As home prices have risen over the past few years, Local West TN people feel we may have lost some of our affordability. Understandable since our prices have increased in excess of 50% since 2020. But what about compared to the rest of the state? 

 

Pulling market data for the top ten cities in the entire state by population, I find that Jackson ranks 9th in the state by size, and ranks 10th in affordability. So Jackson is a bargain - ranking the lowest median price of the list for the top ten cities in Tennessee. Check out the chart attached for the full data set - comparing size with median price and average price per ft. Invest in Jackson TN - we are the bargain of the state!

 

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What is an appurtenance? An Appurtenance is what remains in a real estate traction. Technically, it’s defined as something that belongs to a larger more valuable entity. This item must be a permanent addition using permanent methods and if it's removed it would leave considerable damage to the property

 

Typically, this is anything attached to the home. What’s included in this can vary from state to state, but generally we’re talking about mirrors, faucets, ceiling fans, things of this nature. 

 

What about something like a wall mounted TV? In the state of TN, the TV is considered personal property, and the mount is considered an appurtenance. 

 

Let’s talk kitchen appliances. If they're built in they're included. For example, the range,…

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So what is shadow inventory? 

 

This sounds scary, but it’s really not. Shadow inventory is a term we use in Real Estate to identify property that's not active on the market but we know it's available. For instance,  say I know that John Smith is going to be transferred next month. He's called me about listing his property, but he's not quite ready- he hasn't got it painted and touched up or done some minor repairs. It’s going to be a few more weeks before the home is technically “market ready.” But, as your agent, I may be able to show you the home anyway, especially if I think it’s perfect for you. 

Just about all agents in the industry have a list of this “shadow inventory,” especially  in a market where supply is so tight. It's important to…

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What is an Escalation Clause?

 

Today’s market is definitely seller-oriented. That means that oftentimes buyers are finding out that they have to compete when buying a home. On of the ways to be competitive is to write an escalation clause.

 

An escalation clause  is simply a clause that states that your offer is “x” amount, but you will increase your offer by a certain increment up to a maximum amount. For instance let’s say the property is  listed $250,000. We make a full price offer,  but then put a clause that says “I'll pay a thousand dollars above any other offer up to a maximum of $275,000.” 

Should the seller receive multiple offers, they can take the highest one (they must show you proof of the offer!) and you can purchase the…

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What is a back up offer? 

 

 

 

So,  what is a backup offer and how do you write one? A back up offer is exactly what it says-it’s an offer that “backs up” a current contract that’s already in place. 

 

 

Say you find the PERFECT property but someone else has already made and offer on it, and the seller has already accepted the offer. You may still be able to place a back up offer on the property. This means that if something happens and the first offer falls through, you are next in line. If the original buyer backs out because of an inspection, or if their loan falls through, or any other contingency is not satisfied and that prevents them from following through on the purchase, you get your shot. When working with a back up offer,…

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Recently someone asked me, “Hey Alan! How did you get into Real Estate?”

 

Well, bottom line, I was having a mid life crisis. I had was turning 40 and kind of struggling with my job.  I used to be a sales rep in the audio video business. I sold high-end home theater/audio systems. For over a decade I had been traveling the southeast meeting with clients that were integrating high-end home theaters audio systems video systems into their homes.  I really enjoyed that work but actually what happened was this thing called the great recession. People basically stopped building homes in 2007 and 2008. People certainly stopped spending $80 to $100,000 on home theater equipment! As that business kind of dwindled down and everything was a struggle.…

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How is Square Footage Calculated in Real Estate

 

So, how is square footage calculated? First of all, it’s important to note the difference in “Heated Square Footage” and “Total Square Footage.”  Heated square footage is the total of the living areas. Total square footage is everything under the roof-including garages, covered porches-everything. 

 

An appraiser is concerned with heated square footage. The part of the house that is heated and cooled-where you LIVE. 

 

As Realtors, we use this information to pull comps to help us determine the best listing price for your home. We’ll pull sales comps in the area of similar properties and then we just take that average price per square foot for all the recent sold, multiply that by…

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Do I Need a Property Survey When Buying a Property? Quick Look at When & When Not…

 

Let’s talk about surveys! A lot of people are relocating here from other states and they're asking questions about surveys. Are they required in Tennessee? No, they are not! In some states a survey is not an optional item, but here it is. 

 

With that in mind, let’s talk about when you do and do not need to get a survey. 

 

If you're buying a property like a large track of land out in the country in a rural setting that may not have transferred ownership in decades, been in a family forever and nobody really knows exactly where the property line is, or is the line is described as “the tree line over here the creek bed over yonder and the ditch…

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Good Morning!

 

I ran across this Fannie Mae forecast report(s) this morning. Historically these Fannie Mae forecasts have been very accurate, and this set is very encouraging!

 

Both the economic and housing reports run through 2024. Looking at the CPI & GDP forecast numbers form the economic report, they are predicting inflation to fall into check early in 2024. As you can see, we are already in a falling pattern and heading to the target of a 2% range as recommended by the Federal Reserve.

 

Looking at the housing forecast, Fannie Mae predicts that mortgage rates should settle in the 5%’s range in 2024. This is GREAT NEWS for buyers and sellers! 

 

In reviewing these two reports together we can see that it looks promising that…

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Your Guide to Virtual Showings

 

Today we’re going to talk about Virtual Showings. 

 

In Jackson, we have a lot of industry, which leads to a lot of people moving in from other areas. This means that you might not be in town, or be able to quickly come to town, when a great property hits the market. Thanks to technology, you can now see that home virtually! 

 

Basically, I go to the home and walk you around using Skype or Zoom or FaceTime or something like that. Or, I can make a video of the home and send it for you to watch. 

 

Either way, you can “walk” the property with out being there. As we go around, you can ask questions about what you see and I can make observations as I see the property in person. 

 

In a market…

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