Music City Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Sept. 26, 2018

20 Real Estate Terms You Should Know

There is a lot of terminology that is used in the real estate industry. Whether you are buying a home for the first time, or you are just unsure of something, we compiled a list of terms and their definitions.

Adjustable Rate Mortgages vs. Fixed Rate: interest rates with an adjustable rate mortgage can fluctuate, and will usually start at a lower rate than fixed rate mortgages. Fixed rate mortgages are set when you take out a loan.

Amortization: a system of paying off a mortgage that combines interest and principal for your payments, instead of paying off the interest first

Appraisal: an estimate of the home's value based on comparable area homes and an investigation of the property (required by your lender)

Buyer's Agent vs. Listing Agent: There are typically two agents involved in a home purchase. When you are buying home, the "buyer's agent" represents you, and the "listing agent," who represents the home seller.

Closing: completing the sale of a property by meeting, signing documents, and exchanging funds

Closing costs: fees associated with purchasing a home. (typically 2-5% of the purchase price of the home, not including the down payment)

Contingencies: conditions that must be met before your deal can go through (financial contingencies, appraisal contingencies, inspection contingencies)

Contracts & offers: when you find a home that fits your needs, you place an offer. A contract is made when the offer is accepted.

Earnest money: a refundable deposit given with an offer; a payment to the seller to show that you are serious about buying the home.

Equity: the amount of your home you actually own, the difference between the home's market value and the unpaid balance of the mortgage

Home warranty: fee paid to protect against future problems (heating, plumbing, other maintenance) 

Inspection: an examination of a home's plumbing, electrical, walls, foundation, HVAC, appliances, and etc. An inspection is scheduled after you make an offer, and typically costs between $500 - $800.

Listings: homes that are currently for sale

MLS: Acronym for Multiple Listing Service. It is an organization that gathers and distributes home and property information to its private members.

Pre-approval: a letter from the bank that provides an estimate of how much they will lend you. You should obtain this before you even look for a home.

Private mortgage insurance: premium paid by the buyer to protect the lender if you cannot pay your mortgage. 

Real estate agent: a professional who has earned a real estate license. Agents work under the supervision of a broker. View the Tennessee requirements here.

Real estate broker: a real estate agent that has passed a state broker's exam, and has met the minimum transaction amount required by their state

REALTOR®: a real estate agent that is a member of the National Association of REALTORS®. REALTORS® uphold standards and the code of ethics set out by the organization.

Title insurance: an insurance policy that protects owners and lenders against loss or or damage

Do you have questions about real estate? Are you looking to buy or sell a home? Maybe you are even looking to start a new career! We would love to hear from you. Reach out to us, 615.815.1295

 

 

 

 

Posted in Buying a Home
Sept. 21, 2018

Should you buy or rent?

For years, homeownership has been the foundation of the American Dream. Are you trying to decide whether to buy a home or rent? Both have their own pros and cons. There are several factors that can help you decide which is best for you: your current finances, long-term goals & plans, and the area real estate market.

Ask yourself these questions:

  1. What can you afford?
  2. How much savings do I have?
  3. Do I want flexibility or stability?
  4. Do you want responsibility to make repairs?
  5. What are your goals?

Calculate the difference

Renting

The first step in your consideration should be determining what you can afford and comparing the difference in cost and your personal preferences. Typically, rent expenses are fixed for the duration of your lease. The monthly rent can sometimes include other utilities or amenities like water, electric, internet, gas, cable, and etc. Most leases require a security deposit or upfront payment and usually require you to purchase renters insurance. These cost can quickly climb over $1000. When you rent, the landlord generally assumes responsibility for any issues with your unit or house. So rest assured when the faucet starts dripping again or if the air conditioning stops blowing on a mid-July day. Too, remember, after the lease has expired, the landlord can change the rent or re-lease the property to someone else. 

Buying

Again, first consider what you can afford and how much money you have in savings. When you buy a home, most mortgage lenders will require a down payment of up to 20% of the home's price. But, no need to fear, many lenders today can lend with as little as 3.5% to 5% down. Additionally, expect to pay closing costs. Those are about 2% to 4% of the home's price. With a home, you will be responsible for the cost of any repairs or maintenance that need to be done. These costs and responsibilities can be overwhelming and seem like a large amount of money up front. However, long-term, buying can save thousands. Buying a home is an investment that builds equity. If you later sell your home, you can see that money again.

Pros and Cons

Of Renting

Pros

  • Flexibility & mobility
  • Short-term savings
  • No time or money spent on maintenance
  • Complex perks & amenities 

Cons

  • No equity
  • Limited property control
  • Fluctuating rent after lease
  • Possible compromise in privacy

Of Buying

Pros

Cons

  • Costly upfront
  • Limited flexibility & mobility
  • Responsible for maintenance 
  • Extra costs (cable, internet, trash service, etc.)

Should you buy or rent? Take a look at what you can afford, your goals, and consider the pros and cons. Now is the perfect time to buy in the Nashville area! If you're unsure, our helpful agents at Music City Experts would be glad to talk with you and discuss what best fits your individual needs. Give us a shout, 615.815.1295

 

Posted in Buying a Home
Sept. 7, 2018

Nashville Scene Taco Week

It's the most delicious time of the year -- Nashville Scene's annual Taco Week is here! For the rest of this week, you are able to indulge in $2 tacos at participating restaurants in the Nashville area. Visit Nashville Scene's website to check out the full list of restaurants that are taking part. Plus, share your #SceneTacoWeek18 outing on social media to be entered into Nashville Scene's contest. We want to see you celebrate tacos in Nashville, too; be sure to tag @musiccityexperts in your posts!

Our team loves a good taco, so we rounded up a few of their top picks from the participating restaurants.

Photo via Nashville Scene

Kelly's Pick

NomZilla. Kelly is excited to try this specialty taco with a twist -- spicy pork and kimchi!

Ryan's Pick

Nada and Subculture. Ryan loves the carnitas at both of these taco destinations!

Laura's Pick

Las Palmas. Laura cannot wait to try the Bless Your Heart taco from Las Palmas. How could you not wonder what it is all about?

Holden's Pick

That Awesome Taco Truck. Holden loves grabbing a quick bite from a unique local food truck, so he would love to try the Chicken & Black Mole taco!

#SceneTacoWeek18 is going on through Sunday, September 9. Run out this weekend and enjoy $2 tacos at some of the Nashville area's favorite spots.

See the full list or restaurants here >>

Posted in Community News
Aug. 31, 2018

Renovation Homes for the Outpriced Natives In Nashville

Several years after the housing bubble in 2008, the Nashville market bounced back and has steadily been increasing -- it's booming right now! As a result, though, prices for homes in the Nashville area are skyrocketing. Unfortunately, this poses a problem for many natives in Nashville. 

A contributing factor, salaries and wages in the Greater Nashville area have not been equally increasing with the rising prices of homes. 

There are many Nashvillians who would like to sell, however, a large majority of them opt to stay in their current home, or continue to rent, because they will have to spend much more money to ultimately get a smaller house with less land, fewer amenities, and possibly in a less desirable area.

In addition to pricing and affordability being a stumbling block, there is usually a list of wants and needs that home buyers have when looking for a home. Maybe the buyer wants a three-bedroom & two-bath home, close proximity to Downtown, certain appliances & conveniences, or to live within a certain area of a school. It can be difficult to check off all of these needs, while staying within a certain price range.

While it may seem impossible to find all of these wants in a home, fear not! A renovation loan could make it possible.

This week, we attended a class entitled, "Renovation Homes for the Outpriced Natives in Nashville" presented by Anna Cook at Summit Funding & Magnolia Title & Escrow.

There are several benefits to renovating:

1. You can do what you want.

Make your home look just like the one you saw on Pinterest.

2. Get into the neighborhood you want.

If you can't find your dream home in your dream neighborhood, look around at older homes in the area that could use a little TLC. Buy a home at a lower price point, and add the amenities and upgrades you want while saving money on a new or already renovated home.

3. Increase the value of your current home.

Prepare your home for the market and make top dollar by renovating it.

4. There are many improvements that can be included.

There are various guidelines that apply to renovation loans, however, there are no required improvements or restrictions on the type of renovations. 

 

Let Music City Experts help you find your renovation home. Give us a call! We'd love to hear from you. 615.815.1295

 

Posted in Market Updates
Aug. 24, 2018

Fork & Vine Supporting S.A.F.E.

The third annual Fork & Vine dinner and silent auction will be held at Gratidude Ranch on Friday, September 28th from 6-9 p.m. The dinner is the largest fundraising event that benefits S.A.F.E. (Safe, Affirming, Family Environment). It allows the non-profit to continue providing services to the community -- in particular, to local foster families and children in Middle Tennessee.

S.A.F.E.'s mission: "Providing a safe, affirming, family environment where families and children are supported through the power of community, nature, kindness, acceptance, and education." 

The evening will include a farm-to-table meal in a magical meadow, fine wines, live entertainment, guest speakers and presenters, a celebrity guest appearance, and a silent auction. Whether you're a business looking to reserve a table or an individual interested in coming, we would love for you to attend this beautiful event. You can find more information about reserving a table or purchasing individual tickets here.

Jason Warner, REALTOR® at Music City Experts, is the Executive Director at S.A.F.E. and is a partner at Gratitude Ranch. This event is very special to him and everyone on the Music City Experts team.Last year was a beautiful experience, and we can not wait for this year's. We hope to see you there! You can find more details below& on the S.A.F.E. website.

 

Friday, September 28 | 6 - 9 p.m.

Gratidude Ranch

7517 Pewitt Road

Franklin, Tennessee 37064

Jason Warner, REALTOR®

Posted in Community News
Aug. 17, 2018

Listings Spotlight | August

The idea of finding and buying a home can be overwhelming and daunting. Our agents are here to help make your road to homeownership as simple and joyful as possible. Are you looking for a home or property in the Nashville area? Take a look at some of our agent's listings in this month's spotlight:

 1. 801 Village Court, Nashville, Tennessee 37206

This listing is a quaint home on a corner located in East Nashville. It features three bedrooms and one full and one half bath. Find out more details on the listing page >> 

 

2. Coach Drive, White Bluff, Tennessee 37187

Build your dream home on 20 acres of gorgeous wooded land. You'll enjoy peaceful rural living with a spring-fed creek and an abundance of wildlife. The best part? Easily commute to Nashville or Dickson. It's the best of both worlds. Make dreams happen >>

 

3. 2310 Elliott Avenue, Nashville, Tennessee 37204, Apartment at Park at Melrose

This gorgeous ground floor corner lot in the Park at Melrose complex is sure to go quickly, so act fast! This unit features freshly painted walls, granite countertops, and hardwood floors. You'll love the close proximity to 12th Avenue South and a new Publix (coming 2019). Learn more about this listing >>

4. 7316 Allans Ridge Lane, Fairview, Tennessee, 37062

This coveted, luxurious, contemporary home features, gourmet kitchen, dining and living area, master suite, area for a pool, and much more! Get all of the details >>

5. 1084 Solomon Lane, Spring Hill, Tennessee 37174

This home was just reduced! This stunning five bedroom, three full bath home will not disappoint! See what else this home has to offer >>

6. 2144 Kirkwall Drive, Nolensville, Tennessee 37135

This beautiful home is less than three years old and has all the upgrades you would want! Why build new? See more >>

See one you love? Reach out to Music City Experts! We can guide you through the process & make your home buying journey a blast. Give us a shout! 615.815.1295 

 

Posted in Buying a Home
Aug. 10, 2018

The Hottest Neighborhoods in Nashville

In our past few blog posts, we highlighted the Nashville food scene. For many reasons, Nashville is the place to be right now -- in fact, Music City has the fastest growing housing inventory in the country! Nashville's charming and unique neighborhoods, with unprecedented resurgence, are no doubt one of the reasons for such rapid growth. In this week's blog post, let's take a look at some of the hottest neighborhoods (which are also some of our favorites) in the Nashville area.

1. East Nashville

After being overlooked for years, East Nashville has turned into what is quite the hot real estate market. You'll find renovations on almost every block, along with a unique local shop or restaurant. East Nashville definitely competes for the top hottest area!

2. The Gulch

Growth in The Gulch is booming. The convenience of living in this area is almost incomparable to anywhere else in Music City. 

Numerous high-rise condos and apartment buildings keep popping up, and these luxurious buildings are conveniently surrounded by some of Nashville's best restaurants, juice bars, and stores. Who could say no to that as a backyard?

3. 12th South

You've probably seen all of the Instagram pictures of this Nashville neighborhood. 12th South is a bustling area of housing and tourism. 

Its diverse mix of shoppes, restaurants, bakeries, and unique homes make it a go-to spot for young families or others looking to buy their first home. (Its also home to one of the most iconic Nashville murals.)

4. Germantown

One of Nashville's oldest historic neighborhoods is getting a make-over! New buildings are being built on the quaint, tree-lined streets and people are running to them! Downtown is just a short drive away, and the Nashville Farmer's Market is within walking distance. Germantown is a great area to live, work, and play. Each Fall, one of the largest festivals in Nashville, Octoberfest, takes place on the area's streets.

5. Sylvan Park & West End

The last area, but certainly not the end of the list of charming areas around town, is Sylvan Park & West End. Just like in East Nashville, you will find resurgence, remodeling, and construction on nearly every block. Living in this area you have prime access to Charlotte Pike and West End Avenue -- also areas that are getting better by the day. Residents enjoy quick and easy access to downtown, I-440, and I-40. You'll find even more unique restaurants plus great schools in the area.

 

How could anyone ever pick where to live in Nashville? These neighborhoods are all special in their own way. Narrow down your search and take a look at the area listings. Our interactive map makes it easy to find the home or condo right for you. Have any questions? Reach out to The Experts. We're always happy to help you find the home that matches you.

Posted in Real Estate News
July 30, 2018

Know Your Credit | Leaving A Legacy Of Homeownership

Buying a home can be a rather daunting task. There is so much more involved than just packing your bags and finding your dream home. But, with preparation and dedication, becoming a homeowner can be a reality!

Simone Sibley, a licensed REALTOR® with Music City Experts, LLC, has a strong passion for empowering sustainability within communities. Specializing in compassionately educating and assisting first-time homebuyers, she loves meeting people and helping them understand that homeownership is far from impossible.

Simone is hosting a four part series, Leaving A Legacy Of Homeownership. One of the most important aspects when buying a home is your credit. Fittingly, the first part of Simone's series was all about knowing your credit. Did you miss it? Catch up on some of the takeaways here.

Guest speaker and Field Trainer/Credit Specialist from Financial Education Services, Robert Hall, highlighted some of the most important aspects to building, repairing, and maintaining good credit:

Improve Your Credit

A good to excellent credit score is key to finding the best deals on the market. No credit, bad credit? No worries. It is more than possible to build or repair your credit. There are several factors that determine your credit score. Focusing on these is a great way to help your score.

On-time Payments

Do you pay your bills on-time? Do you currently have delinquent accounts on your credit report? The greatest portion of your score, 35%, comes from making your payments in a timely manner. 

Credit Utilization

It's easy to get carried away with that shiny new credit card. Be careful to not max out your limit -- or even approach it -- if you want to keep your credit in pristine shape. Your usage makes up a whopping 30% of your score. The recommended credit utilization is no more than 30% of your total credit allowance. However, a lower utilization percentage around 10%-15% is preferable.

Breakdown. If you have a limit of $1000 and your balance is $500, you're utilizing 50% of your credit. This impacts your score! Watch how much you swipe or pay down your cards mid-billing cycle.

History

15% of your score is attributed to how long you've had credit lines. You can't control time, but make sure to start building credit as soon as possible. A credit card from a reputable bank is a great way to get started.

Inquiries

Watch out how often you apply for credit. 

Many times banks or other lenders will initiate a hard credit report inquiry when you apply. A few inquiries on your report won't affect your score. However, if you start to accumulate numerous inquiries, especially in a short period of time, your score will likely take a ding. Lots of inquiries make you seem risky. 10% of your score comes from this category.

Mix

Do you only have credit cards? Or, what about a wallet full of department store cards? (Eeekk!) The final 10% of your score depends on what your credit mix looks like. In addition to cards, various loans (like student loans, car loans, personal loans, etc.), and mortgages contribute to your credit mix. Improve your score by adding a mix to your credit history -- just make sure you handle them responsibly.

Your credit is the most important factor in the road to homeownership. Use your credit lines responsibly to build and maintain a healthy credit score -- and eventually achieve the coveted 700+ score that will land you the best deals on the market.

Part 2 of the Leaving A Legacy Of Homeownership Series covers #FinancialHomePrep -- How to Budget & Debt Snowball into Your First Home. Follow Music City Experts and Simone on social media to stay updated. 

Posted in Buying a Home
July 27, 2018

National Chicken Wing Day

Say what? That's right. This Sunday, July 29th is National Chicken Wing Day and our team at Music City Experts is totally here for it. Last week on the blog, we celebrated Nashville Scene's 4th annual Burger Week, so it's only fitting to keep the food theme going, right?

However you like your wings, hot & spicy, sweet & tangy, with ranch, or simple & plain, whatever the case -- there is certainly a reason to celebrate.

Like last week, we've gathered a few of our team member's favorite spots to grab wings in the Nashville area.

National Chicken Wing Day Logo

Photo via NationalChickenWingDay.com

 

Justin's Pick

Wing Stop. Who cares if it is a chain. Justin loves them! The fries are equally as good as the wings, and they have real ranch -- not the wanna-be fake stuff.

Greg's Pick

Broadway Brew House and Mojo Grill. They have delicious Cajun wings and lots of others to try. Greg likes his wings spicy!

Noel's Pick

Riverside Grill Shack. It's a cute little "shack" with outdoor picnic style seating. Noel is in love with the Cajun dry rub wings and thick cut fries -- so delicious!

Jason's Pick

BB's Bar-B-Q. Jason loves their homemade sauce... it's off the charts!

 

Where are you celebrating today? Tell us in the comments or post a picture on Instagram and tag us @musiccityexperts.

Posted in Community News
July 20, 2018

Nashville Scene Burger Week

Unarguably, any Nashvillian will say that one of the best perks of living in Music City is the fantastic food scene. From southern comfort food and hot chicken to pizza and fine dining -- there is a plethora of options.

This week, it's all about the burgers. It's Nashville Scene's 4th annual Burger Week! There are over 30 restaurants across the Nashville area that are participating in this year's #SceneBurgerWeek18. Oh, and by the way -- these restaurants are offering gourmet burgers for $5!

We've rounded up a few of our team's top picks from the participating restaurants.

Nashville Scene Burger Week Graphic, via Nashville Scene

Photo via Nashville Scene

Laura's Pick

Bavarian Bierhaus. Our owner, Laura, would love to try the Bavarian Beirhaus burger. Who can say no to something with beef and cheese on a pretzel bun? 

Beth's Pick

Burger Republic. Burger Republic is an absolute favorite of Beth's. It’s family friendly, you come as you are, and the burgers are always amazing. Plus, how could you turn down the $5 East Coast Burger?

Adrienne's Pick

Makeready. Adrienne would love to try the L&L Burger from Makeready. She loves a simple burger. Some places make their burgers so complicated. She doesn't need all of the frills -- just a couple of delicious toppings.

Shawn's Pick

Nashville Underground. Shawn doesn't like to get too crazy with burgers, either. He likes simple; simple stays out of his beard! The Nashville Underground Burger is packed full of flavor and it comes with fries. He's a sucker for both!

Holden's Pick

Farm Burger. Holden loves that Farm Burger uses grass-fed beef and sources fresh, local ingredients. Peaches are his favorite summertime fruit, so their $5 #SceneBurgerWeek18 special, The Peach Burger, is so tempting.

Check out the full list of participating restaurants on Nashville Scene's website. >>

#SceneBurgerWeek18 is going on through Sunday, July 22. This weekend, go indulge in at $5 specialty burger at some of the community's favorite eateries. Make sure to snap a picture this weekend and tag @musiccityexperts and @nashvillescene on Instagram.

Posted in Community News