August 2009 E-News Bulletin

Franklin Synergy Bank | August eBulletin
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Welcome to the Franklin Financial Network August 2009 eBulletin!

Dear Friends,

I am often asked by Franklin Synergy Bank customers if this is a good time to buy a home. The question comes up in good economic times as well as more challenging times such as we have experienced lately. The answer involves the same factors almost every time.

  • Home prices – are they historically low, high, or average?
  • How much leverage does a buyer have in the current market?
  • Where are home mortgage interest rates?
  • Home selection and quality – what is available and what quality am I likely to find in new homes?
  • What about building? Is it a good time to build rather than buy a home?

The stars are currently aligned on every factor listed, making this one of the best times I have seen in thirty years to buy a home. Ideally, buying a home when home prices and interest rates are lower than normal, supply is high, and the selection and quality of available homes favors buyers, is the best time to buy. At times, two or three factors are favorable while the others are not; it’s rare when all factors align to favor buyers.

In addition, first time home buyers may qualify for a Federal Housing tax credit of $8,000 if they purchase prior to December 1, 2009. A “first-time home buyer" is defined as someone who hasn't owned a principal residence for the last three years in addition to those who have never owned homes.

The Tennessean reports that Williamson County home prices held value better than surrounding areas. That is undoubtedly due to the fact that Williamson County is such a great place to live. The selection available to home buyers is still excellent as builders and developers seek to reduce inventory.

Interest rates also currently favor buyers. And while interest rates are important, the advice and service you receive from your mortgage lender is equally important. You need a mortgage lender you can trust, rather than one looking to meet a sales quota. Your mortgage lender should be interested in helping you buy a home that fits your needs and helps you maintain general financial stability.

If you don’t see what you’d like to buy, it’s a good time to build a home too, even though some lenders are not currently offering much in the way of construction loans. Franklin Synergy Bank continues to offer construction loans; in June and July, we made 39 construction loans for a total of nearly $10 million.

Building costs are substantially lower today than they were a year ago. Kevin Dattilo, Vice President of Construction at Norfolk Homes says, “The global slowdown has reduced the cost of construction commodities such as copper, petroleum based products, granite and lumber. At the same time, energy efficiency and Green building are being encouraged by the federal government as well as buyers, so we’re building better homes even as the cost is being reduced.”

At Franklin Synergy we focus on a back-to-basics approach to construction and mortgage lending. We chose to take this approach from the time we opened our doors in November of 2007. Come by either of our locations, call me at (615) 236-8303 or email me at to talk to us about what you’d like to buy or build. We want to hear your dreams and your plans. We can help you get there.

Jere D. Pewitt
Executive Vice President

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Upcoming Travel…..

  • Mediterranean Cruise October 16-31 - SOLD OUT!
  • New York! November 29 – December 2 - SOLD OUT!
  • Cumberland County Playhouse - December 15, 2009
    Join us for some Christmas shopping, a bountiful buffet at Cumberland Mountain State Park and a glorious Christmas play! It’s a day sure to get you in the spirit of the season.
    $85.00 per person
    Final payment due - December 4, 2009
  • 11-Night Ultimate Caribbean Cruise
    January 24, 2010 - February 5, 2010
    Climb aboard Celebrity’s NEWEST Equinox plus a pre-cruise package in Ft. Lauderdale, Florida!