Don't miss this episode of TMC where John gives the key to selling your home.
Murfreesboro Tennessee Real Estate
Displaying blog entries 1-10 of 409
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.
During this episode of TMC John discusses what is a "Zestimate?''
JOHN: Hey guys. John Jones here with another edition of Tuesday Morning Coffee. Today, guys, we’re going to talk about a term that’s become more and more popular. It’s called Zestimate. What is Zestimate? Zestimate is Zillow.com’s version of a current market value tool of every home in the United States or every property in the United States. If you go on Zillow.com right now and you put in your address, they’re going to have a value that they have applied to your home to tell you what it’s worth based on their Zestimate. So how did they determine the Zestimate? How does this number arrive to them? Well, they use a logarithm based on physical characteristics of the home that they’re able to obtain from public records, from the tax records in most counties. Here it would be our tax record system.
They pull the information from that, compile it into a logarithm, and then they use the recent sales in the area and look at the relationship of their physical characteristics such as square footage, number of bedrooms, lot size, things of that nature. And then it computes some type of value. People ask me all the time, “How accurate is Zestimate?” Well, Zestimate claims they have a 7% margin of error, and I would say that’s probably pretty close based on what I’ve seen in this area. But 7% could be a pretty big number. If it’s a $300,000 house, that could $21,000 either way. The biggest pitfall I see with the Zestimate and I wouldn’t put a ton of stick in it is their success is going to be clearly determined by the information that they have from public records.
So in municipalities that have really good, accurate square footages and things of that nature, their values are going to be a little better. Municipalities that don’t have really good information or very vague information, it’s going to be tougher for a computer to figure up the prices or the values. I also think in older neighborhoods where homes can swing tremendously just based on who’s updated their home, who hasn’t. For instance, like Regency Park, Riverview in our area. Homes can sway tens of thousands of dollars just based on who’s remodeled and who hasn’t. That is also going to make Zestimate a little more inaccurate in those type of areas.
Conditions. Zestimate has no way to figure out if the homes are in good shape or if they’re not. So that’s another thing that can sway value, but it is a pretty decent little tool just to kind of get an idea of home value in a certain area. My favorite Zestimate story is I had a guy call me a few months ago. He was torn up. He had built a house about four years ago in a new construction area. He had built about the same size house as everybody else in there. He had spent $330,000, about the same price that everybody else had spent in this particular subdivision, but his Zestimate showed his home was only worth $280,000. And he was just tore up about it.
And I told the fellow, I said, “Chris, I bet I can figure out your problem.” I said, “Give me a few seconds.” I went to the tax records. They had his square footage in there at 2,700 square feet let’s say. I said, “Chris, how many square feet do you have in your home?” He said, “Well, I have 3,300 square feet.” And I said, “Well, there’s your problem. The tax record where they’re pulling this information from has a lower square footage than your home actually has. Therefore, it’s going to value your home less on the Zestimate.” And I said, “But, however, your taxes you’re paying on your property are less than anybody else in the neighborhood as well.”
I said, “But if you want to get your Zestimate up, go down to the tax office, complain that you want your square footage to come up, so you may have to pay more property tax. And your Zestimate will come up as well as soon as Zestimate pulls that information.” He decided that he was okay with his Zestimate because he didn’t want his taxes to go up. So that was kind of a funny story, but he truly was very upset about his Zestimate. So guys, the key is if you want to know the value of your home or have a better more accurate idea, call a great realtor. You can even call up a great appraiser. We have many of them in this county. And if you so desire, we can always help you here at John Jones Real Estate, 867-3020. Thank you.
Tune in to today's TMC where John discusses the numbers for Rutherford County Housing Market for August 2013.
JOHN: Hey guys. John Jones with Tuesday Morning Coffee, but we’re coming to you on Wednesday today. And that was on purpose because I wanted to take a second here as we sit here on September 11th and just wanted to remind everybody let’s remember what happened that day 12 years ago. And definitely say a little prayer for those families that lost a loved one during those attacks and also all of the civil servants that worked so hard during that a time. It’s a day that I will never forget in my life, and I knew exactly where I was that day, as I’m sure a lot of you do.
But we’re having a deal today, and we’re going to be out there. John Jones Real Estate’s going to be out. It’s Community Day out at the Sheriff’s Department between 4 and 8, and I hope that a lot of folks come out. It’s for the community. Just a day to fellowship and get together and have some fun and remember those from that day.
Anyway, let’s talk about market statistics. This month, we’re looking at August year over year. Closed sales were up 11%. Pendings were up 10%. Our days on the market have come down from 79 days on the market last year to 64 days on the market, so everything’s moving in the right direction. It looks like we will go over 4,000 transactions this year in Rutherford County, which is a great thing. We haven’t been there in a while. Year to date, the numbers look for the year we’re up 23% in closed sales. We’re down 8% in inventory compared to this time last year, and our average sales price—and this doesn’t actually mirror appreciation—but our average sales price is up 7% over this time last year.
The average sales price in Rutherford County this year is 173,728. Last year at this time, it was 162,406, so houses are appreciating. Inventory’s are down, and we’re in a really good market right now. We have seen a little bit of slow down through the hot month here of August, which is always kind of typical because of school starting back and the heat and all that stuff. But as September and October come on with a little better weather, usually things start to pick up. Rates are still incredible. Jobs are coming in. We’re very blessed to be living in Murfreesboro, Tennessee, or Middle Tennessee and definitely Murfreesboro, Tennessee. We could be in a lot of worse spots.
So anyway, if you have any questions about real estate, please don’t hesitate to call us. We would love to help you, whether that means selling a home, buying a home, or just some advice. 300-7475 is my personal cell number. You can call me anytime. Thank you.