Brentwood, TN Real Estate News

By Kevin Michelson, MBA, Nashville Insurance
(Liberty Mutual)
Here we are on the dawn of the first trading day following IndyMac's collapse and the Federal Government's prop up of Fannie Mae and Freddie Mac and I must say that I'm not sure how the market will react. First, Fannie and Freddie have always had the implied backing of the Federal Government. And while they still say that don't need it, the Fed has made unprecidended statements about these GSE's access to fund through the Fed. Our founding fathers were wise - checks and balances work. And when Fannie and Freddie were created, the check and balance always was that the Government would step in if needed. Welcome to one of the most unique times their 80 year history! Second, IndyMac is now in FDIC hands. Before today, I knew two things about IndyMac - they were notorious for delaying closi...
Comments 3
By TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029
(Complete Home Inspections, Inc.)
A few weeks ago, someone wrote an article about HOA’s getting too powerful and I wish that I could remember who wrote that piece but I do remember commenting on it. Well, it seems as if the HOA for my subdivision has up and done it again… It seems as if some of the ‘hoity toity, Brentwood for Lunch Bunch’ has been ‘offended’ by some of us ‘commoners’ putting our roll out trash bins at the curb for curbside pick up. The edict was in my post box on Wednesday afternoon and my trash pick-up day is on Thursday. As Brentwood does not have city service and totally relies on independent haulers it was too late for me to ‘comply’ with this latest and greatest… So on Thursday, I wheel my trash to the curb thinking surely they will give us ‘scoff laws’ until next week to comply… I no sooner set th...
Comments 15
By TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029
(Complete Home Inspections, Inc.)
It is not unusual for clients in this area to "price shop" home inspections or other services as part of the property transaction process. I used to waste a lot of time trying to "convince" them that ours was the best company to use... Why not? We feel that we do give our clients the best service for their money... I just give them the price and urge them to make their decision on quality and not price. I understand that some people are tight on cash and want to get the "best for the buck" and often go with the cheapest service provider. Cheaper is not always better... I find that quality in any service costs a little more but in the long run is well worth the price... The bitterness of poor quality lingers on after the sweetness of low prices has been forgotten...  Complete Home Inspec...
Comments 11
By Dr. Doris Marlow, Brentwood Real Estate
(Brentview Realty)
The Governors Club in Brentwood, Tennessee, is a very popular area that boasts of great amenities.  The Governors Club is a gated community that attracts athletes and country music stars who appreciate the privacy and guarded entrance.  The Governors Club in Brentwood, Tennessee, recently won the National Landscaping Award of Excellence.  The property is maintained by the leading landscaping company, LSI, and LSI strives to provide annual variety in presentation.  For more information concerning The Governors Club or other Brentwood, Tennessee, area homes, please visit my website, dorismarlow.com.  
Comments 1
I just got off the phone with the most incredible person. I come into the office early to do things w/out being interrupted. It also gives me time to go to AR and read other peoples posts. I admit I'm a newbie. AND I'm a little afraid of blogging.   This is me:  I taught a class last year to new agents about marketing and farming. I told them about my experience in Chicago, where I first got my license to sell real estate. I was so afraid of doing something wrong that I spent my first year learning. I didn't sell a house but I got my GRI and learned a lot. My point was You don't have to know everything. Just get out there and do it. Back to blogging... I am reading this great post by Margaret Rome in technology about what she uses. Her tech toys are very common you know a laptop, digita...
Comments 79
By Maria Holland, Realtor, ABR, GRI, CDPE, SFR
(RE/Max Homes & Estates, ABR,GRI, CDPE, SFR)
Maria Holland | American Heritage Realty, Inc. | mariaholland@comcast.net | 615-289-6056 7026 Willowick Drive, Brentwood, TN Gorgeous One-Owner Custom Built Home with park like yard that backs up to Woods. 4BR/2.5BA Single Family House offered at $524,900 Year Built 1991 Sq Footage 4,018 Bedrooms 4 Bathrooms 2 full, 1 partial Floors 2 Parking 2 Car garage Lot Size .50 acres HOA/Maint $30 per month DESCRIPTION 7026 Willowick Drive Large living areas, newly remodeled kitchen, hardwood floors, 2-story den, walk in closets and storage abound in this 4018 sq ft sprawling home. You will love the private backyard retreat that backs up to woods with the pond & waterfall. Large deck features a hot tub & built in seating for entertaining lots of friends or family or simply enjoying your back yar...
Comments 0
By Kevin Michelson, MBA, Nashville Insurance
(Liberty Mutual)
The State of Florida is suing Countrywide for misreprenting loan programs and aggressively approving subprime borrowers. "It is unthinkable that a company would try to take advantage of someone's dream of homeownership," Florida Attorney General Bill McCollum said in a statement. I was taught in Journalism School to follow the money. If something stinks, follow the money and you'll probably find the source of the smell. Human beings originate loans and those humans can have ethics and morals below were we'd hope them to be. It sounds like CW management pushed deals that shouldn't be done. Again, humans making mistakes. But let's follow the money... Management and shareholders make money when the company closes loans - thus the short sighted desire to push deals through. (most Underwrite...
Comments 8
By David Zopf, Put others first and you will never be second.
(Guaranteed Rate NMLS# 2611)
The Feds did indeed hold rates steady this time around. I think that is good and hope for a couple more decisions just like that the next times they meet on August 5 and September 16. Rates this week have stayed within .125% up or down of where they were last week and the 6 Month Libor nudged a bit lower. I am in town this weekend so please don’t hesitate to call if there is anything I can do for you or one of your buyers. Have a great weekend and I look forward to hearing from you soon. Thanks for reading!! dz   30 Yr Fixed Conforming (95%) – 6.5% 15 Yr Fixed Conforming – 5.875% 30 Yr Fixed Jumbo 6.625% 5/1 LIBOR ARM – 6.75% 7/1 LIBOR ARM – 6.75% 30 Yr Flex 97 – 6.825% 30 Yr FHA – 6.375% Prime 5% 6 Month Libor – 3.22% Last week 6 Month Libor – 3.18% This week
Comments 5
By Kevin Michelson, MBA, Nashville Insurance
(Liberty Mutual)
Diane (I've Never Seen Any Good News in the Market) Olnick is reporting that sales nationwide are holding at just under 5 million homes in May which is good, but that 33% of the homes selling are those either in foreclosure or approaching foreclosure. She quotes "the Realtors" as saying 33% are distressed. Is that the National Association of REALTORS or a pity party of former Realtors hanging out at Starbucks? I was a Journalism Major - I was taught that if you can't clearly state your source, then you'd better think twice about publishing the story. Who is the source of that quote? Is it actual data or someone's hunch? Her article on cnbc.com is titled "Existing Sales Rise, But Look At What's Selling". I'm sorry, but isn't it obvious that the homes with the best value would sell first?...
Comments 0
By Kevin Michelson, MBA, Nashville Insurance
(Liberty Mutual)
With Mortgage Backed Securities (MBS) markets in turmoil for about a year now, the new emphasis for loans with a higher Loan to Value than 90%. Why is this? The answer lies with Ginnie Mae (GNMA) - Fannie Mae and Freddie Mac's cousin specializing on Government loans - and the way their loans are insured. Fannie and Freddie don't guarantee payments on home loans, but the FHA does. Does the FHA guarantee the servicer payments and also the payments on underlying collateral? FHA guarantees for a fee (known as MIP) to the GNMA MBS security issuer that the borrower will make their payments, but if the borrower fails, then the security issuer has to service the loan through foreclosure, and submit the costs to FHA for reimbursement. During that time, the Security issuer (servicer) also must ad...
Comments 2
By Kevin Michelson, MBA, Nashville Insurance
(Liberty Mutual)
CNBC is reporting today that the last 3 weeks' spike in interest rates has caused some buyers to get off the sidelines, go to contract and lock in rates before they go even higher. The fear of loss is an interesting thing. Buyers were fearful of making easy money just 3 & 4 years ago so they often made a deal with the devil to get into investment homes or primary homes way above their means. And here we see the fear of higher rates getting people to buy today. So does that mean we raise home prices to "scare" people into buying? Well, if the other 25,000 home sellers in  Middle TN went along, it would probably work. But this is a market driven economy and that simply won't happen. But it looks like some buyers are willing to pass on potential price decreases to ensure a low interest rat...
Comments 3
By Kevin Michelson, MBA, Nashville Insurance
(Liberty Mutual)
The market is still commanding a premium on Mortgage Backed Securities relative to 4 weeks ago - the talk of inflation has investors on the sideline forcing rates up. However, this morning we are enjoying the lowest rate of the last 2 weeks. We aren't back to the mid-5's but it looks like we're getting some relief for a bit. Remember, the rates ALWAYS got up quicker than they go down. Give me a call for a quote on your scenario and lock in the relief we are seeing.
Comments 0
By Kevin Michelson, MBA, Nashville Insurance
(Liberty Mutual)
Today the Tennessean is reporting about the increased and unusual incentives being offered by sellers. (see the link below) One builder is offering a car or a trip or a year's tuition to Vanderbilt. Sounds great! But buyers need to be aware that such incentives will likely reduce the amount that a lender can lend off of, essentially voiding the incentive. For example: Sales Price:  $350,000 Incentive:   $10,000 Sale Price Lender will use:  $340,000* *This number is then the starting point for all lending factors - ie, 80% LTV, appraisal, ect 80% LTV = $272,000 Borrower would bring $78,000 to closing ($350k - $272k) plus any closing costs and prepaids   In this scenario the borrower would have to bring an extra $8k to closing to cover the reduction - so there is NO incentive! Now this on...
Comments 3
By Kevin Michelson, MBA, Nashville Insurance
(Liberty Mutual)
Changes to FHA Mortgage Insurance are right around the corner. Please get your clients to application BEFORE July 14th in order to enjoy the current 1.5% Upfront Premium and .5% Monthly for all borrowers. After July 14th, FHA will istitute a risked based Mortgage Insurance schedule - outlined below. Please note - the FHA case number must be assigned by July 14th. It would be wise to get to application a day or two earlier to make sure the number is assigned by the 14th. Also note, case numbers are specific to the borrower AND the property address. If the inspection fails and we find another property AFTER the 14th, we'll be subject to the new schedule. Also note - the schedule below provides premiums for credit scores BELOW 580. FHA does allow loans below 580, however, Automated Underwr...
Comments 1
By Kevin Michelson, MBA, Nashville Insurance
(Liberty Mutual)
Market Comment - Week of June 16th, 2008 Mortgage bond prices fell pushing mortgage interest rates higher. Inflation fears were fanned once again by Fed Chairman Bernanke with warnings that the Fed may have to begin raising rates sooner than most analysts expected. Stronger than expected retail sales figures piled on an already battered mortgage bond market pushing bond prices lower and rates higher. Oil prices remained volatile, which continued to fan inflation fears. For the week, interest rates on government and conventional loans rose over a full discount point.The producer price index Tuesday will be the most important event this week. Housing starts, industrial production, capacity use, and leading economic indicators data may also move the market. Expect oil and stocks to contin...
Comments 1
By Larry Brewer - Benchmark Realty llc
(Benchmark Realty LLc)
Mcgavock Farms is a Brentwood Tennessee neighborhood minutes from highly ranked Brentwood high school, and Granny White Park. This luxury neighborhood in the heart of Brentwood has extensive walking trails and large spacious lots. Mcgavock Farms homes range from $1,000,000 to $4,495,000. And sizes from 4800 square ft to 14,000 square ft. The neighborhoods easy access to I-65 at concord road, the best shopping in Tennessee at Cool Springs mall, and Green Hills mall, and an easy commute to downtown Nashville and the Nashville International airport, make it a popular choice for discriminating home buyers. Mcgavock Farms was the location for the Battle of the Barrels during the Civil War. For more information on the Battle please read Michael Thorntons Blog.  For a list of homes for sale in...
Comments 2
By Larry Brewer - Benchmark Realty llc
(Benchmark Realty LLc)
Inglehame Farms is located at the corner of Split log road and Wilson pk, just minutes from Cool Springs, Inglehame farms is best know for it's great location and excellent value. The 176 homes in Inglehame Farms range in size from 3115 square ft to more than 5000 square ft. Prices are $600,000 to $870,000. Nationally recognized Brentwood schools (Kenrose elementary, Woodland Middle, Ravenwood high school), and outstanding amenities including a pool, clubhouse, lots of common areas, The miles of paved  brentwood bike and walking paths are also available for your use. For more information about Inglehame farms real estate please call Larry Brewer at 615-512-7853.  Search for Inglehame homes for sale here
Comments 0
By Kevin Michelson, MBA, Nashville Insurance
(Liberty Mutual)
To say that I'm tired of the media's constant negative coverage of the Real Estate Market is an understatement. As a former journalist, I'm disgusted by the coverage. Case in point is today's numbers from RealyTrac (a firm that makes money by helping people location foreclosures - not exactly an impartial source) showing that foreclosures jumped 48% in May. OK, a 48% increase is pretty significant increase but the percentage doesn't tell the entire story. To try to be more compelling (remeber, they are selling memberships to their site) the story also also goes on to state that 1 in every 483 homes in the US is in foreclosure. On the surface this sounds devastating - perhaps we should just give the keys back to the bank and move to Canada - no Europe's economy is probably better. Let's ...
Comments 4
By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
 Brentwood TN Real Estate Mortgage bond prices fell pushing mortgage interest rates higher. Inflation fears were fanned by Fed Chairman Bernanke's comments indicating "longer-term inflation expectations have risen in recent months, which is a significant concern for the Federal Reserve." Oil prices retreated to near $122 per barrel the early portion of the week only to bounce higher Friday with prices around $138 per barrel.For the week, interest rates on government and conventional loans rose by about 1/2 of a discount point.The consumer price index Friday will be the most important event this week. Trade data and retail sales may also move the market. Expect oil and stocks to continue to factor into trading, as inflation fears remain a concern. Economic Factors Economic Indicator Rel...
Comments 0
By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
Brentwood TN Real Estate: Mortgage Bonds were helped this morning, after a rough open, by news that the Unemployment Rate increased to 5.50%, up from 5% last month. As you know, bad news in employment usually fuels good news for mortgages.   Speaking of fuel, oil prices continue to spark inflation fears, which are always a key negative indicator for mortgages. This coupled with statements made by the European Central Bank of potential rate increases, will surely put pressure on the dollar, making foreign goods and services more expensive in the U.S. and also contributing to inflation.   I will continue to keep close tabs on inflation indicators, and as things change I will continue to keep Brentwood TN Homes and Real Estate readers informed. *Information Courtesy Tonya Esquibel, WR Sta...
Comments 4