My New Favorite Mexican Place

After such great experiences at Chuy's and Sopapilla's in Franklin, and El Mariachi in Nashville, I wasn't sure if there would ever be any reason to have another Mexican restaurant in Middle Tennessee.

A few weeks ago, I was showing property in Nolensville. After leaving my clients to return to the office, I stumbled on Oscar's Taco Shop in a Nolensville strip mall. I stopped, more out of curiosity, and I'm glad I did.

There are multiple Middle Tennessee locations. To find out where Oscar's has shops, check out their site by clicking HERE.

I'm a shredded beef lover and am frequently disappointed when a Mexican restaurant does not provide that on it's menu. That's why I love El Mariachi (on Thompson Lane near Sidco). I can always count on them to have a shredded beef chimichanga.

When I got to Oscar's, the place was loaded with people. While there was nothing really special about the atmosphere, almost every table was full, and the aroma of delicious Mexican food was in the air. I was drawn into this new and fascinating place.

I ordered the shredded beef tacos for lunch at the Nolensville location. A few weeks later, I went to the Cool Springs location (across from Centennial High School) with friends for breakfast and had the shredded beef burrito (with egg and cheese) for breakfast along with fried potatoes. And I've returned to both locations since.

While the locations are pretty basic in appearance (laminate tables and benches, neutral paint colors, tile floors), the food makes the trip there worthwhile. This is a place I whole heartedly recommend. It's some of the best Mexican food I've ever had. Most of Mexican in the states is more of a Tex-Mex. Not so with this establishment. It's more authentic than others. Give it a try. You won't be disappointed.
___________________

Give Jack a call if you're looking for real estate or want to sell. Jack knows the Middle Tennessee area, understands the mindset of people here, and is an expert in his field.

Do You Know What Today Is?

In my list of crazy calendar days, today is "National Compliment Day". Who knows where this came from?! I sure don't. And it must be something to it because it can actually be found online. CLICK HERE for a quick link to the info on National Compliment Day.

Who can you compliment today? There's no doubt that everyone needs a compliment every now and then. Whether mean or nice, everyone can use a nice pick-me-up today.

Is there someone in your office or place of work who has done a great job? Or how about your son or daughter - are you proud of them? What about your spouse? Or a friend, parent or other relative?

And there is one additional person you need to compliment - yourself. How many times have you patted yourself on the back said, "Great job!"? Isn't it time?

Go out and have a great day today. Give someone that lift that they need. Maybe they'll pass it on.

__________________________________________________

If you are looking for a person who is positive but realistic about real estate, give Jack a call at 615-260-3599. He'll help you with all of your real estate needs.

Tips for Buyers

In the current real estate climate, it's easy to assume something is a very small and unimportant detail, yet it's those small details that prevent buyers from buying houses and that causes sellers to get their hopes up for a sale.

Over the years, I've compiled a list of things that make buying a home much easier and stress-free for buyers, and I wanted to share those with you:

1 - Be transparent with your real estate agent. If you already own a home, but don't want to sell it to buy the next home, tell your agent what kind of loan you have on your current house. FHA does not allow buyers to own two FHA-backed homes at the same time.

2 - Use one of the mortgage lenders that your real estate agent recommends. That way, the agent is assured that the loan officer and bank are reputable, will be honest with the buyer up front, and will get the house closed.

3 - Follow the process that your agent provides. I have a 10-step plan that I utilize with ALL buyers that makes the home-buying process a stress-free and easy process. Both novice and experienced buyers love this process and have said it was the easiest way to buy a house.

4 - Insist that your loan officer be open and honest with your real estate agent. General protocol is that this happens, but occasionally you will run into a loan officer who declines to reveal anything to the agent. If there is a potential "glitch", then the agent needs to be able to ward that off ahead of time.

5 - Do not feel that you have to disclose personal information such as income, debt, or credit score. Agents do not need that information. All we need to know is the amount you can spend on a house, the down payment, closing cost needs, time frame to close, and if you have to sell your current home.

6 - Hire the agent who is helping you buy your home to help you sell your home. Those agents are much more motivated to get your home sold so your next purchase can close easily.

7 - Ask questions if you don't know the answers. If something doesn't seem logical to you, then ask your agent about it. The agent should be able to answer your questions or find the answers very quickly.

8 - Be patient and allow the process to take place. Sometimes buyers want to rush things or drag them out, but that's not necessary. Typically, it takes about 30 days to get a purchase closed, and with today's stringent rules, it may take a little longer.

9 - Trust your agent. Sometimes buyers think that the buying process should/could take longer than it should. If an agent suggests a deadline to you, then follow that deadline because there is a reason why that deadline was suggested.

10 - Relax. Purchasing a home can be stressful and challenging, but try to relax during this process. By allowing the agent to lead you through it, you can rest assured that things are being taken care of.

These are just ten suggestions that help buyers make a purchase. In our current culture, banks and the government have made the process a little more challenging. By hiring the right agent and learning to follow his advice, the process can go from challenging and stressful to joyful and relaxing.
_______________________________________________________

Jack Jernigan is an agent who makes the home buying process an easy and stress-free one. Jack knows the market and how sellers think. For all of your real estate needs, give Jack a call at 615-373-3513 or contact him via email: jack@jackjernigan.com

Nashville Does It Again!

I'm proud to be a Nashvillian. Not that I actually live in Nashville, but living in the metro area gives me the right to say that I am Nashvillian. Aside from being too far from the ocean, I actually love it here.

Nashville makes me proud because she's always evolving and changing, mostly for the better. Just recently, Forbes.com ranked Nashville as the fifth most affordable city to live in. To check this out, CLICK HERE. You'll find the article interesting.

And then, The Daily Beast ranked Nashville as the number 22 smartest city in America. Not too bad considering we compete with some major braniac cities around the nation. You can see the synopsis HERE.

Nashville is also the fourth real estate market most likely to appreciate, according to the Local Market Monitor. CLICK HERE to see the slide show. We've never had the major depression that other real estate markets have seen, but we have dropped a little. But we're on our way back.

Travel and Leisure magazine ranked Nashville one of America's favorite cities. We rank the friendliest city in the nation. Click this LINK to see the report.

According to a study done by Central Connecticut State University ranks Nashville as the 11th most literate city in the nation. Take a look at the top 20 HERE. This is a compliment considering Tennessee has had it's educational challenges.

Whether you live in Nashville or a suburb near it, we're all Nashvillians at heart.
______________________________________

If you need help with real estate, give Jack a call. He knows the market and the area.

Tennessee Ranks Up There

Site Selection magazine listed Tennessee as the SECOND BEST STATE in providing a climate to do business. North Carolina was #1. Not so bad for this mid-south state, which ranks low in education and high in divorces per capita. I'm thrilled that we excel at something worthwhile.

To read the article in The Tennessean, go to THIS LINK.
___________________________________________

Trust your real estate needs to Jack Jernigan. Jack knows Middle Tennessee and keeps up with what's going on in the area to make your home purchase or sale a profitable one for you.

Thoughts About the Mid-Term Elections

Dear friends,

Our country is at a crucial crossroads and tomorrow will decide our future for the next many years.

Over the last several years we have bailed out banks and auto manufacturers, tried to bail out the housing industry, spent much more money than we could ever fathom in three lifetimes, and our Congress is at odds within itself, providing a very dim future for my children and grandchildren.

To be honest, very little of what has happened inside Washington beltway over the last few years has been productive. Americans are divided, Republicans and Democrats are blaming each other, people who want fiscal responsibility are getting a bad "rap", and nothing is being resolved.

American is not a perfect place, but after having personally seen destitute third-world countries where people have nothing, by comparison, we still live in the greatest country on this earth.

While I tend to be more far-right in my beliefs, the American people, in general, tend to be a little right of center. Our Congress no longer reflects the will of the people, so I am asking you, my friends, to vote tomorrow. Let's get America where she needs to be again by electing representatives who will guide us back toward where Americans stand.

Will everything ever be resolved? No. We are an imperfect people living in an imperfect country. But we can do our best. This is the time to vote, and then to make your thoughts and desires known to those who represent you.

When I lived in Davidson County, I contacted my congressional representative. That person was willing to meet with me privately, but was not willing to hold a town hall meeting to hear from the majority of his/her constituents. He/she said that no town hall meeting would be held because he/she wanted a "controlled environment". That tells me that the representative knew what the constituents wanted but was unwilling to hear us out. That representative voted in favor of a unpopular bill and now tries to uphold an image of a "friend of the people." That person is coming up for re-election and should be voted out.

The purpose of this letter is not to sway any of my friends to vote for a specific candidate, but it is to share that we DO NEED CHANGE! It is time to take a stand, America, and to take back our government. And if the ones we elect this time do not do the job, they need to be voted out the next time, too.

Until 2008, I was never an actively political man. However, after seeing the path that our country has taken, I firmly believe that ALL AMERICANS should take a stand for ourselves, our families, our homes, our jobs, our economy, and our freedom, as defined by the Constitution of the United States.

Sincerely,

Jack Jernigan

Home Sales Slip Nationally in July 2010

Nothing burns me up more than misinformation. Unfortunately, our media have fallen into the bad habit of generalizing the entire nation's economy and housing market with just a few examples of desperate markets across the nation. Yesterday's Tennessean printed an AP article that cited that July's home sales were the worst in 15 years.

While this statistic can be very accurate, the Tennessean was remiss in reporting what the Middle Tennessee market has done and is doing. Laziness in fact-gathering perpetuates nothing less than accelerated and unnecessary fear among our citizens.

Here are the facts for Middle Tennessee:

1 - There are 99 different regions in the Middle Tennessee Multiple Listing Service. Statistics are for all of those areas combined.
2 - Average SALE PRICE for July 2009 was $199,534 for residential homes, selling at 95.09% of list price with an average of 107 days on the market.
3 - Average SALE PRICE for July 2010 was $213,641 for residential homes, selling at 94.91% of list price with an average of 95 days on the market.
4 - There was an increase of $14,107, an INCREASE of 7.1% in sale price.
5 - In both months, the sale price was about 95% of list price. That screams consistency in our market.
6 - Sales in July 2009 were 2640; in July 2010 they were 1962, a difference of 26%.

Is this cause for alarm considering the INCREASE in sales for the first five months of 2010? No. In ANY market, what goes up, MUST come down. First-time home buyers RUSHED to get their homes closed prior to the June 30 deadline. It makes sense that there would not be as much activity in the month immediately following that deadline.

Personally speaking, I have helped several first-time home buyers buy homes this year. In fact, the last three closings were first-time buyers. NONE of them qualified for the tax credit because they bought after the June deadline.

With the "facts" that the media uses to justify it's articles, it is easy to see why people are afraid of our economy, but there is no justifiable reason for this fear.

Is our market lower and slower than it was three years ago? Yes, it is. There's no denying that. But has it "tanked"? No, it hasn't. Yes, it's down some, which should have been expected. There is no reason why we should expect any market to stay high all the time.

With this being said, there is hope. Not only do we have a fairly stable market in Middle Tennessee, rates have NEVER been lower. At only 4.25%, this is a great time for people to buy homes. And it's also a great time for people to sell homes. What's stopping you?
____________________________________________

Working with buyers and sellers in today's real estate market is what Jack Jernigan does best. He knows the market and expertly guides buyers and sellers through the buying or selling process. If you're looking for a competent and professional agent to help you with a real estate need, give Jack a call at 615-373-3513.

Summer Is Over and School Has Begun!

In some areas of the country, the beginning of school is nothing more than a distant thought. August provides opportunities for the last hoorays of the summer, just before a September school start date. In Middle Tennessee, August marks the end of the summer and the beginning of the new school year, so WELCOME BACK, students!



Yesterday marked the first day of school for Wilson County students. My son, Hunter, made the band this year, so he's already been at school since July 19, practicing in the horrible heat we've experienced. Wednesday the 4th is the first day for Rutherford County students. It's an abbreviated day and the first full day is Monday the 9th. Thursday, August 12th is an abbreviated first day for students in Davidson County, and their first full day is the 16th. And Thursday, August 12th is the first day for Williamson County students.

Interestingly, summers are getting shorter and shorter. It seems like time flies by, with no break in it's rapid pace. If you haven't had a chance to take your family on vacation this summer, there's always Labor Day weekend, just a month away. Maybe you can head to a local spot such as Huntsville, Alabama to take in the NASA Space Center. Or maybe Hot Springs, Arkansas may be beckoning you there. And then there are always the short day trips to the Corvette Museum in Bowling Green, Kentucky, or Fall Creek Falls, not far from Cookeville.

Whatever your schedule, whether you have kids or not, it's time to gear up for the next year again .... so enjoy ...
_______________________________________

Looking for a real estate agent who's in tune with our real estate market? If so, then give Jack Jernigan a call at 615-373-3513 or email him at jack@jackjernigan.com

The Real Nashville Real Estate Market

Lately many buyers are approaching all sellers with the idea that "sellers are desperate and will do anything to get their homes sold." Nothing could be further from the truth, so I want to set the record straight.

Buyers are actually very innocent and naive in their understanding our market. The information they have been fed is mostly propagated by the national media. The media have continued to preach a doomsday mentality in the housing market - i.e. nothing is selling and that the only way a seller can get a home sold is to give it away.

There are some markets where sellers are very desperate. Michigan is still very much that way. However, Florida is not quite as bad as it once was, and California is rebounding as well. Other markets, such as Henrico County, Virginia (the Richmond area) is actually doing very well. Overall, the midwest saw no change in their market. And the south and west markets are both up.

Here in the Nashville area, we actually have TWO real estate markets. There's the "distressed" market and the "normal" market.

Distressed sales include foreclosures and short sales. With foreclosures listings, banks have already typically discounted the price of the house, so an offer substantially below the list price would probably not "fly" very well. In fact, I have seen sale prices actually increase when the buyer placed the offer asking for closing costs to be paid. If the house does not sell within the first 30-45 days, then the foreclosing bank may lower the price. However, if a buyer intentionally waits for that to happen, he or she may "lose" the house to another buyer. It's a gamble that a buyer should not take if they absolutely love that house.

In a short sale situation, there are two strains of thought. First, a savvy and experienced short sale real estate agent will have already sent over all of the necessary paperwork to the seller's lender(s). The lender(s) will have already named the price they will accept for the house, and the agent will have added in closing costs for the selling side, any possible closing costs the buyer may ask for, the agent commissions, etc., to come up with the list price. Rarely, in our market, does this happen.

Second, and most frequently, a short sale becomes a guessing game. The seller has been unable to make his or her payments due to one or more of a variety of reasons, and the listing agent has determined a list price for a home based on area comps. No paperwork has been submitted, and sometimes the lenders have not been contacted. A good buyer's agent will know what questions to ask the listing agent so that the buyer can have appropriate expectations.

In the first situation, since the price has already been determined, the buyer should make an offer very close to the list price, and can expect a very quick response from the seller's lender(s). In the second, a long wait can and should be expected, and there will be no guarantee that the lender(s) will approve the contract that the seller and buyer have for the sale of this home.

When the listing agent has done all of the necessary homework for a possible short sale, the bank will order a BPO to determine the market value of the house. This is NOT a hard-line appraisal, and it is done by a local real estate agent. In each short sale situation, a bank is looking for a certain percentage of the market price. Percentages vary by type of loan the seller has on the property. There are several types of loans that mortgage banks hold: (1) FHA loan; (2) VA loan; (3) Conventional loan; (4) Multiple loans on the property. The multiple loans can be FHA or conventional. Each type of loan has a different percentage the bank is looking for.

In the normal market, sellers should have already priced the house to sell. A higher price indicates that the seller is unrealistic about the price or that the seller is really not motivated to sell. A realistic price reflects the current market and is an indication that the seller wants to sell the house.

However, when buying in the normal market, a buyer should expect to buy a house at a purchase price of about 95%-97% of the list price. It is unrealistic for a buyer to expect foreclosure or short sale prices in the normal market.

When working with your real estate agent, the best and first thing you should do is trust him or her to guide you through the process. The best agent will understand both the normal market and the distressed market. Your agent can provide advice for you in making your offer so that it can be a win-win situation.
______________________________________________

When selecting an agent, look no further than Jack Jernigan. He continues to use his 10-step plan with buyers, providing them only the best and most professional service. Jack knows the two current markets in Middle Tennessee. To contact Jack, give him a call at 615-373-3513 or email him at jack@jackjernigan.com.

Get Real!

Back in my teenage years, we coined (and used) the phrase, "Get Real!" It was oftentimes used sarcastically in response to someone who made an erroneous or ridiculous remark.



With the offers that buyers are making these days, it's time to pull out that old phrase and start using it all over again. To help buyers avoid the "Get Real" glance or remark from their agent, here are some tips for making an offer:

1 - When making an offer, look at the UPGRADES that the home offers. If two houses are about the same square footage in the same general area, but the list prices are $5,000-$10,000 apart, ask yourself what upgrades the more expensive home has. What would it cost for you, as the buyer, to install all of the upgrades in the lower priced home? If it costs more than the difference in price to install all of the upgrades, then the higher priced home may be the better bargain.

2 - It is natural for buyers to NOT want to pay full price for any home in today's market, but when making an offer, be realistic in price. Ask your agent to show you comparables in the same general area with similar square footage and upgrades as the home you're interested in. Base your offer on those comparables.

3 - When making an offer on a foreclosure, understand that the bank has ALREADY DISCOUNTED the price of that home. For a bank to foreclose on a home, it costs them about $40,000 - $50,000, so they want to sell it as quickly as possible to get it off of their books. An offer just below that list price is best, especially if making the offer in the first 30 days after it's listed. Banks will typically lower the list price of homes every 30-40 days, so if you want that house, you'll need to act on it quickly. If you decide to wait until the bank drops the list price, you may have missed out on the house.

4 - Short sales are more common today than ever. If you're interested in a short sale home, you need to understand that type of loan that the seller has on the home will dictate what the seller's lender will approve for a purchase price. Each type of loan requires a sale price at a certain percentage of the current market price of that home. Also, unless already approved, expect to wait a while for a response from the seller's bank. If two loans are involved, then it may take even longer than anticipated.

5 - In ALL situations, real estate deals have to be WIN-WIN! Buyers are being told that THEY determine the value of a home, but that is true ONLY if the SELLER AGREES to the buyer's price, terms and conditions. To assume that a seller is obligated to take a low-ball offer that a buyer makes is unrealistic. Continuing to make low-ball offers on properties brings nothing more than frustration and wasted time for everyone involved in the negotiation process.
___________________________________________________

If you're looking for an agent who can help navigate you through the home-buying process, give Jack Jernigan a call. He understand the market, dealing with foreclosures and short sales, as well as sellers in general. He can be reached at 615-373-3513 or through email: jack@jackjernigan.com