All about the Clarksville/Fort Campbell Community

The Community

Fort Campbell sits on the Kentucky/Tennessee border just 45 minutes north of Nashville. With over 2/3 of the installation on the Tennessee side of the border, Fort Campbell retains its Kentucky designation solely because of the location of the post office. Clarksville, TN is the main town outside of post and a large military town. It stretches from the state line south. Oak Grove, KY is the extension of Clarksville into Kentucky. Hopkinsville, KY lies just a few minutes to the north of post and is also a popular town for military residents.

Clarksville is the most popular and largest town outside of Fort Campbell for a number of reasons. One big perk is the tax savings that can be realized living and working in Tennessee. With no income tax and a relatively low property tax, the Clarksville side of the border often sees more business and residents. Being active duty military, you can purchase vehicles tax free on both sides of the border. So if a new vehicle is in your future, it may pay to wait until you arrive at Fort Campbell.

Austin Peay State University, also based in Clarksville, is also a large contributor to the local community. As a public university, it is the fastest growing public university in Tennessee. It has maintained the same downtown campus center for 180 years and is a cornerstone of Clarksville. They now have a campus center on Fort Campbell where they offer bachelor’s and master’s programs for active servicemembers, veterans, and civilians.

The Weather

During the summer, the highs generally rest in the mid to upper 90’s during July and August, with several days topping 100. The winters are usually variable, ranging from mild days in the 50’s to days of 3-4 inches of snow. There is usually never very much accumulation, but 3 inches of snow on the ground should not be too surprising.

The Local Housing Market

Military families own a large number of homes in Clarksville. As a rapid deployment post, types and availability of rental homes can vary with the comings and goings of troops. Rentals have been known to go off the market within hours of being listed, which can make it difficult for Soldiers PCSing in to find a rental they like before arriving.

It is a great time to buy a home around Fort Campbell as inventories are relatively high. There are great deals to be had here if you are ready to make that step. That doesn’t mean that it’s all bad news for sellers either. A good agent and some minor updating can get your home sold relatively painlessly.

The Neighborhoods

Outside the Gates:

Tiny Town Rd., Peacher’s Mill Rd., 101^st Airborne Div. Parkway: These are the main roads that separate Fort Campbell from downtown area and main shopping destinations. So this is, understandably, a very desirable area for military families. Even now there are some very desirable homes, both new and existing, for families to call home. This is a relatively large area and you can find homes ranging anywhere from $80,000 -300,000+. New homes generally start off at about $150,000.

Sango:

This is another popular area just south of Clarksville where some very nice (and expensive) homes can be found. Although some homes can be found in the mid $100,000 price range, the sky is the limit on what can be found in this area. Much of the military families in this area use I-24 to commute to and from Fort Campbell. This is a great area for families where one spouse works on Fort Campbell and the other in Nashville.

Downtown:

As with many towns and cities, as you get closer to downtown, you begin to run into homes that have an older charm to them. You can still find some very nice homes in this area that have been renovated. Just outside the city center, there are some very nice homes built in the late 1800’s that are worth visiting for those with a historical sense of appeal.

Woodlawn:

This area is located outside gate 10, just west of Clarksville. Although it remains close to post, this area has a country feel to it as it is a few minutes drive away from Clarksville. Buyers that are accustomed to the niceties of nature will find this area very appealing. The homes in this area vary widely in price and features as building restrictions are more lax in rural areas.

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Are You Spending $1000 a Month on Rent?

By Jim Gillespie, CEO, Coldwell Banker

I enjoyed a “fun” weekend out in Urbana-  Champaign, IL, with family and friends.  We had a blast together hoping our Fightin’ Illini would improve to 7-0 against Ohio State.  Didn’t happen.   We turned the ball over too many times. That’s why I used “fun” to describe the weekend.  I was hoping it would have been “great.”
When I got home I saw an interesting article that showcased interesting points from the Census Bureau’s 2012 Statistical Abstract.  I was fascinated to see that 33.4% of renters nationally pay more than $1,000 a month.  That equates to a $204,000 home with today’s fixed-rate, 30-year mortgage at 4.25%.  Not bad!  (To be fair, I didn’t include taxes, maintenance or down payment.)
This morning I went onto www.coldwellbanker.com and learned that there are 201,367 properties on our site priced between below $204,000 in the U.S.
So if you are renting and have financial stability, don’t you owe it to yourself to explore home ownership?  Talk it through with a family member or friend.  Don’t be afraid to talk to a real estate agent, spend a few minutes with the manager of a real estate office or visit our First-Time Home Buyers Resource Center to learn. 
I know what you might be thinking.  Of course the CEO of Coldwell Banker Real Estate would push homeownership!  You’re right!  I’ve been in real estate for 36 years and know what I’m talking about.  Home ownership is a lifestyle investment that is part of the American Dream. 
I clearly recognize homeownership isn’t for everyone.  It depends on your lifestyle, job status, savings, credit history and a host of other factors.
But with home affordability levels at their record best, I strongly suggest you take a good, hard look at homeownership. Tweet

Pending Home Sales Decline in August but Remain Above a Year Ago

from the NAR website:

Washington, DC, September 29, 2011

Pending home sales slipped in August with a mixed regional performance but are higher than a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, declined 1.2 percent to 88.6 in August from 89.7 in July but is 7.7 percent above August 2010 when it stood at 82.3. The data reflects contracts but not closings.

Lawrence Yun, NAR chief economist, said the decline reflects an uneven market. “The biggest monthly decline was in the Northeast, which was significantly disrupted by Hurricane Irene in the closing weekend of August,” he said. “But broadly speaking, contract signing activity has been holding in a narrow range for many months.”

The PHSI in the Northeast fell 5.8 percent to 63.6 in August but is 1.3 percent higher than August 2010. In the Midwest the index declined 3.7 percent to 76.2 in August but is 8.2 percent above a year ago. Pending home sales in the South rose 2.6 percent to an index of 96.9 and are 7.6 percent higher than August 2010. In the West the index declined 2.4 percent to 108.1 in August but is 10.5 percent above a year ago.

Yun said the market is underperforming given a pent-up demand in household formation. “We continue to experience a pattern in which financially qualified home buyers, willing to stay well within their means, are being denied credit – a factor in elevated levels of contract failures,” he said. “Based on the improving fundamentals of population growth, some job additions, rent increases and higher stock market wealth, we should be seeing existing-home sales closer to 5.5 million, but are expecting just over 4.9 million this year. The unnecessarily restrictive mortgage underwriting standards are attenuating the housing recovery and are a risk factor for the overall economy.”

Although economic growth as measured by the Gross Domestic Product is expected to remain positive, uncertainty is causing some consumer hesitation. “We need to remove the road blocks to the housing recovery for people who are trying to take advantage of excellent affordability conditions,” Yun added. “Unfortunately, some buyers also will face notably higher mortgage rates on jumbo loans because of a lack of competition in the banking industry.”

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales; it coincides with a level that is historically healthy.

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Take the Leap Already: Mega-Low Rates Create a Timely Opportunity for Buyers

Wondering if now is the time to buy? Realtor® Darla Jobkar of Wexford, Pennsylvania explains why now might be the perfect moment to dive into the housing market:

Just when we thought mortgage rates had hit rock bottom, the past three weeks’ market activity has proved that wonders never cease. On Wednesday, the Fed shifted $400 billion of investments in short-term bonds for equal investments in long-term bonds. This action was in the hopes to spark housing activity and entice buyers with extended low rates.
Not since the early 1950′s have Americans seen such a low average in 30-year fixed rates, hovering around 4.09% this week. For a 15-year fixed, rates clocked in at an average of 3.29%, a record low.
What does this mean for the housing market? It’s an incentive, to be sure. For first time home buyers or those on the fence, it’s a no-brainer. Those buyers who grew up in the 80?s should pick up a phone and call their parents. They will be regaled with stories of interest rates in the mid-teens. Employment concerns, mounting debt, and stagnant wage rates are still a reality for many, but there is a population who stands to gain mightily from the current situation, even though a residue of caution remains high in the industry.
What About My Credit?
If your credit score is less than savory, it is possible to untangle yourself from the quagmire and get out from underneath your past choices. The upside of not-so-perfect-credit? You got yourself in, you can get yourself out, but it’s going to take determination. It would be unfortunate for a would-be homebuyer to miss the record low rates because he was ambivalent about bringing a credit score to where it needs to be for lending purposes.
Lenders’ standards are rising, which means that many first-time buyers are expected to come with 20% down payment and impressive credit scores. Add on the points associated with the loan’s low rate (1 point equals 1% of the loan amount), and it’s imperative to start doing whatever it takes to improve your score immediately.
Smart budgeting, taking advantage of your bank’s incentives and financial advising resources, and learning how to really scale back on the unnecessary “conveniences” (daily Starbucks, valet parking, excessive entertainment bills, emotional purchasing, etc.) that ruin your credit are more than worth the sacrifice, because in the end, all debt is not created equal. To owe on a property in which you invest, is different than being indebted to a credit institution for a shoe addiction. Besides, consider the freedom associated with putting in the hard work to buy yourself the peace of mind and the piece of property that will be of comfort to you for years.
Whom Do I Trust?
Repeat after me: I SWEAR TO USE A REPUTABLE MORTGAGE BROKER AND LENDER. Hopefully, if you’re in the market and looking to purchase, you have done your due diligence and chosen a real estate professional who boasts a healthy track record. Any agent worth his/her salt will have a solid grasp of which mortgage brokers are an appropriate fit for your personality and needs. Research, interview, and question every individual involved in the buying process. Get referrals and recommendations. Do everything in your power to make sure that your broker is legitimate, credible, and capable of providing for your needs and creating a smooth, efficient lending process.
That said, it doesn’t mean that the playing field hasn’t gotten a lot rockier over the last few years. It has. You may be jumping through a few hoops that those buying 10 years ago didn’t have to, but when you have the right players on your team with experience and expertise, it makes winning the championship a whole lot more likely, no matter how many hurdles you have to jump. And remember, when it comes to lenders, choose wisely. Your mortgage broker and real estate professional should educate you about the lending process and give you resources to do research on your own so that you know exactly what to expect from a lender. If something sounds too good to be true, it just may be, so exercise common sense and trust your gut.
With 30-year fixed rates closing at 3.75% on Friday, don’t look a gift horse in the mouth. Take the gift, and don’t leap into the arms of a disreputable lender or mortgage broker with pie in the sky promises.
I’m Scared of the Scrutiny!
It is a little off-putting to some when they imagine all of their financials being unearthed for approval purposes. It’s a natural reaction. What we’ve done with our money and finances is directly linked to our past choices, and not all of them are stellar. This brings up feelings and regrets, and possibly old wounds. Unfortunately, there is nothing we can do to change the past, but what’s most important is that we realize the impetus behind such “scrutiny.” The result is an investment that will serve us positively in the present and the future. This means that the past doesn’t have to hurt us, and that we can gain from all of the good choices, and learn constructive lessons from all of the mistakes we may have made, too. Roosevelt must have agreed that sometimes, we have to take a risk: “Nothing to fear, but fear itself,” he said during his inaugural address, and for the uncertainty surrounding those times, it provides a lot of perspective for us today.
And just think of how vulnerable we are to everyone and everything surrounding us on a daily basis: we fall in love and trust our hearts to partners, we cross busy streets and drive amongst speeding vehicles, we fly in tin cans with wings, and the list goes on and on. Somewhere, risk is involved if we’re going to get what we want. Acknowledge the reality that yes, your financials and information will be provided to parties looking to approve you as a sound investment, but know that without risk, there’d be no success and ultimately, that’s exactly what owning a home is: the physical manifestation of your hard work, courage, determination, and dreams.


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Have a question concerning real estate but want to remain anonymous when you ask? Then go to http://www.realtor.com/blogs/ask/ and submit your question. You can choose to be notified when your question is answered, and you can assist with the education of other home buyer and sellers. Tweet

Real Estate Headlines for the Last Week in September

Posted by david_marine in Headlines

My neighborhood has already started taking out the ghosts and pumpkins of Halloween. September is on it’s last leg and my favorite month is almost here. (Full disclosure: my birthday is in October) So as autumn arrives in all its color, here are some real estate headlines to start off this last week in September.

KCM Blog wants to remind those that declare the real estate market dead that 13,780 homes sold yesterday and another 13,780 will sell today and tomorrow.

Realty Times thinks that jobs are the key to a true housing recovery.

Looking for the most expensive city for billionaire homes? It’s Hong Kong.

EcoHome Magazine hands out awards for green homes that are also beautifully designed.

And finally, just in time for the Halloween seasons, HGTV Frontdoor has some tips for those looking to sell a haunted house. Tweet

First Time Buyer Resource Center

Coldwell Banker First Time Buyer Resource Center

by jim_gillespie

When I look back on buying my first home, I distinctly remember how complex, rewarding and emotional the entire experience was from start to finish. I’ve been traveling a lot over the summer and everywhere I go, I speak with many first time home buyers and they are filled to the brim with many questions. Are prices going to fall lower? Will I get qualified for a loan? And the added fear and scrutiny of the country’s current economic conditions are rightfully making first- time home buyers more nervous than ever.

We surveyed our network earlier this year and found that 29 percent of our agents and brokers said first-time home buyers’ number one concern is whether they are buying at the right time. And although low prices and high inventory are making it one of the best times to purchase a home in much of the country, another 24 percent said they are most concerned about finding a home they can afford.

We wanted to simplify the process for all of these first-time homebuyers and essentially create a “one-stop-shop” with tools and advice to help them make the move into homeownership. That’s why we’ve launched the First-Time Home Buyers Resource Center. The new section features numerous resources including a mortgage calculator, affordability radar that breaks down monthly payments, videos about selecting a home, moving and even redecorating, as well as articles outlining everything you should know from home inspections to closing costs.

At Coldwell Banker, we pride ourselves on innovation. Sometimes that means developing the first and fastest iPhone app, and other times it is simply offering basic information and resources in one convenient location to help people take that first step to homeownership. However complex buying a home may be, it is sometimes the simplest idea that meets an unmet need. For our first-time home buyers today, we’re proud to do just that.

For those of you currently in the home buying process, or are planning to jump into it in the near or distant future, we wish you the very best. Let us know what you think about the new Resource Center. We hope it helps! Tweet

Information for Families PCSing to Fort Campbell

       This is just a short post to provide you with some websites which may help you coming into Ft. Campbell.
Clarksville/Montgomery County School System
Fort Campbell web site
Fort Campbell Phone Directory
City of Clarksville
Clarksville's News Paper (The Leaf Chronicle)
Clarksville Current Events
Home Search
Rental Search

       I will add more links to this post as they are requested or thought of. Tweet

Military Intelligence is an Oxymoron, Not Military Homeowner

       Many military members today don't think about buying a home because they are never certain exactly how long they will be stationed at that post. But they will give all of their BAH on a house that shares a wall with their neighbor and completely overpay for what the military offers. (Note: this may not apply to the Air Force) A married E-6 at Fort Campbell brings in $1113/month. With current mortgage rates hovering around 4%, that same money will buy a $145,000 house including $200/mo for utilities, which is a little more than average. Crunch the numbers for an E-4 and you are still looking at a $120,000 home, which can still get a lot of home around here. (These assume a VA loan with 0% down)

       With the vast majority of assignments to Ft. Campbell being 4 year assignments, buying a home will be a wise investment and possibly the beginning of a real estate investment career. Holding and renting out homes can serve multiple purposes for the military. First, it can be another way to save for retirement. Even with a 30-year loan, most people can rent easily cover their mortgage when renting. Second, it can serve as a place to live if you ever PCS back to Ft. Campbell. By the way, this will work around any post.

       If you have any questions or comments about any of my posts, please post them here, e-mail me at dhubbard@realtracs.com, or call me at (931)802-0222. Tweet

Deployments, Mid-terms and The Market

       We live in a town where almost everybody is here for one of two reasons, either Fort Campbell or Austin Peay State University (APSU). That being said, there is a vital link between these two and the local economy, including real estate. Personally, my link here is through Fort Campbell, and I am by no means alone.
       As far as the military is concerned, there are two variables that control its side of the market. On the 10th of every month, replacements trickle onto post to replenish the Soldiers that have left in the previous months. This would constitute the constant influx. Then you have the deployment cycle. This is a mass exodus of Soldiers to wherever needs saving, usually by the Brigade, which can number upwards of 3,500 Soldiers. Add families to about half of these Soldiers and you are talking about 8,000-10,000 people affected by each Brigade deployed. This wreaks havoc on the rental markets, but it also plays an important part in the sales market too. Ask any land developer around Tiny Town Rd. if the military has an impact on homeownership. Markets go down when the Soldiers leave, and it rebounds about a month before they return. Families are coming back to the area to see their loved ones and reestablish a house. Since there are many Brigades on Fort Campbell, these effects stack and counteract with each other, creating an interesting market.
       APSU also has two variables, although they are mostly separate. Each semester, students come in and soak up the rentals. These are generally confined to the areas around campus and the business districts (mall, bars, etc.) The majority of these come in the fall semester since APSU is a more traditional university. The second variable with APSU is graduates, mostly coming at the end of Spring. Many of these graduates find jobs right after (preferably before) graduation, and will need a place to live. These graduates will move away from the campus and closer to work. This creates a market for rentals and purchases away from Fort Campbell and APSU to sustain the rest of the town.
       These two forces constantly pull and push the market, and a good real estate agent will know how the market is moving at any given time. If you have any questions about how the market is moving now, please call me at (931)920-6873.
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The Difference Between a House and a Home

My name is Dakota, and I'm a new agent at Coldwell Banker Conroy, Marable & Holleman (CBCMH) in Clarksville, TN. I've been doing real estate for a short time now, and I have come to realize something... This industry is dominated by an older generation... a much older generation. So I have decided to make a blog for the younger generation by one of their own. Now I'm 26, which is practically in a cradle as far as real estate agents are concerned, but I have been through the buying process a few times before I became an agent. Bottom line is I know what goes through the mind when buying a home. Selling houses are a little different and not so emotional, but I will get to them at a later time.

Today I will discuss the difference between a house and a home. A home is mostly connected with buyers. Homes have emotional attachments. Buying a home is like buying a memory bank set on a concrete foundation. It is (supposedly) the biggest investment you wil ever make. Excitement and anxiety come and go with every new potential home that gets looked at. When you finally sit down to make an offer in writing, shivers go down your spine when you consider just how much money you are offering. Then you come under contract and the remorse sets in for some and relief for others. The problem with homes is that people shop for them when they should be shopping for houses. Homes are reserved for the places you plan on staying for at least 10 years.

Now a house, on the other hand, is something that invokes very little emotional appeal. Sellers generally try to sell houses. They have packed up their memories as best they could and are hitting the road. The only reason sellers get rid of homes usually involves a bank and the F-word of real estate. Houses are much easier to buy than homes. You realize that you are looking more for functionality than a place to "live in forever". Most homeowners look to upgrade as lifestyles change for the better. Your final upgrade is to a home. The first place you buy because you are looking to get out of your old, smelly apartment is gonna be a house.

Basically, houses are generally short term investments, while homes are something you will be happy growing old and dying in. Tweet