much ROI. Now, I am all for putting in that swimming pool you’ve always had Clark Griswold dreams about. The memories you will create with your family and friends will last a lifetime and you can't put a price tag on that. Just remember that a pool is a pricey investment that often times will only bring you about one-third of the monetary return. Other enhancements such as detached garages and elaborate media rooms tend to bring sellers only about half of the money they spent on the project. 

Be sure to tune-in to my Facebook page again next Tuesday at 10AM where we’ll be discussing more relative information about the Rutherford County housing market. As always, don’t hesitate to Contact Us if we can assist you with any of your real estate needs!

Rutherford County Housing Market: 2015 Recap & 2016 Expectations

by John Jones

Live from Facebook…it’s Tuesday Morning Coffee!

Thanks to everyone who joined our very first Facebook Live stream this morning. I had a blast, and I hope you did too! 

We just finished up a very successful year at John Jones Real Estate and are looking forward to another great year for the local market. Which brings me to our topic for today: “A Recap of the 2015 Rutherford County market and What To Expect in 2016.”  

Last year was a great year for me both personally and professionally. For single-family residential sales, the market continued it’s growth as we saw interest rates fall to the lowest they’ve been in over a decade. Closed sales were up 10% from the previous year (2014) however total listings were down 21%, which is the lowest we’ve seen in quite some time. This is due mostly to the fact that construction came to a halt after the market crash in ’08 and because of that, inventory is down while builders attempt to play catch-up to the population growth that continued in this area during that time. We saw median days on the market decrease from 54 days in 2014 to 44 total days on the market in 2015. Homes were selling faster and at nearly an 11% higher price at $190K (from $170K) year-over-year. Median square footage for single-family homes in Rutherford County came in at 1978 sq. ft and averaged a little bit over $96 per foot, which is up 6% from 2014. 

A lot of people have inquired about the value of their home and the appreciation rates as they pertain to the growth in our local market. Sometimes this is a tricky question, because experts tend to base home value on varying factors. I always look at median cost per square foot because I believe it paints the truest picture of home value. To understand the current appreciation rate in our area, I believe we must touch on exactly what happened in previous years to understand the type of growth we are experiencing today. 

From 2000-2007 we had what I call the “thunder-clap” market, all of these factors were in play at once: baby boomers were at their peak buying potential, lending practices were completely unregulated and for the first time, Wall Street got involved in the mortgage game (if you haven’t seen the movie The Big Short based on the book by Michael Lewis, get to the theater. I promise, you won’t be disappointed.) All of these factors came to together to create the perfect storm which ultimately led to what I like to call “The Lost Years.” Between the years of 2008-2012, millions of people lost their jobs and their homes, and builders, developers and real estate agents - including yours truly - lost their ass…ets. I consider November 2011 to be the point our market bottomed out here in Rutherford County as far as home sales, home value and overall volatility of our local market. We finally started to see pick-up during 2012 and our market has continued to steadily improve. Prices are up 21% from that low point in Nov. 2011 and up 6% from last year as I mentioned previously. Now does that mean every home’s value has increased 6%? No. That is merely the median value increase based on that current median value of $190K. For a $250-$300K property, your home might have only appreciated between 4-5%. The value of your home is going to also be determined by the strength of our market in regards to the price point of your property. Be sure to give us a call if you have more questions regarding the resale value of your current home. 

The biggest change we saw in 2015 was the growth in condo/townhome sales. In 2006, we had the most number of condo sales in the history of our market…until last year, where we were up 6% from 2006. The reason for that is because condos and townhomes have become new starter homes for first-time home buyers. 

So this brings me to the topic of trends and expectations for real estate in Rutherford County in the coming year. Based on what I’m seeing from last year and experts in this industry, the next few years should be vibrant barring some unforeseen shakeup that is out of the market’s control. Millennials (<34 yrs) will continue to be the largest generation group of home buyers followed by financially recovering Gen Xers and older baby boomers who are downsizing. Interest rates will ease up but should remain manageable. Across the nation, rental rates are predicted to rise faster than home prices due to the expected demand. Overall, I expect 2016 to be another banner year in real estate sales and I am looking forward to the continued growth of our community in this optimistically stealth market. 

Read up on the National Housing Market Forecast for 2016-2017 here

Be sure to tune back in next Tuesday at 10am for another Tuesday Morning Coffee LIVE on Facebook.  

 

 

Open Houses Sunday, October 18 2015

by Janelle Hederman

Premium Prices for Older Homes

by John Jones

Don't live in a brand-new home? John discusses how even your 20 year old home can bring in top dollar!

Hey Guys.  John Jones, Tuesday Morning Coffee, thanks for tuning in.  Today we are gonna talk
about Homes in Subdivisions, where the age of the Subdivision is 20 years old.  You say, “20 
years, Gosh, that’s a long time.”  We’re talking 1995, it’s not really that long ago.  So, homes 
that are 1995 or Subdivisions where the homes in there are 1990’s, guess what, they are across 
the board on what you can expect to receive from them.  What I mean by that today; I went to a 
subdivision on the south side of town.  There was everything from $82/sf  to $98/sf.  That’s a 
huge difference.  It’s like a, I don’t know, I didn’t do the math on it, but maybe what, like a 
$30,000 difference in basically the same size house, the same age, in a subdivision.  What is the 
difference, why did this one get $30,000 more.  It’s real simple: one house had kept their home 
updated, had taken care of all the maintenance on the home and kept it painted up, had changed 
the carpet out, had done the things  over the years to bring it up to 2015.  The other homes, that 
were lower, didn’t and it’s quite simple, you can’t expect to get top dollar and premium from 
your home if you’re not going to do the work to it along the way to deserve that kind of money.  
Remember, buyers are willing to pay you a premium, if the house is move in ready, ok, and the 
reason is, it’s human nature, it’s human nature.  People that are buying homes, especially under 
$250,000, typically don’t have a bunch of cash to sink into a home, other than the money they 
are going to put down on the home, so, they will pay a premium to go ahead and have it ready 
for them.  It is up to us, as sellers, to go ahead and get the work done.  Make it where the buyer 
has no objections.  If you will do that, you will get top dollar.  For instance, the home I met with 
today, their home if I had to sell it as is today, would probably be about a $215,000 home.  It 
needed paint, it needed carpet, it needed some fixtures, it needed a lot of things.  A lot of it, just 
deferred maintenance, not even really talking about adding things or making big improvements, 
just making what’s there, better and newer.  Okay.  If they will spend anywhere from $12,000-
15,000, I will be able to get them probably around $245,000 for that home.  Okay.  That’s a 
$30,000 difference with about half that investment and they will net $15,000-17,000 more by 
doing that work.  The reason why, they’re not making the buyer have to do it.  I have had seller’s 
go, “Hey John, we know it needs $15,000 worth of work, why don’t we just lower the price 
$15,000 and that way, you know, the buyer can pick what they want”.  The problem is, the buyer 
is not gonna look at it that way, they’re not gonna say, “Oh well, we can probably just put our 
$15,000”; A) they probably don’t have the $15,000 in cash, but B) is, if they are gonna have to 
put the $15,000 in it, then they want to get a better deal than to have to fool with it.  So, you are 
always better off getting your home updated, keeping it painted, doing the flooring, doing all the 
things you need to do to get top dollar; and you will get top dollar.

John checks in with new real estate agent Jim Dibble

by John Jones

It's been six months since Jim Dibble officially started his new career in real estate, so John checks in to see how his experience has been since becoming a new agent.

John: Hey guys, John Jones, Tuesday Morning Coffee.  It’s with great honor and privilege, I’m 
gonna introduce you to Mr. Jim Dibble.  Jim is one of our newer associates here at John Jones 
Real Estate, one of our sales people.  Jim, I’m gonna count rapid fire real quick, Jim, Where are 
you from?
Jim: Clarksville, TN  
John: Alright, Jim, What was your job prior to real estate?
Jim: I was the assistant golf course superintendent with Vanderbilt Legends Club in Franklin.
John:  How many kids do you have?
Jim: 2
John:  And what ages?
Jim:  17 and 15, Oakland High School
John:  Oakland High School.  And uh, your wife’s name?
Jim:  Julie
John:  Alright.  Your favorite things to do when you are not selling real estate?
Jim:  Go to the beach, go fishing and play golf.
John:  Alright.  Jim, let’s talk about this a little bit.  You have been in the business now, how 
long?
Jim: About 6 months.
John:  Alright.  And as a lot of you know out there, or don’t know, the first year in real estate is 
the, the first 6 months especially, is the most brutal.  I know I probably only cashed maybe 1 
check, 2 checks in that first 6 months.  So tell me, Jim, how’s it going for you?  Tell me, now 
that you have kind of got your nose bloodied a little bit, tell us about that experience.
Jim:  It’s been real positive.  Closed about 5 sales so far.
John:  That’s awesome.
Jim:  Met a lot of great people, got to help a lot of great folks.  Getting my feet wet.  It’s an 
ongoing experience and I am looking for a big spring this year.
John:  Right
Jim:  The way the market’s looking, I think we are gonna be able to cash in on a lot of sales.
John:  Have you learned a lot in the last 6 months?
Jim:  Absolutely.  Learned how to talk to people.
John: Sure
Jim:  Learned how to relate to folks.  Find out what they’re looking for.
John:  Trying to find out their needs and whatnot.  What made you want to get into real estate?
Jim:  Well, I really have a desire to help people and helping people get into a home is a life long 
dream for a lot of folks.
John:  Sure
Jim:  And that’s been one of the big things is helping these first time home buyers get in a home.  
It’s really a joy.
John: And, let’s back up a little bit.  Your previous occupation, what did you do?
Jim:  Grew grass for a living.  Basically, I was a grass farmer on a golf course.
John:  Not illegal grass..ok..it’s legal grass.  Golf course.  And you went to school to do that, 
correct?
Jim:  That’s right.
John:  Where did you go?  Tell me where you got your degrees from.
Jim:  First time, I went to University of Tennessee at Martin in West Tennessee.  That’s where I 
met my lovely wife.
John:  That’s awesome.
Jim:  And later in life, I went back to Mississippi State University. 
John:  Bulldogs.
Jim:  Big Bulldog fan…and
John:  And got your degree
Jim:  And got the degree in Golf Course Turf Management and moved on from there.
John:  That’s awesome.  Alright, last question, Jim.  Our company, as some of you know or 
don’t know, is a team concept company and what I mean by that is that kind of everybody works 
together.  We have a full time listing coordinator, a full time closing specialist, to try to give our 
clients the most specialized service possible and the alternative to that is, kind of how I started 
the business, is just go with a brokerage company if you are kind of on your own.  Jim, now that 
you kind of know and had the feel for real estate, what are the pros of what you did, coming on 
with a team company?
Jim:  Well, I feel like the biggest thing it has done for me is have years of experience behind me 
that I can go to people and ask questions to, whether it is yourself or Tommy Davidson or 
Michele; all these folks have been a great resource to me for all the questions that I have had and 
all the experience that I am getting.
John:  Right, right.  And do you feel it’s a little bit easier, opposed to if you were out there by 
yourself, where there are no leads coming in, to being in a company where the phones are 
ringing and leads are coming in on the internet, to kind of help you get started.  Has that been a 
plus?
Jim:  Absolutely, it’s been a big help.  That’s where a lot of my sales have come from, leads that 
come in on the phone and our website, that is always available to folks, so it’s been a big help.
John:  Well, Jim, I know people are gonna want to talk to you, cause you are a man, you are a 
person of interest.  So, how would people get a hold of you?
Jim:  The best way to get a hold of me is my cell phone 615-439-8175, call me or text me, I will 
be glad to help you.
John:  Give em that number one more time, cause I think the phone lines are gonna be buzzing.
Jim:  615-439-8175
John:  Jim Dibble.  John Jones Real Estate, clients first.  Thank you.

If you're looking to buy or sell home, be sure to give Jim Dibble a call at 615-439-8175

5 Mistakes Sellers Make Pricing Their Homes

by John Jones

Tune in to hear John discuss 5 mistakes to avoid if you're considering selling your home in this hot market!

John:  Hey guys, John Jones, Tuesday Morning Coffee.  Thanks for tuning in.  Today we are 
going to talk about the 5 biggest mistakes that home sellers make in pricing their property, 
especially here in Murfreesboro.  These are the ones that I see in the Rutherford County market 
over and over again.  
The number 1 thing I hear from sellers; How did you arrive at that price?  Well, basically, it’s 
what we want to net on the home.  If we put it at this price, it’s gonna give us what we want to 
get out of the home.  Absolutely, has nothing to do with what a buyer will pay.
Number 2: They base their price on what it would cost to build the home today.  Let’s say they 
have done a lot of things.  Let’s say they have done fences, they have done pools, detached 
garages.  They assume that every dime that they have put into that home should be, or what it 
would cost to build all that stuff today is exactly what they should get for that house, which there 
again, has nothing to do with what a buyer will pay for that home.  
Number 3:  They price it by square footage, okay, and maybe somebody back in their 
subdivision sold their home, they heard for $100/sf, well, they just naturally assume that they 
should get $100/sf.  What if that home was a lot bigger than their home, their home may actually 
bring more than $100/sf?  What if that home was a lot smaller than their home, and their home is 
more in average with the neighborhood.  You know, it could go either way, so you definitely 
can’t go by that alone.
Another popular thing I hear is that, well, the tax appraisal has said it is worth X.  Tax appraisals 
can be high, they can be low.  It’s a computer logarithm that doesn’t take into a lot of things, 
variable things about the home, like condition or where the home is located; is it located near a 
main highway or on a perfect cul-de-sac lot.  A lot of things like that don’t come up in a 
computer logarithm.  
That could be said also for maybe the most popular thing I am hearing now…the Zillow’s 
estimate.  Well, Zillow says my house is worth this.  Well, Zillow can be right, it can be wrong.  
You know, it definitely, it’s a computer, it definitely doesn’t take in some of the factors I just 
mentioned before.  In fact, I just did this on three homes I just sold.  This home was in North 
Murfreesboro, kind of in the Mitchell Nelson area.  The Zestimate said it was $118,000, the tax 
assessment said it was $120,000, it sold for $129,900.  Ok, so neither one of them were correct.  
This is a condo out in the Indian Hills, South Murfreesboro area.  Zestimate said it was worth 
$188,000, tax appraisal said it was worth $146,000, it actually sold for $170,000, okay.  Neither 
one of them were right.  South Murfreesboro, this is a home I just put under contract.  The 
Zestimate said it was worth $459,000, the tax appraisal said it was worth $420,000, it just went 
under contract for $350,000.  So, what does Zestimate mean, what does tax appraisal mean, can 
they accidentally get it right every now and then? Sure, but these are the three, the only three I 
pulled up, I didn’t go searching for, these are the last three, the first three that I pulled up and all 
three of them are way off, both Zestimate and tax appraisal.  
So, be very careful, how do you find the price?  Hire a good realtor like myself.  We will come 
out there and help you, but truthfully, you gotta look at current market data.  What are homes, 
like yours, selling for?  Ok.  And also, you gotta factor in marketing trends, absorption rates, 
inventory supplies.  Is the market trending up right now, can we go for a few more dollars than 
maybe the last guy or is the market trending down.  Those are all factors that go into it, but if you 
hire a good professional realtor, they can help you and guide you on pricing that home to sell.

 

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