I might ruffle a few feathers or raise an eyebrow with this newsletter, but I am so tired of all the Chicken Littles screaming the sky is falling, so I wanted to educate you, my friends & clients so you know what is really going on in our real estate market.

Unbeknownst to the media, out market is still very healthy! I am going to borrow some quotes and information from some of my professional peers and share them with you!

Yes, we have inventory! Lots of homes are on the market, this I can't deny. Buyers have a lot to choose from. But let me assure you, homes are selling. Maybe not as fast as they once did, but we are moving properties! Middle Tennessee Real Estate Market is alive and well!

Yes, there are mortgage companies with issues! I am sure you have heard (ha)! Let me say this with all seriousness it was time we got back to center! The lending industry had strayed so far from where they used to be. However, what is really important for buyers and sellers to know is Federally Insured money and Government backed loans are still here. The straight up loans, such as FHA, VA and conventional financing are still lending money the same way they always have!! Some mortgage companies and brokers started doing some creative financing and it got them sideways financially and with the federal government, but it was time for the funny-money guys to move on out of our industry! Guidelines being tightened on the loans the banks and brokers are making only means that the buyers are good buyers and should be buying a home. I know during the real estate boom over the past few years if you were breathing you were a buyer! That has changed for the better!! Many media outlets have incorrectly added fuel to this fire with spreading rumors but let me assure you, there is money to loan!! The lender market that was affected the most was the sub prime market. (Meaning buyers that were at a greater risk for default). These are loans made to people with poor credit, lack of employment stability, past bankruptcy or dings in their credit.

I will say the pool of buyers is smaller than they once were, but when they come a knockin’ as a pre-approved buyer, you will know they are good buyer!

What should sellers do now with the market like this you ask?

Be EXTREMELY realistic with your price! Pricing is a huge issue right now because of the number of homes on the market. With less buyers in the pool and media beating us up on market values falling, now more than ever pricing is the #1 concern to focus on to have a successful closing.

Rates everyone wants to know what is going on with the rates. They are awesome! They are still under 7%. I know all of us, myself included, could have really gotten used to those 5 and low 6% rates, but we are knew in the back of our minds, they couldn’t stay there forever (although we hoped). I can remember seeing things at 11% in the 80’s so I will say we have come a long way baby! 

Information, knowledge and expertise are the building blocks of sound financial decision making. So if you are contemplating a purchase or sale, call me or come by for a visit. We can discuss the condition of your home, your neighborhood situation and some pricing options. Or if you want to purchase a new home, let’s discuss your options for financing, the housing market and price range that interest you. 

I know that the market is slower, but I am here to stay so I hope that when you think real estate, you think Kendra Cooke -  I SINCERELY want to be your realtor for life!