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John Jones Real Estate- See the difference

by John Jones

What makes this company different?  Please take a moment to watch this powerful video that shows you the essence of why the John Jones Real Estate Team is special.  Call 615-867-3020 or visit http://www.murfreesborohomesonline.com for more info. 

 

TUESDAY MORNING COFFEE SEPTEMBER 2016

by John Jones

This month John shows us the 5 BIGGEST MISTAKES that he sees home buyers make.  #5 is the most important!

Hey guys! John Jones. Tuesday morning coffee. Thanks for tuning in. It’s been a while. We are gonna
try to start bringing these back to ya. 5 biggest mistakes I see home buyers make. Ok, this is 23 years of
experience, this is 4,000 transactions, we have helped people with. This is what I see buyers do over
and over, ok.
So, we will start with #1: They don’t have a plan. They just happen in to it. They go to an open house,
they get excited, they get emotional. They just happen into the realtor, they just happen into the house
and they haven’t really gotten anything structured or have a plan. Sit down and make a plan.
#2: They don’t get pre-qualified. They find the home and then get pre-qualified. You need to
understand your full, your total financial picture before you start looking. Not only what they will
qualify you for, but also what you can truly, comfortably afford. Ok.
#3: Emotions. We let emotions get in the way sometimes as buyers. We get too excited about
something. We get, we end up falling in love with this pool and forget that we really need a 4 bedroom
house and we really need to be on this side of town, because we get emotional. Ok.
#4: Buyers a lot of times assume, because of all the information on the internet, that they know more
than they really know. Information is great, but a lot of internet information is wrong. It’s inaccurate
and you also usually need somebody that has expertise to help you decipher it, ok. So just having the
information, you need to understand what the information is saying.
And #5: And this can be eliminated. 1,2,3,4 can be eliminated, but #5, they don’t hire the best agent
they can hire. They hire Aunt Suzie, the hire Uncle Bill, they hire a buddy at work, a buddy at church.
That’s great and they may be qualified, but you owe it to yourself to go out there and find the best
agent you possibly can. And what do you need in a good agent, how do you find a good agent, you want
to go to people that have used an agent before, you want to get references, you want to see resumes.
You want to see if that person has done this before. How many deals do you do a year? How many
battles have you been through. Most agents do 10 deals a year, guys, 10, that’s it. So when you got an
agent that’s only doing 10 deals a year, ok, are they really, human nature being what it is, is there, are
they going to put your interest before their own, ok? That’s the key. You want an agent that is going to
be straight with you and tell you when you don’t need to do something. Some of the best advice I have
ever give to others is when I have told them no, don’t buy that house and here is why. Here is what I am
concerned about. Ok. Now, I know if I treat people right and I do the right thing, guess what? I’m
gonna keep them as a client for life. I may lose that deal that day, may lose it for a couple of years. I
don’t know, but I know that I am gonna have their business for life, so, if we can help you, give us a call,
615-867- 3020. I hope these things, these mistakes that buyers make help you so you don’t avoid, so you
can avoid the same pitfalls. Thank you!

 

Hey guys! John Jones. Tuesday morning coffee. Thanks for tuning in. It’s been a while. We are gonna
try to start bringing these back to ya. 5 biggest mistakes I see home buyers make. Ok, this is 23 years of
experience, this is 4,000 transactions, we have helped people with. This is what I see buyers do over
and over, ok.
So, we will start with #1: They don’t have a plan. They just happen in to it. They go to an open house,
they get excited, they get emotional. They just happen into the realtor, they just happen into the house
and they haven’t really gotten anything structured or have a plan. Sit down and make a plan.
#2: They don’t get pre-qualified. They find the home and then get pre-qualified. You need to
understand your full, your total financial picture before you start looking. Not only what they will
qualify you for, but also what you can truly, comfortably afford. Ok.
#3: Emotions. We let emotions get in the way sometimes as buyers. We get too excited about
something. We get, we end up falling in love with this pool and forget that we really need a 4 bedroom
house and we really need to be on this side of town, because we get emotional. Ok.
#4: Buyers a lot of times assume, because of all the information on the internet, that they know more
than they really know. Information is great, but a lot of internet information is wrong. It’s inaccurate
and you also usually need somebody that has expertise to help you decipher it, ok. So just having the
information, you need to understand what the information is saying.
And #5: And this can be eliminated. 1,2,3,4 can be eliminated, but #5, they don’t hire the best agent
they can hire. They hire Aunt Suzie, the hire Uncle Bill, they hire a buddy at work, a buddy at church.
That’s great and they may be qualified, but you owe it to yourself to go out there and find the best
agent you possibly can. And what do you need in a good agent, how do you find a good agent, you want
to go to people that have used an agent before, you want to get references, you want to see resumes.
You want to see if that person has done this before. How many deals do you do a year? How many
battles have you been through. Most agents do 10 deals a year, guys, 10, that’s it. So when you got an
agent that’s only doing 10 deals a year, ok, are they really, human nature being what it is, is there, are
they going to put your interest before their own, ok? That’s the key. You want an agent that is going to
be straight with you and tell you when you don’t need to do something. Some of the best advice I have
ever give to others is when I have told them no, don’t buy that house and here is why. Here is what I am
concerned about. Ok. Now, I know if I treat people right and I do the right thing, guess what? I’m
gonna keep them as a client for life. I may lose that deal that day, may lose it for a couple of years. I
don’t know, but I know that I am gonna have their business for life, so, if we can help you, give us a call,
615-867- 3020. I hope these things, these mistakes that buyers make help you so you don’t avoid, so you
can avoid the same pitfalls. Thank you!

3 Reasons To Buy This Summer

by Meredith Thomas

Lately, we've experienced several buyers that just don't seem to be ready to pull the purchasing trigger. They're financing is in order, they've found something they really like, and yet they continue to linger on making an offer. The Realtor.Mag Keeping Current Matters blog offers up some reasons why you need to convince your buyers that this summer is the time to make their move:

Prices are going to rise.

summer home buyingHomes aren't likely to get any cheaper. According to data from CoreLogic, home prices have jumped 5.9 percent over the last year and are projected to continue to rise at a rate of 5.3 percent next year. In fact, home values are projected to climb more than 3.2 percent a year over the next five years.

Mortgage rates are low, for now. 

Home buyers can save on their monthly mortgage costs. Borrowing costs have hit three-year lows recently, but they aren't likely to stay there. The 30-year fixed-rate mortgage averaged 3.41 percent last week, getting close to its record low of 3.31 percent set in November 2012. That said, many economists are predicting that mortgage rates will soon begin to rise. Both NAR and the Mortgage Bankers Association project that rates will climb nearly a full percentage point by this time next year.

Renting is getting pricier.

Households that are paying rent instead of buying are often getting a worse deal. A paper from Harvard University's Joint Center for Housing Studies says: "Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, home owners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That's yet another reason owning often does - as Americans intuit - end up making more financial sense than renting."

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!

Hey guys! John Jones here! Tuesday Morning Coffee. Thanks for tuning in. I’m gonna give you a quick

 

 

market update. We got the May numbers in, which as you know, May is one of our best months we
have in real estate, especially in this part of the country. Um, year over year, or excuse me, month of
May last year, we closed 529 homes, single family homes in Rutherford County. This year 521. So we’re
down 1%. Over all for the year, we are up 11% on homes sold in Rutherford County. I think the reason
probably that we were down just a hair has to do with a very low inventory. Our inventory right now is,
um, down 8% over this time last year. Um, we are constantly striving, we just don’t have enough
inventory under $250,000. Now, I don’t, I didn’t pull up condo sales, or townhome sales, but I think you
would see a huge increase in that over last year because right now condo sales, especially new
construction townhomes, those kind of things have kind of taken the place of our old new construction
starter homes. Since starter homes are basically hard to bring on the market anymore because the price
of lots has gotten so high, so it’s hard for builders to build a home that’s in the starter home range. I
think you are going to see townhomes/condos replace that market. Um, over all as far as average close
price, year to date, last year we were at $225,000 or excuse me $202,000. We are up to $222,000 so
quite a bit of an increase in average closed price. Days on the market this year are 45, um, they were
actually 40 this time, excuse me, 52, they were actually 58, so the days on the market keeps coming
down. Um, basically, we are just in a great market. Um, or excuse me, we are in a great market if you’re
a seller, a little tougher market if you are a buyer. The under $300,000 market is on fire. Um, the lower
you go, the hotter the flame. Over $400,000 is still kind of just ok. It’s kind of a steady market, it
doesn’t really favor the buyer or the seller. As you go up, it becomes a little bit more of a buyer’s
market. So, under $300,000, seller’s market all the way and as you keep going up, it’s a pretty balanced
market. Bigger homes, when I say bigger homes, homes over $800,000, um, I think we have sold about
7 in our market this year. So that market hasn’t really come back like these less expensive homes. But
anyway, I think we’re going to continue to see this for a while. Rates are still very low. Um, jobs are still
very good and plentiful. Our market is growing, Nashville is on fire. We go as Nashville goes. I heard a
statistic the other day where 100 new people are moving into the greater Nashville area every day.
That’s a lot of folks and Rutherford County probably gets their share of those folks, so we are, if you
have been out driving the roads, you know that traffic is not getting any better. So, I am hoping some of
these new road projects help that. Anyway, call us if we can help you 615-867- 3020. Thank you!
Hey guys! John Jones here! Tuesday Morning Coffee. Thanks for tuning in. I’m gonna give you a quick
market update. We got the May numbers in, which as you know, May is one of our best months we
have in real estate, especially in this part of the country. Um, year over year, or excuse me, month of
May last year, we closed 529 homes, single family homes in Rutherford County. This year 521. So we’re
down 1%. Over all for the year, we are up 11% on homes sold in Rutherford County. I think the reason
probably that we were down just a hair has to do with a very low inventory. Our inventory right now is,
um, down 8% over this time last year. Um, we are constantly striving, we just don’t have enough
inventory under $250,000. Now, I don’t, I didn’t pull up condo sales, or townhome sales, but I think you
would see a huge increase in that over last year because right now condo sales, especially new
construction townhomes, those kind of things have kind of taken the place of our old new construction
starter homes. Since starter homes are basically hard to bring on the market anymore because the price
of lots has gotten so high, so it’s hard for builders to build a home that’s in the starter home range. I
think you are going to see townhomes/condos replace that market. Um, over all as far as average close
price, year to date, last year we were at $225,000 or excuse me $202,000. We are up to $222,000 so
quite a bit of an increase in average closed price. Days on the market this year are 45, um, they were
actually 40 this time, excuse me, 52, they were actually 58, so the days on the market keeps coming
down. Um, basically, we are just in a great market. Um, or excuse me, we are in a great market if you’re
a seller, a little tougher market if you are a buyer. The under $300,000 market is on fire. Um, the lower
you go, the hotter the flame. Over $400,000 is still kind of just ok. It’s kind of a steady market, it
doesn’t really favor the buyer or the seller. As you go up, it becomes a little bit more of a buyer’s
market. So, under $300,000, seller’s market all the way and as you keep going up, it’s a pretty balanced
market. Bigger homes, when I say bigger homes, homes over $800,000, um, I think we have sold about
7 in our market this year. So that market hasn’t really come back like these less expensive homes. But
anyway, I think we’re going to continue to see this for a while. Rates are still very low. Um, jobs are still
very good and plentiful. Our market is growing, Nashville is on fire. We go as Nashville goes. I heard a
statistic the other day where 100 new people are moving into the greater Nashville area every day.
That’s a lot of folks and Rutherford County probably gets their share of those folks, so we are, if you
have been out driving the roads, you know that traffic is not getting any better. So, I am hoping some of
these new road projects help that. Anyway, call us if we can help you 615-867- 3020. Thank you!

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

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