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What the Stock Market Slump Means for Real Estate

by John Jones

What does the stock market slump have to do with real estate?  John explains in this week's Tuesday Morning Coffee.

Hey guys!  John Jones, Tuesday morning coffee.  Let’s talk about this stock market.  The stock market has 
dropped over 500 points the last two days, Friday and Monday. It gets a lot of people scared.  What 
does that mean to real estate?  What does that mean, not only to real estate, from a national 
perspective, but what does that mean for local real estate?  Um, some experts will say that when the 
stock market drops that that is good for real estate.  That it will, in this instance, maybe prevent interest 
rate hikes in the near future because they don’t want to hit both markets at once.  Uh, some people will 
say that when the stock market doesn’t do well that people invest into bonds which when bonds go up, 
interest rates go down, so that also could be perceived good in real estate.  Some other experts say that 
when real estate goes down people want to invest, or excuse me when the stock market goes down 
people want to invest  their money into real estate, it’s a safer deal, so all those things could be positive 
for real estate.  Then you do have some experts that say when the stock market takes a plunge like it 
did, that it freezes people, it puts a lot of fear into people, consumer confidence goes down.  People 
start worrying about their savings accounts.  People start worrying about their investment accounts.  
People start worrying about their jobs and therefore, it could negatively impact real estate.  Um, at the 
end of the day, I think we have to remember that real estate is local, every market is slightly different, so 
although we are all effected by the global markets, the national markets, um, it really, what happens 
here locally can outweigh those things.  So, here locally, in Nashville, um, as long as there is good job 
creation, there is a lot of excitement about this place and um, people have confidence in their jobs here 
locally, um, I feel like our real estate will continue to thrive as it has in the last two years.  Um, but when 
one headquarters closes down, or something like that, locally, obviously could effect things, so we will 
kind of stay on the look out.  I don’t think it’s time to get real excited or get real scared either way, but it 
is definitely something to keep our eye on as the Dow Jones did take a very heavy decline over the last 
couple of days.  If you need anything real estate related, call us at 615-867-3020.
Thank you

 

Hey guys!  John Jones, Tuesday morning coffee.  Let’s talk about this stock market.  The stock market has 
dropped over 500 points the last two days, Friday and Monday. It gets a lot of people scared.  What 
does that mean to real estate?  What does that mean, not only to real estate, from a national 
perspective, but what does that mean for local real estate?  Um, some experts will say that when the 
stock market drops that that is good for real estate.  That it will, in this instance, maybe prevent interest 
rate hikes in the near future because they don’t want to hit both markets at once.  Uh, some people will 
say that when the stock market doesn’t do well that people invest into bonds which when bonds go up, 
interest rates go down, so that also could be perceived good in real estate.  Some other experts say that 
when real estate goes down people want to invest, or excuse me when the stock market goes down 
people want to invest  their money into real estate, it’s a safer deal, so all those things could be positive 
for real estate.  Then you do have some experts that say when the stock market takes a plunge like it 
did, that it freezes people, it puts a lot of fear into people, consumer confidence goes down.  People 
start worrying about their savings accounts.  People start worrying about their investment accounts.  
People start worrying about their jobs and therefore, it could negatively impact real estate.  Um, at the 
end of the day, I think we have to remember that real estate is local, every market is slightly different, so 
although we are all effected by the global markets, the national markets, um, it really, what happens 
here locally can outweigh those things.  So, here locally, in Nashville, um, as long as there is good job 
creation, there is a lot of excitement about this place and um, people have confidence in their jobs here 
locally, um, I feel like our real estate will continue to thrive as it has in the last two years.  Um, but when 
one headquarters closes down, or something like that, locally, obviously could effect things, so we will 
kind of stay on the look out.  I don’t think it’s time to get real excited or get real scared either way, but it 
is definitely something to keep our eye on as the Dow Jones did take a very heavy decline over the last 
couple of days.  If you need anything real estate related, call us at 615-867-3020.
Thank you

July 2015 Housing Statistics

by John Jones

Halfway through the 2015 and John gives an update on how the real estate market has changed from this time last year. 

 

Hey guys!  John Jones, Tuesday Morning Coffee!  I am sorry I have been away for a while, but we are 
gonna get back on track.  Today, we are going to talk about the market, marketing report, or marketing 
update for Rutherford County in the month of July.  Also, we’re gonna talk about some year to date 
numbers.  Let’s get right to it, uh, July, year over year, compared to last July, closed sales up 33%, closed 
sales up 33%, pendings up 27%, so we are probably going to have another big month next month.  Uh, 
listing inventory is down 20% over this time last year.  We will talk about that more in a second.  Uh, 
days on the market, we were at 63 days in July last year, average days on the market, that number is 
down to 50, ok, down to 50.  Average sale price for last year was $201,000, this year it is up to $214,000.  
Let’s talk about year to date, where do we stand compared to this time last year?  Well, in ’15, closed 
sales, closed listings were up 13, were up 13% for the year.  Um, inventory is down 23% compared to 
this time last year.  Days on the market; last year we averaged 68 days, this year, it’s down to 56.  And 
average closed price; last year we averaged $187,000, this year we are at $206,000.  That’s almost a 10% 
jump in average closed price.  So, as you can see, the market is very vibrant.  There are a lot more buyers 
in the market than there are sellers.  Our inventories, that’s the thing to look at going forward, our 
inventory is extremely low, especially in the $250,000 and under home.  So, um, why is that?  Um, I think 
for a long time, we were always able to replace that type of product with new construction.  That’s 
becoming harder and harder to do because the cost of land, the cost of development has made those 
lots so expensive, it’s hard to go in there and build a $180,000 house anymore, so, that’s gonna be 
something we are gonna have to look at going forward.  It’s gonna be a challenge in our market to find, 
um, you know, new construction under $250,000, but, um, the market is on fire.  If you are thinking 
about selling, then give us a call.  We have been helping our clients receive over full price offers.  Um, 
we’ve got a neat strategy on how we are helping folks do that, so don’t hesitate to call us at 867-3020.

Hey guys!  John Jones, Tuesday Morning Coffee!  I am sorry I have been away for a while, but we are 
gonna get back on track.  Today, we are going to talk about the market, marketing report, or marketing 
update for Rutherford County in the month of July.  Also, we’re gonna talk about some year to date 
numbers.  Let’s get right to it, uh, July, year over year, compared to last July, closed sales up 33%, closed 
sales up 33%, pendings up 27%, so we are probably going to have another big month next month.  Uh, 
listing inventory is down 20% over this time last year.  We will talk about that more in a second.  Uh, 
days on the market, we were at 63 days in July last year, average days on the market, that number is 
down to 50, ok, down to 50.  Average sale price for last year was $201,000, this year it is up to $214,000.  
Let’s talk about year to date, where do we stand compared to this time last year?  Well, in ’15, closed 
sales, closed listings were up 13, were up 13% for the year.  Um, inventory is down 23% compared to 
this time last year.  Days on the market; last year we averaged 68 days, this year, it’s down to 56.  And 
average closed price; last year we averaged $187,000, this year we are at $206,000.  That’s almost a 10% 
jump in average closed price.  So, as you can see, the market is very vibrant.  There are a lot more buyers 
in the market than there are sellers.  Our inventories, that’s the thing to look at going forward, our 
inventory is extremely low, especially in the $250,000 and under home.  So, um, why is that?  Um, I think 
for a long time, we were always able to replace that type of product with new construction.  That’s 
becoming harder and harder to do because the cost of land, the cost of development has made those 
lots so expensive, it’s hard to go in there and build a $180,000 house anymore, so, that’s gonna be 
something we are gonna have to look at going forward.  It’s gonna be a challenge in our market to find, 
um, you know, new construction under $250,000, but, um, the market is on fire.  If you are thinking 
about selling, then give us a call.  We have been helping our clients receive over full price offers.  Um, 
we’ve got a neat strategy on how we are helping folks do that, so don’t hesitate to call us at 867-3020.

 

Craziness of Today's Market

by John Jones

Tune in today as John looks at the craziness of the market in 2015 and asks a few pointed questions as to where/what is going on in Rutherford County real estate. 

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: 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.

Six Months Experience- John checks in on Jim Dibble

by John Jones

It's been six months, and John checks in with sales consultant Jim Dibble to hear about the ups and downs of being an 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.
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.

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.
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.

FHA Reduces MIP Rate

by John Jones

The FHA is lowering the Annual Mortgage Insurance Premium on January 26th! John gives a brief insight into what that means for new FHA loan home buyers.

John: Hey Guys!  Tuesday morning coffee.  We have big news, ground breaking news.  FHA, 
for the first time in the history of the loan, is reducing their Annual Mortgage Insurance 
Premium.  Effective the 26th of this month, FHA loans on the annual insurance premium, which 
is currently at 1.35% of your base loan amount is going down to 0.85% of your base loan 
amount.  What does that mean in dollars, on a $200,000 house, that will be lowering a payment 
of $84.00.  Ok, what does $84.00 do for somebody?  It allows them to probably buy another 
$15,000 in house if they so choose or save $84.00 per month.  The bad news is, it is only for new 
loans after the 26th, it’s not retro, it doesn’t go into effect on loans that are already out there, 
existing FHA loans, you would have to refinance to take advantage of it, but it’s the first time 
this has ever happened and a good sign of things to come.  FHA or the government is doing this 
because they feel real comfortable with the reserves right now, which are upwards of $7 Billion 
and they feel very comfortable with that so they are lowering that premium for home owners to 
help them purchase houses.  So, if you have any questions about it, please give us a call at 615-
867-3020.  Thank you!!
John: Hey Guys!  Tuesday morning coffee.  We have big news, ground breaking news.  FHA, 
for the first time in the history of the loan, is reducing their Annual Mortgage Insurance 
Premium.  Effective the 26th of this month, FHA loans on the annual insurance premium, which 
is currently at 1.35% of your base loan amount is going down to 0.85% of your base loan 
amount.  What does that mean in dollars, on a $200,000 house, that will be lowering a payment 
of $84.00.  Ok, what does $84.00 do for somebody?  It allows them to probably buy another 
$15,000 in house if they so choose or save $84.00 per month.  The bad news is, it is only for new 
loans after the 26th, it’s not retro, it doesn’t go into effect on loans that are already out there, 
existing FHA loans, you would have to refinance to take advantage of it, but it’s the first time 
this has ever happened and a good sign of things to come.  FHA or the government is doing this 
because they feel real comfortable with the reserves right now, which are upwards of $7 Billion 
and they feel very comfortable with that so they are lowering that premium for home owners to 
help them purchase houses.  So, if you have any questions about it, please give us a call at 615-
867-3020.  Thank you!!

Do We Have A Housing Shortage?

by John Jones

Do we have a housing shortage in Rutherford County? Tune in to hear John explain what different price points mean to buyers and sellers.

Do We Have a Housing Shortage?
John:  Hey guys!  John Jones here with Tuesday Morning Coffee.  Thanks for tuning in.  Do we 
have a shortage of inventory in Rutherford County?  That’s the question I want to answer today, 
but before I answer that question, let’s talk about what a market looks like.  Let’s talk about a 
seller’s market and a buyer’s market and everything in between.  The general rule of thumb is, 
that 0 to 3 month supply of homes on the market is totally a seller’s market, okay.  4 to 6 month 
supply of homes on the market is generally kind of a balanced market, doesn’t really favor the 
buyer or the seller either way.  Anything over 6 months, definitely turns to a buyer’s market and 
if you recall, in the pit of the recession, we got up to over 11 month supply of homes, 11 months, 
okay.  So, it was definitely a buyer’s market at that time.  Let’s look at Rutherford County right 
now; over all, we have 1,100 homes, single family homes on the market.  That’s a 2.58 month 
supply of homes on the market, so definitely overall we would be considered a seller’s market.  
When you break it down into price ranges, it will even make a little more sense to you.  Under 
$150,000 home in Rutherford County, under $150,000, we have a 1.36 month supply of homes.  
Definitely, a seller’s market.  $150,000 to $200,000, we have a 1.76 month supply of homes.  
Definitely, a seller’s market.  When you go $200,000 to $300,000 in Rutherford County, it jumps 
up to a 3.65 month supply.  So now, it’s becoming a little more balanced, but definitely, in my 
opinion favoring the seller.  When you get to $300,000 to $400,000 it jumps up to 5.75, now 
that’s more of a balanced market, not really favoring either party.  When you go over $400,000 
in Rutherford County, it becomes 8.66 month supply of homes on the market, so definitely still a 
buyer’s market, in the higher price ranges in Rutherford County.  So what does all that mean?  
Well, basically, it means that overall, we have a very vibrant market, and if you are in a house 
under $300,000, it’s definitely gaining value as we talk.  If you are a seller right now, it’s the 
best time we have had to sell your home in the last 7 years.  If you are a buyer, it’s a time that if 
you are looking in certain price ranges, where you have to be able to act fast, you have to be able 
to expect multiple offers and you really have to look at what the folks are asking for the house 
and if it’s fair, you better be willing to pay full price.  If you ask the question, why do we still 
have homes on the markets in those price ranges, why are some of those been sitting around for a 
while?  Don’t get me wrong, just because we are in a seller’s market, doesn’t mean you still 
don’t have overpriced listings.  You are still going to have sellers push the envelope on how 
much they think their home is worth or how much they want to try to get for their home.  Some 
of the disadvantages of this time for a realtor, is you do have to deal with appraisal problems 
cause the market is moving up and there aren’t the comps to support the most current sale.  A lot 
of times, we have to fight with the appraisals and we come in with some lower appraisals, 
because they do everything based on past sales.  So, anyway, I hope that helps explain the 
market.  If you have anything, call us at 615-867-3020.

 

Do We Have a Housing Shortage?
John:  Hey guys!  John Jones here with Tuesday Morning Coffee.  Thanks for tuning in.  Do we 
have a shortage of inventory in Rutherford County?  That’s the question I want to answer today, 
but before I answer that question, let’s talk about what a market looks like.  Let’s talk about a 
seller’s market and a buyer’s market and everything in between.  The general rule of thumb is, 
that 0 to 3 month supply of homes on the market is totally a seller’s market, okay.  4 to 6 month 
supply of homes on the market is generally kind of a balanced market, doesn’t really favor the 
buyer or the seller either way.  Anything over 6 months, definitely turns to a buyer’s market and 
if you recall, in the pit of the recession, we got up to over 11 month supply of homes, 11 months, 
okay.  So, it was definitely a buyer’s market at that time.  Let’s look at Rutherford County right 
now; over all, we have 1,100 homes, single family homes on the market.  That’s a 2.58 month 
supply of homes on the market, so definitely overall we would be considered a seller’s market.  
When you break it down into price ranges, it will even make a little more sense to you.  Under 
$150,000 home in Rutherford County, under $150,000, we have a 1.36 month supply of homes.  
Definitely, a seller’s market.  $150,000 to $200,000, we have a 1.76 month supply of homes.  
Definitely, a seller’s market.  When you go $200,000 to $300,000 in Rutherford County, it jumps 
up to a 3.65 month supply.  So now, it’s becoming a little more balanced, but definitely, in my 
opinion favoring the seller.  When you get to $300,000 to $400,000 it jumps up to 5.75, now 
that’s more of a balanced market, not really favoring either party.  When you go over $400,000 
in Rutherford County, it becomes 8.66 month supply of homes on the market, so definitely still a 
buyer’s market, in the higher price ranges in Rutherford County.  So what does all that mean?  
Well, basically, it means that overall, we have a very vibrant market, and if you are in a house 
under $300,000, it’s definitely gaining value as we talk.  If you are a seller right now, it’s the 
best time we have had to sell your home in the last 7 years.  If you are a buyer, it’s a time that if 
you are looking in certain price ranges, where you have to be able to act fast, you have to be able 
to expect multiple offers and you really have to look at what the folks are asking for the house 
and if it’s fair, you better be willing to pay full price.  If you ask the question, why do we still 
have homes on the markets in those price ranges, why are some of those been sitting around for a 
while?  Don’t get me wrong, just because we are in a seller’s market, doesn’t mean you still 
don’t have overpriced listings.  You are still going to have sellers push the envelope on how 
much they think their home is worth or how much they want to try to get for their home.  Some 
of the disadvantages of this time for a realtor, is you do have to deal with appraisal problems 
cause the market is moving up and there aren’t the comps to support the most current sale.  A lot 
of times, we have to fight with the appraisals and we come in with some lower appraisals, 
because they do everything based on past sales.  So, anyway, I hope that helps explain the 
market.  If you have anything, call us at 615-867-3020.

December 2014 Housing Statistics

by John Jones

Tune in as John recaps the real estate market in Rutherford County for 2014 and forecasts 2015.

December 2014 Housing Statistics
John:  Hey Guys!  John Jones here.  Tuesday morning coffee.  The New Year’s addition.  Happy 
New Year everybody.  I want to take this time to talk about the market for 2014 and maybe what 
to expect in 2015.  2014, let’s start with just the month of December.  Month over month, we 
were up 20% in closed sales.  So, there again, for about the past quarter, the whole last quarter, 
every month was 20% or better.  So, kind of a crazy ending.  Pendings were also up 27%, so that 
means we should see the continued increases that we are seeing, next month.  Inventory was way 
down for the month, 18% less homes on the market than this time last year.  Year to date, how 
did we do in the Rutherford County single home market?  For the year, we were up 10% in home 
sales over last year with a grand total of 4,910 homes sold.  To give you some reference point, 
2006 was the best year we ever had, and I believe there was right around 6,500 homes sold that 
year.  I think our bottom in 2011 was 2,900 homes, so are at 4,900 this year, so obviously things 
are coming back up.  Our closed price for the year, was $189,000, compared to $175,000 last 
year, so home prices are definitely coming up.  Our inventory is down 7% for the year, over last 
year, so definitely still have some inventory issues.  Which is gonna keep continuing to drive 
prices up.  Rates are still low, you know, incredibly low, and they’ve stayed there.  Don’t know 
how much longer they are gonna be that way, but it looks like with the economy, the job 
situation, and everything going on in the greater Nashville area.  Nashville is hot as a fire 
cracker, which means the surrounding areas are gonna be hot.  So, I think you’re gonna see 
continued upward swings in the market this year.  I think we are gonna continue the climb that 
we have had.  The issue that I think we are gonna have this year is gonna be inventory in certain 
price ranges.  I think you are gonna see in the lower price ranges, it’s basically, it’s gonna be all 
existing homes.  I don’t think, you know, under $130,000, that builders can even build a home, a 
single family home, anymore because of the rising costs to even produce a starter home for 
somebody in the price range, unless it’s a townhome of some sort.  So, I think townhomes are 
gonna become our starter homes at starter home prices and I think we are gonna have a void in 
the market in new construction, probably anywhere under, honestly, $250,000.  I think new 
construction is gonna be hard to find in that price range, so you’re gonna see, it’s gonna be 
mainly existing homes.  So therefore, I think we are gonna have some inventory issues that we 
are gonna have to deal with.  So, if you are thinking of selling, it’s an absolutely great time to 
sell, best time it’s been in probably 5 or 6 years to sell a home.  And if you are looking at buying, 
I would go ahead and look into buying because prices are gonna continue to rise, interest rates 
are still low, so it gives you the opportunity to go out there and hopefully lock in a good interest 
rate for 15 or 30 years.  If you should need anything real estate related, give us a call at 615-867-

 

December 2014 Housing Statistics
John:  Hey Guys!  John Jones here.  Tuesday morning coffee.  The New Year’s addition.  Happy 
New Year everybody.  I want to take this time to talk about the market for 2014 and maybe what 
to expect in 2015.  2014, let’s start with just the month of December.  Month over month, we 
were up 20% in closed sales.  So, there again, for about the past quarter, the whole last quarter, 
every month was 20% or better.  So, kind of a crazy ending.  Pendings were also up 27%, so that 
means we should see the continued increases that we are seeing, next month.  Inventory was way 
down for the month, 18% less homes on the market than this time last year.  Year to date, how 
did we do in the Rutherford County single home market?  For the year, we were up 10% in home 
sales over last year with a grand total of 4,910 homes sold.  To give you some reference point, 
2006 was the best year we ever had, and I believe there was right around 6,500 homes sold that 
year.  I think our bottom in 2011 was 2,900 homes, so are at 4,900 this year, so obviously things 
are coming back up.  Our closed price for the year, was $189,000, compared to $175,000 last 
year, so home prices are definitely coming up.  Our inventory is down 7% for the year, over last 
year, so definitely still have some inventory issues.  Which is gonna keep continuing to drive 
prices up.  Rates are still low, you know, incredibly low, and they’ve stayed there.  Don’t know 
how much longer they are gonna be that way, but it looks like with the economy, the job 
situation, and everything going on in the greater Nashville area.  Nashville is hot as a fire 
cracker, which means the surrounding areas are gonna be hot.  So, I think you’re gonna see 
continued upward swings in the market this year.  I think we are gonna continue the climb that 
we have had.  The issue that I think we are gonna have this year is gonna be inventory in certain 
price ranges.  I think you are gonna see in the lower price ranges, it’s basically, it’s gonna be all 
existing homes.  I don’t think, you know, under $130,000, that builders can even build a home, a 
single family home, anymore because of the rising costs to even produce a starter home for 
somebody in the price range, unless it’s a townhome of some sort.  So, I think townhomes are 
gonna become our starter homes at starter home prices and I think we are gonna have a void in 
the market in new construction, probably anywhere under, honestly, $250,000.  I think new 
construction is gonna be hard to find in that price range, so you’re gonna see, it’s gonna be 
mainly existing homes.  So therefore, I think we are gonna have some inventory issues that we 
are gonna have to deal with.  So, if you are thinking of selling, it’s an absolutely great time to 
sell, best time it’s been in probably 5 or 6 years to sell a home.  And if you are looking at buying, 
I would go ahead and look into buying because prices are gonna continue to rise, interest rates 
are still low, so it gives you the opportunity to go out there and hopefully lock in a good interest 
rate for 15 or 30 years.  If you should need anything real estate related, give us a call at 615-867-

November 2014 Housing Statistics

by John Jones

November Housing Market Stats for Middle Tennessee are in! Tune in to hear John's take on what this means for you as a buy or a seller!

November 2014 Housing Statistics
John:  Hey guys!  John Jones.  Tuesday morning coffee.  Thanks for tuning in.  Today we are 
gonna talk about November numbers.  First, we want to look at the month.  We were up 10% in 
closed sales over last November, so we are continuing the trend of double digit increases, which 
started in September.  Pendings are up 12%, so it looks like it could continue on into next month.  
Active listings for the month are down 15%, so we have still got a little shortage of homes out 
there.  Average days on the market, this November 62, last November 65, so that is obviously 
coming down a little bit.  Average close price last November was $181,000, this November 
$194,000, so prices tend to be increasing pretty nicely.  When we look at year to date for the 
year, we are up 9.6% for the year, so almost 10%, so we keep moving up on closed sales.  Our 
active listings are down 6% from this time last year, year to date, so our inventory is still 
shrinking.  Days on the market for the year are at 66, compared to last year, 71, so that number 
looks good.  Our average sales price, year to date, for the market is $190,000, last year it was 
$175,000, so things are continuing to be very robust for the market.  A lot of activity.  If you are 
a seller, don’t be scared of this time of year.  I have talked to quite a bit of sellers lately and they 
keep talking about waiting until the Spring, the Spring market.  Well, guess what, there will be 
more sellers in the Spring, so you will have more competition.  If you have to sell your home, 
don’t be scared to put it on the market right now, you will have a lot less completion.  So, if there 
is anything we can do to help you, call us at 615-867-3020.  Thank you!!
November 2014 Housing Statistics
John:  Hey guys!  John Jones.  Tuesday morning coffee.  Thanks for tuning in.  Today we are 
gonna talk about November numbers.  First, we want to look at the month.  We were up 10% in 
closed sales over last November, so we are continuing the trend of double digit increases, which 
started in September.  Pendings are up 12%, so it looks like it could continue on into next month.  
Active listings for the month are down 15%, so we have still got a little shortage of homes out 
there.  Average days on the market, this November 62, last November 65, so that is obviously 
coming down a little bit.  Average close price last November was $181,000, this November 
$194,000, so prices tend to be increasing pretty nicely.  When we look at year to date for the 
year, we are up 9.6% for the year, so almost 10%, so we keep moving up on closed sales.  Our 
active listings are down 6% from this time last year, year to date, so our inventory is still 
shrinking.  Days on the market for the year are at 66, compared to last year, 71, so that number 
looks good.  Our average sales price, year to date, for the market is $190,000, last year it was 
$175,000, so things are continuing to be very robust for the market.  A lot of activity.  If you are 
a seller, don’t be scared of this time of year.  I have talked to quite a bit of sellers lately and they 
keep talking about waiting until the Spring, the Spring market.  Well, guess what, there will be 
more sellers in the Spring, so you will have more competition.  If you have to sell your home, 
don’t be scared to put it on the market right now, you will have a lot less completion.  So, if there 
is anything we can do to help you, call us at 615-867-3020.  Thank you!!

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The Jones Team
John Jones Real Estate
239 John Rice Blvd. Suite A
Murfreesboro TN 37129
615.867.3020
Fax: 615-217-0197

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Belinda Arender
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Iberia Bank Mortgage
1639 Medical Center Parkway
Murfreesboro, TN 37129
Direct: (615) 653-4457
Cell : (615) 416-4464
Fax: (615) 653-4423
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