The Buying Power of Women
by Wanda McPhaden

Women are the CPOs (Chief Buying Officers) of American households, and are rapidly gaining in gender status as the nation's top wealth holders.

According to Tom Peters and other experts monitoring the American marketplace, women now make 83 percent of all consumer buys, including 94 percent of home products, 89 percent of vacations, and 75 percent of all decisions regarding the purchase of the largest investment most of us will ever make -- a house.

As women have increased their earnings, built their own businesses, weathered divorces, widowhood, and taken charge of family bequests, they've grown more independent and wealthy. IRS data indicates women comprise 39 percent of the top wealth holders in the U.S., a category defined as adults with total assets of $625,000 or more. That adds up to some 2.5 million women with combined assets of $4.2 trillion. Significantly, 42 percent of the women in this group will be single or widowed, according to the IRS, by the year 2050.

The IRS notes that this will result in the transfer of an estimated $41 trillion from seniors to the next generation composed mainly of Baby Boomers. Since women tend to outlive men by an average of 5 to 7 years, according to the US Census Bureau, even more wealth will be concentrated in female hands.

But the newest wrinkle in female buying power is young, single women across the country who are fueling a new wave of home buying that is far ahead of their male counterparts. Evidence of this trend recently surfaced in a story in the New York Times that described a boom in the purchase of condos in Brooklyn by young, single women.

The National Association of Realtors (NAR), in a study released last month, reported that young women in the 25-34-age bracket bought 1.76 million homes in the period from July 2005 to June 2006, accounting for 22 percent of the market. That's up from 14 percent a decade ago. The number of single men buying homes stayed flat at 9 percent during the same period.
The median age of single women buying a home for the first time is 32, according to the NAR study. The median income for all single women buyers (including those who have owned before) is $47,300. Their median age is 42, a figure pushed higher by divorcees or widows.

Reasons for this buying trend -- according to various research experts and confirmed by my own experience in the real estate business -- include:

Women are surpassing men in higher education degrees (According to the U.S. Department of Education, 57.4 percent of women enrolled in colleges eligible for federal student aid in 2003-4 compared to 42.6 percent of men.)

Women are already successful in their chosen careers, and their earning power is higher than it's ever been. “Among 25-34-year olds -- key home-buying years,” says Peter Francese, a demographic trends analyst for Ogilvy & Mather in New York, “these women have good jobs and they make money.”

Young women are more concerned these days about building an early nest egg and becoming financially independent in the event Mr. Right doesn't come along.

Equally important, in my opinion, is that women are also more willing to trust their instincts and “go for it” when they see a smart investment than they have in the past. A February 2004 study of 1,134 women by Prudential Financial reveals that one in three respondents finds herself more involved in financial decision-making than five years ago.

However, during 20 years in the real estate business, I've witnessed a behavior pattern in women that I find ironic and counterintuitive. Despite their increased education, discretionary purchasing power, and instinct for what constitutes a wise investment, many women -- particularly those in the 34 – 45 demographic -- feel compelled to discuss their buying decisions with men in their lives.

And women are frequently dissuaded from going ahead with what later proves to be a good investment, often to avoid bruising the ego of a spouse, Significant Other, or other influential men in their lives.

Nevertheless, I'm encouraged that women, led by their younger cohorts, are finally getting over that emotional bump in the road to profitable real estate investment and financial independence -- needing a male opinion. This is a refreshing sign in such an active real estate market filled with rich, new opportunities.

From my perspective, I believe we are about to enter a new wealth building period in the U.S. real estate market and, armed with growing financial power and a new independence, women will lead the way.

RealTown brings industry content to consumers
New site also features agent, property-search links
Inman News - Glenn Roberts Jr.

A new Internet portal launches today with a depth of real estate-related content created by a thousands-strong community of real estate professionals.

The site, RealTown.com, also features links to hundreds of multiple listing service-operated property-search Web sites, a database of properties maintained by real estate technology company Point2, and an agent-search tool.

The new site includes a consumer-facing collection of information from Internet discussion groups, industry articles and blogs. The goal, according to founders, is to empower consumers and real estate professionals alike with a centralized source of relevant real estate information.

Saul Klein, president and CEO for Real Estate Electronic Publishing Company Inc., the company that is launching RealTown.com, said, "It has always been in our vision to do this -- to create a place where content form the people of the community has a lot of value. We had this idea 12 years ago."

RealTown.com joins other sites, such as ActiveRain.com, that offer user-generated content and an online forum for real estate professionals and consumers.

InternetCrusade, as the publishing company is better known, has fostered the creation and maintenance of online communities through simple Internet discussion groups, and now counts about 40,000 members of its various real estate-related communities. There are about 25,000 members, for example, in the RealTalk community, which features daily discussions of industry issues among real estate professionals. Members seek advice and share ideas through the RealTalk network. Internet Crusade's communities also include separate discussion groups for MLS professionals and for Realtor association executives, for example, and a network of bloggers.

InternetCrusade also manages the e-Pro Technology Certification Program through which Realtors receive technology training. The agent-search tool is currently limited to e-Pro members though Klein said there are plans to expand that to a broader group of licensed real estate agents who sign up at the RealTown.com site.

Real estate information, said Klein, "happens to be the driving force in everybody's life right now." Some discussion content is private for members of specific groups, while other information is open to the public. The site does not require registration, though registration is required for those who post content at the site.

Planned enhancements at the site include a system to rate the performance of real estate agents, Klein said, and to package content for publication in other sources. "The whole idea of 'citizen journalism' -- allowing content to flow from the masses -- is a universal idea," he said.
And the new Web site will evolve through community recommendations, he added, "Whatever you want we're going to give it to you. It's a community where we take very seriously the input from people."

While the site can be used to link consumers with real estate professionals, Klein said there is no charge for the online leads generated through the site. There are plans to allow advertising at the site and to offer some paid services, he said.

Klein said the InternetCrusade community has relied on grassroots growth that began with a simple e-mail network. There are an estimated 2,600 bloggers who participated in the RealTown Blogroll, and Klein said InternetCrusade offers free blogging tools for those interested in becoming active bloggers.

Other InternetCrusade managers assisting the creation of the new portal are John Reilly, chief information officer and author of "The Language of Real Estate," and Mike Barnett, chief technology officer and a developer for the RealTown community software.

According to a company announcement, "RealTown.com integrates citizen journalism and professional journalism, giving equal editorial weight to articles from both camps, tapping the great resource of undiscovered talent and knowledge and making it available to everyone."

Nashville forecast

HAVE A WONDERFUL WEEK!

TonightJan 28
Mostly Clear / Wind
19°

Mon Jan 29
Mostly Sunny
42°/28°

Tue Jan 30
Partly Cloudy
38°/19°

Wed Jan 31
Partly Cloudy
41°/31°

Thu Feb 01
Showers
45°/40°

Fri Feb 02
Cloudy
48°/20°

Sat Feb 03
Mostly Sunny
32°/23°

Feb 04 SUPERBOWL SUNDAY
Partly Cloudy
42°/32°

Mon Feb 05
Partly Cloudy
43°/25°

Tue Feb 06
Partly Cloudy
41°/24°

Winter information

Warm Rooms Delightful During Frightful Winter

Few regions in the nation were spared winter's frigid fury this week.

Parts of the Northwest and Rocky Mountain regions were still digging out of four weeks of snow as temperatures iced California's citrus crop. San Francisco Bay Area residents kept an eye out for the first snow flurries in years.

Frigid air flowed into New England as wind chill factors pushed some temperatures in the upper states' hinterlands to 35 below zero. Ocean-effect snow showers were forecast for Cape Cod.
New Orleans shivered through 30 degree temperatures and Mother Nature put central and southern Texas into the deep freeze. The Deep South and Southern California held onto "heat waves" with temperatures in the 40s and 50s.

And in the Midwest, well, it's winter. Highs were in the 20s and 30s.

Only south Florida's balmy peninsula appeared to escape the arctic blast.

When you go home after a day on the bone-chilling tundra, your igloo ought to be toasty.
The U.S. Department of Energy (DOE) and the Comfort Institute, an indoor comfort research, training and consumer protection organization based in chilly Bellingham, WA, offer these tips to get your house in order for what's likely to be a long, bleak winter even Punxsutawney Phil can't stop.

• Seal duct leaks. The DOE says the typical duct system loses 25 to 40 percent of the energy put out by the central furnace, heat pump or air conditioner. That puts a strain on your wallet as well as comfort levels in your home. Heating ventilation and air conditioning (HVAC) contractors can diagnose and pinpoint duct leak locations and check the static pressure in your ducts and ventilation system. The exam is often part of an energy audit used to also examine insulation, air leaks and other energy inefficiencies in your home.

• Consider a new furnace or HVAC system. Newer more efficient systems coupled with sealed ducts, better home insulation, weatherized windows and doors, programmable thermostats and other steps to tighten your home, can remove uneven heating and cooling patterns and cost less to operate. Don't assume you need a larger unit. A new unit and overhauled duct and ventilation system may shock your budget over the short term but provide a payback in energy cost savings over the long run.

• Don't neglect maintenance on your furnace or HVAC. Get a checkup of your heating system to make sure it's performing efficiently and safely. Clean or replace your system's air filter regularly as instructed by your manual.

• Insulate to the max. Missing insulation can also cause discomforting cold spots in your home. Especially add insulation in attics, rooms adjacent to attics, and next to or over garages. Your contractor can perform an infra-red camera scan to find cold spots and inspect insulation levels. Hollow wall cavities behind sheet rock also need internal attention. Forget external insulation.

• Manually close off rooms, closets and shut doors to unused spaces or consider installing a controlled damper system that is tied to thermostats and automatically open and close as needed.

Energy Saving Homes

Green building's surprising energy savings

New-home design that can also help environment, improve health


It sounds like Ben Franklin, but the speaker in this case is David Johnston, a green-building consultant in Boulder, Colo. His Ben Franklin-sounding aphorism, he said in a recent interview, has proved to be a useful, shorthand way of explaining sustainable green-building principles and practices.

Although these have been embraced by more and more home builders, there is still much confusion among the general public as to what exactly makes a house green. One way to keep things straight, Johnston said, is simply to remember to "use common sense to make sense."

For example, Johnston is regularly asked if a green house is one that is petroleum-product-free.

His common sense answer:

"If you eliminate everything that contains petroleum, you can't enjoy the accoutrements of a 21st century lifestyle." All the heating and cooling equipment and standard appliances contain plastic, he pointed out, adding that "even something as basic as a toilet has plastic parts."

The make-sense part of green building, Johnston went on to say, has to make sense both environmentally and economically. For example, building materials that have recycled content are generally considered to be a plus because recycling can significantly reduce both the volume of the waste stream and pressure on overflowing landfills.

But, speaking like the hard-headed home builder that he once was, Johnston said you shouldn't select a product solely on this basis. A product with recycled content may be much more costly than the conventional product it is intended to replace, and it may not perform any better.

Materials have to make sense from a health perspective as well, Johnston said. Many building materials are made with unstable, volatile organic compounds, called VOCs. They can off gas into the air for weeks and sometimes years after they are installed in your house.

Of the hundreds of VOCs that have been identified, the one that concerns most people is formaldehyde, a potent eye and nose irritant that can cause respiratory problems. It has been classified by the World Health Organization as a confirmed human carcinogen. You can easily avoid it by using one of the many building products now available with low or no VOC content, Johnston said. Though the non-VOC products often cost more, this is one instance where a higher cost is worth it, he added.

Segueing from materials to other aspects of green-home builders Johnston talked about household energy use. His common sense rule: Use as little as possible. His common sense reason: to save money and the planet. If you use less energy, you'll save money on your utility bills. You'll save even more as the price of natural gas, fuel oil and electricity inevitably goes up.
If you use less energy you'll help save the planet because you will be reducing the greenhouse gas emissions associated with your house. Unbeknownst to most homeowners, buildings are the largest source of the greenhouse gas emissions that are causing global warming. In the United States, half of building-related emissions are from houses.

Johnston feels that energy issues are so important, he urges homeowners to put them front and center in the design of any new house -- "from the first sketch of a floor plan to the final dotting your I's and crossing your T's."

But, Johnston hastened to say, energy savings should not come at the cost of having a great-looking house with lots of windows and great views. The trick is to get all this and save energy.

Johnston's common sense strategy for supplying household energy needs: Use what's free before using what you have to pay for. That is, tap as much free solar energy as you can for your heating and lighting needs before turning to conventional solutions.

To do this, you really do have to think about energy from the start because the feasibility of passive solar solutions depends on how you place your house on your building site, the first step in any building project. To capture the sun's rays for heating your house during the winter, your living areas must be oriented to the south. You can keep the same spaces cool in the summer by adding overhangs. With some additional refinements to the overhangs, the sun can also supply your lighting needs during the day.

To maximize the benefit of passive solar heating and cooling, you need to carefully tailor your building envelope to reduce heat loss or heat gain through the walls and roof. This generally requires adding insulation to the walls, attic and basement in amounts far above code requirements and upgrading windows to get ones with a low-emission coating that helps to keep the heat inside during winter and outside in summer.

Unless you live in Hawaii or Santa Barbara, Calif., where passive solar strategies can supply all your heating and cooling needs, you'll still need a furnace for those cold days when the sun's heat is not enough to keep you comfortable. But with your upgraded building envelope, you can use a smaller furnace and air conditioning condenser, and that is a cost savings, Johnston said.

You'll also need electric lights for nighttime use and cloudy days. Surprisingly, lighting accounts for about 12 percent of household energy use in the average household. Solar daylighting shaves part of this, but you can shave it further with compact fluorescent bulbs, commonly called CFLs, Johnston said. They use about 75 percent less energy to produce the same amount of light as an incandescent bulb, and they last six to eight times as long. CFLs can be screwed into almost any conventional light socket and their color correction has vastly improved in recent years.
The other part of the home energy puzzle that green building can affect is the sizeable energy draw for hot water. The luxury of having 40 to 50 gallons available 24/7 consumes another 12 percent of household energy use. But, Johnston said, it's another instance where you can tap free solar energy by installing a solar collector on your roof. For those cloudy days, though, you'll need a backup hot-water heater.

The other 35 percent of the energy that the average household consumes is out of a builder's hands, because it is the "plug loads" that homeowners bring into the house when they move in -- appliances, computers, home-entertainment equipment, and all the other doodads that most households accumulate. The most effective way to reduce this load is to purchase Energy Star products, now available in more than 40 categories.

How does Johnston's "common sense to make sense" work in real time on a real house?
To find out I contacted McStain Neighborhoods, a small production-home-building firm in Boulder that has built sustainable, green houses for more than 40 years. The firm builds about 350 houses a year in the Denver and Boulder markets.

Like all home builders, McStain evaluates everything from a cost-benefit perspective. But, unlike almost all the others in the United States, McStain has a research and development department that carries out in-depth reviews of about 50 new products and building techniques a year. Periodically, the firm builds a test house that incorporates the most promising of these innovations. The test houses are eventually sold, but the firm continues to monitor them for several years afterwards, said McStain marketing head Barr Hall.

Jeff Medanich, who heads up McStain's research efforts, said that much of his work is a balancing act, spending more here but saving more there so that in sum, the cost of an innovation is relatively small.

Medanich offered as an example McStain's current exterior wall construction. Instead of the dimensional wood studs that are used by most home builders (a single piece of wood sawn from a tree log), McStain uses finger jointed studs, which are made up of several smaller pieces of recycled scrap lumber that are glued together. These cost more but their superior quality means that fewer are tossed as unusable -- only about 4 percent compared with 20 percent of the dimensional studs. The cost difference is a wash, but the finger-jointed studs have the added benefit of lowering costs down the line. Because they are straighter, the walls are plumb, and this makes the work of subsequent trades go more smoothly and faster.

Article written by Katherine Salant, Inman News

EQUAL OPPORTUNITY HOUSING

WHAT EVERYONE SHOULD KNOW ABOUT EQUAL OPPORTUNITY IN HOUSING

The sale and purchase of a home is one of the most significant events that any person will experience in their lifetime. It is more that the simple purchase of housing, for it includes the hopes, dreams, aspirations, and economic destiny of those involved.

THE LAW
Civil Rights Act of 1866The Civil Rights Act of 1866 prohibits all racial discrimination in the sale or rental of property.

Fair Housing ActThe Fair Housing Act declares a national policy of fair housing throughout the Untied States. The law makes illegal any discrimination in the sale, lease or rental of housing, or making housing otherwise unavailable, because of race, color, religion, sex, handicap, familial status, or national origin.

Americans with DisabilitiesAct Title III of the Americans with Disabilities Act prohibits discrimination against persons with disabilities in places of public accommodations and commercial facilities.

Equal Credit Opportunity ActThe Equal Credit Opportunity Act makes discrimination unlawful with respect to any aspect of a credit application on the basis of race, color, religion, national origin, sex, marital status, age or because all or part of the applicant's income derives from any public assistance program.

State and Local Laws State and local laws often provide broader coverage and prohibit discrimination based on additional classes not covered by federal law.

THE RESPONSIBILITIES

The home seller, the home seeker, and the real estate professional all have rights and responsibilities under the law.

For the Home Seller

As a home seller or landlord you have a responsibility and a requirement under the law not to discriminate in the sale, rental and financing of property on the basis of race, color, religion, sex, handicap, familial status, or national origin. You cannot instruct the licensed broker or salesperson acting as you agent to convey for you any limitations in the sale or rental because the real estate professional is also bound by law not to discriminate. Under the law, a home seller or landlord cannot establish discriminatory terms or conditions in the purchase or rental; deny that housing is available, or advertise that the property is available only to persons of a certain race, color, religion, sex, handicap, familial status, or national origin.

For the Home Seeker

You have the right to expect that housing will be available to you without discrimination or other limitations based on race, color, religion, sex, handicap, familial status, or national origin. This includes the right to expect: housing in your price range made available to you without discrimination equal professional service the opportunity to consider a broad range of housing choices no discriminatory limitations on communities or locations of housing no discrimination in the financing, appraising, or insuring of housing reasonable accommodations in rules, practices and procedures for persons with disabilities non-discriminatory terms and conditions for the sale, rental, financing, or insuring of a dwelling to be free from harassment or intimidation for exercising your fair housing rights.

For the Real Estate Professional

Agents in a real estate transaction are prohibited by law from discriminating on the basis of race, color, religion, sex, handicap, familial status, or national origin. A request from the home seller or landlord to act in a discriminatory manner in the sale, lease or rental cannot legally be fulfilled by the real estate professional.

IF YOU SUSPECT DISCRIMINATION

Call the Local Board of REALTORS® Local Boards of REALTORS® will accept complaints alleging violations of the Code of Ethics filed by a home seeker who alleges discriminatory treatment in the availability, purchase or rental of housing. Local Boards of REALTORS® have a responsibility to enforce the Code of Ethics through professional standards procedures and corrective action in cases where a violation of the Code of Ethics is proven to have occurred.

Call the U.S. Department of Housing and Urban Development Complaints alleging discrimination in housing may be filed with the nearest office of the United States Department of Housing and Urban Development (HUD), or by calling HUD's toll free numbers, 1-800-699-9777 (voice), or 1-800-543-8294 (TDD). Contact HUD on the internet at www.hud.org.

Copyright© 2003-2004 GNAR.

Land issue

Whose land is it anyway?

Written by Ilyce R. Glink

Neighbors feud over placement of new fence

Q: My new house has 15 feet of space between our house and our neighbor's house. On our garage side, we have 5 feet of land, which goes to the lot line. The neighbor has the remaining 10 feet of land, which runs from the lot line to her house.

We have a brick paver walkway running the length of our property from the rear of our house to the front of our house up to our driveway. The landscapers used a slurry mix of lime and aggregate to hold in the pavers, and new sod was put down on our neighbor's side of the lot line to help keep the pavers in place.

Our neighbor put in a decorative plastic fence run last summer parallel to the walkway. The posts were dug about 6 inches to 8 inches back from the walkway and the fence was installed. We had a strip of sod remaining to help hold in our pavers, which was fine.

Last August, while we were at work, the neighbor removed the remaining sod from our side of the fence, exposing the pavers now to the elements and soil erosion. She installed diamond edging along our side of the fence, using our walkway to accomplish this.

The edging runs down the length of the fence and leaves a 3- to 4-inch line of dirt next to our paver walkway.

Once the fence was installed, doesn't the neighbor relinquish her rights to maintain the side facing us, as the property line has been offset by those 6 to 8 inches? She is under the impression she can disrupt our side as well as the lot line that runs up to the brick walkway. And, she insists she owns those 6 to 8 inches. Where do we stand on this for a resolution, as our walkway is starting to become loose in areas?


A: While I sympathize with your walkway coming undone, I think you're getting unnecessarily riled up about this situation.

First, we're talking about your neighbor's land. In your letter, you indicated that your walkway goes right up to the lot line. That means everything on the other side of your walkway belongs to your neighbor: the sod, the fence, the dirt, and possibly even the edging she put against your walkway to keep it in place.

Just because your neighbor installed a fence does not mean that she has given up the right to her 6 to 8 inches of land running from the fence up to the lot line. To the contrary, she is actually actively maintaining that property. You may need to talk to an attorney to give specific information on this issue.

Now to your point, she's not been particularly neighborly in her pursuit of supreme landscaping. A nice neighbor would have come over, knocked on your door, offered you homemade cooking and asked if she could talk to you about some landscape issues she's having. Instead, you describe a situation where she may have had the landscapers lying in wait until you popped into your car that August day and headed for the office.

But let's get back to you: It's not her fault that whoever installed your landscaping told you that sod would be the key ingredient to a long-lasting walkway. When I installed my own brick paver walkway, we used edging and sod and I can only hope that's enough to keep it in place.

To be fair, your neighbor apparently made a good-faith effort to keep the walkway together, and she may not be aware that it isn't working.

So, you can bring her a plate of homemade cookies and after she eats one or two, you can bring her over and show her the situation. Or, you can hire a landscaper to come in and drive deeper stakes into the edging to hold it in place.

It sounds like a lack of communication, not to mention calories, is contributing to the situation. But I'm betting you can fix that.

Preparing to buy a home in 2007

Preparing to buy in 2007

Choose an agent who's up to the challenge

2006 was the year that the national housing market slowed. However, what happens on the national level doesn't necessarily translate to local markets, which vary considerably from one another.

In some areas, the housing market started looking like a normal market in 2006. In other areas, it became a buyer's market. Some areas, such as El Paso, Texas, and Salt Lake City, Utah, defied the national trend and showed sizable home-price increases in 2006.

No one knows for sure where the market will go from here. For areas where appreciation in recent years has been strong, the best-case scenario is that home prices will advance in the low single-digit range for perhaps several years. The worst-case prognosis for the hot market areas of 2004 and 2005 is that prices might drop before they rise again.


Buyers who are buying in a soft market and who are not prepared to stay put and ride out a possible downturn should reconsider buying at this time. But, if you buy now for the long term, you could be well positioned for the next wave of appreciation.

HOUSE HUNTING TIP: Regardless of where you're buying, the game plan is basically the same. First, carefully evaluate your financing options before you start shopping for homes.

One-hundred-percent financing and interest-only mortgages have become popular in recent years, particularly with first-time buyers. With both of these types of financing, you don't build equity in your home when prices are flat unless you make improvements that increase the property's value or you pay down the principal balance. So, if you were to sell after years of zero or less appreciation, you could end up paying out of pocket to close the sale.

This doesn't mean that you shouldn't use this type of financing. Just make sure that you understand the pros and cons of any of the mortgage options available to you. While you're educating yourself about financing, get preapproved for the mortgage you'll need to complete a purchase. You are in a better position to negotiate with sellers if they're convinced that you are financially capable of closing the sale.

The next step is to learn as much as possible about local market values. This means looking at a lot of property until you understand why one listing sold for $20,000 or $50,000 more than another. Your agent can help you with this education process by providing you with information about new listings, pending sales, closed sales and expired or withdrawn listings that didn't sell. The Internet is also an invaluable source of information about the housing market.

To be a successful home buyer in any market, you need an agent who has intimate knowledge of the local area, is a good communicator and is skilled at negotiation. In a hot market where home prices are escalating, you want an agent who can counsel you on how to win in a multiple offer situation.

In a softer market, you're main concern is buying a property that will hold its value.

Not all homes are equal. Some properties hold their value better than others. A knowledgeable and ethical real estate agent will tell you whether a home you're interested in will be a good investment. A good resource for an agent recommendation is an acquaintance who bought or sold recently, and who had a positive experience.

Also, in a slower, more normalized market, home sale transactions often take time to put together and more time to work through contingencies. Good communication and negotiation skills are a must, as is patience and perseverance.

THE CLOSING: Choose an agent who is up to the challenge.

Article written by Dian Hymer

Home Inspection process

Ten Important Questions to Ask Your Home Inspector


1. What does your inspection cover?

The inspector should ensure that their inspection and inspection report will meet all applicable requirements in your state if applicable and will comply with a well-recognized standard of practice and code of ethics. You should be able to request and see a copy of these items ahead of time and ask any questions you may have. If there are any areas you want to make sure are inspected, be sure to identify them upfront.

2. How long have you been practicing in the home inspection profession and how many inspections have you completed?

The inspector should be able to provide his or her history in the profession and perhaps even a few names as referrals. Newer inspectors can be very qualified, and many work with a partner or have access to more experienced inspectors to assist them in the inspection.

3. Are you specifically experienced in residential inspection?

Related experience in construction or engineering is helpful, but is no substitute for training and experience in the unique discipline of home inspection. If the inspection is for a commercial property, then this should be asked about as well.

4. Do you offer to do repairs or improvements based on the inspection?
Some inspector associations and state regulations allow the inspector to perform repair work on problems uncovered in the inspection. Other associations and regulations strictly forbid this as a conflict of interest.

5. How long will the inspection take?

The average on-site inspection time for a single inspector is two to three hours for a typical single-family house; anything significantly less may not be enough time to perform a thorough inspection. Additional inspectors may be brought in for very large properties and buildings.

6. How much will it cost?

Costs vary dramatically, depending on the region, size and age of the house, scope of services and other factors. A typical range might be $300-$500, but consider the value of the home inspection in terms of the investment being made. Cost does not necessarily reflect quality. HUD Does not regulate home inspection fees.

7. What type of inspection report do you provide and how long will it take to receive the report?

Ask to see samples and determine whether or not you can understand the inspector's reporting style and if the time parameters fulfill your needs. Most inspectors provide their full report within 24 hours of the inspection.

8. Will I be able to attend the inspection?

This is a valuable educational opportunity, and an inspector's refusal to allow this should raise a red flag. Never pass up this opportunity to see your prospective home through the eyes of an expert.

9. Do you maintain membership in a professional home inspector association?

There are many state and national associations for home inspectors. Request to see their membership ID, and perform whatever due diligence you deem appropriate.

10. Do you participate in continuing education programs to keep your expertise up to date?

One can never know it all, and the inspector's commitment to continuing education is a good measure of his or her professionalism and service to the consumer. This is especially important in cases where the home is much older or includes unique elements requiring additional or updated training.

Bill and Cynthia Berkley

Jennifer Devine

Realty Executives Fine Homes & The Homes Around Nashville Team

Direct Line: 615-566-3713

Office: 615-376-4500

The Closing process

Understanding the closing process
By Bankrate.com


On closing day, all parties will sign the papers officially sealing the deal and ownership of the property will be transferred to you. It's your opportunity to make any last-minute changes to the transaction.

The day before closing, be sure to gather all the paperwork you have received throughout the home-buying process: good-faith estimate, contract, proof of title search and insurance if necessary, flood certification, proof of homeowners insurance and mortgage insurance, home appraisal and inspection reports. You might need to refer to these documents at closing.

Most home-sale contracts entitle you to a walk-through inspection of the property 24 hours before closing. This is to ensure that the seller has vacated the property and left it in the condition specified in the sales contract.

If there are any major problems, you can ask to delay the closing or request that the seller deposit money into an escrow account to cover the necessary repairs.At closing, your participation will be twofold:

•Sign legal documents. This falls into two categories: the agreement between you and your lender regarding the terms and conditions of the mortgage and the agreement between you and the seller transferring ownership of the property. Be sure to read all documents carefully before signing them, and do not sign forms with blank lines or spaces.

•Pay closing costs and escrow items. Borrowers handle the numerous fees associated with obtaining a mortgage and transferring property ownership in one of two ways: they either roll them into the principal balance of the new loan or agree to pay higher interest rates and have their lenders foot the bill. Some buyers may have to pay these out-of-pocket fees.

Present at closing

Closing procedures vary from state to state (and even county to county), but the following parties will generally be present at the closing or settlement meeting:

•Closing agent, who might work for the lender or the title company.
•Attorney: The closing agent might be an attorney representing you or the lender. Both sides may have attorneys. It's always a good idea to have an attorney present who represents you and only you.
•Title company representative, to provide written evidence of the ownership of the property.
•Home seller.
•The seller's real estate agent.
•You, also known as the mortgagor.
•The lender, also known as the mortgagee.

The closing agent conducts the settlement meeting and makes sure that all documents are signed and recorded and that closing fees and escrow payments are paid and properly distributed.

Closing documents

You will receive the following important documents:

HUD-1 settlement statement:
A detailed list of all costs related to the sale of the home. It is similar to the good-faith estimate you got weeks earlier, but the HUD-1 is not an estimate; it is a precise record of the settlement costs. Both you and the seller sign it. Compare the HUD-1 statement against the good-faith estimate to see if the actual closing costs differ significantly. By law, you have the right to review the HUD-1 24 hours before closing. Do so. Clear up any mistakes and resolve problems.

Final TILA statement:
You received the first version of this statement after applying for your mortgage. This final version outlines the cost of your loan and APR and takes into account any modifications made to your rate and points between application and closing. Make sure that everything is in order.

Mortgage note:
This document states your promise to repay the mortgage. It indicates the amount and terms of the loan, and what the lender can do if you fail to make payments.

Mortgage or deed of trust:
This document secures the note and gives your lender a claim against the home if you fail to live up to the terms of the mortgage note.

Certificate of occupancy:
If you are buying a newly constructed house, you need this legal document to move in.

Once you've reviewed and signed all closing documents, the house keys are yours and you will have successfully bought your new home!

Buying a home

Why Buying a Home is a Good Idea

The Best Investment

As a fairly general rule, homes appreciate about four or five percent a year. Some years will be more, some less. The figure will vary from neighborhood to neighborhood, and region to region.

Five percent may not seem like that much at first. Stocks (at times) appreciate much more, and you could easily earn over the same return with a very safe investment in treasury bills or bonds.

But take a second look…

Presumably, if you bought a $200,000 house, you did not pay cash for the home. You got a mortgage, too. Suppose you put as much as twenty percent down – that would be an investment of $40,000.

At an appreciation rate of 5% annually, a $200,000 home would increase in value $10,000 during the first year. That means you earned $10,000 with an investment of $40,000. Your annual "return on investment" would be a whopping twenty-five percent.

Of course, you are making mortgage payments and paying property taxes, along with a couple of other costs. However, since the interest on your mortgage and your property taxes are both tax deductible, the government is essentially subsidizing your home purchase.

Your rate of return when buying a home is higher than most any other investment you could make.


Give us a call today if we can help you in any way! It would be our pleasure to further assist you in your real estate transaction!

Bill and Cynthia Berkley

Jennifer Devine

Realty Executives Fine Homes &

The Homes Around Nashville Team

Direct Line: 615-566-3713Office: 615-376-4500

jennifer@homesaroundnashville.com

bill@homesaroundnashville.com

source: www.realestateabc.com

Pricing your home to sell

Blueprint for home sale: Price it right



By Dian Hymer
Inman News

The current market value of your home may be more than, less than or the same as it was last year depending on where you live and what you have to sell. Nationally, the median sale price of homes sold in October 2006 dipped 3.5 percent from October 2005, which was an exceptionally strong month. But there are still pockets of the market, such as Portland, Ore., where prices are still going up.


Recently, a San Francisco home seller was relieved to close the sale of her condo after six months on the market -- a market that was flooded with condo listings. Across the bay in the trendy Upper Rockridge neighborhood of Oakland, a listing sold in less than one week with two offers, both for significantly more than the asking price. But, there was nothing else on the market to compete with this listing.


HOME SELLER TIP: Regardless of whether you're in an area with a surplus of unsold inventory or one where listings are in demand, the blueprint for a successful sale in 2007 is the same. Price your home right for the market. Properly prepare your home for sale. And, make sure that your listing receives extensive market exposure.


Overpricing will get you nowhere in the current market. Buyers have been barraged by negative press on the housing market; they are cautious and won't pay a penny over market value. They aren't in a hurry. The threat of the market escalating in the near future is slim in most areas so buyers are holding out for value.


Sellers often wonder whether it's worth it to spend money fixing a home up for sale, especially if they aren't looking at selling for a huge profit. It's not only worth it, but also can be critical to a sale for the highest price possible, particularly in areas where the inventory is high. In some areas, resale homes are in competition with brand-new homes.


When there is a lot to choose from, buyers can afford to be picky. If your home has a dated décor you may need to invest in replacing items such as outmoded light fixtures, floor coverings and paint colors. Also, plan on correcting deferred maintenance, or discount your price accordingly.


Imagine that you're the buyer and have a choice between a house that you can move into without lifting a finger and one that needs a complete overhaul. Most buyers won't even consider the house that needs a facelift.


Be sure to select an agent that will promote your home on the Internet as well as to the local community. The Internet is the most important venue for residential real estate advertising. Realtor.com is the most comprehensive Internet site. Buyers in all price ranges, even multimillion-dollar buyers, use Realtor.com to search for new listings.


Although Realtor.com is the best in terms of reach, the limit on photos per listing is six. However, your agent can link a visual tour to your home's listing on Realtor.com for more effective marketing. Check your agent's advertising copy before it goes live to make sure it's accurate and includes the features you like best about the house.


Home-sale activity is affected by supply and demand dynamics in the local marketplace. For this reason, it may be beneficial to plan on marketing your home early in 2007. Inventories of homes for sale tend to rise in the late spring and summer months. Another factor that could work in favor of early-bird sellers is interest rates.


THE CLOSING: Interest rates continue to be at historically low levels but are expected to rise later in the year.

Seller financing becoming more popular

Seller financing has become more of a topic in potential real estate transactions recently.

Property owners appear more willing to negotiate terms that help close a deal with a buyer who may not be able to meet the requirements of a regular mortgage lender, says Walter Molony, a spokesman for NAR. High lending rates in the teens made seller financing -- in which the seller finances part or all of a home sale -- popular in the late 1970s and early 1980s.

But high residential prices threaten to keep many prospective buyers out of today's market. Some real estate and lending officials express concern about the home financing strategy if the seller is not financially stable.

A homeowner who has other assets stands a better chance of not being "wiped out if the buyer is delinquent," says Raymond Bershtein, a partner with the New Haven, Conn., law firm of Bershtein, Volpe & McKeon.

Source: New London Day (Conn.), Bob Tedeschi

Icy Midwest Storms

7 Deaths Blamed on Icy Midwest Storm
By MARCUS KABEL


SPRINGFIELD, Mo. (AP) - A crippling winter storm lashed the central part of the nation with another blast of freezing rain, sleet and snow Saturday, causing widespread power outages and tying up highways and airports.

The storm was expected to continue through the weekend, laying down a coat of ice and snow from Texas to Illinois, where an ice storm warning was in effect through Monday morning.

"We're in the middle of this storm," said Joe Pedigo, meteorologist for the National Weather Service in St. Louis. "Friday was the first of three waves."
Farther west, frigid arctic air reached as far south as southern and central California, where plunging temperatures prompted worry about the homeless and crops.

Nancy West helps her son, Silas, 5, over the slush plowed in the middle of the street as Craig. The storm in the Midwest had been blamed for at least seven deaths, and brought Amtrak service in Missouri to a halt on Saturday. Trees and other debris knocked down by the weight of ice blocked tracks at several locations between St. Louis and Kansas City.

About 90,000 homes and businesses had no electricity Saturday in Missouri, mostly in the St. Louis area, while 6,000 customers were in the dark in Illinois.
"We have hundreds of crews. We kept them working all night long," said Susan Gallagher, a spokeswoman for the utility Ameren.

"Like everyone, we don't know what the extent of damage will be with the arrival of more ice."

Between 60,000 and 70,000 customers were without power in Springfield, Mo., Saturday, plus an unknown number of homes and businesses in surrounding towns, said Jenny Fillmer Edwards, spokeswoman for the Springfield-Greene County Office of Emergency Management.

Roads in southwest Missouri began freezing after sunset. Two shelters in Springfield filled Saturday and emergency officials planned to open one more. There were also three shelters for people with special needs and medical conditions.

Cooper, a 14-month old Australian sheep dog, leaps for a shovelful of snow thrown by his owner Ed. Missouri Gov. Matt Blunt and Texas Gov. Rick Perry activated their National Guard members on Saturday. Blunt, who also declared a state of emergency, said the worst wave may come Sunday.

In San Marcos, Texas, a tornado damaged at least 13 homes, several businesses and the police headquarters. Fallen power lines blocked a section of Interstate 35 until crews could remove them, said Melissa Millecam, communications manager for the city, 30 miles south of Austin.

"It's a good bit of damage," she said. "It's still stormy and we've got power outages in different places."

More than 6 inches of rain fell in places across central Texas, causing local flooding. Water also blocked three highways in southeastern Oklahoma, the Department of Transportation reported.

About 300 flights were canceled Saturday at Dallas-Fort Worth International Airport, spokesman David Magana said. Cancellations also were reported in St. Louis, Kansas City, Oklahoma City and Tulsa.

Union Pacific employees Ryan Watring, right, works on a generator as Jim Doherty, second from. In Oklahoma, about 92,450 customers were without power early Saturday, the Oklahoma Department of Emergency Management said.

More rain, freezing rain and snow was expected from northwest Oklahoma all the way to Wisconsin on Sunday, Pedigo said.

In Nevada, temperatures plunged as much as minus 28 in the northern part of the state, filling homeless shelters to capacity and prompting ranchers to use axes to break ice in troughs so cattle could drink, authorities said.

In California's San Joaquin Valley, where much of the state's nearly $1 billion citrus crop is grown, temperatures dropped into the teens overnight Friday. Growers burned fires, sprayed warm irrigation water and ran giant fans to keep cold air away from their oranges, lemons and tangerines.

A.J. Yates, California's agriculture undersecretary, said the citrus industry could be substantially damaged if the temperature stays below 25 degrees for six hours or longer. Citrus growers said it was too soon to evaluate the damage.
"Overall I don't think it was a catastrophe last night," grower Ron Turner, 52, of Exeter, said Saturday. "But how this thing plays out in the next few days is going to be the key."

Mortgages

Should you risk paying points?

Anyone who’s ever shopped for a mortgage has faced the question – and borrowers who expect to stay in their homes for some time generally have been advised to pay points in order to get a lower mortgage rate.

But new research turns the conventional wisdom on its head, showing that for most people paying points is a bad idea.

For the most part, points benefit the lender, not the borrower.

Each point is an up-front payment equal to 1 percent of the loan. Paying one, two or three points gets you a lower interest rate and smaller monthly payment. With points, we have more choices.

If you have the mortgage long enough, that saving will more than make up for the cost of the points. Once the break-even point is passed, you’re ahead.

It’s simple arithmetic.

The other day, for example, Wachovia advertised a 30-year, fixed-rate loan for 5.5 percent and 1.75 points. After paying $5,250 in points on a $300,000 loan, monthly payments would be $1,703.

The bank also had a 5.875 percent loan with just 0.125 points. Points on the same loan would be just $375 – but monthly payments would be $1,775.

It would take 68 months for the $72 difference in payments to offset the extra $4,875 in points you’d pay to get the lower rate. After that, the decision to pay points would save you $72 a month for as long as you had the mortgage. You’d save a whopping $21,024 if you had the mortgage a full 30 years.

Seems simple enough.

But it turns out that most people get it wrong.

The problem, according to the study, is that most homeowners don’t keep their mortgages as long as they expect to when they get them, so they don’t reach the break-even point.

Abdullah Yavas, business professor at Penn State’s Smeal College of Business, and Yan Chang of Freddie Mac, the mortgage-funding company, looked at 3,785 mortgages granted from 1996 through 2003.
They found that the average homeowner paid off his or her mortgage about three years before reaching the break-even point. Only 1.4 percent of borrowers kept their loans long enough to make paying points worthwhile.

The study also found that borrowers who declined to pay points almost always made the right decision. Only 1.5 percent of them would have saved money by paying points.

Disturbingly, borrowers who paid points tended to wait too long to refinance their loans after rates dropped, missing chances to reduce their mortgage payments.

Apparently, this was because of a mistaken belief they should keep their loans long enough to “pay off” the points. In fact, the points should not enter into this decision. All that matters is whether the new mortgage would be held long enough for the reduction in monthly payments to offset the refinancing charges.
Points do have their place. After all, it is possible to save by paying them, if you keep the mortgage long enough.

But how do you judge that?

I suspect most people focus on how long they expect to keep their home – until they start a family and need more room, or until the kids move out or mom and pop retire.

But many of these events are not as predictable as we think.

And then there’s another big unknown: Will mortgage rates rise or fall after you get your loan?

Even if you stay in your home as long as you’d expected, falling interest rates may make it worthwhile to refinance. If that happens before the break-even date, much of what you’d paid for points may have been wasted. It becomes profit for the lender.

One final factor to consider: What else could you do with that money if you did not pay points?

Taking the example above, imagine the extra $4,875 that could be spent on points instead was put in a bank account paying 5 percent. And imagine that if the higher points were paid, the $72 in monthly mortgage-payment savings could be banked at 5 percent.

This postpones the break-even date by a year – to 80 months instead of 68. Since the $4,875 would be growing, it would take longer for the $72 in monthly savings to catch up.

© 2006 Charlotte Observer, Jeff Brown

Real estate rebound likely in second-half '07, economists say
Experts project recovery after hitting first-half 'trough

By Glenn Roberts Jr.
Inman News

NEW YORK -- The national housing market may not have reached bottom yet, but the second half of the year will likely begin the recovery from a slight downturn that followed a prolonged boom in sales and home prices, economists generally agreed during a panel this week at the Real Estate Connect NYC conference.

"We're going to hit the trough in the first half of 2007," said Frank Nothaft, chief economist for Freddie Mac and a panelist for the "Housing Outlook: 2007" session. Other panelists included representatives from the California Association of Realtors, Rutgers University and the University of Pennsylvania.
Single-family construction, which peaked in third-quarter 2005, was 18 percent lower in third-quarter 2006, he noted. From that level Nothaft said he expects an additional decline of about 8 percent to 10 percent before the market turns around. "We're most of the way through the correction but we're not at the trough part yet."

Affordability plummeted from late 2005 through 2006, he also noted. "We saw really an affordability crisis in high-cost markets across the country." This has been lessened, though, as mortgage rates came down from about July to December, and prices have "stabilized or dropped" in the high-cost markets, he said.

Every forecast comes with a caveat, though, and Nothaft said that the ample liquidity in the mortgage market, while alleviating the affordability pinch, has led some borrowers to take on more risk than perhaps they should have in financing their homes. "Unfortunately (some loan products) are not right for every single consumer or every single borrower out there," he said, and there has been a large growth in the more-volatile subprime lending market.

"We've started to see some pickup in subprime default rates recently and I think that will continue in 2007," he said, as default rates for subprime lending tend to be eight to 10 times higher than with prime lending.

James W. Hughes, dean for the Edward J. Bloustein School of Planning and Public Policy at Rutgers University, said job growth should remain below average for the first half of this year. Employment growth did rebound somewhat in fourth-quarter 2006 to a level that was on par with the rate in fourth-quarter 2005, he also said.

"In terms of job growth that's going to continue to support the housing market through 2007 unless there is some shock to the economy," he said.
The United States' position in the global economic sense is a long-term worry, Hughes also said. "The rest of the world has been lending us $1 billion a day in order to support our consumption habit -- that can't go on forever," he said. "At some point they're not going to lend to us if we become a risky investment. Whether we can continue to have the kind of account deficits we have is problematical."

The potential for an increase in global outsourcing also poses an economic threat for the country, Hughes said.

"Could our knowledge-based industries succumb to the same trends that happened in manufacturing? We're going to face intense competition from Eastern Europe and India based on cost factors. We have to invest in our educational infrastructure in this country if we're going to remain on top."

In the California real estate market, existing-home sales fell about 23 percent to 24 percent in 2006 compared to the prior year, and that is expected to be followed by another 7 percent decline this year, said Leslie Appleton-Young, chief economist for the California Association of Realtors.

Overbuilding has left a large inventory of properties on the market in some areas, she said -- there is about a 10-month supply of properties for sale in one region of the state, she said, though she expects excess inventory to be absorbed within about a year.

2005 and 2004 were peak years in the state's real estate cycle, she said, and some buyers who relied on unconventional loans to buy their properties are now stretched beyond their means as mortgage payments adjust higher. "We are going to see a little bit of an upsurge in inventory when people can't make those payments." Other homeowners, who do not need to sell, will "stay put for awhile," she said, noting that home prices have "plateaued" or are dropping "a little bit" in many areas of the state.

Susan Wachter, professor of real estate and finance at University of Pennsylvania and co-director for the Institute for Urban Research at the university's Wharton School, said that withdrawals of mortgage equity have been a driver for the economy, though this engine is cranking down. "We're tapped out," she said. While this level of withdrawals is not likely to grow, it's uncertain how much it will decline, she said.

Wachter expressed cautious optimism about the housing market in the second half of this year. "2007 is in the bag for the first half … we're near the bottom construction. We're frankly not at the bottom. I think the second half of 2007 is more in question." She said she expects housing stats for this year to resemble those in 2006.

"If there is a downside risk, the risk is not of a slowing economy -- the risk is of inflation." And if interest rates rise significantly as a result, there is a threat of growing mortgage default rates and even recession, Wachter said.
Her outlook is generally positive, though. "People still have to live somewhere," she said. "I think we're going to be surprised about how prices actually hold up in this market."

Nothaft said he expects that 30-year fixed interest rates will be "inching up just a tiny bit" this year, for an annual average of 6.3 percent, with relatively flat rates for adjustable-rate mortgages. The federal funds rate, he said, is expected to stay put for awhile.

ENCOURAGING INTERNATIONAL INVESTMENT

Worldwide, Koreans could spend at least $4 billion on overseas homes
in 2007 as a result of changes made by the Korean government last
year that allow its citizens to make as much as $1 million in foreign
investments, analysts say.

Koreans are expected to invest nearly $2 billion in U.S. residential property, up from $1.27 billion the year earlier, says Brian Shaffer of the International Real Estate Trade Organization.

Much of the money will likely be directed to U.S. cities with large Korean populations, including San Francisco , New York and Atlanta , to take advantage of lower home prices stemming from the weakening U.S. housing market.

Observers say the lion's share of the money will be invested in Los Angeles , which has one of the world's largest Korean populations outside the Asian nation.



Source: Associated Press, Jacob Adelman ( 01/08/2007 )
© Copyright 2007 INFORMATION, INC. Bethesda , MD

Rutherford County, Tennesee

Rutherford growth prompts call to pause home development
By SCOTT BRODEN

MURFREESBORO — Rutherford County needs a six-month pause in home construction to figure out how to deal with growth that is keeping it near the top in Tennessee but is too fast for the county to build schools, roads and provide other services to the newcomers, some planning leaders say.
But the very idea of a building moratorium riled others who say construction provides more jobs and has a bigger effect on the economy here than even the county's largest employer, Nissan.

County planning commissioners asked their lawyer Monday to study whether such a moratorium would be legal, said Jeff Phillips, a member of the commission. That report could be ready by early February.

Phillips said he wants to consider a moratorium because the county needs a vision for the next 20 years. Planning Commission member Bob Farris raised the issue, saying he's worried about crowded roads and paying to build needed schools.

"If we keep building subdivisions, we're not going to have the money to build schools, and it's unfair to children moving here," Farris said.

Developer opposes idea

Local developer Howard Wall was upset when he heard about the moratorium idea.

"It would be economic chaos," Wall said.

"This is absurd. This does not merit discussion on an intellectually honest basis."

No other businesses would even consider moving to the county if a moratorium on residential growth were in place because it sends a strong message, Wall said.

Even a temporary halt of home building would bring "economic devastation" to the building industry and all businesses in the county, he said.
"Economists will tell you construction drives the economy, as opposed to the economy driving construction."

County Commissioner Will Jordan, a member of the Planning Commission, said he opposes any moratorium because it could cost jobs.

"In my opinion, more people work in (construction) than at Nissan," said Jordan, adding that a moratorium also would affect real estate agents, roofers, grass cutters and many more workers.

"I don't think anyone would make a motion to not let Nissan hire people. It would be the same type thing."

Farris, however, said it should not hurt the economy because so many building permits have been approved.

Builders could put up those homes during the moratorium.

Developers are already starting to hold back on construction because the real estate market has slowed, the commissioner added.

County faces big debt

Farris said the county needs to re-examine planning and tax issues because it faces a $243 million debt to build schools in the next few years and has many other infrastructure needs because of growth. The county will end up paying $521 million in debt and interest, he added.

Murfreesboro, Smyrna and La Vergne should contribute more to school construction because those cities are approving most of the new homes, he said.
Many people who moved to the county during its 10-year growth spurt are upset about traffic jams on Old Fort Parkway, U.S. Highway 231 and Broad Street, and some are talking about leaving, Farris said.

The County Commission has asked for state approval to double the development tax to $3,000 per new house to help pay some of the growth costs.

Debbie Moore said county leaders should have been dealing with growth issues a long time ago instead of calling for a moratorium.

"Wasn't Rutherford County the fastest-growing county in the nation two years ago?

"And now they're just going to panic on what to do," said Moore, who has three children in Rutherford County schools.

Gaylord Hotels / Opryland Hotel

Gaylord hotels and resorts going smoke-free

Gaylord Hotels will go smoke-free next month. The company announced today its Gaylord resorts in Nashville; Kissimmee,Florida; and Lake Grapevine near Dallas will eliminate smoking on February 12th. A fourth resort in the Washington, DC, area will be smoke-free when it opens in 2008.

Gaylord Hotels said the decision was based on guest and employee preferences, as well as keeping their massive indoor atriums clean. Gaylord Hotels are owned by Nashville-based Gaylord Entertainment Co., which also owns the Grand Ole Opry country music show. A company official says guests increasingly requested nonsmoking rooms. Gaylord has more than 70,000 rooms and just 245 smoking rooms available.

Gaylord will auction ten-thousand ash trays and give the money to the American Lung Association.

Copyright AP

Homes Around Nashville

Bill and Cynthia Berkley

Jennifer C. Devine

Realty Executives Fine Homes

615-376-4500

Nashville Real Estate market

Nashville real estate enjoys 'balanced market'

Article by Inman News

Home sales in the Nashville, Tenn., area were down in November from their year-earlier level but still posted their second-best sales rate for the month, the Greater Nashville Association of Realtors reported.

Realtors recorded 2,867 home closings in November, down 3.9 percent from the 2,985 closings in November 2005. Total sales figures include single-family, condos, multifamily, farms, land and lots. Year-to-date sales at 36,947 are 4 percent higher than the same period in 2005, according to GNAR.

The median price paid for a single-family home in November rose to $174,900 from $168,535 a year ago -- for a 3.8 percent increase. For condos, the median price jumped 16.7 percent during the period, rising from $137,000 to $159,900.

Inventory at the end of November totaled 17,175 listings, down slightly from October but up 21.5 percent from the same month a year earlier when 14,134 listings were active on the market. The average number of days on the market for a single-family residence held at 61 days in November.

"The current inventory level indicates that there is a good supply of choices available to home buyers," said Christie Wilson, 2006 president of the Greater Nashville Association of Realtors.

"Based on the number of closings during November, we have a supply of about six months, which indicates a balanced market for both buyers and sellers."

Condo's

Questions to Ask Before Buying a Condo
by Stuart Lieberman

Condominium ownership is becoming quite popular throughout the United States. Especially, but not only, in our big cities.

It seems as if condominium developments might be a win-win for everybody. For homeowners, they can be a very efficient and sometimes luxurious way of enjoying a nice lifestyle.

For builders, they can represent a strong return on investment -- at least they did before prices started dropping a few months back. And in the case of high rise condominium construction, less property has to be purchased so the profit margin can be even greater.

Condominiums come in all shapes and flavors. As I indicated, it seems that the newest breed are found in the urban areas. This is partly due to the trend towards urban renewal and redevelopment that is found in many portions of this country.

Of course, many condominiums are also located in suburban areas. Often upscale, these units may be gated and every bit as exclusive and luxurious as their urban counterparts.

When I talk about condominiums, I don't literally mean just those developments that follow a condominium form of ownership. I'm also talking about similar kinds of legal entities such as homeowners associations.
The types of developments have different names in different states. However, the concept is often similar. Unit owners are responsible for and own the interior of the living spaces, often to the finished walls.

The association is responsible for the areas beyond the finished walls, typically the structures themselves, the plumbing, the common sewer lines, etc.
In addition, there are common elements that are controlled by the association. Typically, this might include pathways, recreation facilities, swimming pools, tennis courts, and anything else that is for the benefit of the association.

Associations may have common areas and limited common areas. A common area might be something like what was described above: a park, an internal street, a pool.

A limited common area might be a part of the lawn that's fenced off for the use of a particular unit owner.

These are general observations. Before you purchase you must read the master deed, the bylaws and every other governing document to find out what you will own and what you will not own.

It can make a big difference. As an example, some coastal condominiums have docks for the unit owners. A unit owner needs to understand who will own the dock he or she will be using. This issue is important for resale purposes, maintenance issues (which can be very costly in this example) and riparian ownership concerns.

Condominium projects, with little exception, look wonderful when first built. After they are occupied by property owners, control shifts from the builder to the individual unit owners. At that time, the unit owners run the condominium association and begin full control and responsibility for the common elements.
The success of the condominium association is directly related to the caliber of the association. If the association board of directors is functioning properly and has good legal counsel and other professionals, then the entire community may be an exciting, desirable place to call home.

On the other hand, if the association is falling apart, if nobody wants to volunteer, if it's not governed by capable, caring people, if it doesn't retain quality professionals, or it isn't properly collecting the monthly assessments from the unit owners, then the community probably won't be a desirable place to live. And people are probably not going to continue to live there.

Another concern is the extent to which the condominium is owner occupied. If most owners rent the units out, they may be collectively less concerned about day to day issues than if it is largely or entirely owner occupied.

All of this means that when you purchase a condo, you can’t just look at the quality of the construction, or whether the heater works. You cannot just do the kinds of things that you would do if you are purchasing a private, single-family home.

Above and beyond the normal kinds of things that you need to do, you absolutely must look at the condominium records and documents. Take a look at the minutes. Is this a properly run, stable organization? Are there constant resignations; does it appear that little ever gets accomplished?

In reviewing the association documents, find out if they permit special assessments if there are one time large expenditures. The association should be able to special assess if problems arise. Watch for association documents that unreasonably restrict the right to special assess. While this restriction might seem desirable, in reality an inability to special assess can ruin a condominium development.

Things that must get done might never get done properly.

Ask whether the association has a functioning covenants committee? These are the internal volunteers who enforce the rules and regulations. Are they fair and reasonable people? Do they go out on a regular basis to ensure that the rules and regulations are being followed? Or is this the condominium version of the wild west where unit owners do as they please and are never asked to follow the rules.

Rules are necessary in these communities and they must be fairly, even handedly enforced on a regular basis.

In addition to a thorough document review, talk to people who own units. What do they have to say. Look around the development. Does it appear to be well maintained? Are their annoying signs posted everywhere suggesting dysfunction?

There is no getting around the fact that due diligence in the case of a condominium purchase requires an examination of the Association records and legal documents. Examine them and ask questions before purchasing. I suggest having an attorney help you understand the association and its workings. This is an inexpensive service, and may prove down the road to be a very worth while investment.


Give us a call today for more information about condominium's in the Nashville area!

Bill and Cynthia Berkley

Jennifer C. Devine

Realty Executives Fine Homes

615-847-1169

For sale: the home that housed a president

Gerald Ford's family home is on the market

Article by Glenn Roberts Jr.

The White House was not yet ready for Gerald Rudolph Ford Jr. and his family when he became president following Richard Nixon's resignation in 1974.

So Ford spent the first 10 days of his presidency at the family home in Alexandria, Va. Ford and his family spent about 20 years in the colonial-style brick and wood-siding home on Crown View Drive in Alexandria. The Fords were the first owners of the home, which was built in 1953 and is now up for sale. The property has a list price of $999,000.

Joan Dixon, who decades ago met Ford while working for congressmen on Capitol Hill, is now a real estate agent who is representing the current owner in the sale of the historic Ford family home.

Dixon said there has been some media attention focused on the home with the news of Ford's death this week. Ford, 93, died Tuesday -- he survived military service during World War II and two assassination attempts in 1975, and was the longest-lived U.S. president. Ford married Elizabeth "Betty" Ann Bloomer Warren Ford in October 1948. Betty Ford is 88.

The family home was designated as a historic landmark by the National Park Service in 1985, Dixon said. The Fords added "a gigantic swimming pool in the back" during their time at the home, she said. "He loved to swim laps."

Ford is regarded as one of the most athletic U.S. presidents -- he was a center for the University of Michigan football team and turned down contract offers from National Football League teams in favor of a coaching job at Yale.

His presidency was marked by the pardon of Richard Nixon and the final withdrawal of U.S. personnel from Vietnam. He lost a presidential election bid in 1976 to Jimmy Carter.
Ford earned a law degree at Yale and started up a law practice in Michigan in 1941. Ford enlisted in the U.S. Navy following the Pearl Harbor attack and served as assistant navigator, athletic officer and anti-aircraft battery officer aboard the USS Monterey, an aircraft carrier.
A room that was initially a garage in the Ford family home has been converted to a large family room, Dixon said. "It housed the Secret Service when he was vice president." After serving as a Michigan congressman from 1949-73, Ford was catapulted into the vice presidency with the resignation of Spiro Theodore Agnew in October 1973.

Agnew left the post after he was charged with tax evasion. Ford became the first vice president to be appointed to that position.

The Fords' home has changed hands twice, and the current owner bought the property in 1998 and has since rented it out, Dixon said. "Former Secretary of State Jim Baker's son lived there with his wife and child ... they are the most recent tenants," she said.

Before they moved into the home, the Fords had lived in an apartment on Mount Eagle Place in Alexandria. Ford was born in Omaha, Neb., in 1913 and moved to Grand Rapids, Mich., that year. Ford lived in the Grand Rapids area for several decades until he moved to the Washington, D.C, area in the early 1950s. The Fords had most recently been living at their home in Rancho Mirage, Calif.

Dixon said the real estate market has been slow in many parts of the Washington, D.C., area. "Houses stay on the market longer -- some sell but many don't," she said. There have been a couple of verbal offers to purchase the Ford family home, she said, though the offers were not acceptable to the owner.

While Ford's death has attracted some "curiosity seekers" to the Fords' historic home, Dixon said she is hopeful that the new attention will also lead to some solid offers. The next open-house event for the property will be held Sunday, Jan. 7, Dixon said.
The three-level home has four bedrooms, two full bathrooms, three half-bathrooms, 3,537 square feet of space, and sits on a 0.22-acre lot. There is pinewood paneling in the kitchen, she said, and hardwood floors throughout.

A dining area overlooks the patio and pool. The home also features built-in bookcases and a laundry chute. "Not much has been changed since (the Fords) left," Dixon said.

She said she expects the historic status of the property to add value, adding, "As to how much -- I guess the market will tell us."

Article provided by Inman News