Beautiful all brick home with 4As summer turns some people’s thoughts to second homes, encouraging statistics about this market have been muffled under some of the negative news about the current housing market. According to National Association of Realtors 2007 Investment and Vacation Home Buyers Survey, second-home sales accounted for one-third of all existing and new-home sales in 2007. A large portion of those purchases were vacation homes. Why do families buy these “home away from homes?” The survey found that several factors go into the decision to buy a second home. Eighty-four percent of buyers wanted to use the home as a family retreat; 30 percent plan to use the home as a future primary residence; 26 percent want to diversify investments and 25 percent plan to rent to others.
When deciding to purchase an investment property it is best to contact a mortgage banker first, that why you know exactly how much your monthly investment will be. After contacting a mortgage banker and being pre-approved for a second home, locate a Realtor®, who can help you locate prospective investment properties and who will help you define the rental rates for the area that you are looking. You want to make sure that you will be able to obtain the right amount of cash flow for the property you will purchase.
If you are purchasing a second home out for state for a vacation residence or investment, make you sure you call an agent you know and trust in Nashville first, your agent should be able to help you locate a real estate professional in any part of the world to help facilitate the transaction while you are out of the state.
Denise J. Beard is a Real Estate Broker with Crye-Leike, Realtors in Nashville, serving the Middle
Clairmont Place
Each year thousands of Nashvillians embark on a journey to become a homeowner.
By avoiding these five common mistakes, you will be sure to make an excellent real estate investment.
1) – Not Being Pre-Qualified For Financing Before Looking
When beginning to look for a home, it is important that you know how much you can comfortably spend on a home. Getting pre-qualified for financing will help you develop your price range and help prevent you from being turned down after falling in love with a home. It will also save you the strain of having to find a lender within a few days of conditionally buying a home. In times of fluctuating interest rates it would benefit you to lock in a lower rate. This could save you thousands of dollars if the rate increases while you are in the process of buying a home.
2) - Failing To Seek Out The Services Of An Experienced Realtorâ
Many home buyers are unaware of the fact that in almost every case they are not responsible for paying the agent’s fees; the agent is being paid a commission from the seller. It is always best to seek out an experienced real estate agent that can use their information regarding recently listed and sold properties to get you the lowest price possible. Buying a home without a Realtor is like court without a lawyer. It is imperative that you have someone working in your best interest.
3) - Failing to Research the Market before Making Your Offer
Have your agent prepare all the area sales and comparables in your area and get a copy to look over before you make your offer. This will help ensure that you do not overpay what the home is really worth. In most cases, this is the same type of information that the seller saw when setting the price of their home.
4) – Not Understanding the Common Negotiating Methods Used At Offer Time
Some buyers have been told that the best way to get a good price is to low-ball the seller from the start in hopes that the seller will drop their price down fast in their counter offer. In reality this often does nothing more than upset the seller and will probably end up ruining the chance at an acceptable offer to both of the parties involved. Have good communication with your agent, and they will be able to inform you on the many proper ways to negotiate a deal and still get you the lowest price.
5) - Failing To Complete a Home Inspection
Buying a home often times is the most important investment and financial transaction that you will ever make. A home inspection can save you hundreds or even thousands of dollars. In addition to the inspection, it is often a good idea to request some type of Home Warranty to cover the electrical appliances that come with the home.
Denise J. Beard is a Real Estate Broker with Crye-Leike, Realtors in Nashville, serving the Middle
A lease purchase contract or lease option contracts is a form of real estate purchase which combines elements of a traditional rental agreement with an exclusive purchase option of a home at a future pre-determined date. These types of contracts are commonly used when a buyer wants to purchase a home, but due to credit issues would not qualify for a conventional, FHA or VA mortgage financing. Since obtaining financing for a home is becoming increasingly difficult with lending changes, a lease purchase option is a great way to take advantage of the above average home inventory in Middle Tennessee.
Usually, the buyer chooses the home and seeks a seller to serve as an investor. The buyer then agrees to a lease period which typically ranges from 12 to 24 months. During this time the buyer has the exclusive right to purchase the home at a previously agreed-upon price. The buyer pays to the seller a non-refundable option deposit that is applied to the purchase price of the home. The buyer then pays to the seller a sum that is typical to the rental amount, of which a portion of that monthly payment may or may not be applied to the purchase price of the home, but covers the mortgage amount owed by the seller.
Should the buyer have a change of heart and decide not to or is unable to purchase the house, the buyer and seller can agree to extend the option period, convert the lease purchase contract into a traditional rental agreement, or end the contract with the would be buyer moving out and seller seeking other buyers.
If you think a lease purchase option is for you, make sure you a hire a Realtor® to market your home as a lease purchase. Untraditional marketing methods are used to find a buyer interested in participating in a lease purchase. Participants in a lease purchase should also hire a real estate lawyer to draw the documents and explain each parties rights, including those of possession and default consequences
Denise J. Beard is a Real Estate Broker with Crye-Leike, Realtors in Nashville, serving the Middle
This home is located off Music Row and within walking distance of The Gulch. This home features: 3 bedrooms, 1 bathroom, 1000 sq. ft. and 4-sides brick. Mature trees shade the quarter acre lot. It won't last long at the price of $214,500. If you would like to view more pictures of this home or for more information, please visit www.denisejbeard.com.
On any given Sunday in
Open houses are usually advertised in the Sunday paper and on the internet. Crye-leike.com, realtor.com and realtracs.com are great resources to use to locate open houses in the Middle Tennessee area.
Make a list of the homes you would like to visit and know the route you will be using to maximize the time you will have during peak open house times. Open houses in Davidson and surrounding counties usually occur on Sunday’s between 2-5 p.m.
The real estate agent working during the open house is there to answer any questions you may have about the property. Use them at your disposal; don’t be afraid to ask any question even if you think it’s a silly question.
I cannot stress the importance of being pre-approved for a home loan prior to searching for a home. Having a pre-approval letter will help you search for homes in your price range and you know what your monthly payment will be prior to writing an offer on a home.
If you are working with a real estate agent let them know what homes you will be visiting and ask if they will be willing to meet you at that home to write an offer if you find one you love during an open house.
If you fall in love with a home you visit during an open house, be prepared to write an offer on the home. A lot of effort is put into preparing a home for an open house. A seller will be more inclined to accept an offer less than the asking price if received the day of the open house.
Denise J. Beard is a Real Estate Broker with Crye-Leike, Realtors in Nashville, serving the Middle
This year commemorates the 40th Anniversary of the historic 1968 Fair Housing Act. On April 11, 1968 President Lyndon Johnson urged congress to approve the Fair Housing Act just one week following the assassination of Dr. Martin Luther King, Jr. as a tribute to Dr. King's legacy and commitment to civil rights. One of the Act's central objectives was to prevent discrimination based on race in the sales or rental of housing. This historic Act has since empowered people from all races and ethnicities to pursue the dream of equal access to housing.
In 2002 President George W. Bush enhanced our nation's commitment to equal housing opportunities for all by designating June as National Homeownership Month, with the goal of increasing minority homeownership in
Today, Realtors work hard to provide fair access to affordable housing and homeownership year-round. By commemorating Fair Housing Month in April and National Homeownership Month in June, Realtors take extra time out to focus on the education of members, as well as consumers. By spending time on areas like homeownership counseling, new FHA and conforming loan limit programs, avoiding predatory lending pitfalls, workforce housing initiatives, diversity and smart growth initiatives, Realtors and consumers alike gain knowledge and become closer to achieving the ultimate goal of equal housing access for all.
This home has it all; 3 Bedrooms, 2 ½ bathrooms, 2800 sq. ft., big open kitchen, 2 story foyer, vaulted ceilings, tons of windows, wooded lot, ALL appliances included, a HUGE Recreational Room, and $7,000 towards closing cost. Won't last long at this price!!! It’s also zoned for the Cane Ridge School Cluster. Priced at $229,500. If you would like to see more pictures of this home, please visit www.denisejbeard.com.As a real estate broker, I am often asked, “Where can I find a good deal?” Since it is a buyers market, “good deals” can be found all over
If you think you can purchase a home for pennies on the dollar in
Since there is a shortage of qualified buyers in the market, sellers and their agents’ are coming up with creative ways to lure prospective buyers to their homes. Sellers are willing to pay all of the buyers closing cost and leave behind major appliances. Although it is very uncommon, I have seen some instances where a seller will include cars, gas cards, plasma televisions and vacations with the purchase of their home.
The
Denise J. Beard is a Real Estate Broker with Crye-Leike, Realtors in Nashville, serving the Middle
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
