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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 A New Report out today by the National Association of REALTORS notes that renters say it’s cheaper and better to buy.

I’ve worked with several renters lately and discovered that the credit process through some of the property management companies was just as rigorous as the lending process.    They were requiring lots of documentation including in some cases, IRS 1040′s for the past two years.

Rental rates have increased dramatically in the past few years due to the large numbers of renters entering the marketplace.  The rental rates in our area are a minimum of $1600 for a three bedroom home.  The mortgage on a $250,000 dollar home at today’s interest rate – 3.78%  is $1162 per month on a 30 year.

With interest rates where they are, renting just doesn’t make much sense.  Call me if you would like a free loan report from my lender partner.

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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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What words can you use to describe this home?  Charming?  Cozy?

What a great home in a great neighborhood.  Life like it was – the Clevers – Front Porch conversation, great neighbors, tree lined streets, catching lightening bugs…Remember?

Relive this lifestyle in Willow Springs.  This two bedroom home is newly painted and ready for you to place your furniture.  A study in the front with bay windows is perfect for contemplating the latest reports or writing your first novel.  The dining room has french doors that open to the porch to encourage conversation and circulation among your guests.  The butler’s pantry gives you more storage for all your Mom’s antique china and crystal.  The kitchen and great room flow together.  The great room has a fireplace with gas logs and a wall of windows overlooking the courtyard.

Don’t miss out of this great one story home!

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