May 2008

The month of May was extremely busy for me. Last month I moved into my brand new office on Broadway, I began writing a weekly article for the Tennessee Tribune and I've been helping my mom since she had a minor surgery.

1. I love my brand new office, its in the center of town and its closer to my home. Who doesn't love a 15 minute commute to work. The move to my new office also allows me to better serve my clients that live in Davidson and Sumner County. I also love being able to walk to lunch, there are so many restaurants in the Midtown. I hope to be able to eat at each of them sometime this summer.

2. On May 5, 2008, I mustered together the courage to meet with the publisher of the Tennessee Tribune. A few weeks prior, I decided I wanted to put my journalism degree to good and write a weekly real estate article for a local publication. Later in that week I called the Tennessee Tribune to set up a meeting and on May 5, 2008, the publisher gave me her blessing so I could give my real estate knowledge to the masses. This just goes to show that you can do anything you put your mind too.

3. On May 21, 2008, my mother had a teeny tiny surgery on her foot. My brothers, father and I banded together to provide her with great care since she was not going to be able to walk for 2 weeks. Hopefully next week she will be walking again, I love you Mother I hope you get well soon!!!!

Selling your home can be a challenging task

Selling your home can be a challenging task. With more homes on the market than ever before, prospective buyers have tons of homes to choose from. When you decided to place your home on the market, it is imperative that your home is in tip-top shape. By following these ten steps, you will have your home sold in no time.

1. Put yourself in the buyer’s shoes

Remind yourself of why your fell in love with the home when you first purchased it. When you have decided what those features are, decide how to best enhance them so that prospective buyers will fall in love with those features too.

2. De-Clutter

People tend to accumulate a massive amount of stuff some of which buyers will think is junk. It is important to de-clutter so prospective buyers can see your home as opposed to all of your “stuff”. This also means removing some pieces of furniture so that the room appears larger.

3. Clean up the outside

First impressions are very important; the first thing a buyer will see is the outside of your home. Make sure the home looks charming and inviting. If the home does not have what real estate professionals call good “curb appeal”, buyers may not even bother looking on the inside.

4. Touch up the interior

Fresh coats of paint and repairing minor infractions make a big difference. Anything that needs to be repaired gives potential buyers a reason to give a lower offer.

5. Neutralize and De-Personalize

Neutral paint and décor creates a home for any lifestyle. It helps buyers see themselves in that space. Some buyers can't see past personal artifacts, and you don't want them to be distracted. You want buyers to imagine their own photos on the walls, and they may not be able to do that if yours are there.

6. Cleanliness

Your home must be clean before selling – that includes walls, carpets, doors, counters and bathrooms. It gives the impression that it has been well cared for, which buyers love.

7. Air it out

If you have pets, get rid of as much hair and dander and pet odor as possible. If you are a smoker, rent an ozone machine, it helps get rid of the odor.

8. Establish a marketing plan

Choose a Realtor® that is familiar with your neighborhood and that has a proven marketing plan. With the hard work you have done to get your home ready for prospective buyers, you should have a good Realtor that will showcase the features and benefits of your home.

9. Set a realistic price right from the beginning

Since your home will generate the most attention and showings in the first few weeks it is on the market, it is of the utmost importance that your home is competitively priced in the market. If your price is too high relative to the competition, then buyers will not even look at an otherwise attractive property - particularly during the critical stage of initial market exposure.

10. Have an Exit Strategy

Know where you are going to move once your home is sold. If you have to sell your home before purchasing a new one, identify neighborhoods that you will want to live in once your home is sold.

Denise J. Beard is a Real Estate Broker with Crye-Leike, Realtors in Nashville, serving the Middle Tennessee area. She can be reached at 615-373-3456 or at www.denisejbeard.com.

Why now is the time to buy a home?

The residential real estate market is not as complex as the national media makes it seem. Simply put, the real estate market no matter where you live will either be a buyers' market or a sellers' market. Nashville is currently experiencing a buyers market. A buyers market is a market which has more sellers than buyers. Low prices result from this excess of supply. It is the basic economic principal of supply and demand.

According to the Greater Nashville Association of Realtors®, in April 2008, there were 24,670 homes for sell that is an increase of 19%, when compared to April 2007. With increased supply and lower demand, anyone who is financially able to purchase a home should take advantage of Nashville’s amazing buyers’ market.

Tougher lending requirements are one of many reasons why Nashville is experiencing a buyers market. Many buyers are taking advantage of FHA loans. A FHA loan is a federal assistant mortgage loan insured by the Federal Housing Administration. This type of loan can be obtained at just about any bank. According to Steve Johnson, Mortgage Loan Officer with Bank of America, “buyers can obtain a 30 year fixed FHA mortgage with at least a 560 credit score and an above average debt to income ratio.”

With loans limits as high as $432,500 in Davidson and surrounding counties , FHA loans can help anyone in just about any price point take advantage of the buyers’ market in Nashville. Buyers should always get pre-approved before looking for homes, this will help you develop your price range and help prevent you from being turned down for a home loan after falling in love with a home.

With interest rates at a historic low and increased inventory of existing, new, and foreclosed homes there are wide arrays of options for those looking to purchase a home in Davidson and surrounding counties. Savvy buyers will make a great investment by purchasing a home during this buyers market.

Denise J. Beard is a Real Estate Broker with Crye-Leike, Realtors in Nashville, serving the Davidson, Williamson and Sumner County. She can be reached at 615-373-3456 or at www.denisejbeard.com.

The day after cinco de Mayo

I can't believe its May. As I reread what I wrote in January I am reminded how fast time really flies.

I am embarrassed that this is only my second post of the year. I am going to do a much better job of keeping folks informed on my blog.