After three home inspections in the last week I have seen the importance of the home inspection process. First off, home inspectors should be licensed professionals, and most are, however, most want to give their opinion not just the facts. If there is a dry water spot under the cabinet, the inspector’s job should be to evaluate whether there is a current leak or not. The inspector shouldn’t be telling the prospective buyer the leak might be from….. The fact is whether there is a problem today, not yesterday or tomorrow. Now that’s just one example and many more like it exist during the course of a two hour journey through this house. The homebuyer should realize that buying a home is buying ongoing maintenance, just like buying an automobile. The home inspection let’s you know what it needs today and no one has a crystal ball to tell the future.
The Real Estate Market in 2010 didn’t see the overall increase that a lot of folks were hoping for, including myself. We didn’t see the landslide continue like we did in 2008 and 2009, however we didn’t completely hit the bottom either. We have leveled out for the most part and can see the upswing in the windshield clearly as long as we don’t have anything unexpected happen. Consumer confidence is getting better if this Christmas shopping season is any indication.
2011 should bring a decrease in inventory of houses on the market in the first couple of months followed by an increase through the early fall, then decreasing again in the fall.
The number of Real Estate Agents will probably fall after the end of 2010 due to the number of home sales with most agents selling less than years previous.
Home prices should have stabilized in the lower price points with the higher price points still on a decrease at a slower rate. We still have about an 8 month supply of homes overall with over a 12 month supply in the higher price points.
Expect an increase in new home construction in 2011 compared to the almost non existent market we’ve seen in the last couple of years. New construction prices will be on the rise also. Residential lots have hopefully hit close to the bottom and we should see those level out in 2011.
Foreclosures and short-sales are still at high levels and will most likely continue through 2011. They account for about one-fourth of home sales at present.
Interest rates have climbed in the last couple of months of 2010, but don’t see a huge increase in 2011, they should stay in the 5′s, but as the economy improves the rates will increase.
We still have obstacles to overcome such as the National Debt, State Debt, Regulatory Reforms, Foreclosures and the Banking Industry getting on solid footing. However interest rates are at all time lows, the job market is stabilizing and consumer confidence is on the rise.
My job is to be a Real Estate Agent and/or Advisor. If you have any questions concerning whether now is the time for you to jump into the market, whether buying or selling, we can sit down and look at your particular circumstances. Just give me a call.
Old Timers Day
The Old Timers Day celebration is held each year on the 3td Saturday of September. Each year this celebration gets bigger and bigger. The festivities start off with a parade down through town, ending at Veterans Memorial Park where most of the events are held. There are lots of entertainers, booths, and fun things for the kids. Visit www.LaVergne.org for more info. I have attached a few pictures of my entry in the parade.
Old Timers Day Parade in LaVergne, TN
Old Timers Day Parade in LaVergne, TN
Old Timers Day Parade in LaVergne TNOld Timers Day Parade in LaVergne, TNOld Timers Day Parade in LaVergne, TN
Cruise-In Tonight
The Murfreesboro Hot Rod Association is hosting it’s weekly Cruise-In tonight (Friday, July 24th) from 5:00 – 9:00 p.m. at The Avenue. If you’re coming from Nashville, take the Medical Center Parkway exit and turn left. The cars will be behind Belk … There have been up to 700 of ALL KINDS OF CARS at times! Show up in anything and everything…
You can find me driving my 1965 Ford Galaxie 500 Convertible. See you there… tonight and every Friday, May through October.
Welcome to the New Site
I am in the process of converting my old web page to this new WordPress software to provide more up-to-date information to home buyers and sellers in the Middle Tennessee real estate market. I hope you’ll stop by often, feel welcome to comment, and ask any real estate related questions you might have.
