Now Is The Time To Build Your Dream Home Nashville!

June 19th, 2013

Now Is The Time To Build Your Dream Home Nashville!imagesCAASCORO

 

Have you delayed building your dream home waiting for the economy to improve?  Well, wait no more.  This is a great time to get that new home started.  According to recent article in the Nashville Business Journal by Kent Hoover, “Best Market For New Houses In Seven Years, Home Builder Say”, this is the best market for new home building since 2006.  Here’s all of the details:

For the first time since April 2006, more home builders view the market for new single-family houses as good rather than poor.

That’s according to the Housing Market Index  (HMI)compiled by the National Association of Home Builders and Wells Fargo. The HMI jumped eight points in June to 52 — the biggest one-month increase since September 2002. In the index a score of 50 is the diving line between a good market and a poor one.

Increased demand for new homes was cited as the major reason of big jump in the index. ”With the low inventory of existing homes, an increasing number of buyers are gravitating toward new homes,” said NAHB Chairman Rick Judson, owner of Evergreen Development in Charlotte, N.C.  NAHB Chief Economist David Crowe predicts housing starts will top 1 million this year for the first time since 2007.

The HMI, which is based on a survey of home builders, is composed of three components: Current sales conditions increased eight points to 56; expectations for future sales jumped nine points to 61; and traffic of prospective buyers rose seven points to 40.

Sounds like the builders are going to start picking up pace of new building again.  And that is great news if your ready to build your dream home!

 

Lee Barroll is a Loan Officer at First Community Mortgage in Brentwood and a long time Franklin resident. If you would like more information regarding a home mortgage loan, please contact Lee @ 615-243-1301 or email lee.barroll@fcmhomeloans.com.

 

Happy Father’s Day To All Of You Great Middle Tennessee Dads!

June 14th, 2013

Happy Father’s Day To All Of You Great Middle Tennessee Dads!

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The Things You Taught Me I Will Always Know

 

The things you taught me I will always know.
How could I not? The roots have sunk so deep:
All lessons of the heart that I will keep
No matter who I am or where I go.
Kids learn from what their parents are, and so
You are my book of life, the thoughts I reap;
Only in your arms I quiet sleep;
Under my words your voice sings soft and slow.
From you I learned the rules of right and wrong
Against which I at times had to rebel,
Though with regret I carry with me still.
How lucky I am to have been loved so well,
Even as I pushed against your will,
Relying on a father fair and strong.

by Nicholas Gordon

Lee Barroll is a Loan Officer at First Community Mortgage in Brentwood and a long time Franklin resident. If you would like more information regarding a home mortgage loan, please contact Lee @ 615-243-1301 or email lee.barroll@fcmhomeloans.com.

Open Houses Are A Great Way To Explore New Neighborhoods In Nashville

June 12th, 2013

Open Houses Are A Great Way To Explore New Neighborhoods In NashvilleimagesCAHPWHG8

 

Are you thinking of purchasing a new home, but are unsure what neighborhood or area of town you want to live in?   Try going to open houses.  Spending a few Sunday afternoons exploring the houses for sale in different neighborhoods can help narrow down the possibilities.  And it is a great way to get decorating ideas for the new place or even ideas on what to change in your current to be more competitive in the market place.

But as with anything, you do want to be aware of potential pitfalls when checking out the current open house inventory. Fortunately, a recent article by Beth Braverman for Money.com entitled: “5 Things To Know About Open Houses” provides some good insight into how to successfully use open houses as a resource and nearly half of real estate buyers do.  Here is what they had to say:

1. Look past window-dressing

A full 94% of sellers do some “staging,” such as repainting or bringing in new furniture, says Coldwell Banker.

“You can be so wowed by staging that you overlook important things,” says San Jose realtor Carl San Miguel. To focus on what matters, lift rugs to look at floors, ask the agent to turn off music so you can listen for nearby noise, and beware of any smells masked by candles. Or cookies, a lot of realtors bake cookies at open houses!

Also request a disclosure sheet, which lists known structural issues.

2. You can learn a lot from the crowd

Nearly half of buyers visit open houses, says the National Association of Realtors, so pay attention to your fellow shoppers’ comments; they may have insight into how this home stacks up. Locals often pop in too, so if someone sounds like a neighbor, ask about the area.  If you can strike up a conversation with a neighbor, you can often learn all sorts of things about the house, schools and other neighbors!

To get a feel for demand, visit in the last hour and peek at the sign-in sheet. A full sheet could mean the home will sell quickly, says Paul Reid, a California-based agent.

3. It’s your chance to test-drive the place

Visiting a home in person allows you to pick up on details you won’t see in the listing, such as the strength of the water pressure and how much you could actually cram in the closets. What buyers often forget, though, is to explore the neighborhood as well, says Dallas agent Mary Beth Harrison. Get a sense of the area by checking out surrounding streets and driving home using a different route. I like to ask where the nearest coffee shop is because I never want to live to far from good coffee!

4. The agent may be scouting you…

Listing agents will often tap a colleague to run an open house, so your host may be fishing for buyers to represent. If you’re in the market for an agent, this can be a chance to meet pros and see what they’re like on the job. Not interested? Say so upfront to fend off any confusion, says Harrison.  Here is where I say that we are just looking for decorating ideas!

Shoppers who already have a buyer’s agent should write his contact information on the sign-in sheet so he can handle any follow-up calls or emails on their behalf.

5. …Or gathering info for the seller

When a listing agent is hosting, pepper her with questions. Ask whether there have been any upgrades to the property, if she’s gotten any offers, and when and why the sellers are moving (you may get a vague reply on that last one).  I always just say that if we are interested my agent will be in touch!

Keep mum on your budget, feelings about the home, and anything else that might give the seller a leg up in negotiations. “Don’t assume the agent is there to help you out,” says Chicago agent Fran Bailey. 

 

Lee Barroll is a Loan Officer at First Community Mortgage in Brentwood and a long time Franklin resident. If you would like more information regarding a home mortgage loan, please contact Lee @ 615-243-1301 or email lee.barroll@fcmhomeloans.com.

 

 

It’s Time For The 2013 Music Row Yard Sale Nashville!

June 7th, 2013

It’s Time For The 2013 Music Row Yard Sale Nashville!

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If You Are A Country Music Fan or Just Into Music Memorabilia, This Is The Place To Be!

This Saturday, June 8th at BridgeStone Arena

Beginning at 8:00 am

It’s The Music Row Yard Sale!

Don’t miss one of the best parts of the CMA Music Festival!  This is a great opportunity to view and even purchase some unique and one of a kind items music items.  It’s free to get in and all the proceeds benefit charities like Musician’s On Call and MusiCares.

Autograph opportunities!     CD’s!     Guitars!      Meet and Greet Tickets!      Concert Tickets!

It’s Going To Be A Great Time!

 

Lee Barroll is a Loan Officer at First Community Mortgage in Brentwood and a long time Franklin resident. If you would like more information regarding a home mortgage loan, please contact Lee @ 615-243-1301 or email lee.barroll@fcmhomeloans.com.

Are Mortgage Interest Rates On The Rise In Middle Tennessee?

June 5th, 2013

Are Mortgage Interest Rates On The Rise In Middle Tennessee?images-79

 

The housing headlines have been really positive of late.  Sales are on the rise, prices are going up and home builders are working full steam ahead.  All good things. However, mortgage interest rates are also showing signs of movement.  They are definitely moving upward.  Not in big jumps, just small steady increases.  So while rates are still very low and it is still a great time to buy a new home or refinance an existing mortgage, it may not last.

So if you have been siting on the fence, waiting to see what direction the housing market is heading, here are a few things to consider:  Although it isn’t much of a factor now, at some point inflation could be front and center.  And that could negatively impact Bonds and home loan rates. Here’s a breakdown of what you need to know and watch when it comes to inflation.

What is the Consumer Price Index?

The Consumer Price Index measures the average price level paid by consumers for a representative basket of goods and services. It reports price changes in over 200 categories. The CPI also includes various user fees and taxes directly associated with the prices of specific goods and services.

What’s happened recently?

Last month, the Labor Department reported that the Consumer Price Index fell in March, as consumers paid less for gas, clothing and groceries. The drop in the Consumer Price Index backs up the Federal Reserve’s assertion that inflation remains tame.

Why does it matter?

Tame inflation news has benefitted Bonds and home loan rates. It has also given the Fed cover to continue its Bond purchase program known as Quantitative Easing, which benefits Bonds and home loan rates (since they are tied to Mortgage Bonds).

Even if inflation remains within the Fed’s comfort zone in the near future, any increase could negatively impact home loan rates. Remember: inflation is the archenemy of Bonds and home loan rates because inflation can reduce the value of fixed investments like Bonds. So any hint of inflation could spook Bond investors-causing both Bonds and home loan rates to worsen.   The low inflation news has helped keep home loan rates near record best levels. The markets-and the Fed-will continue to monitor it to see if the good news continues. And if you are waiting to take advantage of the low mortgage interest rates, you will want to keep a close eye on inflation too.

 

Lee Barroll is a Loan Officer at First Community Mortgage in Brentwood and a long time Franklin resident.  If you would like more information regarding a home mortgage loan, please contact Lee @ 615-243-1301 or email lee.barroll@fcmhomeloans.com.

Looking For A Little Grub Nashville?

May 31st, 2013

Looking For A Little Grub Nashville?UG300x190

One of the things that my wife and I really enjoy is finding a new restaurant with something a little different going on.  And we recently hit big!  Last weekend we went to the Urban Grub Fish Pit and Southern Cantina and loved everything about it.  Great seafood, interesting selections and excellent service!  Definitely my kind of grub!

Urban Grub is a beautiful space located in a renovated car wash building on 12th Avenue South.  Although they do take reservations, we walked in and were lucky enough to sit in the outdoor bar area.  The weather was great and our meal was even better.  I can personally recommend the Mussels and Crab Cocktail for Starters.  And the Lobster BLT Flatbread my wife had for her entree was excellent.  I went for the Hereford Ribeye and it was cooked perfectly!  And don’t forget to try the homemade biscuits and the Banana Pudding Pie!  Just plan on needing a to-go bag!

Urban Grub is open everyday except Mondays.  They serve a Brunch menu on Saturdays and Sundays from 11:00 to 3:00. And have a Crawfish Boil every Sunday starting at 4:00.  The valet parking is always complimentary. And the bar is always open!

TN5HmiDiBYxlG42506 12th Avenue South

Nashville, TN 37204

(615) 679-9342

urbangrub.net

 

 

Lee Barroll is a Loan Officer at First Community Mortgage in Brentwood and a long time Franklin resident. If you would like more information regarding a home mortgage loan, please contact Lee @ 615-243-1301 or email lee.barroll@fcmhomeloans.com .

 

The Housing Market Makes A Comeback In Middle TN

May 29th, 2013

The Housing Market Makes A Comeback In Middle TNimages

Evidence continues to show that the housing market is making a comeback. Here are just some of the positive reports that came in over the last few weeks:

  • Housing Starts spiked by 7 percent in March to come in at the highest rate since June 2008. In addition, Housing Starts were up a whopping 47 percent since the same period last year.
  • The number of mortgages behind on payments or in foreclosure fell in March to the lowest mark since 2008.
  • New Home Sales for March increased to come in slightly better than estimates.
  • The Mortgage Bankers Association reported small gains in the number of loan applications, refinances, and purchases.

Not all of the housing news was good last month. Building Permits, which are a sign of future construction, did decline slightly. And Existing Home Sales for March came in slightly below expectations. But overall, the housing-related reports were strong and provided further evidence of improvements in the housing sector.

Other economic news wasn’t as positive. Retail Sales for March came in below expectations and marked the largest decline in nine months. However, the rise in payroll taxes-which began in January-is likely a big part of the decline in spending. Consumer Sentiment also fell to its lowest level since July. And in the manufacturing sector, the Empire Manufacturing Index was much weaker than expected and below the previous month. Those reports indicate that we may just see another economic malaise this spring, like we have seen the last couple of years.

What does all of this mean for home loan rates? The uncertainty of the economy and continuation of the Fed’s Bond purchase program (known as Quantitative Easing) should continue to benefit Bonds and home loan rates. The bottom line is that home loan rates remain near historic lows and now is a great time to consider a home purchase or refinance. Let me know if I can answer any questions at all for you or someone you know.

 

Lee Barroll is a Loan Officer at First Community Mortgage in Brentwood and a long time Franklin resident. If you would like more information regarding a home mortgage loan, please contact Lee @ 615-243-1301 or email lee.barroll@fcmhomeloans.com .

Memorial Day: Remembering Those Brave Souls That Died Defending America

May 24th, 2013

 Memorial Day:  Remembering Those Brave Souls That Died Defending America

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Freedom Is Not Free

I watched the flag pass by one day.
It fluttered in the breeze.
A young Marine saluted it,
and then he stood at ease.
I looked at him in uniform
So young, so tall, so proud,
He’d stand out in any crowd.
I thought how many men like him
Had fallen through the years.
How many died on foreign soil?
How many mothers’ tears?
How many pilots’ planes shot down?
How many died at sea?
How many foxholes were soldiers’ graves?
No, freedom isn’t free.

I heard the sound of TAPS one night,
When everything was still
I listened to the bugler play
And felt a sudden chill.
I wondered just how many times
That TAPS had meant “Amen,”
When a flag had draped a coffin
Of a brother or a friend.
I thought of all the children,
Of the mothers and the wives,
Of fathers, sons and husbands
With interrupted lives.
I thought about a graveyard
At the bottom of the sea
Of unmarked graves in Arlington.
No, freedom isn’t free.

By Kelly Strong

Lee Barroll is a Loan Officer at First Community Mortgage in Brentwood and a long time Franklin resident. If you would like more information regarding a home mortgage loan, please contact Lee @ 615-243-1301 or email lee.barroll@fcmhomeloans.com .

Renovate Or Relocate? That Is The Question Middle Tennessee

May 22nd, 2013

Renovate Or Relocate?  That Is The Question Middle TennesseeimagesCAE6AXJZ

Almost everyday, the news agencies are reporting that home prices are on the rise.  Or that mortgage interest rates are the lowest they have every been.  So how do you decided if you would be better off renovating your current home or purchasing another home?  After the roller-coaster economy of the last few years,  it can be a difficult choice.

Many homeowners are still wary from the market crash.  Let’s face it, until recently most of us have put off thinking about selling or renovating our homes because neither option seemed to be a smart move financially.  Selling was slow and prices were often lower than our mortgage balances.  And it did not seem like a good idea to put more money into a home that had already lost so much value.  So we have been just sort of in limbo waiting to see what will happen in the real estate market.

But we Nashvillians are a optimistic, hopeful group.   And now that the real estate market is looking brighter, we are again thinking about new family rooms or bigger back yards.  But how to decide which direction is the best option?  Renovate or relocate?  Fortunately, a recent article at Money.com called “Renovate or relocate? 5 Key questions to ask” can provide some assistance.  Here are the highlights:

Is Selling A Realistic Option?

Start by assessing the prospects of your local housing market. While the biggest rebounds have come in places that were walloped by the real estate crash, they’re not necessarily the best bets for long-term gains.  Instead, experts say, many buyers are gravitating toward areas with key quality-of-life features. Good school districts have long been equated with strong home values, says David Figlio, director of Northwestern University’s Institute for Policy Research, adding that “people pay more attention to these things during times of tighter housing values than they do in go-go periods of real estate.”   To see how your neighborhood stacks up against others in the area, compare three key metrics: price increases, speed with which homes are selling, and inventory of places for sale (you want a number that’s higher than that of nearby neighborhoods for the first two, lower on the last).

Answer:  If you can sell  but will walk away without the 10% to 20% cash needed to put down a deposit on a new place: Renovating is the better choice.

Is Remodeling The Better Choice?

During the boom many people threw the old “don’t over-renovate“ rule out the window, but now buyers are again focused on features that fall within local norms. So you’ll also need to determine what changes your house can practically accommodate.  A contractor should evaluate your home in person, says Judy Mozen, president of Atlanta-area remodeling firm Handcrafted Homes, to be sure you have the necessary structural support for the project. Keep in mind that certain changes, like adding a story or digging into bedrock, often rack up unexpected costs.  Whatever your house can handle, remember that if your goal is attracting future buyers and boosting your home’s value, the bigger projects are less likely to pay off.  While simpler, more practical projects, like finishing attics and basements will add value.

Answer:  If you can remodel but will need to change the house enough so that it is no longer in keeping with the neighborhood:  Relocating is the better choice.

Is The House You Want For Sale?

Another factor to consider is whether the kind of house you want, in the neighborhood you want it, is even out there. Housing inventory is tighter than it’s been in eight years, according to the National Association of Realtors.  To find out what’s available, devote a few weekends to hitting the open-house circuit. Even if you don’t end up buying, you may come away with renovation ideas, says broker Wilkie.  The search is likely to be particularly difficult if you’re looking for a type of home that’s unusual in your market.

Answer:  Be patient and look at what inventory is available in your target areas.  Have a clear idea concerning what features are most important in a new home and which you would be willing to compromise on.

What Are The Hidden Costs Of Renovating?

It’s no secret that many remodeling jobs end up coming in over-budget.  To get the most accurate estimate, do your own research on the types of materials and finishings you want to use. You may pick very different items — with very different prices — than your contractor would otherwise include in the bid.  Shrink that number further by negotiating, offering to pay subcontractors directly, or being flexible on timing may help bring down the bids.  And once you’ve settled on an estimate, build in an extra 10% to 20% to cover any unexpected expenses.  One big cost that would-be renovators may forget: temporary housing.  

However, planning to sell one home and buy another, is not necessarily inexpensive either.   Plan to pay real estate commissions (generally 6% of the sale price) and closing costs (an average of $3,754 on a $200,000 mortgage, says Bankrate.com). Even relocating nearby can be pricey; hiring pros to move the contents of a four-bedroom home a few miles away typically costs between $1,000 and $2,500.

Answer:  Be sure to include all the costs involved with either renovating or relocating to make a more sound financial comparison.

What Does Your Gut Say?

Finally, don’t force yourself into a decision that really doesn’t feel right. The housing market is still in a state of flux, and you could find yourself in a very different position in, say, six months or a year, when prices may be higher and more homes will likely be sporting FOR SALE signs. Indeed, for some the answer to the renovate or relocate question might be “sit tight.”

Answer:  Only you will know the right decision for your family.

 

Lee Barroll is a Loan Officer at First Community Mortgage in Brentwood and a long time Franklin resident. If you would like more information regarding a home mortgage loan, please contact Lee @ 615-243-1301 or email lee.barroll@fcmhomeloans.com .

Hear Ye Middle Tennessee: It’s Time For The Renaissance Festival

May 17th, 2013

Hear Ye Middle Tennessee: It’s Time For The Renaissance FestivalcastleGwynn09_t

One of the best things about living in Middle Tennessee is The Renaissance Festival that is held every weekend in May!  I make sure that I go at least once every year.  There is nothing quite like taking a step back into 16th Century English history.  If I close my eyes, I can smell the roasted turkey legs now!

The fair grounds are located off of Highway 96  between Franklin and Murfreesboro and is open 10 am to 6 pm every Saturday and Sunday during May.  And for those of you that are already booked on the weekends, the festival is also open on Memorial Day, May 27th.  So don’t disappoint yourself or your family by missing this great event.

This festival is very family friendly and has something fun for everyone in your crew. There are games for kids and adults, period costumes, food you may not have seen before and shopping from olden times and today!  For me, the entertainment is the best part.  I have seen some great comedians and plays on the stages and the Royal Joust is just plan fun!  Not to mention Castle Gwynn, a real home and castle that visitors can tour.

joustingPass_tFor more information contact:

Tennessee Renaissance Festival
P.O. Box 309
Arrington, Tennessee, 37014
Phone: (615) 395-9950

www.tnrenfest.com

 

Lee Barroll is a Loan Officer at First Community Mortgage in Brentwood and a long time Franklin resident. If you would like more information regarding a home mortgage loan, please contact Lee @ 615-243-1301 or email lee.barroll@fcmhomeloans.com .