A study by the National Association of REALTORS, find that homes are more affordable than they ever have been since the NAR began keeping statistics in 1970.

According to the study,”The index shows the median-income family, earning just under $61,000, could afford a home costing $325,500 in the first quarter, which is more than double the national median existing single-family home price of $158,100. The median monthly mortgage principal and interest payment for a median-priced home would take only 13.5 percent of gross income”, stated Moe Veissi, President of NAR.  tional Association of REALTORS reports that for the first time since 1970 (when the NAR began collecting data), all the stars have aligned for housing to be affordable for all buyers.  This result was reached in the first quarter of 2012.

The one piece of the puzzle which still stands in the way of some buyers are lending standards.  In what many people believe to be an overreaction to the banking meltdown in 2008, lending standards are incredibly difficult – particularly for self-employed persons.  Even with those standards being difficult, it’s never been a better time to buy a home.  Call me today to discuss your situation and get an idea of how you might be able to buy now.

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Appraisals

This morning, I was reading an article posted on Inman news from a Zillow blog on the topic of how to influence your appraisal.  Interestingly, just yesterday, one of my lender partners was complaining about the number of low appraisals recently on re-finances.  The National Association of REALTORS reports that as many as 33% of all contracts for purchase in January 2012, failed due to appraisal issues.   This is a huge increase over the number that failed due to appraisal in January 2011.

The article outlined some really good suggestions – let me explain that rather than suggest that you do all of these yourself – I would suggest that you contact your Realtor to help you:

1.  Prepare comparables to your home.  Comps are the responsibility of the appraiser.  However, sometimes, the appraiser may not be familiar with your home or with your neighborhood.  A newer feature of appraisals is that in order to remove any hint of Bias, the federal government through Fannie Mae and Freddie Mac, now require lenders to either have an approved list of appraisers OR more commonly, participate in a “pool” of appraisers.  The “pool” may include appraisers from out of the area who are not familiar with your home or your neighborhood or your city.  So, it’s always a good idea to have comps ready for the appraiser.

2.  Point out features:  Most often, you or your agent will be present for the appraisal.  It is now your job or the job of your agent to point out features that your home has that others in your neighborhood may not,  for example, if you have installed new energy efficient HVAC systems or windows or a new tankless hot water heater, you should point out these types of features to the appraiser.

3.  Appeal – You can appeal an appraisal that you feel is not fair.  It may not be successful, but you, as the homeowner, do have that right to appeal to the lender.  If you decide to appeal – the best approach is using logic – not emotion!  Be prepared with facts – not your wishes and dreams and stay calm.

Let me know if you need any help with an appraisal or with any real estate need.

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Today, in my other role as President of Franklin Tomorrow, I had the privilege of attending a Breakfast with the Mayor’s event with Rogers Anderson, Mayor of Williamson county and Ken Moore, Mayor of Franklin.  The keynote speaker was Carol Evans with Legacy Parks Foundation of Knoxville, Tennessee.

The topic was increasing the public-private partnership to increase our citizens participation in the building of open space and greenways in Franklin and Williamson county.  This is accomplished now through the Friends of Franklin Parks – a wholly owned subsidiary of Franklin Tomorrow.

The discussions were very interesting and Carol brought her experiences over the past three years with the foundation in Knoxville being about to raise over 3 million (yes three million) dollars for the park system in Knoxville.  This includes donation of land – an old abandoned marble quarry and a developer’s unusable flood plain – as well as donations of time, energy and resources from citizens.

It’s a great time to live, work and play in Franklin Tennessee!  I’ve love to have you join us!

For more information about getting involved – please visit the FranklinTomorrow.org website.

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The Williamson County office of Economic Development has launched a new website specifically for new entrepreneurs in Williamson County.  The site, www.WilliamsonInnovates.com, targets entrepreneurs wanting to start businesses in Williamson County and celebrates those who have.  The launch coincides with Global Entrepreneurship Week.  Additionally, the Williamson County Office of Economic Development is partnering with Franklin Tomorrow to hold “Breakfast with the Mayors,” presented by First Farmers Bank, that will feature a panel of entrepreneurs including Mark Cleveland, CEO of Swiftwick, CeCe Moore, CEO of SweetCeCe’s Frozen Yogurt, and Michael Burcham, director of the Nashville Entrepreneur Center on November16, beginning at 7:30 a.m., on the first floor of the Corporate Centre 9 building, 6550 Carothers Parkway in Franklin. This event is free and open to the public.

The news release from the Williamson Herald stated in part, “In 2009, Business Week named Franklin “one of the Top 50 U.S. Small Cities to Start a Business and, citing 4.49 startups per 1,000 people, which ranks in the top 10 nationally ahead of the Raleigh, NC suburb Cary and the Seattle, WA suburb Bellevue. In fact, 52% of Williamson County residents over the age of 25 have at least a bachelor’s degree, 21% of the workforce is classified as entrepreneurs, and so far 1,070 business licenses have been filed in Williamson County this year.”

Wow, no wonder that Williamson County is such a great place to live, work and raise a family!

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This weekend has been unbelievable in the Williamson County area.  Friday was a beautiful, perfect spring day.  Saturday and Sunday were dark days punctuated by the piercing sounds of tornado sirens.  Cute babbling creeks quickly became raging rivers and raging rivers became strange, swirling, muddy lakes.  Many of our clients, neighbors and friends who lived in relative security above the 100 year flood plain suddenly found their homes, cars, and themselves quite literally underwater.   This week, many will spend their week trying to determine what to do next.  Here are some things you may want to consider:

1.  Before You Enter Your Home

Gather supplies – Pen, notebook, cell phone, thick rubber gloves, boots, waterproof cover-alls, camera or video camera, tools, plastic tarps

Call your insurance company.  Be patient, remember that they will be inundated with phone calls.  You will be given a claim number.  Write it down and keep it.

Take your camera or your video camera and walk completely around your home taking pictures from every angle. 

Look closely at the electrical service.  Make sure there are no downed wires anywhere around your home. 

Look closely at your foundation.  Make sure the foundation has not shifted or looks unstable in any way.

Find the main utility supplies for your home.  Turn off the water service, Turn off the electrical service, Turn off the gas service to your home. 

2.  Enter Your Home

Before you enter your home, put on your protective garments.  Flood water may have been contaminated with raw sewage, gasoline from mowers, etc.

Carefully enter your home with a friend.  Look around and make photos and notes in each area.  Remember water may have brought aquatic creatures into your home along with mud and debris.

Secure your home and remove valuables.  Look for broken windows or doors and secure with plywood sheeting.

3.  Beginnning the Restoration Process

Don’t hire the first person who shows up.  Unfortunately, there may be unscrupulous contractors who are drawn to your tragedy.  Ask your insurance company, your Realtor, your friends for recommendations.

Try to remove as much water soaked materials from your home as quickly as possible.  Many types of furniture can be saved if placed on a plastic tarp outside to dry.

Remove as much standing water as possible.

Place fans and dehumidifiers inside your home as quickly as possible.  Keep the house well ventilated when you are running sump pumps or any gasoline powered machinery.  Remember they may produce carbon monoxide.  

Act as quickly as you can to prevent further damage from water.   

This will be a very stressful time for you and your family.  Remember to take frequent breaks, find some stress relievers -laugh at the antics of children, keep yourself well hydrated, and eat nutritious meals.  Most of all, take comfort in the thoughts and prayers of your friends and neighbors.  There will be many moments of gratitude amidst the sorrow.  Relish them!

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