Interest Rates are fantastic, hesitate and loose.

If you are now in the market to buy a home, now may be the best time you will ever see.  Interest rates are at historically low levels, prices are just beginning to rebound in some markets, so now is the time.  If you wait you will look back and say to yourself, “why didn’t we buy in 2012”.  As of today(5/25) there are 467 homes on the market in Coffee County, with 172 in the Tullahoma zip, 246 in the Manchester zip.

Property is selling, not at a record pace, but the key to it all is pricing and condition.  Most buyers are wanting a home that is what we call “move in ready”.  Most of the time the investment in paint, new floor covering, and minor repairs comes back at least 100% or more.  A professional agent can help you decide what things you can do to enhance the appeal of your house.  HGTV.com as well as the TV show offer numerous ideas on enhancing your property.

Pricing in the market is now more important than ever, sometimes we are seeing properties sell for less than they did in 2006-2010.  You might have to come out-of-pocket with additional money to cover all the expenses and mortgage balance if you fall into this category.  The bright side is that if you re-purchase you are getting homes typically less than you would have, getting excellent interest rates and another opportunity to purchase smart.  Alway remember that real estate is a long-term investment.  If you plan on moving within 3 years make sure you buy in an area that has a pretty good turn over, and don’t buy anything that is out of the ordinary.

If you have any questions regarding real estate in the Southern Middle TN area, give me a call or drop me an email.

My primary market is Coffee, Franklin, Moore, parts of Bedford, and parts of Rutherford Counties.

 

 

 

New Company Affiliation

Just a quick not that have change companies and now work for Harton Real Estate Company in Tullahoma. Founded in 1910 it is the oldest real estate companies in the area. I look forward to continue working the southern Middle Tennessee market with all your real estate needs.

Fall Lawn Tips

10 Fall Lawn Care Tips

The days are growing shorter, the leaves are changing, the nights are cooler, and your grass has slowed its growth down. It’s now time to think about preparing your lawn – not only for the long winter ahead but also for the coming spring.

I like to think of grass as my carpet outside. It must be cared for regularly in order to maintain its brilliance. Fall is a time that your grass requires a bit more care to prepare it for the coming months. Many people do not realize that through the harsh winter your lawn continues to grow a stronger root system. Here are ten tips to help your lawn this fall season so you can enjoy its rewards in the spring.

1) You need to fertilize your lawn before the extreme cold hits. Your lawn will need food to aid in root growth throughout the winter and to help it produce a stunning green when spring finally arrives.

2) Many people think that they no longer need to water their lawns with the fast approaching winter knocking at the door. This is not true. Now, more than ever, your lawn needs water. It will need water to absorb the fall fertilizer and to grow strong roots. So continue to water your lawn until true winter arrives.

3) It’s time for weed killer. Buy a broad leaf weed killer and apply it before the temperatures drop below 50 degrees during the day.

4) Keep the leaves off your lawn. Rake those leaves up as they fall. Your grass needs sunlight and leaves will gradually kill it. They will also breed disease if you let them lie on the lawn throughout the winter months. Your grass will wither and die with leaves on top of it.

5) Mulch a few of the leaves to give your grass nutrients. However, not too much. Some people simply have too many deciduous trees that are dropping leaves to seriously mulch them all. Most of the leaves will have to be raked up.

6) Be sure to aerate your lawn. The soil compacts down through usage and time; by aerating your yard you are offering the roots a chance to breath and spread. Plus it allows water and nutrients to reach the root system more easily.

7) Fall is also a wonderful time to reseed your lawn and fill in any holes that might look patchy. Simply work the soil up with a rake, spread grass seed, cover the grass seed an inch or two thick with peat moss, and then water as usual. Next spring your lawn will be lush and perfect.

8.) Fall is the time for grub control. You will find that adult beetles lay their eggs throughout your grass in July and August. The grubs will grow throughout the winter and they will eat the roots of your grass. This will cause loss of growth and bare spots when spring arrives. Fall is the ideal time to buy insecticide and practice strong grub control.

9) Mow your yard. Try to keep your grass two inches high for the coming winter. Grass that is longer will mold under the snow and the results will be horrific when spring arrives because there will be large dead spots. Grass that is shorter then two inches will die.

10) Make sure all toys, lawn furniture, fire place pits, barbeques, and anything else is removed from your yard. If you have these sitting on your lawn throughout the winter, the grass will die in these spots and it might also make the yard more prone to sickness as the grass molds and decomposes under the weight of the various things.

These ten tips should help you to prepare for spring so your lawn is back to its glorious, green state that everyone so admires.

 

This article from associatedcontent.com

 

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Ready for your next move? Just Call John!

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Auction, is it an option?

Maybe or maybe not, how is that for an answer?  It all depends on the individual situation and what time frame you are looking for to close the property out.  Too many sellers feel that selling at auction is a sign of a distressed sale but usually that isnt the case at all.  Auctions are the best indicator of market value at any given time.  Real estate is just like the stock market in that it moves with supply and demand, and although the average days on market is 90-120 days, auctions force the demand on that particular day at a particular time.

In our area what we typically see is auctions used for estate purposes to liquidate the estate into cash so that the heirs can divide and close the estate out.  The cost of an auction may seem to be more expensive than traditionally listing it with a company for sale, but when you factor in the cost to carry a home, pay for utilities, upkeep, property deteriorating, and possible increase in insurance costs, it really isnt that much different.

As an auctioneer I have been involved with numerous sales over the past few decades and with good success.  At Coldwell Banker Barnes, the parent company of Coldwell Banker Snow and Wall, we have our own company.  We were award the Best Auction company in the Tennessean readers choice awards in 2010 and 2011.  We have a full auction staff, 4 auctioneers, our own tent, tables and equipment to carry out a sale.  Give us an opportunity to help you sell your property and let us go to work for you.

I speak on behalf of my fellow auctioneers, we can do just about any kind of sale.  My expertise is in estate and real estate sales, but others have extensive experience in farm, farm equipment, heavy equipment, and liquidations.  Need help, Just Call John!

 

Where to look for homes?

So often we tend to gravitate to homes magazines, the newspaper, or spend countless hours driving around looking for property for sale.  Studies have indicated that most buyers and even sellers are looking for real estate online and narrowing down areas of specific interests.  In the Tullahoma, Manchester and Winchester areas, the best place to look …that is other than my site(www.JohnWOrr.com) is Realtracs.  Realtracs is our MLS system for the complete Middle Tennesee area and actually includes parts of Kentucky and Alabama.  We have created a public access site for up to date information at www.realtracs.com.   Most larger MLS systems across the country have similar sites, for example in West Tennessee you can go to www.cwtar.com and search numerous counties in that area.  Let me know if you need help finding another system out of town or out of state.

Other great sites for homes are www.coldwellbanker.com, www.realtor.com, www.zillow.com, and also some of the major web search engines have their own real estate sections.  Here is the key though…as Realtors in the MLS we enter our data into the Realtracs system…it in turn feeds all the other web portals both locally and nationally.  For the most up to date information use the Realtracs site.

A few tips on searching, agents sometimes will change a status in MLS(Realtracs) to Active-inspection, active-financing etc, and to the public the property appears to be just Active…so you dont get to see the background as members do.  Another reason to give me a call.  I can email you more detailed information about a property.

Hope the tips help and if you need any professional assistance….JUST CALL JOHN!  Happy house hunting!

Where is real estate headed?

Don’t we all wish we had this crystal ball story?  What I have seen in recent months is that although interest rates are historically lower, buyers are not coming into the market as in the past.  Refinancing and staying put versus moving up or buying does seem to be the norm in our local market, but property is still selling.

The lack of job growth in the Tullahoma area has significantly hindered the real estate market.  Interest rates are Fantastic, and although mortgage companies have tightened the requirements the idea that you have to have 20% down is a myth.

Zillow.com came out with recent survey results of potential buyers and it was interesting to see that misconceptions are common in the real estate industry.  One was that homes appreciate on average 7 percent annually while in reality in most markets in normal times the rate is more like 2-5%. It is always a hard figure to put a number to as using average home prices in a market where the sales numbers are low tend to skew it from month to month.  Zillow also reported that homebuyers think the appraisal to make sure the home is in good condition, that is true to some extent, but my buyers are encouraged to have a home inspection done on any home(even new construction).  The appraisal is to protect the lender primarily and the buyer to some extent.

With the Fall season upon us, activity will decrease as historically has always.  At times the holidays are the best time to market homes as homeowners will decorate and sometimes the home will look the best.  Professional stagers do the same thing, they try to declutter the home and arrange the furniture to best feature the home not the contents.  If you are in the market to sell take time to watch some of the shows on HGTV..you dont have to spend lots of money to make your home more appealing but simple things like cleaning off the refrigerator, uncluttering the walls, the countertops, the closets and even the garage can go a long way to helping you sell faster and at a higher price.

At anytime if you have any questions regarding real estate, what has sold, what is for sale, or whatever comes to mind, drop me a note.  Remember when I say Just Call John! that is exactly what I mean. Have a great week!

 

 

 

Sales Drop!! May Sales Comparison Coffee County, TN

Well the market has shifted to the downside some more in 2011 versus same period in 2010.

Year to date residential sales(MLS) in Coffee County in 2011 were 159 versus 207 for the same period in 2010.  The average price of a home in Coffee County did increase from $118,821 to $128,538.  This in part was due to the tax credit in 2010 that was geared for first time homebuyers in 2010.  The Median price also increased from $102,900 to $117,500 in 2011.  Average days on market increased from 108 to 155, but due to some homes being relisted as new listings will tend to skew the average days on market statistic.  The average number of homes on the market per day did decrease from 490 to 440 homes.  Based on the current level of sales versus inventory, Coffee County has approximately a 14.6 month supply of homes.

May over May residential sales(MLS) Coffee County in 2011 were 30 versus 49 for the same period in 2010.  The average price of a home in Coffee County decreased from $138,925 to $120,355.    The Median price remained flat at $117,500.  Average days on market increased from 100 to 146.  The average number of homes on the market per day did decrease from 510 to 462 homes.  Based on the current level of pending listings, Coffee County has approximately a 11.2 month supply of homes.

It is still safe to say that the area is experiencing extremely slow growth at this current point of time in the year.  Typically real estate sales begin to pick up in the March-Sept months and trend downward through the remaining months.  School sessions, holidays, and corporate relocations also impact the market.

With the current absorption rate in excess of 6 months the market is still in favor of buyers.  Low interest rates also are helping those that are refinancing or purchasing at this time.  Activity does seem to be increasing slighty from my perspective, but nowhere near the levels we have seen in the past.

One of the biggest misconceptions that sellers now have is that what they paid for the home affects the value.  Too often at closings I am seeing sellers coming to the table with more money than the buyers.  There are many reasons for this, one the market shifted(depreciated), sellers refinanced(cashed out), and demand for larger homes has diminished.  It is hard to say what the actual impact each seller faces, as I dont know what is really included in the mortgage payoff.  Is it the house, a boat, a car, education, other debts, or some consolidation of all.

What do you do if a Seller? Basically you have 3 options. 1. Stay put. 2. Take the loss. 3. Short Sale/Foreclosure.  The last affects the credit worthiness of the individual and and can have further implications for the seller.  Prior to the final choice, consult with a tax advisor or an attorney.  In some cases mortgage companies will work with the individual on restructing the loan(loan modification).  Each individual is different, so seek further advice.  If you HAVE to sell, the one benefit is that you become the buyer in a favorable market.

What to do if your a Buyer?  Take advantage of the market conditions.  It may be a few years before the real estate market rebounds completely, I have no crystal ball for sure.  Once the market does correct, and it always has(so far), interest rates will increase, supply will begin to decrease, and housing prices will increase.  If you are renting now, you are buying…just not for yourself but your landlord.  Get pre-qualified to see where you stand.  Remember that real estate is a long term investment not a short term investment.

One source to search local area homes for sale is the public access site to the regional MLS(Multiple Listing Service) www.realtracs.com

Visit my site at www.JohnWOrr.com to sign up for your own personal real estate portal, or email me your home criteria and I can automatically keep you abreast of the market.

Whether buying or selling, or just want more information about real estate…”Just Call John”!

Figures are compiled from the Middle Tennessee MLS system, through May 2011. Source: Realtracs, Inc.

Simple Tips to Prevent House Fires!

from: RISMEDIA

Every year home electrical problems cause more than 28,000 house fires and massive property damage. Electrical wiring is the root cause of many of these fires, of which countless could have been prevented. May is Electrical Safety Month. MXenergy, an independent energy provider, is encouraging everyone to review key electrical safety tips.

“Quite frankly, electrical safety is a key home safety component that is often overlooked,” says Marjorie Kass, MXenergy Managing Director. “Yet the truth is, it is an essential element of any home safety plan. Proper education, awareness and action can go a long way in preventing tragedy.”

Faulty or fixed wiring or improper use of electrical cords and other electrical items cause most home fires.

MXenergy Electrical Safety Tips

• Pay Attention: Flickering lights, buzzing noises, and faceplates that are warm to the touch are all signs that a circuit may be overloaded or wiring may be wearing thin. Each one of those signs is cause for immediate attention from a licensed professional electrician.

• Listen to Your Breaker: If you are continually tripping a switch and having to reset your breaker box, your house is trying to tell you something. There may be a fixture with faulty wiring or too high an electrical load on the breaker. Again, seek professional help.

• Review and Replace: Frayed electrical cords, wobbly ceiling fans, and loose faceplates are more than mere annoyances. You should routinely inspect your home and replace or repair items in need of attention.

• Safety First: Even the best preparation and newest equipment is not a guaranteed protection against fire. Working smoke detectors on all levels of your home is an absolute must. Make sure you have a working fire extinguisher and you know the proper way to use it.

“The good news is many of these fires are avoidable,” continues Kass. “In the case of electrical safety just a little awareness and preparation can make an enormous difference.”

The Electrical Safety Foundation International (ESFI) sponsors Electrical Safety Month each May. More information and safety tips, including a home safety calendar, can be found at http://www.esfi.org.

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Searching For Your Dream Home?
Just Call John!

How to Make Ice Cream in a Bag!

from tasteofhome.com

Making homemade ice cream is an activity that can involve the whole family. Have the kids shake the bags until the liquid changes to ice cream. No one will be able to resist the taste!—Erin Hoffman, Canby, Minnesota

Ingredients

• 1 cup milk
• 2 tablespoons sugar
• 2 tablespoons evaporated milk
• 1 teaspoon vanilla extract
• 4 cups coarsely crushed ice
• 3/4 cup salt

Directions

• In a small resealable plastic bag, combine the milk, sugar, evaporated milk and vanilla. Press out air and seal. In a large resealable plastic bag, combine the ice and salt; add the sealed small bag.
• Seal the large bag; place in another large resealable plastic bag and seal. Shake and knead for 5-7 minutes or until cream mixture is thickened. Serve immediately or freeze. Yield: 1 cup.

A great treat for yourself, when you want to treat yourself to a new home, “Just Call John!”

 

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How much earnest money?

Often I am asked how much earnest money should I put down?  The answer varies from location to location.  Some sellers look at the amount of earnest money as truly how interested you are in their property.  Typically in this area of Middle Tennessee, most buyer put up a minimum of $500 to $1000, but have seen upwards to $10,000.  It is a negotiable item that sellers can come back and request more earnest money while negotiating the contract.

I have seen sellers that had multiple offers on properties accept a lower priced offer that had more earnest money than a competing offer.  So a good rule to follow is put as much down as you can, it may make all the difference in the world.

For all your real estate needs, Just call John! 931-434-6242