This is one question that all Realtors are asked regularly.  Keep in mind that this is not the same question as "Which time of year should I sell my home?".  That's an entirely different question.  Here' we're going to take a look at the Middle Tennessee area including the counties of Willamson which includes cites like Franklin & Brentwood, Davidson which is Nashville, Rutherford which includes cities like Murfreesboro, Wilson that includes Lebanon and Mt. Juliet, Sumner that includes Hendersonville, and Maury that includes part of Spring Hill and Columbia.

Market conditions explained

For those reading this in the future, it should be noted that in the years of late 2019 through early 2022, the Covid-19 pandemic had a great impact on worldly economics including real estate.  In many cases, it was predicted that real estate would come to a stop with all the restrictions and stay-home mandates.  The opposite ended up being true, and the real estate world lit up on fire causing spikes in demand and shortages of inventory.  Political and societal unrest combined with Covid had many people leaving urban cores and heading for the suburbs and beyond.  The new advancements in technology for working remotely (from home) have reset the mindset of many people and they now choose to live where they choose.  All of this caused huge demands, extreme multiple offer situations (10, 20, 30+ offers), paying well over list price - sometimes up to 30-40%), waiving of inspections & appraisals, and quick closings.  All of this is important as the data is viewed - especially in the years of late 2020 when people started venturing out more and throughout 2021.

Once 2022 arrived, inflation started rising and by spring, the Fed started adjusting interest rates to curtail the rise.  By mid-summer, rates stabilized for the moment.  All of this caused some buyers to hit the pause button, while others chose to purchase before the rates climbed too high.

All of that is important because the last 20-30 months have been more different than most have seen in their lives, so it's important to apply that to the results.  I'm also licensed in Florida, and that market shows a very different set of curves in their graph, so what occurred has much to do with which market someone was in.

When to sell is a different question

I'm often asked about which month produces the most home sales, and I always remind the person asking that home sell all year long.  Late spring and early summer usually see a bump due to people coming out of the winter-mode, they're sprucing up their homes, and if moves relate to school at all those home buyers are acting so that they can make their move over the summer vacation.  As you'll see in the graph though, much of the year has a very strong sales record that is fairly constant.  Sometimes the holidays bring a mix because buying & selling during the holidays can be a hassle, but as shown... a lot of people do it and they are usually very serious about it because they're willing to do it in between all the hustle & bustle of the holidays.

Now, as mentioned... "When should you sell YOUR home?" is a different question that we're most willing to help you answer.  Simply reach out and we'll evaluate your plans.

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The summer in Middle Tennessee has kept the home sales strong, but inflation continues to rise and so do the interest rates in an attempt to reduce the inflation rise. As we mentioned previously, rising interest rates do cause some home buyers to hit the pause button.  For others, it can cause a pressing of the stop button with an uncertain plan forward.  On the other hand, there's another group of buyers who decide to go ahead and purchase before rates climb too high, so there are still plenty of home sales going on in the midst of a normalization of the market.  Days on market numbers will creep a little higher which actually provides options to buyers.  After 24 months of chasing homes, waiving inspections and appraisals, bidding well over asking price, and continuing to lose, home buyers will not have a calmer environment in which to act.  Sellers, don't worry... homes are still selling and for strong prices.  It's also predicted the home prices will continue to rise - just not at the crazy-fast rates we've seen over the last 24 months.  All in all, this adjustment should bring a calming effect to the market.  Maybe everyone can take a minute to breath again.

So, let's see what happened in some Middle Tennessee counties in June 2022.  Counties include Davidson (Nashville), Williamson, Maury, Wilson, Sumner, and Rutherford.  

Pricing of a home or property involves a lot of variables.  There are the statistical aspects which are derived from data often pulled from the local MLS which includes key pieces of information like the quantity of properties sold, list price, selling price, days on market, and in-depth details on those properties.  Contrary to what much of the public thinks, "comping" isn't simply what the home down the street sold for.  Comping involves matching homes and calculating monetary off-sets for the differences in order to arrive at a value of the subject home.  Although that provides statistical data, there is also the human factor.  How people perceive the home... including the seller.  Most sellers have some level of emotional attachment to their home.  The longer they have lived there, usually the more attachment which can translate to over-pricing.  Nearly every homeowner wishes to overprice their home which occurs for a few reasons:  1) they are emotionally attached to the property which translates to their perceived value, 2) they perceive the home as nicer than the others which makes senses because that's why they purchased it originally, however, other buyers my like other homes more which is why they purchase those homes, so this becomes a subjective opinion which is why statistical data helps bring an objective view to everything, and 3) the seller may simply want to reach for what I call "lottery money".  They're simply wishing to hit the jackpot on a sale without reason or substantiation for the sales price.  While not impossible, it's more along the lines of finding a needle in a haystack rather than appealing to the broad market.  All of those reasons are why it benefits the process to take as close to an objective view of the home or property as one can to arrive at a true value that will appeal to the market.  An experienced professional for the subject property type will be able to suggest home and property characteristics that may have appeal or provide objections to a wide buyer base when those buyers are comparing different properties.

Once the pricing process is completed and the home becomes active and available, a timer begins.  That timer is called "days on market" which is the time from when a home goes active in the MLS to the time a contract is placed on the home.  If a home should come back to market without closing and without being under a new MLS#, the days on market begin counting again.  Days on market is a very significant indicator of how the market is responding to the listing provided the home or property has receive proper exposure.  It should be noted that this is a relative measure though.  For example, if a home is on the market for 14 days prior to going under contract, this may be great if the average (of like homes) is 30.  The opposite may be true if the average is 4 (such as in a hotter market).  A single number without basis is not enough to go on.  It must be compared to the activity level for the subject property's market AND similar homes are experiencing.

If it's established that a home/property is lagging compared to similar properties, then the market is sending signals that the property is priced too highly for how buyers are perceiving the home.  Pricing may even have been in-line with the statistical data, but perhaps there are one or more characteristics that are holding buyers back more than anticipated.  Things like condition, finishes, datedness, size, layout, lot conditions, lot positioning, and external variables near the property.  Once it's concluded that the property is lagging, there are few options.  The most common are to either make the home/property nicer, or to reduce the price.  The key to either of these is to not wait too long to take action.  It is absolutely true that a property that accumulates too many days on market is harder to refresh in buyers’ minds.  Even if buyers are only data-watchers and have never stepped foot in the home, they will begin concluding that something is wrong with the property.  It's an example of herd mentality.  The actions or lack of actions of others result in how others perceive something, and this is absolutely true of home buyers.  Homeowners want to avoid that zone by monitoring the market's response early and take actions accordingly.

As a homeowner considering adjusting the price (downward) on a home, consider what motivates you.  Would you be motivated over a small reduction?  Not usually.  Homeowners wanting to sell for the highest price often see reductions as money they won't receive - but the market has indicated they were not going to receive it anyway as the home was over-priced, so it's a hypothetical loss.  The reduction is a measure to start asking the appropriate value of the home, and that's what sellers should focus on.  Reductions can also be made in parallel with offering other types of concessions.  Perhaps the seller offers to pay a portion or all of the buyer's closing costs.  This can have both a positive psychological effect for buyers, and can also become a logistical appeal should a buyer actually need that in order to afford their closing costs in certain situations.  There are various strategies to make the financial aspect more appealing the buyers.

With how today's buyers shop homes online and have auto-notices set up for various conditions, reductions can trigger new interest.  A reduction may launch a set of notifications to buyers who have saved searches on all the real estate websites.  Be sure a reduction is genuine though and not just a strategy to set off those notices.  Some MLSes have rules in place for such behaviors to help ensure reductions are for the right purpose.  With the proper reduction and market awareness, new and rekindled interest can be sparked for a property bringing it from a status of being stale to a status of having competing demand which supports the truth that properly prices properties will be welcomed by the market.  One such case is a home listed that was an absolutely beautiful home in a highly-demanded area, but the exterior material of the home caused some buyers pause, and we recognized this pattern based on feedback.  Through a carefully planned and timed reduction, new interest was sparked, an offer was accepted, and the home closed quickly without any hurdles.

The take-away is to price properties properly from the beginning.  If a home or property encounters some push-back from the market, do not allow days on market to accumulate.  Have a plan and implement it before the market starts labeling the property as "stale" and it begins to have a stigma to it because once that point is reached a home or property is going to need additional effort (reductions) to draw in buyers.  

If you would like to discuss a buying or selling plan for a property, we would greatly enjoy working with you toward a successful transaction.

Have you ever witnessed something so positive that it nearly left you speechless? Well, that's about how watching July 4th fireworks in Nashville, TN goes.  Many years ago, Nashville made a deliberate decision to up their game for July 4th, and they were without a doubt successful and that mission has only strengthened over the years.  "Fireworks" has evolved into a multi-day party experience on 1st Avenue and Broadway with fun, food, and music everywhere.  When it comes time for the show and you're standing on 1st Avenue, seeing and hearing that first shell pop into the air raises your adrenaline, and you're on a ride for about 30 minutes of pure awesomeness.  All your senses are the ride.  You see it, you hear it, and you feel it.  Those shells pop, the sound bounces off 1st Ave buildings and you're in a full-on experience which you'll remember forever.  I guarantee it, so if you've never been... put it on your calendar.

Here's a video from News 2 to show you the absolute excess of multi-firing of shells that is unbelievable.  Keep in mind this is from a distance, but the live show is only across the river from the launch site so viewers are in the ultimate viewing position.

This is about 30 minutes long.  If you can't watch it all, be sure to see from about the 25-minute mark forward when they really turn up the madness.  Enjoy!

This should be prefaced by sharing that the closing process of a home purchase will vary by region and per transaction, so always refer to the purchase agreement for complete details.

It’s Thursday and a buyer is excited about signing their closing documents at 4:00pm today.  The seller will be signing later.  The moving trucks actually ran ahead of time, so they’re already in the neighborhood waiting to unload.  The buyer can hardly stand the excitement, so they tell the movers they should be able to start by about 4:45 or so.

Let’s take a look at what closing is.  It’s a popular belief that “closing” is simply when a buyer or seller signs their set of documents for the process.  That is incorrect.  Closing is a process that includes much more.  It includes both the seller and buyer sides signing their documents (often at different locations and different times), title companies sharing each side’s documents with the other title company, the disbursement of proceeds, and in some areas even the registration of the deed.  The purchase contract and sometimes local protocols will dictate the steps required prior to the buyer taking possession of the property.

As you can see, the home buyer in the above example is in for a big surprise.  The movers most likely will not be able to start as soon as hoped.  Here are some reasons why:

• The seller has not signed their documents yet, and will not be doing so until later in the day.

• The day’s cut-off time to wire out funds to everyone has probably already passed by 4:00, so funds will not be disbursed until the next business day.

If this buyer’s agreement specifies possession does not occur until closing is completed and funds are disbursed, this buyer will not be gaining access until at least the following business day.  What if the movers cannot wait due to other commitments?

Let’s take that one step further.  This example is on a Thursday.  What if this was a Friday?  Funds would not be disbursed until the next business day… Monday, so they could potentially have a serious problem on their hands.  Either the movers cannot wait and have to unload into storage causing the buyer to hire another mover on Monday, or the buyer will be paying fees for the truck to sit over the weekend.  In most cases, the seller is in no way obligated to provide early access to the home despite the buyer’s pleading for that after realizing their mistake in scheduling.

This situation is VERY real.  It DOES happen.  How closing works and when possession is given in your area and under your purchase agreement is very important to understand.  Buyers are very often under the impression they get keys and access as soon as they put their pen down at the closing table.  Buyers should be consulted on this even before submitting an offer, but most definitely before they make assumptions and start scheduling movers.  Hopefully, the professional a buyer has chosen to work with will preempt this as part of their education on how the entire process works.  Learn what a closing timeline looks like in your situation and plan accordingly.

It's that time of year again... time for the July 4th celebration all around Middle Tennessee.  While many residents are familiar with the downtown Nashville display of fireworks and surrounding activities as well as others in Franklin & Brentwood, be sure to check out Nolensville's celebration.  This year, it's on July 2nd, so you can enjoy this one as well as another on July 4th.  We personally have been to these in the past years and can confirm what Nolensville does is impressive and incredibly enjoyable.  In the years past, they've been downtown Nolensville, but they're shifting to Nolensville High School this year, so be sure to spread the word.  Here's a link for more details:  Nolensville Fireworks 2022

What type of material are you using for your driveways and sidewalks. Each type has their advantages.  Sometimes one is required by the community. Ever wonder how exposed aggregate is done?

It's going to be another fantastic year with celebration in Brentwood.  Here's info directly from Brentwood about the events:

July 4th Music and Fireworks in Crockett Park. The City of Brentwood invites you to attend the 34th Annual Independence Day Celebration at the Eddy Arnold Amphitheater in Crockett Park from 5pm to 10 pm on Monday July 4, 2022.  The celebration, “Red, White and Boom in Brentwood” will feature The Smoking Section as the evening’s live music.  Food trucks will begin serving food at 5pm, with music starting at 7pm and fireworks at 9pm.  Admission is free thanks to our 2022 sponsors which include platinum sponsors Brentwood Academy, First Bank, Franklin Financial Advisors, and Tractor Supply Company.  We also appreciate our gold and silver supporting sponsorships which include, Core Civic, TMPartners, State Farm Agent Marti Loftis, Orangetheory Fitness, the Middle Tennessee YMCA, Southern Oak Wealth Group, Gresham Smith, Trustcore, Zeitlin Sotheby’s, The Parent Company, Huntington Learning Center, TrustCore, Avenue Construction and our media sponsor Mix 92.9.  

Brentwood Mayor Rhea Little said, “we thank all our sponsors, the local business community, residents, musicians, and City staff who make the summer concerts a success year after year. We had a record-breaking attendance of more than twelve-thousand last year and hope to see as many residents as possible again this year.”

Last year’s July 4th event brought Tim Akers and the Smoking Section to the stage to rock the crowd. Unfortunately, Tim Akers passed away in 2021, due to a lengthy battle with leukemia. While he will be missed, the musicians of The Smoking Section will return to the amphitheater this Independence Day. 

July 4th Lineup

• 5 pm Food Trucks
• 7 pm The Smoking Section Band
• 9 pm Fireworks
• 9:25pm  Music resumes

Several food trucks will be lined up around the park to serve food beginning at 5pm.  Savory trucks include Zanders Woodfired Pizza, Hoss Loaded Burgers, We Soul Roll (The Love Bus), Chick'n Cones, Nashville Chicken and Waffles, Smokin Butz, Roadhouse Grille, Nash Kebab, Grandmas Kitchen "La Patisia", and The Rolling Recipe.  Sweet trucks include Bradley's Curbside Creamery, Rolled 4 Ever, Blue Monkey Shaved Ice, and the TN Cobbler Company.  A twenty to twenty-five-minute firework show will begin at 9pm.  The band will resume playing afterwards to help allow some of the crowd to disperse.  If there is lightning, strong wind or continuous rain between 7– 9pm, the fireworks, and possibly the entire event will be canceled or postponed.  We encourage anyone planning to attend the event to text “Fourth” to 888-777 to receive event specific alerts about traffic, weather, or other safety information.

The summer concert series doesn’t stop with July 4th.  Continuing the summer jams, Rubik’s Groove will take the stage on July 23rd at BrentFest.  You can learn more about this summer festival here: BrentFest 

https://www.brentwoodtn.gov/departments/summer-concert-series

Traffic Plan

Beginning around 8pm, all roads into Crockett Park will be closed and drop offs will not be allowed. The following roads will be open for one-way traffic, exciting the park only until the completion of the firework show: 

• Wilson Pike – northbound from Crockett Road to Concord Road

• Wilson Pike – southbound from Crockett Road to Moores Lane

• Crockett Road – eastbound from the rear park exit to Arrowhead Drive

• Crockett Road – westbound from Volunteer Pkwy to Wilson Pike

Home sales continue to be strong in the Middle Tennessee, but inflation is beginning to creep up causing a rise in interest rates that will start to deter some home buyers as costs rise and affordability of their plans fades.  Remember though that traditionally home pricing rises, so those who decide to wait will most likely only pay more later.  Let's take a look at how the home and real estate sales shaped up for May of 2022 in the counties of Davidson (Nashville), Williamson, Maury, Wilson, Sumner, and Rutherford.  

It's been an absolutely wild 24 months or so in the real estate world for many markets including Middle Tennessee.  Change is in the air though which is to be expected.  Nashville (Davidson County) and the surrounding areas including the counties of Willamson, Sumner, Wilson, Rutherford, and Maury are generally a strong market for sales and withstand a lot of what hits other areas of the country, and so far the changes starting to take place are still allowing home sales in the Nashville area to remain strong.