Local market in Franklin and Coffee Counties in Tennessee is showing signs of life. Phones are beginning to ring,showings are happening and offers are given and received in a higher volume than in the previous months.
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Thursday saw Existing Home Sales shoot up 12.3% in December,to an annual rate of 5.28 million,well ahead of the 4.87 million rate the consensus expected. Overall,existing home sales are off 2.9% compared to a year ago,but that’s when sales were artificially boosted by the homebuyer tax credits. All regions showed sales gains in single family homes,condos and coops. *** BEGIN QUOTE *** And the trend will only continue,Quint said,with the 2015 new home size currently projected at 2,150 square feet with fewer bathrooms and smaller garages. It’s hard to say whether home sizes will decline to 1970 levels of 1,500 square feet. But Quint says she believes smaller sizes are here to stay based on demographics. …This rising segment of older home owners will not want to care for huge spaces,Quint said. Then you have Generation Y buyers who are very energy conscious. “People are coming to realize,‘Let’s buy what we need,’”said Quint. [SOURCE:REALTOR Magazine Online] Homegain.com just released the results of its 2011 home improvement survey,showing which less-costly home improvements tend to produce the biggest return on investment (ROI): *** BEGIN QUOTE *** * Cleaning and de-cluttering ($290 cost / $1,990 price increase / 586% ROI) Cleaning and de-cluttering continues to rank as the top suggested home improvement (since the survey was originally conducted in 2000),recommended by 99 percent of real estate professionals,costing less than $300 and returning a value of nearly $2,000 to the home’s sale price,or a 586 percent return on investment. To read the entire article summarizing the survey,CLICK HERE. [SOURCE:Homegain.com] Slide show of a great opportunity! ……. This is a test and only a test I am excited about several bluff lots that I have just listed. They are awesome! Views of the gorges below and the long sweep of the forested mountain side with privacy a premium benefit of owning and building your dream home on one of the many bluff building sites. Some of the bluff is sheer for 50 plus feet. They are waiting on you. Take a scenic drive to the Cumberland Mountains near Monteagle/Tracy City and take a view of these beautiful scenic building locations. Don’t hesitate these lots are noise free with the exception of an occasional animal call. Private! Scenic! Awesome! See you soon… HOT LINE:More on Seller/Owner Financing… QUESTION: With regard to owner financing –I have an agent scheduled to close on a transaction. What are the regulations with regard to owner financed transactions as they pertain to a real estate agent/firm? ANSWER: Currently,owner financing is regulated by both state and federal law. The two exceptions most encountered would be 1) if the seller currently lives in the house;or 2) the seller is financing a family member to purchase the home. We would strongly recommend that the seller speak with an attorney to determine whether this transaction is permissible at this time in Tennessee. Also,in the future,we would recommend that if a seller states that he can do seller financing,find out if he currently lives there. If he does not,ask if he has a license from the Tennessee Dept. of Financial Institutions. If he does not,then we would NOT recommend advertising it as seller financing. ALSO remember that this only applies to residential real estate. By statute,the Tennessee act defines residential real estate as “any real property located in this state,upon which is constructed or intended to be constructed a dwelling.”Tenn. Code Ann. 45-13-105(26). TAR continues to work very closely with its members,interested parties and state and federal authorities on this issue. Although it is a seemingly simple issue,there are many complex issues involved including the interplay with state and federal law. We hope that further,more concrete guidance will be available soon. Please stay tuned to the DIGEST for further developments. [SOURCE:TAR's Legal &Ethics Hot Line Attorneys] Permalink Tennessee Joins National Foreclosure Investigation Tennessee Attorney General Bob Cooper has joined a group of Attorneys General and state bank and mortgage regulators who are examining mortgage foreclosure problems. [Editor's Note:At this point investigations have been officially opened in all 50 states!] Although Tennessee is a non-judicial foreclosure state,the Attorney General’s Office is attempting to determine whether Tennessee has any of the problems reported recently in other states involving potential defective mortgage foreclosure cases. The Attorney General,Commissioner of the Department of Financial Institutions,and Director of the Division of Consumer Affairs are coordinating efforts in Tennessee to stay on top of developments with problematic foreclosures as reported in other states. “As a non-judicial foreclosure state,Tennessee is not one of the states where the ‘robo-signing’of court documents has created a wide-spread problem regarding legitimacy of foreclosure documents submitted to courts,”Attorney General Cooper said. “However,we want to determine if there are any other problems of concern regarding mortgage documents in Tennessee and whether there is any kind of pattern.” [SOURCE:State of TN Attorney General's Office] Permalink Rates At Record Low Levels Average interest on 30-year fixed mortgages fell this past week to 4.32 percent,matching the lowest level on record. Interest on 15-year loans,meanwhile,declined to 3.75 percent,also setting an all-time low. Investors have been flocking to the safety of Treasury bonds since the spring,which has driven down their yields and helped to keep rates at or near the lowest levels in decades. [SOURCES:Freddie Mac;Information,Inc.] |
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| CENTURY 21 Mid-State Realty L.L.C. 50 West College Street,Monteagle,TN 37356 Phone:(931) 924-2101 or (931) 967-4321 27 queries. 0.559 seconds. | ||||||
