Transitions in Real Estate

Something that I've always enjoyed about working with clients is helping them transition to a new season of their life. For some, they are moving from another city, for others, they may be buying their first home or having a baby. It's been a delight to make new friends and share the experience with them.

I've had a transition of my own and have stepped out of real estate full time. I've teamed up with my friend Micah Phillips to handle my real estate business. If you're looking for a great Realtor who is knowledgeable, especially about East Nashville & Inglewood, then visit him at www.MicahPhillips.com and tell him I sent you!

In the meantime, I've been helping some friends remodel their homes and having a great time. May God Bless you in your transitions.

If you need anything, let me know. I'm still here and I'd love to connect you with the resources that you need for whatever season you are in.

-Peter

Home Styles and Fashion Collide

I was reading an interesting article in October’s issue of Old House Journal about various styles of homes that have been introduced over the past century. I thought it was interesting that you can often tell when a home was built just by looking at it’s main design. I'm not sure this is true today.

Century of Home Styles
At the turn of the century we had grand Victorian homes followed by the simpler Bungalows or quaint Tudors. In the wartime 1940’s we built lots of bare-bones matchbox homes in subdivisions and later graduated to the knotty pine and vibrant tile bathrooms of the 1960’s.

Things went cheap again in the 1980’s as quality was replaced with quantity evidenced by streets of new homes filled with carpet & vinyl. Homes just got bigger in the 1990’s as the McMansion’s became popular.

Now- Mix and Match
So what about today? I won’t go into all the new building materials and techniques that have become less expensive and longer-lasting, but as far as style, it’s a pluralistic time where many different styles are very popular.

For example, there are brand new subdivisions filled with Craftsman-styled homes and others that are completely contemporary. Still, there are others built for economy that are still filled with carpet and vinyl.

My Fashion Sense
The clothing fashions these days seem to be following this trend. I not really into cutting-edge style, but I have noticed that there are many different trends that have made a comeback, from the thick-rimmed glasses to the colorful dresses from the 1960’s.

The point is that we all have individual tastes and needs. We’re living in a time where this individuality is celebrated. It’s become cool to be unique. Whether it’s your home or your jeans. People want to have their own style.

When it comes to homes, I think this is great. I’ve always loved variety and I enjoy having clients looking for a Bungalow in East Nashville and others looking for a modern condo in Germantown.

When looking for a home you first should consider the needs you have for space and function. After that, there is a wide range of options depending on which neighborhoods you prefer and how much you can afford.

Whether you prefer to tight-roll your jeans or cut them full of holes, there’s a house for you!

-Peter

www.NashvilleCityHomes.com

'Collapse' of Home Values?

I heard a news report the other day that mentioned how people are afraid because of the ‘collapse’ of home values. I thought about this for a moment, but honestly, our home values have NOT collapsed, especially here in the Nashville area.

I guess we have to begin by defining what a collapse would be. I’m not sure I want to think about that, but through 2007 most areas around Nashville were still seeing home prices increase. It’s only been in the past few months that prices have actually decreased.

I’ve noticed the recent change because before the market shifted we would value properties based on the recent sales in the neighborhood. Now, it’s more accurate to look at what’s currently for sale and price the home competitively because prices have generally decreased since those homes sold 3-6 months ago.

So, I admit that prices are less in Nashville, but we’re talking about a few percentage points- nothing like a ‘collapse’. The people that are experiencing the most pain are those who bought at the top of the market and are now faced with a need to sell. It’s similar to those who invested in the stock market when the Dow was 14000 and are now selling.

However, you don’t actually lose money in the market until you sell. If you bought at the top of the market, hang on to that investment. Don’t buy high and sell low if you can help it.

The market will come back. I’m not sure when, but historically it always does. It also always goes up much more than it comes down. If you see your home as a long-term investment, you’ll be fine.

Okay, so there’s no collapse. I’m glad we cleared that up.

-Peter

P.S. Another myth is that the supply of homes is way up. Not true for single family homes. Read more here.

www.NashvilleCityHomes.com

Get Your Pumpkins In Inglewood

It'’s that time of the year when the air gets cooler and leaves start piling in my yard. It’s also about the time my wife pulls out all the cinnamon candles and we start thinking about the holidays. With three kids under 4 years old, getting pumpkins has become a yearly outing.

Last year we went to a huge pumpkin farm south of Franklin that had a petting zoo and lots of kid’s activities. It was great fun, but this year we wanted to stay closer to home.

We found a great place over at Dalewood United Methodist Church in Inglewood near the intersection of Stratford and McGavock. My kids ran all over the place and we got some nice pictures. The church gets their pumpkins from a Navaho tribe in New Mexico, supposedly the “best in Nashville”.

I’m not sure my kids care that much, but they do look like nice pumpkins. I mean, most of them were round and orange…

They’re only available for a couple of weeks so go check them out!

-Peter

www.NashvilleCityHomes.com

Less Homes on Market Than Last Year?

I saw some interesting stats today. The Greater Nashville Association of Realtors (GNAR), reports that 15,053 residential properties for sale at the end of September 2008, compared to 15,438 at the same time last year. So there are actually less homes for sale this year. (This figure doesn't include condos or multi-family.)

This really surprised me because homes are taking longer to sell. GNAR also reports that around 250 less homes sold in September 2008 compared to a year ago.

The major increases in inventory have been in the farms/land/lots category where there are 38% more to choose from this year. Generally, more inventory (or supply) means that prices fall due to overstock.

So what does this mean? Why are things taking longer to sell, but yet the inventory isn’t piling up? Here’s my opinion: people that don’t have to sell, aren’t. Instead of leaving their homes on the market or dropping the prices to get them sold, people are just waiting. It seems that the majority of homes for sale out there today are owned by sellers that have to sell them- banks, developers, builders and people relocating or facing foreclosure.

The difficulty in this ‘buyers’ market is that many buyers are waiting too! They are watching the news and scared to make any moves that might put them at risk. I tend to believe that there is quite a bit of pent-up demand out there- people that would really prefer to buy or sell but are waiting for one reason or another.

The housing market tends to move slowly compared to the yo-yo stock market. It’s often hard to know what’s going on until it’s behind us. Once confidence is restored and people feel like there is some solid ground to stand on, I think they’ll jump off the fence they are waiting on.

Thinking about jumping? Give me a call! :)
-Peter

www.NashvilleCityHomes.com

Walden Open For Business in East Nashville

I got a chance to see some of the condos in the new Walden Development the other day and I was quite impressed. They advertise it as a 'true mixed-use' development and that's what makes it so cool. They are building a live/work community and already have the requisite coffeeshop, Ugly Mugs Coffee and Tea, and the Fresh Blends Smoothie and Juice Bar with more to come.

Walden is located on Eastland Avenue at Chapel Ave between the Lockeland Springs and Eastwood Neighborhoods. There is a main entrance for business patrons, but condo residents will like the more private second entrance which allows you to park a few steps from your front door on the back of the building. Even though they are on the second floor, there isn't an long flight of steps to get to your unit.

Having seen many of the condo projects around town, this one will really appeal to someone wanting to live in a pedestrian friendly neighborhood, close to restaurants like the Rosepepper or Eastland Cafe and still be only a few minutes from downtown, universities or music row.

The units themselves are high-quality with polished concrete floors, high-end quartz countertops and designer everything. It's not like some of the other condos around town that might have a great location, but the cabinets are low-grade. These are consistent from the impressive glass-tiled backsplashes to the marble topped vanities.

The prices start at $184,900 for a 712 sq. ft. 1 bedroom to the incredible corner residence above the coffeeshop with 1518 sq. ft. and 2 bedrooms for $339,900.

East Nashville has made some major progress over the past 5-10 years, but with projects like this and Martin Corner underway, it appears that things are just beginning for this growing neighborhood. March Egerton, the developer for Walden, has many more plans for the site, beginning with the adjacent building that may soon be overhauled to become home to more commercial space.

If you are looking for your place in Nashville give me a call.

-Peter

www.NashvilleCityHomes.com

Funny Way to Sell A Home

I saw this picture yesterday on a new listing and just had to share it. It made me laugh out loud:

The caption:

"Iron bars on windows for safety, and they also look great!"

I'm not sure I know anyone who truly appreciates the beauty of iron bars covering your windows. It seems that most people overlook this simple improvement that could make your home more secure as well as beautiful and attractive... :)

-Peter

www.NashvilleCityHomes.com