Lakefront Living

Growing up on the lake, I feel like I've become somewhat of a "professional" in judging lakefront houses. (Stick with me here). You see, a lot can go into one's home-buying decision, but when you're purchasing on the lake, I think it really comes down to one thing: What does the house look like from the back? This is important because you want to know what the house looks like from the lake! After all, your new home is probably going to be seen by more people from the water than from the street. "Curb appeal" now is about what the home looks like from the back and, in my opinion, is even more important than what the property looks like from the front.

Currently, in Sumner County, there are 82 properties listed as "lakefront" (72 of which either have docks currently or have dock permits!). That's the highest number of lakefront homes on the market that I believe I've ever seen at one time. Possibly this is because the springtime always yields more housing inventory as people are ready to sell their homes and move in time for the new school year. At any rate, you can snag a lakefront home for as low as $139,900 ($255,000 if you want a dock) or, if your budget allows, you can spend a cool $4.999M. The options range from mid-century ranches on half-acre lots to palatial new construction homes with infinity pools that overlook Old Hickory herself. 

With so many options on the market, I digress to my initial thought: when choosing a lakefront home, take a second look at the home's "curb appeal" from the back! I remember as a kid passing by all the beautiful homes on the lake and picking out my favorite by which one had the most decks or the most inviting greenery. I still do this today! As I was flipping through the pictures of current inventory, I couldn't help but be attracted to this beauty: 272 Hidden Lake Road. 

With 4,098 sq. ft., this large house features THREE decks plus a patio and a dock and is situated nicely on the main channel. Certainly this is the kind of home one I would have pointed out to my parents as a kid as the object of my affection, not even having seen the front of the home or the inside. For sellers, the real lesson here is this: When selling your lakefront home, keep in mind that the importance of curb appeal is just as important from the lake as it is from the street. What is seen by passers-by as they house-hunt from the wake of Old Hickory is crucial in selling your home!

For buyers interested in lakefront property, you're in luck! Whatever your taste, there's currently plenty of inventory to suite any homebuyer's need, so get out on the lake and let your home search begin!

Be a Nashville Foodie

One of the best things about Nashville is the all of the amazing restaurants we have around town. Specifically, Nashville has some really great locally-owned restaurants that offer fresh, local ingredients and are really delicious! Some of my favorites are The Mad Platter, Mambu, Tin Angel and Allium!

The one go-to site for these local restaurants is www.nashvilleoriginals.com, a single source for many of the city's best dining options!

Tomorrow is the day for discounted gift cards. They go on sale "after dusk but before you go to work" (as Nashville Originals states) and usually sell out within an hour of going on sale, so check it out HERE tomorrow if you're interested!

I recommend stocking up and supporting your local businesses!

Assumable Mortgages

I was recently at the closing table when the attorney pointed out to my client that the mortgage she was closing on was assumable. I had learned my fair share about assumable mortgages in a Mortgages class I took in law school and didn't really think too much about it at the closing table, however, the lower interest rates continue to dip, the more salient I think the issue of assumable mortgages becomes. 

Mortgage rates won't stay this low forever, after all, so when they rise, more and more people will be interested in assuming mortgages that people take out now.

So what is an assumable mortgage and what are the benefits? 

An "assumption" occurs when a home buyer assumes the responsibility for a seller's existing mortgage on the property. Why would a buyer do this instead of just getting their own mortgage? Simple: A low interest rate on the existing mortgage! The true value of the assumption depends on several factors: 

1. The terms of the original mortgage, 
2. Current interest rates, 
3. The necessity (or not) of the buyer to take out a second mortgage to supplement the existing loan balance,
4. The asking price of the property.

While it may be worthwhile to assume the existing mortgage, this might not be wise if the money you would be saving as a buyer is padded into the asking price of the home, for instance, or if you would have to take out a large second mortgage on the property due to the first mortgage being largely paid down. 

As a seller, you MUST work with your mortgage lender ahead of time to ensure that you are released from liability IN WRITING! If not released from liability, you are on the hook if the buyer of your assumed mortgage stops paying! A good Realtor (and good mortgage lender) can help you steer through the muddy waters of assumable mortgages!