January 2009 Rutherford County TN Market Report

December 2008 Rutherford County TN Market Statistics

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REAL ESTATE JOKE OF THE WEEK & PAWS PET OF THE WEEK

Real Estate Joke of the Week: 

When the last of their three children was about to leave home, my parents decided to buy a smaller house.

The Real Estate sign went up.

A week later, a second “For Sale” sign appeared two doors away.

“Soon you’ll have new families on either side of you,” my mother remarked to the neighbor whose house was in the middle. “We’re thinking of putting up our own sign,” she replied wistfully. “It would read: ‘Was it something we said?’ ”

PAWS Pet of the Week:

This week is the first of our new partnership with PAWS, the Murfreesboro based No Kill Animal Shelter. If you or someone you know is considering a new pet please keep in mind the PAWS shelter and their prescreened animals. This week’s featured pet is a  2 month old male, black & white border collie mix.

 

For more information contact: 

PAWS (Pet Adoption & Welfare Services)
285 John R. Rice Blvd
Murfreesboro, TN 37129
615-898-7740

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Profiled: Stephanie Vinson – Closing Coordinator

Stephanie Vinson-Closing Coordinator

 

Where are you from? I was born in Chattanooga, but I was raised in Rochester Hills, Michigan.

How long have you been with the Jones Team? I started with the Jones Team in April of last year.

What is your role with the Jones Team? Once a property goes pending I handle all the paperwork and transactions that take place from the accepted offer until closing.

So what does that mean you do (really)? I TRY to keep everyone happy and up to date on new information, order termite and septic letters.  I also beg for faxes and signatures.

What’s your favorite activity for relaxation?  I am a book junkie!  I will be in the poor house now that Barnes and Noble is here.  Give me a glass of wine or a frou frou coffee drink with a blanket and a good book and I’m set for the night.  A close second is the Wii.  My brother and I have virtual bowling tournaments on his projection screen TV.

What is your favorite place to eat? That’s a hard question.  I suppose it depends on the mood  I’m in.  For a cheeseburger and a milkshake I love Karen’s Kustard, for asian it’s got to be Pei Wei’s and for Italian, Macaroni Grill.  Yum!!

Tell us about your last vacation? In November my husband and I went to Montreal, Quebec for our anniversary.  We had a blast!  Went to see the Leaves play the Habs (hockey), sightseeing at the Biosphere, rode around on the subway and did lots of shopping and eating!

Where would you suggest to shop in our area? Definitely now that The Avenue is here go there.  What more could you ask for?

Ever bought something unusual on Ebay? LOL, I’ve never bought anything on Ebay.  I’m too scared to buy used things off the internet.

Why did you choose to live in Woodbury?  I actually married into Woodbury in a manner of speaking.  My husband had a home there when we were married.  Once you get done driving it really is beautiful country.

What is so great about Rutherford County?  I can really only speak for the Murfreesboro part of Rutherford County as I don’t much go anywhere else.  I love Murfreesboro because it’s getting big enough to not have to leave it for anything, such as shopping and entertainment, restaurants, etc.  In addition it is not so big that it takes and hour to get from one side of town to another, at least not yet!

Why do you suppose the Jones Team is Rutherford County’s #1 Real Estate Team?  We have a wonderful team.  I truly believe that we all put our customers first, we really care about what happens to our clients – in or outside of the real estate part of it.  If you have that kind mentality I believe it’s hard not to be successful.

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Fed Cuts Rates Again – What it Means for Us

In a suprise move, the Federal Reserve announced this morning that it has cut the Federal Funds Rate three-quarters of a point, moving the key rate from 4.25 to 3.75 percent.

While it was no suprise that the Fed would slash rates, the shocker is that the US central bank would not only make the move before its scheduled meeting next week, but also implement the biggest federal funds rate cut on record going back to 1990.

In addition to dropping the funds rate, which governs overnight lending between banks, the Fed also slashed the discount rate it charges on direct loans to banks by three-quarters of a point to 4 percent.  Many economists believe rates could be cut again at the Federal Reserve’s scheduled meeting on January 29-30.

Check out the full story here.

What does all of this mean for real estate in Rutherford County? 

Commercial banks have already dropped the prime lending rate, which is the benchmark for millions of consumer and business loans, from 7.25 to 6.5 percent.  Mortgage rates are likely to follow suit in the coming days and weeks. 

While banks have been tightening up their credit requirements, money is quickly becoming cheaper to borrow than it has been in many years.  If you’ve been thinking of buying, what are you waiting for?  The combination of a buyer’s market in Rutherford County and amazingly low interest rates is creating a historic opportunity to buy more house for less money. 

If you currently own a home that you plan on staying in for a few years, take a close look at refinancing options to lower your rate and shorten the length of your loan.  The current environment is ripe for some people to drop from a 30-year mortgage to a 20-year or even 15-year loan with payments remaining similar to what they have now.

If you have to sell, pricing is the most important factor in this market. If you price it correctly, a buyer can be found relatively quickly. If you overprice your home, it will sit.  Don’t get caught up in what you “have” to get out of your house.  Know that the market sets the sales price, not you or your Realtor.  Look at your home sale and next purchase as one big picture.  Yes, you may get less than you would like for your current house, but at the same time you will likely find a great deal on whatever you purchase.  In the end, you’ll be a winner overall if you let market forces work for you instead of against you.

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