New Werthan Units Coming Soon!

I must say I am pretty excited about being a part of this sales team to help sell the remaining 98 units in Werthan. Here's the scoop and be sure to message/call/text me if you are interested in staying in the loop. We will finalize floor plans/pricing this week and should know more to announce soon. 

Nearly 100 rental residential units in the final phase of Werthan Lofts will hit the market very soon!

Plan is to start first with selling the 33 units on the fourth floor. The remaining units will be sold as owner-occupied condos over the next four years.

The 98 units going on the market should help to address a tight supply condos in the Nashville area. At downtown, for example, there’s only a three-month inventory of 64 resale condo units available to purchase, no developer-owned units and no new units planned or in the pipeline, according to a tracking by the Nashville Downtown Partnership that doesn’t include units in Germantown. (Getahn Ward from the Tennessean)

“When we started the 98 units, financing for condominiums was difficult to obtain, so we chose the short-term plan to lease those units,” Deutschmann explained. “Our intent had always been the entire project as condominiums and this will complete our vision for the project.”

Stay tuned for more details! 

New Cottage-Style Residential Project coming to Sylvan Park!

Core Development is planning a new cottage-style residential project on the far west side of Sylvan Park.

The Nashville-based urban infill developer has a contract to purchase a shuttered church property 332 54th Ave. N. for $1 million.

The 2.4-acre property sits close to Charlotte Avenue. The property was formerly home to Centerpoint Church of The Nazarene, which closed in 2011, and McClurkan Memorial Church before that.

Mark Deutschmann, a principal of Core Development, said the community is still in the early planning stages and will be similar to West End Station (in Sylvan Park), Gale Park (in 12South) and The Chesterfield (in Hillsboro/ West End). Details such as number of units and pricing will be fleshed out following discussions with neighbors and Metro Nashville planning officials, he said. The sale of the property is contingent on it being rezoned to allow for residential development.

Jeff Sexton, assistant district superintendent of the Church of the Nazarene's Tennessee District, said he expects the property to close in late spring. Sexton said two previous contracts for the property from other developers failed to close, including one from a group that eyed the site for a medical supply warehouse.

Article: Nashville Business Journal 

7 Ways to Improve Your Home's Sell-Ability

In this economy, houses aren't selling like they used to. However, there are some ways to improve the chances of selling your house. If you have a house on the market, or are considering it, read on for seven tips that will make it easier to sell your house and make a smooth transition from one owner to the next. (Learn more in Selling Your Home In A Down Market.)

1. Maintain NeutralityThis policy has worked for Switzerland, and it can also work in real estate. Customizing your home is great if you plan to stay there, but extreme colors and themed rooms can scare off potential homebuyers. If you have customized every room with extremely bright or dark colored paint, wallpaper or wall fixtures, you may want to consider toning it down a bit. Using neutral colors on the walls can help prospective buyers create their own vision for the house, and will also leave them with less work to undo if they buy the house.
   
2. Less Is MoreEven though you have not moved out yet, removing some of your furniture can help the house move off the market. If you take pictures for your listing, having less furniture can help the home appear more spacious. When potential homebuyers arrive, having less furniture can also provide clear walkways.
   
3. That New House SmellHonestly, the new house smell isn't always the most pleasant, but at least it is new. In preparing to show your home, you should avoid strong smells. To avoid odors, make sure to take out the trash and clean the refrigerator regularly. It is also good to be mindful of what you cook in the days leading up to a showing since certain foods have strong scents. If you have pets, keep an eye on the litter box. Any smell that is too strong could send potential homebuyers running out the door.
   
4. Pay Attention to the DetailsIt is not a good idea to make major renovations when you are ready to sell your home because you may not recoup your investment. If you never got around to starting or completing that total kitchen or bathroom makeover, then you can make some small, inexpensive changes to spruce things up. Replacing the hardware on cabinets is a quick way to improve the appearance of older looking fixtures. Upgrading small items such as light switch and outlet covers can also add a nice touch.
   
5. Maximize Your "Curb Appeal"
   The front of your home is the first thing prospective home-buyers will see, so keeping it presentable is a must. If there is a yard, keep the grass to a reasonable height and if there are trees, be sure to keep the branches under control. The path to your front door should be a clear and welcoming one, not an obstacle course!
   
6. Don't Get Too Personal
   Upon entering your house, everyone will know it is lived in, but they do not need to see all the evidence. Get rid of excess clutter such as newspapers, magazines, and mail. Be sure to put away your laundry and shoes. It may also be a good idea to put away some other personal belongings like pictures on the refrigerator or mantle. For you, the pictures may make a house a home or display your personal touch. For the new homeowner, it may appear too personal.
   
7. Take Care of RepairsWaiting to make repairs until after you find a buyer can be tricky. Depending on the nature of the repairs, you may not be able to find a buyer. Depending on how fast the buyer wants to close on the house, you may not have enough time to make the repairs. Save yourself some time and potential trouble, by making repairs before you list your home. The repairs will have to be made anyway, so it is better to get them out of the way sooner rather than later.

First impressions can make the difference between a sale or no sale. Keeping things simple can give you a leg up on similar houses on the market. (For more, check out 12 Worst First-Time Homeseller Mistakes and Can't Sell Your Home? Rent It.)

Article written by: Tisa Silver

Possible New Boutique Hotel Coming to the Gulch!

Retail space developer wants to transform lot next to Station Inn

Published December 6, 2012 by William Williams

Nashville-based retail developer Mark Banks is hoping to bring a boutique hotel to the Gulch. Banks, president of Retail Partners Development LLC, said he is finalizing plans for rehabbing the 12th Avenue cinderblock building located next to the structure home to The Station Inn.

If all goes as planned, the nondescript building will house a five-room boutique hotel. In addition, Banks plans to construct an approximately 700-square-foot building that would be positioned between the sidewalk and the existing cinderblock structure, the address for which is 404 12th Ave. S.

His plan is to have a restaurant occupy the new building. “We’ve secured the site through a long-term lease,” Banks said. “We’re still developing the concept.” Banks, who has yet to announce a start date or price tag for the development, has secured a permit to begin work. Metro Planning Department and Metro Development and Housing Agency guidelines have been met, subject to any modifications to the plan also being approved. 

The Bradley Development Group LLC will serve as general contractor. Relatedly, Chattanooga-based Vision Hospitality is preparing to demolish two Gulch structures at the Division Street site on which the company plans to develop a Fairfield Inn hotel.

New Construction In East Nash!

When Woodland Street Partners realized that potential home buyers were being priced out of some of East Nashville’s most desirable neighborhoods, the home building company came up with its own solution. It built a new neighborhood. “It’s (for) the next wave of people who want to be in Lockeland Springs but can’t afford what they want,” said Brett Diaz, a partner in the company. The result is Nouvell, a 15-home subdivision in East Nashville’s rapidly redeveloping Rosebank neighborhood. Woodland Street recently completed the first two houses after years of planning that included consultations with city planners in Portland, Ore., on environmentally sustainable features. In addition to affordable prices, Nouvell offers green features including rain gardens that capture runoff from roofs and the street, permeable concrete driveways that allow water to soak into the ground instead of flowing into storm drains, upgraded insulation, conditioned crawl spaces that reduce heating and cooling energy use and cost, tankless water heaters and Energy Star 3.0 certification. Prices are more within reach than in neighborhoods such as Lockeland Springs, where Village Real Estate agent Matty Hodges said new homes are selling for about $170 per square foot. Prices in Nouvell are lower. Nouvell’s homes range from just over 1,900 square feet to more than 2,100. Homes have three or four bedrooms and two or three bathrooms. Prices range from $277,900 to $299,900, Diaz said. Demand for new houses is strong throughout the area around Nouvell, which is on Greenside Place north of Eastland Avenue and east of Riverside Drive. “We never had a recession in East Nashville as far as real estate is concerned,” said Hodges, who works with developers to find lots where new infill houses can be built in existing neighborhoods. Many are purchased before they are listed for sale on the multiple listing service (MLS). “Developers have 20 houses coming out of the ground in the next few weeks,” Hodges said at the close of 2012. “Most won’t make it to the MLS. They’ll be sold while being built or while we’re planning.” James and Sarah Darby are moving to Nouvell from 12South, where they own a smaller, older home. With a child on the way, they needed more space but found that prices in that neighborhood were high. The opportunity to own an affordable new home with environmentally sustainable features was appealing. “After living in a house built in the ’30s, we wanted something new, with a warranty and not all the quirks,” James said. He expects the area around Nouvell to continue to attract more shops and locally owned restaurants. “In the next five or 10 years, it’ll have the same feel as 12South,” James said. If they ever decide to sell, owning a house in a subdivision of 15 new homes should help them get a good price, he said. Unlike cottage court developments that are popular in Nashville’s urban core, which have common courtyards, each of Nouvell’s homes has an individual yard. “We’re a neighborhood. It’s a traditional subdivision in the heart of the city,” said Newell Anderson, a Realtor with Village Real Estate Services. Nouvell’s home buyers will enjoy lower prices while having access to nearby restaurants, bars, shopping and other amenities at Riverside Village, Five Points and the Eastland Avenue-Porter Road area. They also will be near Shelby Park and the new greenway addition at the former Cornelia Fort Airpark, he said. Being so close to parks and green spaces sets the neighborhood apart, Anderson said. “People come from out of town and ask, ‘where are the parks?’ If they come from a city where they had those things, that’s what they’re looking for. 12South doesn’t have that,” Anderson said. Nouvell’s environmentally sustainable features are the result of extensive research, said Michael Garrigan, a civil engineer with Dale & Associates, a Nashville planning firm. Officials in Metro’s Public Works Department put him in touch with their counterparts in Portland, Ore. “They’ve tried many different things out there,” Garrigan said. “Nouvell offers low-impact features that are new to Middle Tennessee. We’re being used as a test to see how this works out.” Article written by: Bill Lewis For The Tennessean

4 Predictions about 2012 Real Estate Market

With 2012 nearly upon us, many of us will be spending this week reviewing the events of 2011 and setting resolutions, goals or visions for what we'd like to accomplish next year.

It will come as no surprise that the most common New Year's resolutions fall into the categories of getting organized and getting fit -- physically and financially.

Financial fitness includes getting your real estate business in order. But you can't set up your real estate plans for the year in a vacuum. They must be done in context of what's going on in the market. Here are four predictions about what that market context will look like in the coming year:

1. Even more foreclosures

While I'd like to claim crystal-ball credit for this one, it doesn't take heightened powers of prediction to foresee an uptick in the rate of home repossessions in 2012. Last fall's robo-signing debacle and the ongoing legal fallout from it created a massive backlog in the foreclosure pipeline, meaning that banks are taking many months, even years, to actually foreclose on mortgages in default.

Earlier this year, the New York Times reported that the additional hurdles New York state courts are requiring banks to leap in the wake of the robo-signing revelations, like additional settlement meetings with the homeowner to see if a modification can be brokered, have created a backlog of foreclosures that it would take 62 years to clear, at the current rate of foreclosure.

It's pretty clear that in 2012 and beyond, the banks will work through those backlogs. The inevitable result will be an increase in foreclosures.

2. REOs and short sales will become the new normal

If you even know anyone who has house-hunted in the past couple of years, you've likely heard tales of the high-drama high jinks -- super-long escrows, first-time buyers being bested by investors' cash offers, banks resistant to negotiating for repairs -- that take place in the course of a distressed property sale.

In the coming year, distressed home sales will continue to represent an increasing share of homes on the market. So, buyers will shift from considering whether to buy a short sale to understanding that they must be educated and prepared to do a deal with a seller, a bank (to buy an REO) or a hybrid of the two (to buy a short sale) to access the full selection of homes on the market.

This, in turn, will empower buyers to make smart decisions about what to offer and what to expect on any listing they like, as well as to set smart priorities and make realistic comparisons between listings based on their own personal priorities around timing, certainty and seller flexibility.

3. So-called 'smart cities' will do well

This year, a number of housing markets saw double- or even triple-dips in home values. In others, pricing stayed relatively flat. However, in areas where technology powers the economy, home values prospered along with the industry. Silicon Valley real estate, for instance, saw fierce competition among buyers as the young employees of companies that went public like used their newly stocked bank accounts to buy their first homes.

I recently talked with Jed Kolko, chief economist for real estate search site Trulia, and his 2012 forecast was that so-called "smart cities" will continue to have hot real estate markets next year. But Kolko defined smart cities much more broadly than the California tech hubs. Other tech centers like Austin, Texas, and the Massachusetts suburbs of Cambridge, Newton and Framingham all made Kolko's list, as did Rochester, N.Y. (a town known for its highly educated, highly skilled work force).

4. Consumers will get 'hopeless'

I mean hopeless in the best of all possible ways. For years, buyers and sellers have been waiting for that singular event to occur that would cause a quick market recovery. But 2012 will mark the fifth or sixth year of the real estate recession, depending on who you talk to. I predict that those consumers who have not already done so will drop unrealistic hopes for a fast return to the heady real estate fortunes of the subprime era. Instead, people will make their real estate plans based on:

•today's low home prices, rather than the fantasy of what could happen if the market miraculously came back;
•assumptions of very low, or no, appreciation in home values for years to come; and
•very conservative estimates of their own finances and how they will grow.
As a result, buyers won't break their necks to hurry and buy before prices uptick; rather, they'll save and plan to buy when it makes the most sense for their finances. Homeowners will do the same; they will either refi, remodel and be content where they are for the long haul, or decide their homes no longer fit their lifestyles and their finances, divest of them and move on. But the good news is, people will make these decisions based on what is or is not sustainable for their lives and their finances, and not based on inflated hopes about what the market will or will not do.

Article written by:

Mood of the Market
By Tara-Nicholle Nelson, Tuesday, December 27, 2011.

Inman News®

Top Reasons to Sell Your Home in the Winter!

Aside from less competition, low borrowing costs give buyers incentive
By Dian Hymer
Inman News™

Share ThisWe're getting close to the end of the year, which begs the question of whether it's worthwhile trying to sell your home now. Is it a waste of time? Will it sit on the market and become shopworn? Should I take my house off the market for the holidays? Will the home-sale market be better for sellers in 2012?

The first question you need to ask yourself is: Are you emotionally prepared to sell? Selling is a challenge for most sellers, although some markets are better than others. Unless you bought more than eight to 10 years ago and preserved your equity, you may not be able to sell for enough to pay off the mortgages secured against the property and the other costs of selling.

For sellers who have no additional assets, a short sale or foreclosure may be the only option. If so, first look into government programs that might help you out financially. Also, talk to your attorney and tax adviser.

Sellers who have the resources to make up the difference between the sale price and the amount they owe need to ask themselves if they are willing to pay the additional cash in order to sell and move on.

There are two reasons why you might prefer bringing cash to closing. One is that your credit will not be negatively impacted, as would be the case with a short sale or foreclosure. The second is that many buyers shy away from short sales because of the lengthy and uncertain process involved.

The next thing to consider is the condition of your home. Is it ready for the market? The most salable homes are those that are in move-in condition.

Before racing to the hardware store, ask your REALTOR® about how much competition there would be for your home if you put it on the market before the holidays. Some areas are shy on inventory of good homes on the market. If so, now could be a good time to sell.

HOUSE HUNTING TIP: The supply/demand ratio plays a significant role in the health of a local real estate market. No matter what is said about the housing market nationally, it's the local picture that tells the tale in terms of the possibility of selling your home at any given time.

Most sellers don't put their homes on the market during the last or first couple of months of the year. The inventory of homes for sale tends to dwindle during the winter months. Interest rates are low. So, if there are buyers in your local market, you may be at an advantage selling when most sellers are waiting.

Some sellers feel that if they've waited this long to sell, they should put the process on hold until spring and get the house ready in the meantime. Certainly, it's not a good idea to put your house on the market until it looks great. But if you and your house are ready to sell, move ahead.

The market in general tends to slow down over the holidays. But rather than pull your house off the market and miss a likely prospect, change the showing procedure to require advance notice. And enjoy your holidays. A sale before year end could be a great holiday gift.

There is a lot of pent-up demand, on both the buyer and seller sides. Sellers have been waiting for a better time to sell. Buyers have been waiting for more quality inventory and a sense that prices have bottomed or are close to it.

THE CLOSING: Recent projections call for another five or so years of bouncing along close to the bottom of this market cycle. Many experts believe that the big price declines are behind us.

9 Ways to Keep a Lid on Your Energy Bill!

By Paul Bianchina
Inman News™

No one likes wasting money, especially in these tough economic times. So it certainly makes sense -- dollars and cents -- to make a small investment of time and supplies to close up those heat-wasting air leaks around your home. It'll pay back big dividends in reduced energy bills and a warmer, more comfortable house this winter. So let's look at some of the areas where those drafts may be lurking, and see how to take care of them.

1. Doors and windows: This should be an obvious one. If you can see gaps between your siding and your windows or exterior doors, close them up with a bead of clear or paintable acrylic latex caulk. Larger gaps can be filled with foam backer rod before applying the caulking.

2. Exterior penetrations: Some of these areas are going to be obvious, while some may take a little bit of searching. Some examples of exterior penetrations where air can leak into the house include exterior faucets, dryer vents, exterior electrical outlets, exterior light fixtures, holes that have been drilled for phone and TV cables, conduit penetrations, exit points for plumbing drains, and penetrations for air conditioning lines. Closing these penetrations may require a variety of different techniques, including caulk, expanding spray foam, or, in the case of electrical boxes and fixtures, specific gaskets that are designed to fit the boxes.

3. Exhaust-vent covers: Dryer vents, range hood vents, bath fan vents, and other interior ventilation equipment typically terminate outside the house in a plastic or metal cover that has one or more louvers on it. The louvers are designed to be in the closed position whenever the fan is not in use, so that outside air doesn't leak in. Check all of these louvers to be sure they're closing completely, with no air leaks. If they aren't, you can adjust the spring tension to hold them closed more tightly; add foam weatherstripping tape for a more air-tight seal; or replace the entire vent cap with a new one.

4. Gaps around interior vents and recessed lights: Inside your home, heated air can be leaking out around that same ventilation equipment, where vent pipes pass through the walls or ceiling, or where vent covers meet wall and ceiling surfaces. Recessed light fixtures can also be real air-leakers. Around the vent pipes and recessed light cans, seal any gaps with caulking. For the vent covers and recessed light covers, remove the covers, then adjust the springs and/or add foam weatherstripping tape to create a tight seal between the cover and the ceiling.

5. Heat-duct penetrations: Gaps around heating-duct cans where they pass through the floor or wall allow cold air to enter from the crawl space, while gaps around ceiling-duct cans allow heated air to escape into the attic. To close those drafts, first remove the register, then use a combination of caulking and/or metallic duct sealant tape to close any gaps between the sheet metal cans and the floor, wall or ceiling surface.

6. Fireplaces and woodstoves: Lots of gaps can occur around these appliances. With a conventional fireplace, keep the damper closed except when burning a fire to prevent heated air from escaping up the chimney. Consider investing in a set of air-tight doors, which close off the air leaks and also make your fires more efficient. Look for gaps around woodstove and gas fireplace flue pipes, and air leaks around masonry chimneys. Use a metal collar if necessary around flue pipe penetrations, and seal gaps with heat-resistant sealant specially formulated for this application.

7. Attic and crawl space hatches: These can be real air losers if they're not weatherstripped, so take care of that with some foam tape. Make sure the hatches are insulated as well.

8. Interior doors to unheated spaces: If you have any interior doors that lead to unheated spaces, including basements, garages or attics, be sure the doors are weatherstripped to prevent air leakage. If possible, replace older, hollow-core doors with solid-core or, better yet, insulated metal doors.

9. Sill plates and penetrations: This one's not as easy to deal with, but it's well worth the effort to try to do whatever you can with it. Air can leak both into and out of the house through gaps where the sill plate meets the foundation or the siding, and around plumbing and wiring penetrations drilled through wall plates in various areas. If you have a gap between your siding and the bottom of your exterior wall, especially in older homes where the use of sill sealers was not a common practice, consider closing up this big air gap with a bead of caulking or expanding foam. In the basement, crawl space and attic, if you can access any of the pipes and wires that pass through the wall plates, seal the penetrations with expanding foam.

Remodeling and repair questions? Email Paul at paulbianchina@inman.com. All product reviews are based on the author's actual testing of free review samples provided by the manufacturers

Tying the Knot? Good Ways Couples Can Save For a Down Payment on Their 1st Home!

by Phoebe Chongchua

Saving money for a down payment on a home has always been a challenge and a lesson in financial discipline but today it’s, perhaps, more difficult than ever.

That’s partly because the down payment is more substantial than in the past few years when zero down could get you into your dream home.

The Washington Post recently reported on a unique, sign-of-the-times approach to saving for a down payment.

These days engaged couples are scrapping the traditional wedding list and opting for a non-traditional wedding registry that creates an opportunity for wedding guests to help collect cash for a down payment.

The National Association of Realtors reported for 2010 that 27 percent of first-time homebuyers used gift money from relatives and friends to make their down payment. Nearly 60 percent of homebuyers were married couples.

Deposit a Gift, a New York City company, has set up about 6,500 gift registries with 30 percent of them, split evenly, for down-payment funds and home-improvement funds, since it launched in 2009.

It seems no more “white elephant” gifts; people are asking for and getting what they really need–cash for their home.

The down-payment gift registry helps take the awkwardness out of guests simply giving money. Today, couples are uploading photos on blog sites and showing their dream home much like the old days when couples would ask for dinner china or fine stemware.

The down-payment fund touches many people in a very personal way. Some people have already lost their home to foreclosure; still others know the enormous struggle to make ends meet. Getting some financial help to purchase a home is largely a universal need.

A quick search on the Internet can put you in touch with a number of wedding gift registries. You should research them carefully. Many include other helpful options such as connecting you with a directory or wedding vendors and even a rebate for using their select vendors.

Once the money starts rolling in, however, you have to understand how you can use it. The rules for using gift money depend on the type of loan you are getting. So be sure to ask a qualified expert for assistance.

Generally, a down payment will require that at least 5 percent of the money comes from your own savings, not gift money from the registry. There might be some exceptions, so check with the mortgage company.

Some mortgage companies, like SunTrust Mortgage, even have a bridal registry that works just like a down payment registry. In 1996, the Federal Housing Administration encouraged lenders to establish bridal registry accounts to accept money for savings toward a down payment from the couple’s relatives and friends. However, this never really caught on with lenders.

SunTrust Mortgage offers other programs for first-time buyers to help them save for a down payment. The Home Purchase Registry Account allows contributions from relatives and friends who do not have a financial interest in the transaction. Various other rules apply; be sure to go over the details with your agent and lender.

Published: October 28, 2011

The Joys of Home Ownership!

Today's experts spout off the latest statistics about long-term wealth, home values, and interest rates, yet there's a much more sentimental side to homeownership. In fact, many home buyers are drawn to homeownership for these warm and fuzzy reasons.

Owning a home allows you to put down roots, both figuratively and literally. On one hand you become part of a neighborhood and community. When you rent, neighbors come and go as quickly as leases renew. Homeowners, however, tend to stay put longer.

What does this mean for you? You can develop, many times, lifelong relationships. This also means your home will see you through many of life's important milestones.

It makes sense. Many people enter the realm of homeownership as young couples looking to build a nest. They plan on starting their own family and need room to expand and grow. These family homes will see many firsts and will be the container of countless memories. Additionally, homeownership gives families more room to entertain and this means extended family will also share in building memories.

It's not just young families, though, that seek homeownership. Families with teenagers seek larger homes to room their growing brood. Retiring adults may wish to start a new phase and new memories, seeking out warmer climates or smaller, more manageable homes.

These little moments are what life is all about. Memories from Christmas mornings and summer vacations will fill minds for years to come.

On the other hand you literally can put down roots by planting trees and shrubs! Renters are rarely afforded the luxury of gardening. In fact, digging up the landlord's yard is frowned upon. As a homeowner you are able to create your own green oasis, including trees that will mature alongside your children and gardens that will feed your hungry pack.

There is a certain pride that comes with homeownership. This little piece of property and land is yours. There's no one that can evict you or take it away. This security allows people to form deep attachments to both the land and home.

This pride of ownership spurs many owners to make improvements and additions, both to keep the home in working order and to make it more comfortable and usable, which in turns improves neighborhood values and overall curb appeal.

Why do people buy? They may be initially motivated by changes in circumstance, such as a new job or a new family, but they buy based on emotional responses. People want a house that can become their home, where they'll fill it with good times and memories. Be sure to remember this sentimental side of homeownership the next time you read about stocks, bonds, and housing woes.

Published: October 11, 2011 by Carla Hill

Freddie Mac Offering $1500 for Condo Association Fees.

Monday, August 15th, 2011, 8:27 am

Freddie Mac is offering eligible buyers up to $1,500 for condominium association dues.

The government-sponsored enterprise said the incentive is for condos available through its HomeSteps unit, on the market for at least 120 days and sold to owner-occupants.

Buyers can apply for Freddie's Condo Cash offer between Monday and Nov. 15, and must close before Dec. 30.

The GSE offers a two-year limited home warranty covering electrical, plumbing, air conditioning, heating and other major systems. Freddie Mac also extends discounts of up to 30% on appliances for a new buyer.

In May, Freddie began offering up to 3.5% buyer's closing cost assistance, as a way to help drive sales higher through the summer selling season.

Writen by: Jason Philyaw.

Top 5 Things You Should Know to Sell Your Home Fast.

By Sharon Snyder Print Article

RISMEDIA, August 8, 2011—While many markets around the country continue to experience challenges as the market makes its slow turnaround, Ann Arbor real estate is selling fast, and it’s because we follow some simple rules.

1. Curb appeal is key to selling your home
If it looks rundown from the outside, then it probably is on the inside too. Curb appeal is all about first impressions. Buyers want to feel like they could live in a home from the moment they pull up in front of it. Basic improvements such as exterior painting, cutting the grass and planting some flowers improve the look of a home from the outside tremendously.

2. Deodorize
Every home has a unique odor, especially if pets are present. Be sure to professionally clean the carpet and the furniture and replace carpets if necessary. Keep pets clean and the home free from dander. Consider taking pets and pet cages if present in the home with you when you leave for showings.

3. Really want to sell your home? Repair and repaint
A little putty and paint can make all the difference. Repair damaged dry wall, gouges in wood surfaces and paint the walls. Bright colors such as those in children’s rooms should be repainted with a neutral color. We like to repaint our Ann Arbor homes with a neutral shade that will be attractive to a wide variety of buyers.

4. Put away your personal collections
Here, the old saying that one man’s treasure is another man’s junk rings true. De-clutter your home by packing up knick-knacks, heirlooms, personal collections, and even family photos. After all, they are special only to you and your goal is to make the home presentable to the widest number of people possible. Expensive collections should be packed away as well to keep them safe.

5. No guns, drugs or valuables
If you own a gun, be sure it’s unloaded and lock it away. Don’t leave it accessible to anyone viewing your home, especially anyone with children. The same is true for prescription drugs, fine jewelry, valuable art work, money and anything else you want to keep safe.

What the Debt Downgrade Means for Your Mortgage!

New York (CNNMoney) -- At least one fear was not realized amid Monday's meltdown: the concern that mortgage rates would immediately shoot higher in response to Standard & Poor's downgrade of Fannie Mae and Freddie Mac, the government-sponsored entities that are the 800-pound gorillas of the mortgage market.

In fact, the initial response to Fannie and Freddie getting cut to AA+ from AAA was precisely the opposite. Mortgage rates were poised to continue declining.

HSH Associates, which surveys lenders, quoted the average 30-year fixed rate mortgage at 4.44% Monday. "We expect to see rates go into the 4.30's by noon tomorrow," said Keith Gumbinger, of HSH Associates.

Mortgage rates are set off of the interest rates on U.S. Treasury notes and bonds. Even though Standard & Poor's pulled its AAA rating of the United States Friday night, investors still rushed into U.S. Treasury securities Monday as a safe haven, believing more in the "full faith and credit of the United States" than in the opinion of Standard & Poor's credit analysts. As investors snapped up Treasury notes and bonds they pushed down interest rates on those securities, which move inversely to prices.

How Fannie Mae's downgrade impacts you
Late Monday afternoon, the 10-year Treasury note traded at a yield of 2.34%, down from 2.56% on Friday and 3% just two weeks ago, a huge move. That 10-year yield is the benchmark used to set 30-year fixed mortgages.

"The flight to quality effect is dominating," said Walt Schmidt, senior vice president of FTN Financial Capital Markets. "The net effect is lower mortgage rates."

Stock market plunge: Not just a rich guy's problem
Fannie Mae and Freddie Mac, now 80%-owned by the U.S. government after receiving more than $150-billion in federal bailout funds, purchase bundles of mortgages from banks, providing lenders with fresh cash to make new loans. Fannie and Freddie then package those mortgages into securities that are sold to investors, most of which went sour during the financial crisis.

Indeed, on Monday investors demanded slightly higher interest rates for such mortgage-backed securities, increasing the difference- or spread- between mortgage securities and Treasuries. But that increased spread, which normally would result in higher mortgage rates, was more than made up for by the drop in Treasury security yields.

Your money in a AA-rated world
"That flight to safety is completely overshadowing any increase in rates that the downgrade might have brought," said Gumbinger of HSH Associates.

Auto loan rates may also slide lower since they too are tied to Treasury yields. The yield on 3-year Treasury notes dipped Monday to .45%, which is likely to pressure down 48-month auto loan rates. The national average auto loan rate was 5.6% Monday, according to bankrate.com.

Analysts warn the drop in interest rates may not last. If investment flows were to move back into stocks and out of bonds, interest rates on Treasury securities, and consequently mortgages, would rise.

"Over the long-term, if the U.S. has to pay more in interest rates, consumer rates will likely go up," said Greg McBride, senior financial analyst for Bankrate.com.

For now, lower mortgage rates may offer only limited benefits to American consumers. Banks' lending standards have been tough recently, and consumers need the wherewithal to qualify for loans. That appears increasingly difficult as the economy continues to sputter.


First Published: August 9, 2011: 5:53 AM ET

5 Questions to Ask Your Mortgage Lender

Everyone knows you’re supposed to be proactive and assertive when you take out a mortgage, carefully collecting and evaluating all sorts of information before you make the biggest deal of your life. But when the mortgage broker starts shooting sheaves of papers (OK, PDF documents) at you, it’s easy for your eyes to glaze over at the sight of so many zeroes, and tempting just to start signing whatever it takes to get that house!

Here are 5 questions every smart buyer (or refi-er) should add to the list of issues to cover with your mortgage professional:
1.Are you a bank, a broker, or both? Generally speaking, mortgage lenders that are banks or have their own banking divisions (which many reputable brokerages do) have more control over the appraisal process, including the ability to submit your file to a pool of appraisers they know have some knowledge of your local neighborhood. Given the fact that non-local appraisers and the inability to communicate with appraisers under relatively new guidelines for brokerages are responsible for killing loads and loads of deals, working with a company that is or has a bank could be a deal-saving move, especially if the property is in an area that hasn’t had many recent sales or is otherwise challenging to appraise.



Also, some broker/banks that originate loans and sell them straight to Fannie Mae or Freddie Mac under the FHA loan programs offer the same benefits of an FHA loan - low down payment and moderate qualification guidelines - without the “overlays” imposed by some larger banks, which actually place a more restrictive set of guidelines on FHA loan programs. For example, FHA guidelines do not impose a minimum credit score, but many banks overlay their own 640 minimum FICO requirement. Broker/banks that sell straight to Fannie and Freddie often mirror the FHA minimum guidelines precisely.



Finally, brokerages with their own in-house bank and a large roster of lenders and programs provide the advantage of offering a wider range of fallback options than plain old banks or plain old brokerages - Plans A, B, C and D, if you will - which many borrowers need these days, in the (increasingly common) case your first choice bank or loan program doesn’t work out.

2.Will you explain my Good Faith Estimate to me? May I also have a fee sheet or estimate of funds to close? The current, national standard Good Faith Estimate (GFE) is pretty clear, clarifying all sorts of deal points, from the broker’s commissions to the costs associated with the loan, but as a point of customer service, you should ask your mortgage pro to explain it to you (if they don’t do so under their own initiative).



The one shortfall of the the latest edition of the GFE is that, while it clearly shows the costs associated with a particular loan scenario, it does not always show so clearly the actual amount of funds you’ll need to close the transaction (which might be more or less than those costs)! So, ask your mortgage representative to prepare a fee sheet or an estimate of funds to close as early in the transaction as possible.

3.How long will it take to close my loan? How much time will I need for loan and appraisal contingencies? The time frames for closing your mortgage - which often drive the time frames for closing your home purchase - often vary widely depending on the type of loan and even the type of lender you work with.(Large bank loans originated by the bankers who sit inside the branch are notoriously slower to close, on average, than loans originated by brokers.) Similarly, the time it takes to get through the FHA loan appraisal and underwriting process might be much longer than it would take, all things being equal, to clear those hurdles and remove your loan and appraisal contingencies on a Conventional (i.e., non-FHA) mortgage.



When you first meet with your prospective mortgage pro, talk with them about these time frames, so they can help you set realistic expectations and insert realistic time frames into your offer when you make it, to minimize the drama of a contingency clock that ticks way faster than your mortgage process.

4.Are there any fees for the mortgage loan application/approval process? Some lenders charge for credit checks up front, and most require that you pay for your appraisal in advance (although the latter happens only after you find and get into contract on your property. One of the first questions you should ask, when you sit down with a new mortgage broker is how much cash you’ll have to come up with just for the privilege of having them run your application and take the first steps down the road to loan approval.

5.How long have you been originating loans? And how long have you been with your company? Mortgage pros who have been around for a long time have the knowledge of advance troubleshooting, workarounds and backup plans, and the current underwriting practices it takes to get a loan closed in this restrictive mortgage market. If you found them in some way other than a referral, you can even ask for references from a few clients. Most mortgage pros who have been in business for awhile will be able to give you names and numbers of clients they’ve worked with on multiple purchases and/or refis: that’s a very good sign. You’ll rest a lot easier if you know that your loan is in the hands of a seasoned pro who others like you trust with their largest asset - and largest financial obligation.

Mortgage Rates Hold Steady!

By DREW FITZGERALD And JOHN KELL

Mortgage rates changed little in the past week, snapping a streak of weekly declines that had taken fixed rates to the lowest points of 2011, according to the latest survey from Freddie Mac.

While the 30-year fixed-rate mortgage rate ticked up to 4.50% in the week ended Thursday from 4.49% last week, still well below last year's 4.75% average, rates on 15-year fixed-rate mortgages ticked down to 3.67% from 3.68% the previous week and 4.20% a year earlier.

Mortgage rates generally track Treasury yields, which move inversely to Treasury prices. Rates have slumped for months as yields on Treasurys slid amid economic uncertainty.

Freddie Chief Economist Frank Nothaft said mortgage rates held relatively steady after market participants shrugged off recent reports that inflation was picking up because the increases have been in line with expectations.

Home mortgage debt has been declining, especially through second mortgages, according to the Federal Reserve. Household mortgage balances fell by more than $930 billion from the March 2008 peak through this past March, with second mortgages accounting for $820 billion of that.

Meantime, the Mortgage Bankers Association on Wednesday said the volume of mortgage applications jumped a seasonally adjusted 13% last week from the previous week. Refinancing activity jumped nearly 17%, according to the weekly survey, which covers more than half of all U.S. retail residential mortgage applications. Purchasing activity rose 4.5% in the week ended last Friday.

In the latest week, five-year Treasury-indexed hybrid adjustable-rate mortgages fell to 3.27% from 3.28% last week and 3.89% a year earlier. One-year Treasury-indexed ARM rates rose to 2.97% from 2.95% the prior week but still down from 3.82% a year earlier.

To obtain the rates, fixed-rate borrowers required an average payment of 0.7 point. The five-year hybrid adjustable rate mortgages required a 0.6-point payment, while one-year adjustable-rate mortgages required a 0.5-point payment. A point is 1% of the mortgage amount, charged as prepaid interest.

3 Tips for the First-Time Home Seller

RISMedia, June 14, 2011—Today’s buyer-take-all bonanza is a boon for fence-sitters and buyers with great credit and deep pockets. But sellers are steeling themselves to new realities that include paying (rather than making) money at the closing table, providing extras to sweeten the deal, and spending more time and cash making the home camera-ready.

For first-time sellers who have never been through the process before, it’s a different world. One where the value of the house isn’t measured in the profit made on the sale, but by the enjoyment the owners had from living in the home.
Here are three things experienced sellers would tell you, if they could.

Price it realistically from the start

“Your largest number of showings will occur in the first two to three weeks,” says Mark Ramsey, a broker in Charlotte, N.C. One reason: “The (multiple listing service) systems and the Internet tend to drive the majority of showings,” he says. Many buyers are plugged in electronically. So the minute something new pops up that meets their criteria, they want to see it.

Take advantage of that sweet spot by pricing the house competitively right out of the gate, he says.

When first-time sellers James and Emily Foltz put their Oklahoma City home on the market last summer, their agent gave them a comprehensive list of the initial asking prices of nearby homes like theirs, along with the final selling prices. “Some varied by $30,000,” says James Foltz.

It gave them an X-ray of their market.

How you style the price is important. The Foltzes first marketed their home for $155,000. But lowering it to $150,000 meant the listing appeared within the computer search parameters that buyers commonly used in that price range, Foltz says.

The result: A few weeks after the price change, they had a winning offer.

Be prepared to lose some money

Want to sit with a house that won’t move? Be the first-time seller who insists you can get the appraised value, the tax assessor’s estimate or whatever you paid a few years ago.

“It seems like there’s no relationship between your assessed value, taxable value and the actual market value of our house,” says Pat Vredevoogd Combs, past president of the National Association of REALTORS®. “There doesn’t seem to be any correlation.”

The truth is that your house is worth what buyers are willing to pay. No more. “This is a true market that Adam Smith would have loved—totally based on supply and demand,” Combs says. That means many buyers should be prepared to lose some money or hang onto the home until the price rises.

“We did end up taking a loss,” says Foltz, who wrote a check for $3,000 at the closing table. The good news is that the couple sold their home in less than two months.

Beware the agent who promises big profits, Combs says. That person may just be after your business. “Don’t go with anyone who doesn’t use comps,” she says. And study sales prices, not asking prices, for real estate.

Promotion, promotion, promotion

One question to ask yourself and pose as you interview agents: How will you reach the home’s target market?

“You have to consider who your most likely buyers are for what you’re selling and cater to that group of people,” Ramsey says.

Targeting 20-somethings who live on their smartphones? You need to effectively access the networks your buyers are tapping to find their next home. One big trend: QR (or “quick response”) bar codes that allow smartphone users to access property information electronically, he says.

The typical starter home can also appeal to downsizing empty nesters, says Ramsey. To serve their needs, you might also want to have a phone number that instantly reaches someone who can provide details and answer questions, he says.

And don’t neglect the modern version of curb appeal: using lots of photos on real estate listings’ websites. However you market your house, you need a good number of clear, well-lit, professional-quality pictures that show your house at its best.

5 More Things You Didn't Know Could Get Your Home Sold

Last year, we talked you through some surprising selling points - housing hot-buttons that can get your home sold, stat, like having a Trader Joe’s market nearby. There’s so much information on the web these days about how to stage a home and create compelling curb appeal, that you might think you know all you need to on the subject.

Just when you thought you’d mastered the matter, we thought we’d brief you on 5 more things that can get your home sold, some or all of which might never have occurred to you.

1. Your neighbors. Most homeowners contemplating selling their homes understand the importance of well-kept neighboring homes. Many a buyer has pulled up to an amazing house, viewed it, and left shaking their head with woe because they just can’t cotton to buying the place on account of the shoulder-high weeds, car in the yard or crumbling ruins of the house next door.

On the flip side, your neighbors themselves - not just the homes, but the people - can actually help sell your home. Many homeowners know people who want to live in their neck of the woods; this is one reason many seasoned real estate professionals hold their listings open to neighbors and send out postcards to neighbors announcing the listing - the neighbors might know people who are interested in your home!
Also, neighbors who are out and about chatting with each other, laughing and playing with their kids, mowing their lawns or painting their fences, or even who just offer a smile and helpful area knowledge to the buyer-to-be they pass on the street can make a very favorable impression on prospective buyers.

It’s a good idea, if and when you decide to list your home for sale, to touch base with neighbors you know and let them know; it’s in their best interests to get good new neighbors, so they might be able to go the extra mile in showing the neighborhood’s biggest asset - themselves - off to its best advantage.

2. The right sights, smells and sounds. It’s no news flash that the view of a used car lot; stinky foods or animal smells; and the siren song of a fire station next door could be deal-killers. What might surprise is some of the right sights, smells and sounds that can help seal the sale of your home. My experience has been - agents, chime in here! - that the more natural beautiful sights, smells and sounds are, the more favorably they’ll be received by the largest population of prospective buyers.

For example, playing a soundtrack of classical musical is fine, but will cause some skeptical buyers to wonder what noises you might be trying to cover up - especially if you’re in a condo or other potentially thin-walled property where neighbor noise might be an issue. On the other hand, birdsong can be attractive to some buyers. Artificial air fresheners? Not so much. The scent of the jasmine or lavender that grows in your yard? Even allergy victims can appreciate that.

You might be desensitized to the amazing views of trees, mountains or even water outside your window, but pulling back the curtains so prospective buyers can see for themselves is an absolute must.

Home buying is a multi-sensory experience - visual staging of the property itself is no longer a plus, it’s a must. But homes which create pleasant impressions that fire on all of a buyer’s sensory cylinders definitely have the edge on their competition.

3. Your dog. The New York Times ran a piece a few months ago about sweet, well-behaved dogs (and cats!) who reportedly helped sell their owners’ Manhattan apartments. In a departure from the conventional wisdom that dogs should be removed and every trace of their presence erased from the home during showings, the article featured several buyers and brokers attesting to their belief that the presence of a particular cat or dog “help[ed] sell a property by making the place seem warmer or more appealing.” And I’m sure you’ve all heard me tell the story of the San Diego buyer who fell in love with a tract home listed at a price higher than all the nearly identical comparables he’d seen and wanted to make a full-price offer immediately - so long as the deal included the dog!

Definitely consult with your agent before you decide to implement leaving your dog at home for showings as part of your plan. I’m a dog lover, and would be concerned that someone might inadvertently let one of “my girls” out, if I left them there while my house was being shown; as well, would-be buyers or their agents may have allergies your pet could set off.
Lately, it seems like I’ve seen many brokers attempting to capture the best of both worlds by making sure that the family pet or even the broker’s own pet is captured in a charming tableau in 1 or 2 of the listing pictures, even if they’re not present at the home during showings.

4. Your happiness. Video and even written love letters that extoll all the virtues for which you love your neighbors, your neighborhood and your property are contagious to buyers. I’ve seen sellers help buyers see their homes through their own loving eyes by posting videos on YouTube and including the link on the listing flyer or even by putting a binder containing a letter plus menus and flyers from their favorite neighborhood restaurants, dry cleaners and other local merchants out on the counter during showings.

Wide-open curtains that let light stream in, light and bright paint and decor colors and other home features that science has proven make residents more happy and functional also create this thought process in a buyer’s mind: “Hmm, these people seem happy here. I could be, too.”

Similarly, indicators that you invested a lot of love in your home, by keeping it in immaculate order and pristine condition, by tending a well-cared for kitchen garden, lovingly furnishing and making comfortable (if not overly customizing) your kids’ rooms, all create the feel that a home was happily lived in - it’s like staging your home with a life well-lived, not just paint and tile.

5. The freeway or subway you thought was too close. There is such a thing as a freeway or elevated train tracks being too close to your home; if your place rattles or roars, for example, every time the train passes, chances any buyer will view that as a selling point are pretty slim. However, homebuyer attitudes toward being located near freeways and subways or bus lines are a-changing. Every upward click of gas prices renders buyers a tiny bit more interested in a location that is more commutable.

Where yesteryear’s buyers were all about the posh exclusivity of far-out suburbia, today’s buyers are more interested in financial and ecological efficiency and convenience. I’ve never heard so many homebuyers looking to own homes that will allow them to ditch their cars entirely as I have in recent years!

What might once have been seen as too close to the freeway has gotten a new spin, lately, as a highly convenient, commuter-friendly location.

High Gas Prices Are Pushing Homebuyers to Go Green!

RISMedia, June 9, 2011—In cities like Los Angeles, where the car is king, the thought of commuters leaving their automobiles behind and opting for public transportation once seemed unimaginable. But CBS Evening News recently reported that Los Angeles commuter rail ridership had increased 8 percent from last year’s figures.

The rules of the road are shifting. High gas prices, climate change, and environmental awareness are altering the real estate landscape. The result is that more people are looking to work closer to home, not only because commuting is becoming more expensive, but also because of growing concern over car-centered life and its impact on greenhouse gases.

The lure of suburban developments, often located many miles from city centers, once offered both a relief from the bustle of urban life, and also the opportunity to get more home for the dollar. But with rising gas prices and hours braving rush hour traffic, the costs are outweighing the benefits.

Add growing awareness of a nation hooked on foreign fossil fuels, and the result is a paradigm shift in homebuyer consciousness.

“When words like sustainability, carbon footprint, and arctic snowcaps are entering our everyday conversations, it’s clear that climate change is affecting homebuyers’ decisions,” says Myra Nourmand, Los Angeles Real Estate Broker and author of the book From Homemaker to Breadwinner.

More than before, consumers are factoring the price they’re paying at the pump as well as their commuting time into their overall buying decision. In addition, the current economic slump means that people are working longer hours for the same pay. Thus long commutes add strain to an already stressed out workforce. Nourmand believes that these are key reasons why buyer demand remains high in areas like Santa Monica, Beverly Hills, Brentwood, Bel Air, and Hancock Park.

Historically, the three-part formula for high curb appeal has been prime location, attractive architecture, and sought-after square footage. The burst of the housing bubble caused a home’s price to take precedence above all else—at least that’s what it seemed like based on media reports. Where Nourmand works, however, location, architecture, and square footage remain at the top of buyers’ priorities.

“None of my clients are short-selling their homes, so you won’t find any fire sales among my listings,” says Nourmand.

In addition, foreclosures and subprime fallout are non-existent within her housing inventory. Meanwhile, comparably prestigious outlying areas, which were often viewed as alternatives to high-end L.A. neighborhoods, have experienced hard times.

“If high fuel prices are the norm—and that’s what the news indicates—then demand for property in desirable neighborhoods near urban centers should remain strong,” says Nourmand.

To learn more about real estate sales trends visit http://www.homemaker2breadwinner.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.