Williamson Tennessee Real Estate Blog

Renting Vs. Buying

Sun, 13 May 2012 02:00:00 GMT

Are you not sure if you are ready to buy a new Tennessee home? There’s nothing quite like a home that you can truly call your own. A place where you can have the gleaming hardwood floors you’ve always dreamed of, a space to cultivate your own vine-lined patio, a way to provide a good neighborhood for your kids to grow up in, and a freedom from the whims of your landlord. These are the images that immediately come to mind, for many of us.

Yet some of the biggest advantages of owning a home are less romantic and more practical – in fact, there are financial advantages to owning a home:

    * Tax Deductibility You can deduct the cost of your mortgage loan interest from your state and federal income taxes. Since interest generally will account for most of your payment during the first half of your mortgage, the savings can be significant. Some of your costs at the time of closing (including prepaid mortgage interest) can be taken as deductions on that year’s income tax return, and points paid up front at the time of closing represent additional mortgage interest and may be taken as a deduction.

    * Tax Deductibility of Property Taxes You can deduct all of the property taxes you pay.
    * Appreciation Potential Real estate is considered a good long-term investment because it usually appreciates in value. The effects of borrowing potential can increase as the value of the home appreciates.

    * Capital Gains Exclusion When it’s time to sell your home the amount of capital gains you have to pay is reduced. A homeowner can exclude up to $500,000 per couple if married and filing jointly, or $250,000 if single or filing separately for homes that have been the taxpayer’s principal residence for the previous two years.

    * Capital Gain Treatment Congress allows preferential tax treatment on gains from capital assets held for more than one year. This would be important for a homeowner who has gains in excess of the allowable exclusion.

    * Principal Accumulation Mortgages are designed to pay the interest for the time that the money has been used, as well as to retire the principal debt over a period of time. This payment plan means that part of the payment each month is for principal accumulation.

    * Personal Enjoyment Pride of ownership is a valid reason for wanting to own a home. You can personalize your home while enjoying the financial benefits.

For the best evaluation of your financial situation, consult your financial advisor. He/she will be the most qualified to discuss the financial consequences of a home purchase decision, as well as help you to establish a plan that will achieve your home ownership goals.

Jill McNeese, GRI, ABR Keller Williams Realty

www.JillMcNeese.com Jill@JillMcNeese.com

Jill McNeese is your ultimate resource specializing in the entire Williamson Tennessee real estate market including the surrounding communities such as Brentwood, Franklin, Spring Hill and Thompson's Station.

Why Buyers are Still Waiting to Purchase a Home

Sun, 06 May 2012 02:00:00 GMT

Are you wondering why your Tennessee home just isn't selling? We are all aware that the Real Estate Market is slow. At the same time, housing is still at its most affordable level in years. So why aren't buyers purchasing homes?

1. One reason is how much credit is available to buyers. There are more hurdles in obtaining a mortgage than before. In addition to showing that you can afford to buy a home, even if you have a lot in savings, banks want to see income. Lenders want to see W-2 forms.

2. Some buyers think prices will fall even lower. Home prices are low now, mortgage rates are low as well. Interest rates will slowly start to creep up. Don't put off until tomorrow what you can do today. Now is a great time to BUY!!

3. Buyers are not confident in the economy. Unemployment is high. Even those who have jobs don't feel a sense of job security. The more insecure people are in making purchases, the slower the economy grows. It's a catch 22. Another reason to BUY a home; to help jump start the economy!!

I think once consumers regain confidence and banks increase lending to those who qualify, buyer activity should pick up. In the meantime, SELLERS be patient. Your home will sell, all you need is one buyer.

Jill McNeese, GRI, ABR Keller Williams Realty

www.JillMcNeese.com Jill@JillMcNeese.com

Is Your Home Priced to Sell?

Mon, 30 Apr 2012 02:00:00 GMT

Have you noticed that your Tennessee home is still on the market but your neighbors are selling like hotcakes? Frustrated sellers will blame a bad market, and it's definitely a challenging one we're navigating now, but a savvy real estate professional will tell you that many times, a slow sale is often attributed to the listing price.

If a home is overpriced, buyers will stay away. But, if the price is competitive with similar homes in the area and “shows” better than the competition, it will have a better chance of being sold quickly.

The secret is perfecting a technique that’s as American as apple pie: comparative shopping!

Although comparing houses with different styles, square-footages and locations is challenging, real estate professionals still feel it’s one of the best methods to use when determining a home’s market value.

A responsible real estate agent will effectively evaluate a home’s worth through a process known as Comparative Market Analysis (CMA). Taking a look at assets, such as a swimming pool, bigger than normal living spaces, a fantastic view, adjacent city parks and other attractions, the agent will begin to compare your home with similar properties, called “comparables,” that have sold in the area within the last six months. Typically, it is a realistic price range that will ensure you top dollar and a reasonably quick sale.

However, factors such as the amount of time needed to sell your home can affect the agent's price recommendation dramatically.

Assuming you have sufficient time to market the home, here are a few small steps you and your agent can take to finding the right price for your property.

The best comparisons can be made with similar homes that have been sold within the last 45 days as opposed to the standard six months. Any longer, and other factors, such as the economy, could cloud your view of how much your home is really worth.

Another good benchmark is to review the selling prices of homes that have just been sold and are pending closes. Most MLS services provide information on deals pending that most real estate agents should be able to share with you.

A good rule of thumb before setting a price is to make 20 comparisons of comparable properties within a one-mile radius of your house. Once completed you can feel comfortable that the price you’ve picked is a good gauge of the home’s worth and won’t discourage qualified buyers.

Being open and honest about what you see as the home’s greatest strengths and biggest weaknesses will also help your agent get a better feel for how to best evaluate (or assess) and market your home. Think of your home as if you were the buyer. If your home is listed at the right price, you’re well on your way to a speedy and fruitful sale with the right real estate professional .

Jill McNeese, GRI, ABR Keller Williams Realty

www.JillMcNeese.com Jill@JillMcNeese.com

Home Appraisal is a Must!

Sun, 22 Apr 2012 02:00:00 GMT

Have you been looking to buy or sell a Williamson, Tennessee home? It will be necessary to have the property appraised. The value of the home is a major part in both the buying and selling process. The appraisal has a variety of purposes in a transaction for both the buyer and the seller. By having an appraisal, it will protect all involved in the sale: the seller, the buyer, the lender and the insurance company.

Most lenders require an appraisal before any financing can be finalized. So even if the buyer wants to waive the appraisal contingency due to finding a home they want where they have competition, they will still need the appraisal.

It is important to understand that waiving the appraisal can be a dangerous way to purchase a home. Buyers can lose some of their earnest money if the appraisal does not come in high enough for them to secure financing. Sellers can demand that some of the earnest money be used to compensate them for money lost due to financial losses as well as having to put the property back on the market because the buyer wrote a contract they can’t fulfill.

If you are buying a Williamson county home it is very important to think it through. You wouldn’t purchase a car without knowing the true value of the vehicle. Purchasing a home should be held to even higher standards, and if you don’t follow these standard practices, it could cost you thousands of dollars.

Contact me today if you are interested in buying Williamson home!

Jill McNeese, GRI, ABR Keller Williams Realty

www.JillMcNeese.com Jill@JillMcNeese.com

Click here to Search Williamson Tennessee real estate

Want to know what your property is worth? Visit http://www.williamsonhomevalue.com to receive a market analysis based on today’s real estate values

Be the first to be informed on the latest properties available. Visit http://www.williamsonhomesearch.com

Help For Home Buyers

Tue, 17 Apr 2012 02:00:00 GMT

If you have been searching for week, and now you have found your Tennessee dream home, but are you're having some concerns about the down payment? In this difficult economy it can be difficult to pay a large down payment so what are your options? How can you complete the sale if you don’t have extra cash?

Different lenders have their own minimum down payment requirements and can vary depending on the mortgage program, loan amount, borrower income and credit rating. A good rule of thumb is roughly 20%, but you can find different ways to help you meet down payment requirements, including buyer assistance programs - also called down payment assistance programs.

Assistance programs and grants can help you avoid robbing your savings or 401K or borrowing the money elsewhere to come up with a cash down payment. Some of the most common buyer assistance programs are for first time home buyers, but other assistance programs are available as well. How do they work? Below are some key requirements of standard programs.

Home buyers must qualify for a loan that allows gift funds from a charitable organization
Limits may apply to the price of the home
Funds can be used for the down payment and for closing costs
Gift funds can be used for new or existing homes

There are several different organizations that provide buyer assistance, including Grant America, Nehemiah and American Family Funds. Many other buyer assistance organizations are available, so do some homework and talk to your tax preparer and mortgage lender about options.

Always speak to your lender about available programs in your market, they can help you structure the down payment assistance to be compatible with their underwriting guidelines and offer advice on program advantages for your type of loan.

Jill McNeese, GRI, ABR Keller Williams Realty

www.JillMcNeese.com Jill@JillMcNeese.com

Click here to Search Williamson Tennessee real estate

Want to know what your property is worth? Visit http://www.williamsonhomevalue.com to receive a market analysis based on today’s real estate values

Be the first to be informed on the latest properties available. Visit http://www.williamsonhomesearch.com

Moving with Kids in Williamson!

Wed, 11 Apr 2012 02:00:00 GMT

So, you have finally decided to purchase your dream home in Williamson, TN! It can be very stressful to move, there’s so much to do! You’ve got to pack and unpack, notify the Post Office of your change of address, do closing paperwork on the home you’re selling and the home you’re buying in Williamson, hold last minute yard sales, etc. It seems like a lot, and it is, but here’s a great checklist to help you get it all straight two months prior to your move.

Now, what about your kids? If you’re stressed out, imagine what’s going on in their young minds: Will I make new friends? Will I hate the school? Does anyone else like baseball as much as I do? How far away is McDonalds? I’ll never remember my new phone number, address, locker combination… They won’t be concerned about the same things as Mom and Dad. They will worry about things that directly affect them.

How do you settle your children’s nerves during a move to your new home in Williamson, Tennessee? Give them an opportunity to participate by working on small projects that address their own personal needs. Children of any age can help pack boxes. Have them label their own boxes so they get placed in their new room in the new house. Have them draw out a plan for their new room, or make a list of things they want to learn from their parents about their new town before they get there.

Pack plenty of music, movies, and games if you have a long cross-country drive to your destination. Keeping kids entertained when cooped up in a car all day goes a long way in soothing their nerves as well as Mom’s and Dad’s. Once you arrive, here are some great ideas for the whole family once you get settled in.

Jill McNeese, GRI, ABR Keller Williams Realty

www.JillMcNeese.com Jill@JillMcNeese.com

Click here to Search Williamson Tennessee real estate

Want to know what your property is worth? Visit http://www.williamsonhomevalue.com to receive a market analysis based on today’s real estate values

Be the first to be informed on the latest properties available. Visit http://www.williamsonhomesearch.com

Should I Buy a Home Now?

Mon, 27 Sep 2010 12:25:00 GMT

I’m often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall further than they have already. They are assuming that the best course of action is to wait for the bottom in the market and then buy. The problem with this approach is that you don’t know where the bottom is until you see it in the rear view mirror, meaning until you’ve missed it!

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates go up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.” To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today’s market.