Join Mayor Megan Barry for her first Metro Nashville Christmas Tree Lighting on Friday, December 4, 2015 from 6pm to 7pm at Public Square Park in Downtown Nashville. Enjoy food, hot beverages, and live music at this family-friendly event.
6 Questions To Ask...
Buying your first home. How do you know if you should buy a house or if it’s the right time? Making the leap to home ownership can be scary and exciting all at the same time.
Before you buy a home, you should ask yourself these six questions:
1. Have you saved a down payment?
The typical down payment on a home is 20%. There are programs that allow you to buy a home with a smaller down payment, but you’ll want to check with your lender if PMI is required.
PMI is private mortgage insurance, which protects the lender in case you don’t pay. PMI can add a couple hundred dollars to your mortgage payment amount. Most loans (other than VA-Veterans Administration loans) require this if you don’t have the full 20% down.
2. Will you be happy in the same house for many years?
Realtors charge 5-7% to sell a house. Unless you are in a hot real estate market, it will take time for your home to increase in value enough to cover this cost.
The last thing you want is to sell a house and walk away with less than you put in as a down payment. Or worse-if you didn’t have much of a down payment, you could have to bring money to cover this fee.
Consider:
- Are you planning on having children? Will there be enough room for a growing family?
- Are your children growing up? Maybe you’ll want a smaller space when your children leave home.
- Do you have aging parents that may need to stay with you?
- Do you like the neighborhood/area? Is there other families similar to yours? If you have kids, are there other kids in the neighborhood? And if there isn’t other kids, are you okay with that?
3. Are you handy (or not handy)?
If you (or your spouse) are handy, then you know you can tackle home projects as they come up. If you are not handy, then consider what will happen if something goes wrong with your house that requires repair.
We ended up choosing a newer home instead of one of the older home neighborhoods for this very reason. Neither of us has a handy bone in our body. At least with a newer home we hope there will be less maintenance issues to tackle.
Even if you are not handy, don’t let that deter you from buying an older home if that’s what you like. Just make sure you are able to afford paying someone to fix things if/when they break.
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4. What will it cost to live there?
Even if you have no problem affording the mortgage payment, don’t forget about other ongoing expenses.
What are property taxes and insurance rates? These are usually added into your monthly mortgage payment. Depending on where you live, these can add a big chunk of change to your payment.
Different areas can have widely different property taxes. Property taxes in my area now are SIX TIMES what I paid for a similarly priced home in another state. They make up a huge 30% of my monthly payment.
You’ll also want to consider utility costs. Your realtor can ask the current homeowner for this information or you can call the utility companies and they should be able to give you historical info. Realize that the previous owner might be more or less energy conscious than you.
If you’re buying a condo or townhouse, there is usually homeowner’s association dues (some home neighborhoods have these too). Be sure to see what costs these cover-some of your utilities may be included.
5. Do you have what you need to furnish and care for a home?
Once you own a home, you will be the one responsible for upkeep. Don’t forget to leave room in the budget for expenses like a lawnmower, tools, snow removal equipment, and a ladder.
Do you have furnishings for the home? Curtains/blinds, wall decor, and furniture are just a few expenses that may pop up.
6. Do you have an emergency fund?
If you are buying a home, you NEED an emergency fund. How will you pay for repairs when something goes wrong? When you rent, it’s easy, a quick call to your landlord will get a repair completed.
When you own a home, it’s your problem to take care of. It always seems that a problem either happens at the worst time or multiple problems all happen at the same time. A basic repair might set you back $100, but what if you need a new water heater or furnace?
Are you ready for home ownership?
Home ownership is a serious investment that can come with unexpected expenses if you are unprepared. Consider the neighborhood, your life plan, and whether you can afford all aspects of home ownership before you buy your first home.
Roost of the week
We just sold this beautiful piece of rolling, undeveloped land in Ashland city, TN!
How to winterize your home
- Replace any old or inefficient windows. Windows are one of the major ways heat leaks out of your house.
- Seal off drafty windows and patio doors with clear plastic.
- If you have a lot of outside doors that leak air, you can seal a few off using plastic or caulk putty.
- If your furnace is more than 10 years old, there’s a good chance that it wastes a lot of fuel. Consider upgrading to a newer one.
- Insulate the hot water lines around your hot water heater and turn down the temperature of the water heater to the “warm” setting (120 degrees F).
- Consider “blanketing” your water heater with faced fiberglass insulation. (Do not do this if you have a gas-powered water heater)
- Wrap any hot water pipes that run through unheated areas of the house. Also, you can insulate cold water pipes to help prevent them from freezing during the winter.
- Replace your furnace filter about every 3 months.
- Make sure your cold air returns aren’t blocked. Your furnace needs these to operate efficiently.
- Try replacing the weather stripping around the doors in your home.
- Use a programmable thermostat to reduce heating costs when no one is at home.
- Uncover all south-facing windows to let all possible sunlight in your home.
- Keep all vents and baseboard heaters clean.
- If you have a fireplace, close the damper when the fireplace is not in use.
- If the damper is old or doesn’t close well, try putting some insulation in it to seal it off. Just remember to take it out before using it!
- If you like using a fireplace, consider getting an insert that will direct the heat into your house instead of just sending it up the chimney.
- Consider replacing all of your lightbulbs with energy-saving CFL bulbs.
- Install a timer on your water heater so it isn’t heating a whole tank of water when you don’t need it.
- Install foam insulators behind the face plates of light switches and electrical outlets.
- Check the insulation in the walls of your home. It might need some work in order to keep heat in efficiently.
- Plant evergreen trees close to your home to block the winter wind.
- Reverse the direction of ceiling fans to push hot air downward and delay it from escaping the house.
- Consider hanging thermal curtains to help prevent drafts.
- Install a dryer vent seal to prevent cold air from traveling back into your home.
- There are attachments to vent your dryer inside your home so you don’t waste the heat and humidity. (Don’t try this if you have a gas-powered dryer).
- Check windows for leaks. Windows with wooden frames often warp and become inefficient.
- Caulk both sides of the trim around your windows. This is an area where a lot of air can get in.
- Try not to use space heaters to heat large areas of your house.
- If you spend most of your time in one room in a large house, consider setting your thermostat low and using a small heater to heat where you are going to be.
- Remove any window-unit air conditioners.
- Keep all closet doors closed when possible. There’s no need to heat space that isn’t in use as long as it doesn’t contain water pipes.
- Make sure that your garage isn’t too drafty.
- Try to use the clothes dryer for consecutive loads of laundry. This conserves the energy that would be needed to heat up the dryer several times.
- Replace the caulking around any bathtubs or showers.
- If your home has folding attic stairs, consider insulating the door with a cover of some sort.
- If your home has a sliding glass door, check the seal on the bottom to make sure it isn’t letting in cold air.
- If your water heater needs to be upgraded, consider installing a tankless water heater.
- Use the oven for baking during colder hours of the day to help heat your home.
- Install storm doors to help keep out drafts.
- Use an energy monitor to tell you what appliances are using the most energy. This might help pinpoint areas where you can cut back on energy usage.
- Make sure that your duct system is working properly.
- Look into installing a geothermal heating system. While it is a bit expensive, initially, the energy savings provide a long-term cost benefit.
- Dress warmly when you are inside so that you won’t be tempted to raise the temperature on the thermostat.
- Make sure that there aren’t any drafts coming in under doors. If there are, consider using a rubber strip to seal them off.
- If you own a brick home, check the mortar. It may need repair.
- Replace worn or missing shingles.
- Seal any cracks in the foundation of your house.
- Wear socks and slippers. If your feet are warm, you will feel warmer and can keep the thermostat set low.
- Install a programmable Energy Star thermostat that will lower the temperature at night and when no one is at home.
- Close off rooms that aren’t used and shut the vents.
NASHVEMBER!
Local vendors, food trucks, and music- what else do you need? Presented by Lightening 100 and Project 615, the 2nd annual "Nashvember" is going to be a day of fun Nashville local goods! This fall, Project 615 is partnering with a Nashville based charity to aid in it's growth and awareness to bring you the second annual Nashvember.
This block party and vendor festival will be benefiting Project 615, on Saturday, Nov. 14th at Track One in Nashville.
Project 615's mission is to rehabilitate and change the lives of people in Nashville and worldwide.
4 reasons real estate agents are as popular as ever
NAR report begs question: Why does demand for agents remain at historic highs?
Key Takeaways
· The popularity of real estate agents remains historically high.
· Inventory shortages could be bolstering demand for agents.
· The abundance of real estate data and complexity of the transaction process could also be driving consumers into agents' arms.
Real estate agents remain as popular as ever among consumers — offering the latest hint that, contrary to some predictions, the Internet has actually bolstered demand for their services, according to a recent survey released by the National Association of Realtors (NAR).
The share of sellers who used real estate agents hit a historic high in 2015, rising to 89 percent from 88 percent the year before, according to NAR’s 2015 Profile of Home Buyers and Sellers.
And while the percentage of buyers who used real estate agents slipped to 87 percent in 2015, that was only 1 percentage point down from 2014’s level, and 2 percentage points off the all-time high of 89 percent (recorded in 2012).
What are the forces that have bolstered demand for agents throughout the Internet era? Here are four theories posited by NAR and various real estate agents. Let us know what we missed in the comments section.
1. Inventory shortages
Housing supply remains at anemic levels in many markets. That may be spurring consumers to turn to agents for the inside scoop on properties coming to market, and to help them get into listings and write offers as quickly as possible.
“With limited supply in many markets, buyers are turning to agents to assist them in the fast-moving process,” said Adam DeSanctis, a spokesman for NAR.
2. Mounds and mounds of (sometimes-faulty) data
The prevalence of listings and neighborhood information online means consumers often have to grapple with an overwhelming amount of data. And plenty of this data can be outdated and inaccurate. Agents can help consumers make sense of everything and provide access to the most accurate information.
“Data, which is ubiquitous, does not equate to knowledge, which involves some integration and synthesis, and is certainly not the equivalent of wisdom, which is a combination of knowledge and experience,” commented Bill Lublin, CEO of Philadelphia-based Century 21 Advantage Gold, in the Facebook group Lab Coat Agents.
“… available free data is not real time nor accurate,” adds Terry Reed, a West Palm Beach, Florida-based agent, in the Facebook group Inman Coast to Coast.
NAR’s report lends credence to the theory that the avalanche of data burying many of today’s buyers and sellers could be pushing them into the arms of agents.
Homebuyers who use the Internet to search for homes are significantly more likely to purchase a home with a real estate agent than buyers who do not use the Internet.
Eighty-eight percent of buyers who searched listings online purchased a home through an agent, compared to only 71 percent of buyers who did not use the Internet during their search.
3. Buying and selling is more complicated than ever
“The homeselling and loan process has become more complicated. The paperwork and pages of the contract has increased,” commented Gloria Commiso, a Torrance, California-based agent. “Consumers are realizing that the job has become more complicated and agents are better equipped w/ systems and tools to get the job done.”
4. Real estate websites and online ads
Consumers who search for properties or real estate information online are bound to quickly encounter invitations to “learn more” from agents. They also can easily learn about real agents by consulting online reviews.
In addition, online ads for agents are scattered across social media platforms and myriad websites, while increasingly effective lead-capture tools funnel consumers to agents, often just as they begin to think about buying or selling a home.
“Now with the use of the Internet and accessibility of ads for small brokerages and individual agents more buyers are getting connected with an agent further up the conversion funnel so they are more likely to be converted at the point of sale,” said Justin Rollo, a Boston agent. “Essentially buyers are connecting with agents earlier in the process now which is helping increase overall use of agents.”
Indeed, it’s possible that the very listing portals that irk some agents may actually be at least partly responsible for sustaining their popularity.
“The portals are good at one thing — using that data to keep consumers searching,” said Houston agent Sarah Schnell Jones. “When people are ready to move from searching to actually finding a home, they need an agent to provide insight: Insight into the market, neighborhoods, and the overall process.”
Roost of the Week
Loving the barn door inside the roost of the week in the 37214.
- 2542 Woodberry Dr
- 3 Bedroom / 2 Bath
- 1716 sq ft
- $270,000
- MLS# 1632555
This listing courtesy of Sarah Stark with Village Real Estate Services. For more information on the property click HERE.
Tuesday Tips: Home Maintenance
Check your basement or crawlspace for water/moisture. Spring brings showers, as evident by the mass amounts of rain we've already experienced this year in Nashville. The dangers of spring flooding are most visible in your basement and as such you need to check any evidence of seepage through the walls. Mold growth is a sign of water leakage and at this point you need to immediately call a foundation expert to remedy the situation before it gets worse.
Thanks Tant Companies!.. for the always helpful weekly tip :)
Words to Live By..
Tuesday Tips: Spring Home Maintenance
Another great tip from your home renovation professionals at The Tant Companies! ..
- Inspect all exterior caulking, especially around window sills, door sills, and thresholds. Scrape out all of the eroding caulk and recaulk where needed. This will insure moisture is kept out and will keep your home in good health for years to come.
Spring is the time to clean and maintain :)
VIDEO: March 2015 Housing Market Report for Davidson Co.
Contact us for all your real estate needs :)
Roost of the Week!
One of the last affordable parts of Bellevue! Well loved family home in excellent condition for sale in the 37221 >>
- 8193 Boone Trace
- 3 Bedroom / 2.5 Bath
- 1833 sq ft
- $219,900
- MLS# 1625255
- adorable wrap around porch - large driveway - level lot - open floor plan with bonus room & office
This listing courtesy of 'Nashville Roost' agents Marsha Mauney (615.406.7196) and Kelly Phelps (615.596.1117) with Zeitlin & Co., Realtors. For more information on the property click HERE.
Tuesday Tips: Safety First
Here's another helpful home tip from our friends at The Tant Companies!..
- Replace the batteries in your smoke detectors and CO detectors. If you didn't do this when the clocks sprang forward, now is the time. Batteries in your smoke and CO detectors should be replaced twice per year. When the clocks spring forward and fall back are are great time to do this.
Safety first!!
Roost of the Week!
How precious is this brick cottage for sale in the Glencliff Estate area? And on a beautiful lusciously green lot!..
- 733 Greymont Drive
- 3 Bedroom / 1 Bath
- 1392 sq ft
- $169,900
- MLS# 1623271
- all brick - fab screened in porch - stainless appliances
This listing courtesy of 'Nashville Roost' agent Marsha Mauney (615.406.7196) with Zeitlin & Co., Realtors. For more information on the property click HERE.
Tuesday Tips: Seasonal Home Maintenance
Another helpful home tip from our friends at The Tant Companies! >>
Spring is upon us and after the cold winter we had, this is a great time to do some routine maintenance around your home.
- Clean your gutters and inspect for leaks. Clear your gutters of any debris or leaves that may have accumulated during the winter. Also check that the downspouts are clear and that water is flowing through. Make sure the water is flowing away from your foundation and add gutter extensions where necessary.
Cheers to a happy, healthy HOME :)