During this episode of TMC John discusses 5 things that will turn a buyer off.
Murfreesboro Tennessee Real Estate
Displaying blog entries 1-10 of 411
During this episode of TMC John discusses February 2014 Rutherford County housing markets statistics and the "tale of two markets."
Don't miss this episode of TMC where John gives the key to selling your home.
Tune in to today's TMC where John gets on the white board to discuss January 2014 Rutherford County Housing Market Statistics.
During this episode of TMC John discusses some things that mentally strong people avoid.
Tune in to today's TMC where John discusses the numbers for Rutherford County Housing Market for December 2013.
Tune in to today's TMC where John discusses the numbers for Rutherford County Housing Market for November 2013.
Tune in to today's TMC where John discusses the numbers for Rutherford County Housing Market for October 2013.
JOHN: Hey, guys. John Jones here with another edition of Tuesday Morning Coffee. Today, we’re going to be talking about October market stats. In this October, we were up again 16% over last October, which stays in line with what we’ve been doing most of the year. Pending sales for the month were up 7.5% over October 2012, and inventory is down slightly from last October 1.7%.
Closed sales year to date are up 20% over last year year to date. The average closed price is up 7.3%. We’re at $88.00 a square foot this year over $82.00 a square foot the same time last year. To kind of give you a benchmark, the highest our square footage price has ever been in this county was in 2007 when it was up to $97.00 per square foot of homes sold. So we’re still about 9% below that number, but we’ve been lower.
So things are coming back nicely. Lord, it’s taken a while. I know that, but it’s nice to see the uptick. Rates are still very competitive in the low 4s, so it’s still very, very good vibrant market. Our absorption rate right now, which guys remember what our absorption rate is. That’s basically if we stopped putting homes on the market this second, the amount of time it would take to cleanse all our inventory based on the last six months of sales. Right now, we’re at a 4-1/2-month supply, which is up a little bit from where we’ve been earlier this year.
But it’s still a pretty healthy number. So call us if you need anything real estate related, 867-3020. Thank you.
During this episode of TMC John discusses the 5 signs that you know you are ready to buy a home.
JOHN: Hey, guys. John Jones here with John Jones Real Estate. Thank you for tuning in to another edition of Tuesday Morning Coffee. Today, we’re going to be talking about the five signs when you know you’re ready to buy a home. We’re going to go through these quick. Number one: You have a budget. You know where you stand financially, and everything is in order, and you have an organized way of managing your money. That’s number one. Number two: You have saved up your down payment. And what I mean by that is I prefer someone to put 20% down to avoid mortgage insurance and those kind of things.
But if you can’t put 20% down, and a lot of folks can’t, I at least want you to save up your down payment. And what I mean by that is it scares me when I see all that money gifted and all that money paid by the seller to get people in with little or nothing down. Because I feel like if you don’t have anything invested in the house, it’s very easy to walk away. Plus, I want to see that commitment that you can save money.
Number three: Make sure you have a reliable source of income. And what I mean by that, obviously, the bank’s not going to let you qualify if you don’t have a job. But let’s say that you’re in a job where you’re concerned about layoffs in the next six months or the next 12 months. I wouldn’t go out and run and buy a house until you know what’s going to happen with your job because a house is a long-term commitment. So if you’re really concerned about your job in the next 12 to 24 months, then hey, maybe it’s just not that time.
Number four: Make sure your debts are under control. Now obviously, the bank is going to check your debt to income ratio and all that stuff. But what I really mean is a lot of times people might have student loans that have been deferred and haven’t hit them yet. But they’re going to hit them in another year or two. Factor that into your equation of buying a home. Also, look at your car situation. You may have your car paid off right now, but it’s on its last leg. So within 12 months, you may have a car payment that you didn’t have when you bought the home.
So look at your debts and make sure you’re under control on your debt situation. And the last thing, number five: Are prepared to become a landlord? And what I mean by that is once you own a home, you are your own landlord, meaning you have responsibilities now. If hat HVAC goes out or that water heater goes out, there is nobody to call to come fix it like when you’re renting. You have to pay that yourself, and a lot of times, people don’t factor that in—home maintenance, home ownership. There’s a cost to it.
So that’s why really when you buy a home, it’s really important to have things checked out, kind of see where you stand on some items such as HVAC, roof, things like that so you can budget accordingly. Meaning if you have 10 years left on that roof, then you know, hey, in a few years I need to start saving up for that.
Anyway, that’s all I got. If you have any other real estate questions or concerns, you can visit us at our website, which is johncjones.com or you can always feel free to call us at 867-3020. Thank you.
Tune in to today's TMC where John discusses the numbers for Rutherford County Housing Market for September 2013.
JOHN: John Jones here with another edition of Tuesday Morning Coffee. Today, we’re going to talk about September housing statistics her in Rutherford County, single-family housing I am speaking of. Guys, the trend has been over 20% the whole year as far as closed sales year over year. The last couple of months though, it has gone down below that to around anywhere from 10 to 15%. Well, this month, we’re back up 20% year over year. We sold 20% more homes this year than we did last September, so that’s a good sign.
A lot of that may have had to done with a little bit of hike in interest rates. I’m not real sure. I’m going to keep my eye on that. Also, average days on the market for the year are down 79 to 72. Inventories have shrunk a little bit; however, this is the first month this year where this month over September of last year, the same last year, our inventories have increased for the month. I think a lot of that is due to a lot of new construction coming on. So we need to keep our eyes on that.
We still have really good absorption rates right now in most price ranges. The higher price ranges are still sitting around a little bit. But all in all, the market is still pretty daggum vibrant and in a lot of price points, 250 and under, homes aren’t sitting that long. So it’s definitely a good time as a seller in a lot of price ranges. Our average close price is up 7.3% year over year. We’re up to 174,754 is our average close prices of single-family homes in Rutherford County this year, 174,754; last year at this time it was 162,789. Does that necessarily mean that prices have risen 7%? Not necessarily, but it’s a good indicator.
You really need to probably divide it by the average square footage. But I feel like we’re probably up about 5% in price this year. So I appreciate it. Thanks for viewing us. If you have any real estate questions, please give me a call at 867-3020. We would love to help and put our experience to work for you.