February 2024

01/02/24 12:25

The Future of Real Estate is Changing

Like many areas of our life, the real estate business is undergoing drastic changes with advances intechnology. Many in my profession, including myself, are learning new ways of conducting businessand using technology to our advantage. It seems to me that earlier models for real estate are beingchallenged, even driven, by advances in technology and online information. Some are even predictingthat individuals would be buying a home online without using an agent. My response is “Buying ahouse is not like buying a car or booking a trip.” I think people will continue to use agents to buyhomes and I still believe a house is not a commodity. If I am booking a flight to Las Vegas, I know mychoices are mainly a couple of different carriers and varying schedules. Often, I try to book on South-west Airlines due to typically cheaper flights and often direct flights to many cities. Or a simplesearch on several carriers shows me several options of departure/arrival times, direct flight or layo-vers, and the process is fairly simple. However, when booking flights to Europe, looking for easy con-nection flights from Nashville with various transportation departure/arrival times, I would be muchmore likely to use a knowledgeable travel agent.

January 2024

01/01/24 10:34

The State of the Market for 2024

As the new year starts it is good to both look backward and forward with information about real estate. That way, I can keep clients informed about the market and be kept abreast of the latest developments. The following is information from the Tennessee Association of Realtors for January 2024.• There were 3.87 months of inventory–up 13.8% year over year.• There were 5,154 sales in January 2024–down 10.8%• There were 31,567 listings on the market–down by 5.3%• The medium sales price was $282,299–up by 8.2%

December 2023

01/12/23 15:00

2023–A Look in the Rear View Mirror

This publication is the main way that I stay in touch with my clients throughout the year. I’ve tried to make it interesting, informative and a wee bit personal so that I can keep you, my audience, engaged, interested, informed and hopeful - this edition is no different. Generally, winter months tend to be slower in real estate, and this year is proving the same. Even though business is slower, my procrastination and distraction by the holiday has caused this newsletter to be later than usual. However, my delay has caused me to be more hopeful than I would have been earlier in the month.

October 2023

30/10/23 15:00

Home Sales Decline Near and Far

Everyone always wants to know about real estate and generally it’s, “So how’s the market...is it as wild as I’ve heard?” My general response currently is that the market is somewhat on pause. By this I mean the frantic pace of last year or even six months ago has slowed significantly. As mentioned in this publication several months ago, when a new listing was rumored to go on the market, good agents tried to get their buyers in the first day of showings in order to have an early chance to nab. And in many cases the original list price was the starting point of where a buyer would make an offer. And the offer had to be as clean as a buyer could make it (limited financing contingency, closing and possession date of seller’s choice, purchased AS IS following inspections and in some occasions ability to go above the list price for the property). While that may sound wonderful, if one was working with buyers, it was not the place one wanted to be. Sellers, however, loved being in the driver’s seat. However, about mid-spring, the market seemed to be cooling a bit. To wit, my listing in the Belmont area had three showings the first day on market and produced one offer. The offer was slightly above list price but had several contingencies – all of which we were able to negotiate and the property closed successfully last week. My sellers got $15,000 above list with most all other terms and conditions satisfactory to them.

September 2023

01/09/23 19:38

The Market may be Slowing – Maybe

About three years ago I helped a young couple relocate to Nashville who were referred by a previous client who gave me a high recommendation, thankfully! They are both bright young professionals who were somewhat familiar with Nashville. After a short search period it became clear they wanted to live in the Belmont area and preferred an older home. The home they bought then was a bungalow style home on a street with an historic overlay. As luck would have it, when we made the offer three years ago, it turned into a bidding war – a prelude of what was to come!
Read more Read More…

August 2023

01/08/23 19:39

Started with Rentals – Wound up Buying

The Nashville market continues to be good but has slowed from the last years frenzied pace. As I work with buyers in the current market there is time to stop, think and assess what the best options may be. Typically, on any given day, I will check Hot Sheets multiple times per day for specific zip code areas that focus on much of my marketplace - which is tailored for new homes on the market, under contract, pending, sold/closed, withdrawn or with price changes.

July 2023

01/07/23 11:52

So, How’s the Market Now?

The Nashville housing market has been experiencing significant growth and activity in recent months. A June 2023 housing market report shows a robust and dynamic real estate market. With many closings, a diverse range of property types and price points, Nashville continues to be an attractive destination for homebuyers.

May and June 2023

01/05/23 11:56

Theory vs. Real Life - Awakening!

As most readers of this tome are aware, our household is living between homes. To recap, we closed on our home in Sugartree in mid on May but were allowed possession until mid July. We closed on our condo at the end of May. The logic was that we could start packing up all our stuff in our home of 20+ years and slowly migrate much of it to the condo. Since the condo is only about 500 sq. ft. less than our home, we thought it would be relatively simple to transition to the new space. NOT!

April 2023

01/04/23 11:58

A dose of my own medicine.....

Phillip and I have discussed for some time that we were reaching a point in our lives where slowing down would mean simplification of our lives. We know this means big changes. Don’t get too excited, I am not thinking about retiring. When I was fired from St. Thomas with the cushion of severance, I had the luxury of not having to immediately find a job. However, for me, it became depressing while I was taking time off and staying at home, that everyone else was going to work. After doing all imaginable household tasks needing to be done, I simply had nothing to do and was bored. A valuable lesson was for me was that work gave life meaning. I decided to do something totally different and sell real estate.

March 2023

01/03/23 11:59

The Market According to Sam

Seems to me that some observations about the real estate market in Middle Tennessee would be useful to readers. Frequently when engaging with friends and acquaintances, the general question is “How is the real estate market these days?” Below are several observations of my own and of others.
Read more Read More…

February 2023

01/02/23 11:59

Market Assessment - How are things?

Contrary to last month’s newsletter, the market still seems strong, albeit not as intense as it was in most of 2022. Since January, I’ve been fortunate to have two listings that were new to the market. Both were owned by loyal buyers bought within the last 20 years. The first listing was a Bellevue townhome that my client bought approximately 20 years ago. It’s been a great place to live but she was ready for a change.
Read more Read More…

December 2022

01/12/22 20:56

Each Season of Christmas Gets More Special

The aim of this monthly publication is to stay in touch with my clients, while giving insight to conditions in the real estate market. To that end, I thought I would recap a few stories of families I’ve had the privilege of helping this calendar year. Each client has unique circumstances as to why I am asked to help them in a critical period of their lives. Early in the calendar year I helped a family sell a home after the husband accepted a department chair position at a medical school outside of state. The uniqueness of their situation is that the home I sold for them was also their home when the husband was in residency and fellowship at VUMC 20+ years prior. This was where they brought home two of their three children upon their arrival in this world. Through a twist of fate, after leaving and returning to Nashville, I helped them re-buy the same home and then sell it eight years later. Hearing their personal memories of two different experiences in the same home was heartwarming. Read More…

October 2022

01/10/22 21:03

So How is the Market? —The Question of the Day

With the mid-term elections just around the corner, the real estate market seems as dazed as some of the campaigns and candidates. The outcome of the elections and the potential economic decisions as a result could have a significant impact on real estate as a whole. This column is not intended to be political, but I do think I can offer some observations about the current market which might give us some insight to election possibilities. Read More…

September 2022

01/09/22 21:03

The Complete Pre-Winter Top 10 Checklist

With the summer heat becoming a faint memory and you’re wearing hoodies more that shorts, it’s time to tackle a few simple chores around the house. If you do them, you’ll enjoy winter more and maybe prevent some nasty surprises next spring. This Top 10 list may help! Read More…

August 2022

01/08/22 19:39

A “Recession” Doesn’t Necessarily Mean a Housing Crisis

Inflation is higher, the economy seems to be contracting ever so slightly and the stock market is volatile as forecasts vary about whether the economy will continue a downward trend or change course. Whether we are in a recession or not, our pocketbooks may feel a lot lighter. In our household, our investment savings account has taken some hits, but according to economist there may be a silver lining. Apparently, a broader economic slowdown does not necessarily mean the housing market will suffer, some experts say, it might be better to share some observations. Read More…

July 2022

01/07/22 20:59

12 Tips for Home Maintenance During the Summer

For many of us, summer signals a time to relax by the swimming pool or lake, read under a tree or umbrella, or take a nap on a cool porch. For homeowners, many of us attempt to make repairs this time of year before fall and winter weather sets in. For those of us who own homes, maintenance comes with “an ounce of prevention is worth a pound of cure” mindset, which is particularly appropriate. Here are some really good tips for summer maintenance. Read More…

June 2022

01/06/22 21:00

Everyone Is Wondering ‘What’s Going on with the Market?’

The most often inquiry that I get in conversations with family, friend and clients is “How’s the market doing?” My response for the last six to nine months is “incredible” or “unbelievable.” However, for the last month my response has changed slightly. While I remain enthusiastic about the market, I am trying to be more transparent about the surging market and the likelihood of sustainability. The Feds rate in- crease in rates was an attempt to slow down the growth and deal with inflation. While it remains to be seen the full impact of this increase, most experts believe it will slow the housing market. There were two hikes, one in early May and another in June, with the June increase of 0.75 percent of a point being the largest Fed rate hike since 1994. The hike is designed to cool an economy that has been on fire since rebounding from the Coronavirus recession of 2020. That dramatic recovery has included a red-hot housing market characterized by record-high home prices and microscopic levels of inventory. Home prices are driven not just by interest rates but by a complicated mix of factors, so it’s hard to predict exactly how the Fed’s new direction will affect the housing market. In the short term, higher rates are expected to slow down demand which, in theory, might lead to a downturn in activity for home buyers. For example, the monthly payment on a median priced single-family home, when assuming a 10% down payment, has risen by about $800 since the beginning of the year due to the increase in mortgage rates. Rates have jumped by 2.5 percentage points since January. Read More…

May 2022

01/05/22 21:02

Could the Market be Slowing ever so Slightly?

I am beginning to see a few indicators that the market may be slowing just a wee bit. Some homes are not going under contract the first day of showings and some are lasting at least a week before going under contract. And, in some cases, listings are actually having price reductions. The small group of agents in my firm who meet monthly to analyze numbers about sales in real time, have also seen a very shift in available inventory. As of the writing, there are 99 homes active on the market in the neighborhoods/ area formerly referred to as Area 2. The areas represented in this information are in the neighborhoods of Green Hills, Hillsboro Village, Hillwood, West Meade, Lipscomb, Sylvan Park, West Nashville, 12South and Belle Meade. This section of the city typically has larger lots (approx. 0.94 acre) and is one of the most expensive areas of the city. The average list price for homes actively on the market in these neighborhoods is at a record level of $506 per square foot. And, for these same homes, the average days on market is 44. Clearly, demand is outpacing supply of homes. The market remains super intense and, if working with buyers, an agent either needs to get a lead on a home soon coming on the market (through networking, realtor gossip or tips from clients) or be prepared to see the home and make a decision the first day a home is being shown. Read More…

April 2022

01/04/22 20:54

Market is Amazing, Incredible and Can’t Last

Readers continue to tell me they enjoy hearing of the craziness of the current market. And, when I now get a buyer under contract, both the buyer and I feel like we have done a yeoman’s job akin to birthing a baby. Here is the saga of two such buyers.
The first young couple, who relocated to Nashville from Las Vegas, finally have a home under contract in the neighborhood adjoining West Meade Elementary School. In the style of a mid-century modern, the home works perfectly for my couple. The home was listed for $700,000 and we bid $850,000 buying it “AS IS” following inspection (a pass/fail inspection was negotiated) with $100,000 earnest money and a quick close. Read More…

March 2022

01/03/22 21:01

The Market, The Market, The Market

Based upon feedback from readers of this monthly publication, it seems that some real time examples of day-to-day work in Real Estate is often appreciated. This month I have chosen to tell of episodes of two different Buyers who are actively and aggressively trying to secure a new home. By sharing this in- formation I hope it will help readers understand the challenges facing Buyers in this intense market.
Read More…

February 2022

01/02/22 20:57

The New Year is off to a Great Start

Not wanting to date myself, but I have 22 years in real estate. During these years I have met and worked with many delightful individuals, many of whom went on to become very faithful and loyal clients - often referring me to new clients. And, during this same period I, and my clients, have gone through several cycles of the changing market - even weathering the storm of a recession. However the current period of intensity has been unparalleled – some would even say historic. The general economy in our area has flourished in spite of a global pandemic which has led to supply chain issues and the cost of thousands of lives due to the Coronavirus. While I am not oblivious to areas of our country where things are not so well, I am well aware of how robust and driven our local economy has been. To illustrate the tenacity of the market, I am sharing the progress of two different buyers who are both actively in the search for new homes. Read More…

January 2022

01/01/22 20:58

The New Year is off to a Great Start

December 2021

01/12/21 21:09

Each Season of Christmas Gets More Special

Typically, each holiday season, I pay a visit to all my buyer clients for the calendar year and deliver a poinsettia to their home. However, this year with the pandemic restrictions, I decided to forgo that tra- dition so as not to invade the home space of families during the holidays. Even though I have both vaccines and the booster, I decided to not press the luck by having any additional encounter with clients and their families. However, I still have so very much for which to be thankful at this time of year. Read More…

October 2021

01/10/21 21:14

The Unbelievable Market Marches On

To say the market is at a “frenzied pace” would be an understatement. In my 20+ years in real estate, I’ve not experienced anything like the current market. If you have buyers, (which I am fortunate to have several), one has to watch for new listings going on the market at least four times per day. If you see a home that might meet the buyers specifications, schedules have to be arranged so we can see it the first day of showings. Networking between agents both in my firm and my sphere of influence within the real estate community has never been so critical. With these connections, it helps to learn about listings that are going, but not yet, on the market. The advance notice allows buyers to drive by the property to see external matters, while I spend time learning about the home from previous listing information. And, if trying to see a home the first day on the market, the showings are typically limited to a 30 minute period. Advance preparation, in anticipation of making an offer is also essential. With one of my buyer clients, the wife is not yet working (but plans to once the family of five moves into a home), so she and I clear our calendars to see listings and, if we believe the husband might be interested, we queue him up to see it by the end of the day. We have now written offers on four different properties, none of which have resulted in a successful closing. We will continue the system of checking MLS at least four times per day to see if any new listing is on the market. Read More…

September 2021

01/09/21 21:15

Creating a Feeding Frenzy

Just when I think the market is beginning to slow just a wee bit, something happens to bring me back to the reality of “the state of real state within our state.” Two recent episodes with different cli- ents help to demonstrate the point. Both episodes involve my own listings on two separate sides of the city. Read More…

August 2021

01/08/21 21:08

Over a Year into Covid & Market Continues Unabated

I continue to be amazed at the pace of the Real Estate market in Middle Tennessee. While it has been good for my business, I stand in awe at how brisk the market remains and the rapidity of folks moving into the Nashville area. Looking at my calendar for the last month, I realize I was referred four individuals who were either considering a move to Nashville or had already committed to relocate to Middle Tennessee in need to locate suitable housing. With VUMC alone, I spent seven days with four individuals/families who were relocating to Nashville. And, for established buyers, I am checking the system at least four times daily to learn of any properties new to the market that might meet the needs of my pool of buyers. Additionally, one sweet couple with three children, made offers on two different homes in the last month and were not successful in getting either. Read More…

July 2021

01/07/21 21:12

A Tale of Two Totally Different Buyers

Fortunately, approximately 90% of my business is referral based. Rarely am I contacted by an individual who found me via advertising or specific marketing efforts. Over the last 21 years I have worked extremely hard to stay in contact with clients and folks within my sphere of influence. Early on, I learned to keep the clients I have and stay in touch on a regular basis such as this monthly newsletter. Almost every month someone who receives this tome reaches out to me for some sort of interaction. Referrals are the bedrock of my business, along with assisting individuals who are relocating to Nashville, especially for employment with a specific emphasis on Vanderbilt - both the University and Medical Center. Recently I helped a single female MD, PhD. While she was interviewing, I gave her a brief tour of the city over a span of four hours so she could get a feel of the city as a place to live, work and enjoy life. Read More…

June 2021

01/06/21 21:12

This Market is Still Unbelievable

In the space of one year there have been amazing changes. Effective vaccines have been developed for protection from COVID. Much of the population in the United States has gotten at least one vaccine and many have received two. Schools have opened back up with near normal conditions. Downtown Nashville tourist and entertainment venues have mostly opened. People are returning to shopping malls. Gro- cery stores seem well stocked with food and toiletries. People are gathering in small settings in individual homes-even inside. Yet, it seems as if our lives have been forever changed because of COVID-both good and bad changes. Many have lost loved ones. Many have realized how meaningful everyday small things are-visiting with family, going to the grocery, attending a religious service. Small, simple things have taken on new meaning. Read More…

April 2021

01/04/21 21:08

The Housing Market in Nashville Is Unbelievable ...

Just when one believes the market can’t get any more intense, we learn another 82 people per day are moving here. Over 30,000 thousand people moved here last year so our population is now about 1.8 million people. And, it’s not just Nashville - the entire state of Tennessee has grown as well. While it is good for the state and city economies, it has put a strain on the real estate market. It’s a good problem to have, except when one has buyers trying to buy a home. Let me share with readers three different tales about recent buyers. Read More…

March 2021

01/03/21 21:13

This Market is Still Unbelievable

In the space of one year there have been amazing changes. Effective vaccines have been developed for protection from COVID. Much of the population in the United States has gotten at least one vaccine and many have received two. Schools have opened back up with near normal conditions. Downtown Nashville tourist and entertainment venues have mostly opened. People are returning to shopping malls. Grocery stores seem well stocked with food and toiletries. People are gathering in small settings in individual homes-even inside. Yet, it seems as if our lives have been forever changed because of COVID-both good and bad changes. Many have lost loved ones. Many have realized how meaningful everyday small things are-visiting with family, going to the grocery, attending a religious service. Small, simple things have taken on new meaning. Read More…

February 2021

01/02/21 21:10

February Continues as a Strong Market

There is some “seasonality” to selling real estate. Typically, January and early February are the slowest months of the year closely followed by late June and July. Each represents the hottest and coldest weather in Middle Tennessee. Besides weather, I don’t know what causes the slowing of activity for these months. But, it still seems to be true. As mentioned in earlier editions, the real estate market in this area seems to remain very strong. Here’s some of my analysis why. Read More…

January 2021

02/01/21 21:11

Contrary to Logic, Real Estate Remains Strong....

While it may seem contrary to logic, the local market appears to be as strong as ever. In my 20+ years of working in real estate, I’ve never encountered such an aggressive market. While I am not an expert, my belief is that with the presence of Covid along with all the restrictions and limitations, the real estate market continues to expand. With increasing frequency, properties newly listed in MLS will have a comment such as “First showings to be at 9:00 am on a certain date. Showings to be for only 30 minutes. All offers to be submitted by 5:00 am on (usually three days after showings begin). Response from sellers to be received by 9:00 am the next business day.” One listing within our firm had over 12 offers on the property. For sellers, it’s a dream of a position. For buyers, it’s almost a nightmare. One buyer I am working with has made offers on six houses and has not “been the chosen one” on any. They are disadvantaged in this market simply because they are getting a loan. 80% of buyers get a loan, but for the 20% who don’t -cash is always king. My young couple has not given up, but they have become disheartened but not yet cynical, just more realistic. Read More…

December 2020

01/12/20 21:19

Real Estate version 2020...

Working in Real Estate continues to be personally enjoyable, rewarding and providing my family a reasonable income. However, with the pandemic it is requiring changes in how business is conducted. Closings for the sale or purchase of a home are continuing with those sitting around the table limited to the buyer/seller & attorney. Previously, I attended all closings is the event of a last minute glitch. But, now I’m available by phone during the closing period along with the Lender. Thus far, it seems to be working. With the evolution of remote work, I am conducting virtual showings of homes for Buyers, particularly out of town clients. One simply starts a FaceTime call with the clients and shows the property. As the process evolves the potential Buyer eventually physically visits the home prior to making an offer. Read More…

October 2020

01/10/20 21:23

How Long Can This Continue?

Biannually I publish the data depicted in the chart above which gives readers a concise visual about the market in our area - although it may be slightly challenging for one to understand. Let me give you some background. Read More…

September 2020

01/09/20 21:24

What One Can Learn from On-Line Education

Having been in real estate for 20 years now, I still find the work to be exhilarating and full of much joy. When I dove into the profession, I was at a low point in my life after having been summarily fired from an executive position that I enjoyed tremendously at an employer who I loved deeply- St. Thom- as Hospital. But, with the change of the hospital CEO, he determined that he wanted someone else to head up the human resource function. Not only did it have financial implications, it was personally devastating and an embarrassment. Another healthcare organization in the city asked me to join their staff, but I declined. I wanted to be my own boss and control my destiny even though I didn’t have a clue what that would be. Then, I remembered how much I enjoyed an Adult Ed class in preparation for getting a real estate license 20 years earlier, yet I never sat for the exam. Read More…

August 2020

01/08/20 21:18

A Tale of Two Totally Different Buyers

During the last quarter I have been referred by clients to two different couples who were relocating to Nashville. Neither couple had been in Nashville much but both had accepted new positions requiring relocation. And they both were first time home buyers, one of my favorite type of clients. With each couple they had some familiarity with Nashville, but more from a tourist perspective than a future resident. Read More…

July 2020

01/07/20 21:21

Will the Covid Effect Hit Nashville

As regular readers of this newsletter know, I publish the ”Absorption Rate” chart about twice per year. It helps me and several colleagues have a real time read of how many homes/condos are being sold each month. A six month inventory is considered balanced supply equals demand. We have been anxious to know statistics with a full three month impact of the Coronavirus 19. Read More…

June 2020

01/06/20 21:22

In Spite of Turmoil, Business Continues

Like most in our county (and somewhat around the world) our household has learned to adapt to a “new normal” of day-to-day living and working. When COVID-19 first appeared I, like many, thought this was some health scare that would soon pass or the US Infectious Disease folks would find some miracle cure and/or preventative treatment. Thus far, what has been learned includes a better understanding of how the virus might be transmitted and what individuals need to do to be safer─but no vaccine. Initially, our office completely closed with agents working totally from home and we were asked to not enter our building. However, we have learned to adapt. Early on, I had two closings that went through the entire sales process with the exception of the actual signing of closing documents. Following those transactions, I had two more where the home was placed on the market after the arrival of the virus in our area—so the entire buying and selling process was conducted following CDC and firm guidelines. Thus far, my personal business has seen no impact by COVID. However, hat is not the case for every- one. Some transactions fell apart because a buyer, due to the pandemic, no longer had employment, income was reduced and they no longer qualified for the loan. Others ended due simply to the overall angst and uncertainty of the situation—putting any move on hold. All of these “canceled closings” were consistent with the provisions of the purchase and sales agreements. Read More…

May 2020

01/05/20 21:22

These are Challenging and Humbling Times

With the last edition of this newsletter all of us were just becoming adjusted to the “new norm” of corona virus -19. As of this writing, Mayor Cooper has approved for our city to move to Phase 2 of Re-Opening Nashville based upon demographic data. Moving to this phase does allow for more freedoms, but still places significant restrictions on personal interactions for business as well as individual lives. Hopefully, our city and our nation will see life return to normal, but post- COVID-19 life could mean a new norm for all of us. For example, working from home has always seemed like a dream for many. But for me, I actually miss the interactions with my colleagues at the office including the tidbits/leads that one often picks up just from being in a regular/normal office space. And Phillip and I are slowly learning how to work in the same office at our home. We have always had matching partners' desks facing each other - which is a good idea aesthetically, but on a semi-permanent basis it can be taxing. He wears a headset for his conversations while I have ear buds for my use so that we can conduct simultaneous work conversations. Read More…

April 2020

01/04/20 21:17

Suddenly Our Lives Changed Drastically

Readers will note that in light of current circumstances, this month’s newsletter is being “delivered” in a different fashion, electronically. An electronic or blast email has been an aspiration for several years; I hope the readership follows. It is the mode of delivery, electronically, that is more efficient and direct. And, if you still like the feel of paper between your fingers, simply hit Print and it will feel like the old days. Maybe the old days are gone? Read More…

February 2020

01/02/20 21:20

February Has Been an Unusually Busy Month

Typically February is a bit of a slower month with activity picking up toward the months end. However, this was not the case for the month that is coming to an end. First, a colleague at our firm and I were asked to help clients sell a nice home in a Green Hills cluster community. The home had previously been listed with another firm and an offer was made but the contract did not close for several reasons. As typical, the Sellers decided to make a change of agency. My colleague and I both had connections with the Seller, and the two of us brought unique strengths to represent the Sellers well. After several meet- ing with the Sellers, dissecting the previous contract that didn’t close and different marketing strategies, we got to work getting the home back on the market. Read More…

January 2020

01/01/20 21:20

Business Has Been Amazingly Good

Sam Coleman, Broker, GRI/CRS