Chris Elrod Properties-Connecting Buyers & Sellers Of Real Estate

Just How Local is the Economy?

From the VillageE-zine The Voice of Village Real Estate Services

The answer to that question is best summed up in the following words "It is, AND it isn't. Everyone seems to be discussing, arguing and debating the semantics and the reality of a recession.  Even the presidential campaigners can't seem to agree on whether this is a "mental" recession or an actual downturn.  One thing  for certain, gas prices, higher cost of living and unemployment are as real as it can be for every person relying on them.  Even though our Middle Tennessee Area has been much less affected by the struggles faced by other cities in California, Nevada and Florida, we are still feeling the pinch in our pocketbooks and in our investments. However Nashville's strength as a community truly rests on one solid foundation-its economic diversity. The city is a great "neighborhood" of private and public business and industry, where people are as likely to go to work each morning in banks, hospitals, or government offices as to drive trucks, punch cash registers, or work on assembly lines. The area has benefited from low unemployment, consistent job growth, heavy outside investment and expansion, and a broadening of the labor force. Although the city's economy is not reliant on any one area of production, Nashville is a leader in finance and insurance, health care, music and entertainment, publishing, transportation technology, higher education, biotechnology, plastics, and tourism and conventions. As with any investment, Nashville real estate was not meant to be a short term, fast money making venture.  Despite that truth, many have experienced significant financial growth through the buying and selling of property.  Village Real Estate Services has seen consistent numbers in sales and volume throughout 2007 and now through the first half of 2008. With all of that said, Real Estate is still and will continue to be the consistent best investment with the strongest return over the long haul.  After all there IS only what there IS (land that is).  No one is making more of it and the fact that it is a limited commodity will always preserve it's overall value.  This is a good time to build your future portfolio.  Buying opportunities are at all time high.  If you are able, 2008 has great properties, good buys and loan products to make it all come together for you.  Village agents are trained to represent their clients throughout the entire transaction from beginning to end.  Call me soon to get started on the most important purchase of your life. Oh yeah, it's Wednesday so I'm going to share this around the watercooler at Ethos.

Historic Franklin Jail's Future Envisioned by O'more Students

In Franklin we have two historic jails. The "old, old jail" and the "old jail". The "old jail" is the home of Monell's Restaurant, a family style dining institution where the epitome of southern cuisine is served while you catch up on all the gossip that you do or do not want to know with those sharing the table with you. You can even see where the last "hangin" in Franklin took place.

The "old old jail" is a city owned property that sits right next door to the "old jail" and has been vacant for some time. Below is a news feature about this art deco style building and  what the Omore College of Design student's envision for it from Channel 4 News:

A city-owned jail in Franklin that has been abandoned since the 1970s is receiving a new lease on life thanks to help from a local school.

See the video here.

The city realized the building's potential as a unique historical structure and potential revenue generator. Franklin approached the O'More College of Design and gave some of the students a chance to redesign the building.

Four teams came up with four different designs that would transform the concrete building into an upscale venue. The proposals include a green living center, a children's discovery center and a luxury boutique hotel.

 Answer this trivia question in the comment section below and you have a chance to win tickets to An Evening of Bleep Free Comedy with Ken Davis at Zanies in Nashville, TN on Sept. 23,2008:
What is a Good Faith Estimate?

There will be a trivia question in the each of the next several posts until Sept. 18. The person with the most correct answers will win!

Fannie Mae and Freddie Mac---Take Over, What Does It Mean???

One of the big stories in the news recently has been about the government "bailing out" Fannie Mae and Feddie Mac. There have been a lot of questions, a lot of folks thought they were government owned ...actually they are quasi-governmental agencies. They are privately organized and privately owned corporations that issue their own common stock and provide a secondary market for mortgage loans. Fannie deals in conventional, FHA and VA loans. Freddie deals primarily in conventional loans.

Answer this trivia question in the comment section below and you have a chance to win tickets to An Evening of Bleep Free Comedy with Ken Davis at Zanies in Nashville, TN on Sept. 23,2008:
What were the original names for Fannie Mae and Freddie Mac. They also have a cousin, Ginnie Mae, what is her original name?

There will be a trivia question in the each of the next several posts until Sept. 18. The person with the most correct answers will win!

For more on what does the governmental take over mean, click here.

Today is Watercooler Wednesday at Ethos, go here for great guilty pleasure YOUTUBE videos.

Home Loan-What Is The Right Loan For Me????

My friend, Eric Heath
 and the guys at City Life Lending have tons of great information about home loans and refinancing your existing mortgage.

Selecting the mortgage that's right for you is central to the homebuying process–that's why it's so important to understand your options. You'll need to consider two things at the outset: which loan type meets your homebuying needs, and which loan term offers the ideal repayment schedule.

Loan types

Most home loans fall into one of two general categories: fixed-rate mortgages and adjustable-rate mortgages (ARMs).

• Fixed-rate mortgages have interest rates that stay the same for the entire life of the loan.
  • You will have predictable monthly payments throughout the life of the loan.
  • You'll be protected from rising rates, so your principal and interest payments will never increase, no matter how high interest rates rise.
• Adjustable-rate mortgages have interest rates that adjust periodically based on market conditions.
  • The initial rate is fixed for an introductory period and is typically lower than for a fixed-rate mortgage. After that, the rate adjusts annually based on a market index, but can't go above a predetermined adjustment cap.
  • Because of the lower initial rate, some borrowers may be eligible for a larger loan amount with an ARM than with a fixed-rate mortgage.
• Need repairs on the new property? Our Purchase & Renovate^SM loan can give you the financing you need to both buy the house and fix it up – all with one closing.

Go here for more home loan information.