We recently experienced an economic scare unlike anything most of us have seen in our lifetimes. As a result, the buying public is much less likely to step out and make large purchases like cars and houses. If you watched what was going on in the rest of the country, then you already know Nashville was one of the lucky cities. Sure, we experienced a higher unemployment rate than usual. Our house prices dropped significantly as more and more homes sat on the market unsold. Restaurants had shorter wait times while people ate at home instead of eating out. The overall picture is similar to the one seen in other parts of the country, but there’s no denying that picture was always prettier here. We’re a lucky city with hundreds of companies, professional sports teams, and some of the best entertainers in the world. Even when the economy is struggling, people simply want to live in Nashville.
Even so, it was a scary time, and it’s not over yet. We still see hints of the recession throughout the city, specifically with the unemployment rate. It’s still hard to complain when our city’s unemployment rate is better than the state’s and the country’s every month. We are providing jobs, and there are more and more of those jobs being filled each week. We also still see several foreclosures and short sales throughout the city and suburbs, but they’re not sticking around for very long. Some homeowners are still becoming overwhelmed by their house payments and must find alternative arrangements, but there are many investors ready to purchase those homes the moment they hit the market.
We’ll never again see the amazing housing bubble we experienced a few years ago, when houses weren’t on the market more than a few days before they were snapped up at higher prices than Nashville had ever seen in her history. However, we can be certain with some research and number crunching that our prices are on the mend. When those home prices plummeted, many homeowners were turned upside down in their houses overnight. They went from owning a sound investment to holding a liability. Those who could bail did so. Those who couldn’t had to wait for the bank or lender to do something about it. There was one more group of people, though much smaller than the other groups, who managed to hold onto their property through the storm. While they did have to suffer the same frustration of watching their property values plummet, they’re also now reaping the rewards for their patience. It’s slowly happening, but it is definitely happening—property prices in Nashville are on the rise again. As previously mentioned, we’ll never see those inflated prices again, but at least we’re back on our way to realistic prices, and those who retained their properties are now able to regain some of their losses.
We’re still in the busiest selling months, so there aren’t any solid numbers regarding the first two quarters of 2012, but most Nashville agents are in agreement that we’re experiencing the best sales in five years. But what does this mean for you? Have you missed out on a chance to get a great deal in Nashville? You’ll certainly have to look harder and be ready to move more quickly if you’re hoping to snap up properties at low prices. There are plenty of homes for sale in transitional neighborhoods at incredible prices if you’re willing to do the necessary work. With some time and effort, you could produce a great investment in some of the hottest areas in the city. Ask about East Nashville, specifically the Inglewood and McFerrin Park areas. These neighborhoods are turning quickly, and businesses are moving in at the speed of light. If you can get in now, there’s a great chance you’ll make a lot of money on your home in just a few short years.
You can also seek out foreclosures and short sales. Though the number of these properties on the market is slowly shrinking, there are still plenty of opportunities to get great buys. If you’re willing to do the work involved, you could put yourself in a position to make a lot of money. If investment isn’t your purpose for buying, consider the possibility of getting a house at such a great price that you have some financial room to move in making it your own.
Is the buyer’s market no more in Nashville? With houses receiving multiple offers within days of hitting the MLS, it sure looks like it. Don’t panic, though. You still have some time, though the window is closing. If you’ve been thinking about buying property, you should give The Anderson Group a call. Let us help you get the home of your dreams before Nashville real estate prices go up even more.