Take heart Nashvillians! We’re on the rebound in our climbing Nashville real estate market.

In today’s uncertain economic climate, home values are always on owners minds. As realtors we are challenged to get Nashville buyers and sellers educated about our great city.  The plights of California, Nevada, Florida, and the other markets, unfortunately get all too much attention . It’s often difficult to get local consumers focused our actual numbers and not the overall national landscape reported by the CNN’S and the multitude of media outlets that consumers are exposed to daily. Below is a list of cities that are trending counter what the national news services are announcing and blogging about. Nashville in fact is among a small group of cities that are headed in the right direction.

Inman News identifies 10 markets where real estate agents are faring well despite the economic and housing downturn, based on total sales, median price, and license and Realtor group membership data.

The 10 markets are:
Seattle-Bellevue-Everett, Wash.
Fort Worth-Arlington, Texas
Denver-Aurora-Broomfield, Colo.
Salt Lake City, Utah
San Antonio-New Braunfels, Texas
Pittsburgh, PA
Dallas-Plano-Irving, Texas
Kansas City Mo.-Kan.
Austin-Round Rock-San Marcos, Texas
Nashville-Davidson–Murfreesboro–Franklin, Tenn.

Average sales volume in these markets ranges from $599,171 (Nashville) to $1.54 million (Seattle) and sales per Realtor ranging from 3.2 (Austin) to 8.3 (Fort Worth). The median sales price edged up in seven of the markets in May from the prior year, and the three markets where prices did not rise managed to escape double-digit declines. From June 2010 to May 2011, the median sales prices ranged from $107,250 (Pittsburgh) to $302,000 (Seattle). These markets all have populations topping 1 million and unemployment rates that are generally better than the national rate.

[SOURCES: Inman News; Information, Inc.]

If you truly want an accurate look at the value of your own residence just give me a call. It’s likely that your home in now worth a little more than you might have expected. Home prices in Nashville real estate have been increasing for 4 straight months and the trend is showing signs of continuing.

Mark

When selling your home, you want the property to have great curb appeal.  It needs to look good walking up the sidewalk, into the house, in the cupboards and in the closets and attic.  A well cared for home is the impression you want the buyers to get. 

The first three to four weeks of the listing is when your home gets the most activity.  There are buyers that haven’t found a house just waiting for a new listing to hit the market. Don’t blow it by not having it in tip top shape.  The worst mistake a seller can make is to say well lets just list it and see what happens, if it doesn’t sell then we will fix it up.     The first few weeks are also when the home will sell for the most amount of money.  The longer it sits on the market, the less it will sell for.  After the initial surge of interest, the only other people who will look at it then will be new buyers to the market. 

The competition these days is pretty fierce.  Homes for sale in Nashville are in an abundance.  If a buyer has a choice between a home he needs to fix up and one he doesn’t, he will chose the latter. 

Curb Appeal

So many times when an agent pulls up to a house the buyer will take one look and say I don’t like the way it looks, I don’t want to see it.  That can be pretty frustrating to an agent and very hard to overcome.  So be sure all your shrubs are trimmed to window height and  low tree branches are pruned.  Weed the flower beds and plant a few flats of flowers if you can.  A well manicured home is very inviting.  Be sure there is no peeling paint on the windows and front door.  Give it a coat of paint is possible to make it look new.  Make sure the mail box is clean and looks good, sweep the front steps and porch is you have one, and  get a nice welcome mat for the front door. 

The Inside

Wash your windows, the window sills and air out your home.  If you have animals, make sure it doesn’t smell like it!  Wash and wax your hardwood floors and get your carpets cleaned.  If your walls need a fresh coat of paint, by all means do it.  Stay away from any bright and loud colors.  Neutrals may seem boring to you, but to a home buyer they are perfect.  Make sure all your light bulbs are bright and  working and keep your drapes and blinds open.  Buyers like bright and cheery rooms.

Go through your closets and drawers.  Remove all clutter, box it up and store it somewhere.  Even your off season clothes should be packed away.  The closets and storage space will look bigger if they have space and are not filled to the gills with junk or clutter.  You will have to pack everything up anyway.  This is a good head start and will help sell the house.

Make sure you don’t have too much furniture in any one room.  It will make it look smaller.  Keep only your best pieces  in the house.  Hide all cords, especially around the television, stereo and computer areas.  If you need to rent a small storage space do it for a couple months.

Clean your kitchen as if a health inspector is coming!   Make sure the oven is clean inside and out.  Change the drip pans on the stove.  Clean the outside and inside of the cabinets and again remove all clutter and unnecessary appliances. 

Bathtubs and sinks should be sparkling.  Recaulk if necessary and clean all grout.  Fix all drippy faucets.  Place fresh clean towels in the bathroom and put in some air freshener to make it smell nice.

Show Time

When it’s time to show the home, before you leave make sure all the  beds are made, opent he drapes and blinds  if its daytime, or lights on if it’s night, also turn on the patio and pool lights.  Pick up all the toys and put them away.  Close all cabinets and turn on some soft music.  Open all the doors between the rooms for an inviting feel.  Pick up all newspaper and take the trash out.

When you leave for the day, leave the house as if it’s going to be shown.  I know it’s a hassle, but you may get a last minute showing and you want to be ready.

Go The Extra Mile

I like to have my clients get a pre-inspection if possible.  Yes, it’s typically the buyer’s responsibility, but if you are proactive your home will sell faster and it will save time between contract negotiation and final settlement.  It will also give you a heads up on any problems and give you time to repair them if necessary at a reasonable rate.

Please be reasonable and flexible with your showing times.  Agree to put a lock box on your door.  It makes it so much easier for everyone.

Some of these suggestions may seem like common sense and they are, but you’d be surprised at how many home sellers don’t prepare their home.  Go the extra mile.  In the Nashville real estate market you want to have an edge on the competition.

We know traditionally February 2nd is a big day for you. This year’s prediction of six weeks more of winter is greatly appreciated by one and all. We, in the Nashville residential real estate market, are writing to inform you that, despite your prediction of a longer winter, Nashville homes are selling at a brisk pace that might even suggest an early spring thaw. A hot spring for Nashville home buyers and sellers from this current trend might be anticipated. Please know that even though we respectfully acknowledge your prediction of an extended first quarter chill, home sales in Nashville, Tennessee are warming.  Granted our insight is based solely on statistical data supplied to us from the Nashville Multiple Listing Service.  We can’t rely on the accuracy of simply looking at our shadows. To those of us in the Nashville real estate market, the climate currently feels a little more like spring than your prediction suggested. Helpful information regarding this season’s Nashville home sales upswing can be found at: www.home2nashville.com.

We’re looking forward to your next years’ annual visit.

Regards,

Mark

Here are the facts as reported by the Greater Nashville Association of Realtors:

2010 BEGINS WITH INCREASE IN HOME SALES

There were 1,033 home closings in Greater Nashville during January, representing a 6 percent increase from the 974 closings reported during January of 2009. Condominium sales were up considerably.

The median residential price in January was $159,000 for a single-family home and $154,550 for a condominium. That compares with median prices of $165,000 for both condominiums and residential in January of last year. There were 1,295 sales pending at the end of January, compared with 1,282 at the end of January 2009.

Inventory is down to 22,233, compared with 22,509 in January of 2009.

Just A Reminder…

Lenders are currently offering fantastic rates for home mortgages. Don’t miss out on your Federal Tax Credit, and these historically low rates.

So many home sellers ask their realtor, and quite appropriately, “so…when are we having an open house?”

There are probably as many opinions regarding the success rate of open houses as there are real estate agents. I’ve heard everything from; “it’s a total waste of time” to “if you don’t hold your listings open, you’re crazy”. So, what’s a seller to do?

The National Association of Realtors reports that surveys’ conclude that a mere 3% of open houses result in a sale. It’s not a hard science, but realtors nationwide report that it’s very rare that a buyer arrives during the 2-3 hours that a home is held open on a Saturday or a Sunday, and proclaims “Oh my goodness, where has this home been all my life!”  Very few sales originate from a buyer seeing a home for the first time at an open house. Nashville Real Estate Search Online can supply you with first hand experience regarding open house success rates.   Email me, mark@home2nashville.com and I’ll be happy to share my experiences on open houses with you.

“For Sale Buy Owner” properties don’t fare much better.  Buyers often feel that “For Sale By Owner” (commonly referred to as FSBO’s) properties are a “deal” rather than home.  They  will view realtor held open houses, passing on a FSBO  believing “we can always see that”.

So, why even consider putting all the time, energy, and money into an open house if it’s not going to lead to a sale?  The answer is: word of mouth. Aren’t we all curious when a home is for sale in our neighborhood? If it was as easy as walking down the street, who wouldn’t want to see what the people down the street have that we don’t. The open house often leads to that one person telling either someone who’s in the market, or who’s thinking of entering the market, in great detail, all about the house. Thank heaven for nosy neighbors – they can be your best form of advertisement!

Here are my  tips for holding an “OPEN HOUSE” in the Nashville real estate market:

1. Sweeten your pallet. Add fresh flowers to bring life and color into the main rooms. A bright throw pillow might just be the difference between a dull room, and an inviting room.

2. Bathrooms: linger or leave. Clean, clean, clean, I mean sparkle!   Gotta have candles or a scenting device to make the room seem  like a place that, when you stop to look in the mirror, you at least like the way you feel.

3. Aroma therapy. Set out potpourri or flowers.  Baked goods add a homey  smell, and you can give away your tasty delights.  Remediate all cooking, cigarettes or pet smells.

4. Welcome home. The entry is a promise of things to come. Green plants, flower pots, a fresh welcome mat can make a big statement.

5. Grow your rooms. Remove all unnecessary clutter and furniture.   Less is a million times more.

6. Counter space must be space. Put away kitchen appliances and personal bathroom items.

7. Fireplace…but it’s summer. It’s best to have all active fireplaces in use.   Off season: a basket of flowers, or pine cones placed there if it’s not in use.

8. Room for everyone. Depersonalize the home so the prospective  buyer  can visualize their things in your home. Minimize all family photos, mementos, and distinctive artwork.

9. Lawn: remember green is the color of money. Cut and manicured.  No leaves, sticks, tricycles, old newspapers laying around.   Run sprinklers for 10 minutes before the open house. That way your lawn will sparkle!

Mark Haining, A Realtor with Village Real Estate Services, a Nashville, TN real estate agency.