First Tennessee Mortgage Nashville
First Tennessee Mortgage Nashville
Real Estate Trends: the Urban Jump
The real estate industry has always been one of trends. One only needs to look back over the years to readily identify the numerous trends that have asserted themselves at different times. One of the more recent trends that we have seen is many younger professionals leaving the city for the suburbs. This is partly due to their want to raise children in a more sheltered atmosphere and because of rising property values within the urban core. Conversely one of the newer trends that we are experiencing is the baby boomers who are now mainly empty nesters are buying property in the urban core to get away from higher maintenance homes and into areas with a lot of extra assets and convenience.
The move actually makes a lot of sense. Years ago the boomers left the city to raise children in the relative peace of suburbia. They built or renovated homes to be bigger and more family oriented. Now, with their children reaching their 30′s the boomers are finding themselves with these huge empty homes and a ton of equity. This huge amount of saved up equity as most boomers own their homes and have taken care of their mortgages, this has enabled them to pay the higher cost of new development condos and lofts in the downtown core. Some have chosen to move there altogether selling their suburban homes, purchasing in town and still pocketing a nice amount of money in the transition. Others have chosen to keep both and enjoy the flexibility of having two locations to operate their lives from.
This move has, of course freed up a number of suburban homes to fulfill the needs of the younger generation that is seeking to leave the city to do as their elders did 30 years ago. The benefit of this is that there are already a number of homes that have been specifically designed for the raising of families. Essentially it is a win-win situation all around. What will be really interesting to see is if the pattern repeats itself in another 20 years or so. We only have to wait and see what the future trends will be.
About the Author
Gary Ashton is a real estate broker specializing in Nashville real estate. Start your search today at www.nashvillesmls.com. For the finest homes and properties in Nashville, Tennessee check out the Nashvilles MLS soon.
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Can you refinance a interest only construction loan prior to converting to conventional?
My wife and I recently moved into a new home which we are still paying interest only on the loan. We also just sold our other home and would like to put the money we made off of it down on the loan. Can we put the money down when we convert or do we have to refinance?
I assume when you say “converting to conventional” that you have a construction loan product that automatically converts to conventional financing when the construction phase is completed. Without reading the terms of your loan, it’s hard to know. Some loans have prepayment penalties. Read your loan documents or ask the lender directly, and make sure it is in writing.
I used a construction loan to purchase and rehab an investment property, where the bank would convert to conventional financing. I could pay any amount toward principal at any time, but every loan is different.