Brentwood, TN Real Estate News

By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
 There are well over 450 different mortgage products on the market today. There are hundreds of different mortgage companies who offer slightly different versions of each of those products. And each of those products has a range of interest rates that could be offered on any given day.  #1 factor is your credit scores. Your credit history is collected by 3 different credit bureaus. When you make application for a home loan, the lender will get a credit score from each of the three credit bureaus. Most lenders use the median (numeric middle of the 3) as the score with which they will underwrite your loan. The higher your credit score, the better your credit grade. Most of the mortgage products on the market usually have a higher rate for lower scores and a lower rate for higher scores. #...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
Review of Last Week FINANCIALS COME CLEAN, MARKETS SHINE... The week on Wall Street began with financial powerhouse Merrill Lynch 'fessing up to a $7.9 billion third quarter write down for their collateralized debt obligations (CDOs) and U.S. subprime mortgages. This was a substantial revision upward from the $4.5 billion they told us to expect. The net result? Merrill's stock finishe d up for the week. On Friday, mortgage lender Countrywide posted a wider than forecast loss of $1.2 billion, but projected a return to profitability by the end of the year. This outlook soothed investors who sent Countrywide shares up 32%! Honesty can be powerful, but what really turbo-charged the markets were great earnings from the techies. Leading the charge were Microsoft's strong quarterly profits, bo...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
Review of Last Week 20 YEARS AFTER BLACK MONDAY, WALL STREET SKIES TURN GREY... If you're financially minded AND have a taste for morbid celebrations, the 20th anniversary of Black Monday is hard to beat. On October 19, 1987, the Dow fell 508 points-a record 22.6% drop for the day. At today's level for the index, that would be one-day drop of over 3,000 points! Well, this week Wall Street saw nothing that bad, but five straight losing days for the Dow proved an overall downer for stocks. Friday was the Black Monday anniversary, and the Dow sympathetically fell 366.94 on the day, ending the week down 4.1%, at 13,522.02. Let it be noted, however, the Dow is still up 8.5% for the year. The S&P 500 closed at 1,500.63, down 3.9% for the week, but up 5.8% for the year, and the NASDAQ sank to ...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
That's a great question to ask during National Fire Safety Month! Some manufacturers recommend replacement after 5 years. If you don't have the manufacturer's information and your smoke alarms are 10 years old or older, it's time to replace them with new ones. Since smoke alarms can become desensitized over time, replacement is strongly advised. If possible, replace old smoke alarms with interconnected alarms. These alarms are linked together so if one alarm is activated, all alarms will sound. In the event of a fire, this gives you extra time to help get family members to safety. You may also want to consider a monitored smoke/heat detector installed by a home security company. Test smoke alarms once a month and change the batteries in your smoke alarm at least twice per year. Also, be...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
SEPTEMBERClosingsMedian PriceInventoryTotal2,58722,821Residential2,014$182,29115,438Condominium415$162,5002,434Multi-Family32390Farms/Land/Lots1264,559 Pendings: 2,214Days on Market/Residential: 67 Compared to AugustAUGUSTClosingsMedian PriceInventoryTotal3,35922,396Residential2,643$189,71915,172Condominium524$162,3462,450Multi-Family41360Farms/Land/Lots1514,414Pendings: 2,896Days on Market/Residential: 64For more information go to http://www.gnar.org/GNARHomeSalesInfo  But, the question is, will October bring up the rear with better numbers?As I have indicated before, October is historically a better month for home sales.From what I am experiencing that answer just may be..YES!Just before the Hollidays and after summer is over is a great time to find that dream house!Vanessa StaletsRE/...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
Historically October sees an increase in sales in the Middle Tennessee area. This year we sure need it. Has it happened?Well yes, in a manner of speaking. Not like previous years, but in the last 2 weeks there has been a definite surge in activity. yay, right? Maybe. While there have been a couple of good clients pop up I have seen a lot of sub prime, hard to get approved or can't approve must wait loans come in as well. The return of contingent upon sale of home has also been marked here. I have several "clients" who have been trying to get approved and it is just not working. I know they are frustrated, possibly with me as well, I will not show property until a lender tells me they are good to go. Why set themselves up to get their hearts set on something only to be shot down when the...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
You're not the only one thinking about a way to update your kitchen. Home buyers and sellers are watching HGTV (Home and Garden Television) and thinking about remodeling their kitchens. Six hundred respondents to The Digital Kitchen Study recently gave a lot of thought to the same subject. According to the study, commissioned by the Internet Home Alliance Research Council (an industry network of companies engaged in research to advance the connected home space), kitchens today are used for much more than cooking. As a result, today's families continue to look for ways to squeeze the most out of each valuable square foot. The Digital Kitchen Study questioned male and female homeowners ages 25 to 64, with household incomes greater than $35,000. According to the findings, at least 15 perce...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
MODERNIZING FHA - FINANCING THE FUTURE "DENVER - Congress created the Federal Housing Administration (FHA) in 1934 to provide families access to homeownership through reasonably priced, low down payment, government-insured mortgages. FHA is a major program of the U.S. Department of Housing and Urban Development. Since its inception, FHA has helped 34 million Americans and their families become homeowners. However, even as FHA's product line remains a solid financing alternative, the mortgage industry now offers a wide variety of loan options, some of which have unfortunately proven costly for a number of homebuyers. Several situations have been publicized and cause us great concern about the families whose dreams of homeownership have ended unhappily. FHA business declined in recent yea...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
For the week of October 1, 2007 - Vol. 5, Issue 40  >> Review of Last Week "BEARS DON'T LIVE ON PARK AVENUE."  Bernard Baruch The Wall Street legend would have applauded the net bullish ending to this most volatile third quarter. It featured the market swings of August, the surprising major rate cut by the Fed in September, super strong commodity prices, but a still tight credit situation and slow housing markets in many parts of the country. Nonetheless, during this quarter, which is traditionally their worst, the markets did very nicely, thank you. For the three months ended last week, the Dow was up 3.63% to 13,895.63, while the S&P 500 was up 1.56% to 1,526.75, and the NASDAQ finished up 3.77% to 2,701.50.Economic highlights of the week began with a lower than expected September Con...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
 >> Review of Last Week "OUR BRIGHTEST BLAZES OF GLADNESS ARE COMMONLY KINDLED BY UNEXPECTED SPARKS."  Samuel Johnson (1709-1784)The wise and witty Dr. Johnson, author of the first authoritative English dictionary, would have loved this week on Wall Street. The "unexpected sparks" were Tuesday's surprise announcements by the Fed of a .50% cut in the Fed Fund rate AND a .50% cut in the Discount rate. These kindled a very bright "blaze of gladness" indeed--a 336 point rise in the Dow, its best performance since 2003! Mortgage Bonds also heated up with a quick 41 basis point rally. As Fed chairman Ben Bernanke explained to Congress on Thursday, this was "a pre-emptive move" motivated by concerns over the potential "effects of tighter credit conditions" on the economy.Party poopers worrying...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
Little by slowly is the name of the game this fall season. As the mortgage industry tries to "settle" in again, buyers are cautiously putting a toe or two in the hoiusing market again. I have seen an increase in buyer activity in the last week alone. Historically October brings good sales numbers the the TN housing market, but I was unsure how this year would go. It looks as if it will rally a bit at least. Good, the reality is that there are some AWESOME homes out there for buyers, and great prices and good rates! Here's to a restoration of balance, I for one am glad to see it!Happy Buying/Selling Everyone!Vanessa Staletswww.vanessastalets.com615-957-6333615-661-4400RE/MAX Elite
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
If you turn on the Television, pick up a newspaper or listen to the radio, even go to the salon, all you hear these days is how bad the Real Estate industry is right now. Is this truth?! Yes and No. Here's why; yes the mortgage industry has had some harsh times recently, the days of Wine and Roses are gone. But! And it is a large but(no pun intended) the real issue here is FEAR. One of the deadliest four letter words I know. Nothing runs us a humans stronger and faster than fear. It can dictate to an intelligent person and have them behaving foolishly. This is what I believe is happening now. After hearing how bad it is over and over ad nausea finally everyone believes it. It is just not so! OK, what is true is that the days of 100% loans with no documentation just because your credit s...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
Mortgage Fact and Fiction:  Fiction:    FACT:100% financing... gone100% loans available today!Low doc loans... goneLow doc loans available today!Jumbo loans... goneJumbo loans available today!The mortgage industry is going through many changes. At times like these it's always better to know the facts. The credit market is clearly in turmoil, but there are still loans available for qualified borrowers! Now more than ever, it's vital to work with someone whose qualifications and experience can give you and your clients the peace of mind that comes with an on time, no surprise closing. Please call me for the latest facts about the current mortgage market. For qualified clients, there are solutions available! >> The Review of Last Week "PREDICTION IS VERY DIFFICULT, ESPECIALLY IF IT'S ABOUT...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
Monday, 9/10/07 4:30 PM   Two Federal Reserve bank presidents suggested that the U.S. economy is weakening after the labor market shrank in August, and that the housing market shows no sign of recovery. Janet Yellen, head of the San Francisco Fed, cited "significant downward pressure based on recent data indicating further weakening in the housing sector and the tightening of financial markets.'' Atlanta Fed President Dennis Lockhart said employment began softening in June. He also declined to repeat remarks he made just four days ago that there weren't "conclusive'' signs of a faltering economy.  The interest rate market continued to get safe haven buying as the recession outlook is becoming hard a cement after the jobs fell in August. According to Yellen, the decline in employment act...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
Brentwood TN Real Estate    There were 3,359 home closings reported for the month of August, according to figures provided by the Greater Nashville Association of Realtors®. This represents a decrease of 10.9 percent from the 3,772 closings reported for the same period last year.Year-to-date closings for the Greater Nashville area are 24,778, down 9.2 percent compared to the 27,294 closings reported through mid-year 2006, which  was the best year ever for regional home sales. "These numbers are very good and represent a stable market, " said Richard Courtney, 2007 President of the Greater Nashville Association of Realtors. "The real estate picture for Greater Nashville has changed this year to become more normal and balanced, particularly when compared with last year's exceptional recor...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
 Brentwood TN Real EstateYou bet! In this market where 100% loans are harder to find and "bridge" loans becoming a more exclusive commodity many buyers who need to sell a home first are finding themselves in this type of contingent contract. What exactly does contingent upon sale of home mean to you as a buyer or seller? Well first let me take the buyer side; as a buyer with this type of contingent contract many buyers erroneously assume they are "in" on the home of their choice.That could be wrong, here's how. There is something called "first right of refusal", what that means in layman's terms is that the buyer has a contract and seller is giving said buyer first right of refusal, meaning that if another buyer comes along and puts a contract on buyer A's already contracted property th...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
I loved the following article on Trulia.com!*I have added a few comments/suggestions of my own. Finding your perfect mate is much like finding the perfect home. With the news media buzzing about a real estate slow-down, it's more important than ever to make the right decisions when you start the process.  To help you get started, we have provided three golden rules of home-dating: 1. Plan aheadYou plan the perfect date, with every detail covered. It should be no different when you are buying a home. A good place to start is to get pre-approved for a mortgage. *Not planning on buying until later? Talk to a lender now to see what advice and tips they might have to ensure you a smooth purchase when the time comes.*  2. Know what you're looking forBefore you ever go on a date you should kno...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
Fed Discount Window Cut - What does it mean for you?The Federal Reserve has taken significant action in the last few weeks due to the credit crunch. And now they've made an unexpected move by cutting the discount window rate, which is great news. We'll get to that in a minute, but first let's look at recent events and understand what they mean.Market movementTo date, over 120 mortgage companies have closed their doors due to reduced liquidity. The result: borrowers who want to take out non-conforming loans have fewer, more expensive options.Many media outlets have incorrectly added fuel to the fire by stating mortgage lending has stopped altogether and borrowers can't get a loan without a 20% down-payment. This is not true.Conforming interest rates and loan programs, those backed by Fan...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
"THERE AIN'T NO CURE FOR THE SUMMERTIME BLUES..." Eddie Cochran And although Bernanke and the Fed can't do much to help you overcome the feeling of summer slipping away - their actions have helped to stabilize the financial markets, and calm some of the "credit crunch blues". Just over a week ago, the Fed made a decision to lower the rate at their "Discount Window", allowing banking institutions another method of providing assurance of liquidity to their clients, and also helping many institutions continue to fund home loans. Due to the Fed's action, the past week was somewhat calm in the financial world...at least calmer than has been seen in awhile. Both the Stock market and the Bond markets moved higher, and conforming home loan rates remained stable to very slightly improved.Further...
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By Vanessa Stalets, REALTOR, Brentwood TN Homes, Real Estate
(RE/MAX Elite)
With all the mortgage industry upset of late I am hearing buyers say that they are afraid to buy and thinking of waiting. Is this the way? Absolutely not!If you have steady income, decent credit and the desire, there is still a way for you! Many mortgage companies and banks are doing business like always. This is a buyers market, now is the time to negotiate that dream house in Brentwood, Franklin or anywhere in Middle TN! You have power in this market, use it! Do not be among those like Chicken Little crying "the sky is falling!" Reach out to your professional Realtor and Lender and GRAB your dreams now! Call to see how I can help you understand the best position to be in and how to use that power to get what you want! Vanessa StaletsServing The  Brentwood, Franklin and Middle Tennesse...
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