I thought it was very nice. Having never played any games in the "Mother" series (or Earthbound, for that matter), I can't comment on whether or not it captures the same spirit, but I can certainly see this being used as some sort of village or town theme.
From a purely objective standpoint, very little stands out to criticize. It was obviously well thought out and developed; the flowing melody and jazzy bass line accentuated all the best parts of the song.
Professional quality all around. Kudos to you!