Sunday, December 4, 2016 / by Barry Owen
In fact, Nashville's "IT City" status has given rise to an unbelievable influx of people (guestimate is in the 100 people per day range), and all these people gotta live SOMEWHERE, right?
THE fundamental truth in real estate is: "We cannot make more dirt!", thus the adage that the 3 most important factors to consider when buying a house are:
How many residences can we fit per acre of land?
As we "run out dirt" in the popular areas thereby approaching maximum density, prices rise.
When there are more Buyers wanting to buy than houses available to buy, we get this "Economics 101" lesson about the relationship between supply and demand.
Meanwhile, the Federal government has been holding the Mortgage interest rates at all time lows since the Great recession of 2008 and following.
We're hearing now that most of the real estate markets in the US have reached the point of having "recovered" meaning that they are back to the levels of sales and pricing as before the recession.
Nashville and Middle Tennessee was one of the FIRST markets to be declared "RECOVERED" . . . and the past few years have been characterized by frenetic market activity as Buyers would swoop in droves onto any new house for sale resulting in multiple offers on virtually every house that hit the market in any and every price range and area of Nashville. This made for a very frustrating experience for all of the "losers" because only ONE of the buyers would "WIN" the frenzy . . . almost like buying a house by lottery. Out of frustration, Many of these buyers ultimately abandoned their searched and rented an apartment.
So the stage is set now to answer the question:
Why does it make sense to buy a house in Nashville NOW and not later?
- The market has cooled a bit, so the pace of sales and appreciation has slowed.
- There's less Buyer competition as many have put themselves "in reserves" by committing to apartment leases. They'll wait til their leases near expiration before coming back into the market to buy.
- Mortgage Interest rates WILL RISE in the near foreseeable future (this Spring).
- There are some great deals out there because some sellers speculatively listed their houses overpriced or under-conditioned when the market was HOT and are now reducing their prices and willing to do the deferred maintenance and improvements the buyers are demanding.
Put another way . . . As you procrastinate, the "amount" of house (Size, location, amenities) diminishes more with every day that passes.
You've heard the saying: "Make hay while the sun is shining"?
Well - the sun is shining during this winter season for home buyers in Nashville and ALL of Middle Tennessee.
In the Spirit of delivering quintessential VALUE for the Nashville Home Buying and Selling public, we Vital Few REALTORS of Pareto Realty have just launched a VERY cool tool for you.
This is a website dedicated exclusively to optimize your home shopping experience on the internet.
Find All Nashville Houses
Don't miss THIS boat!
Don't put me in the position of having to say: "I told you so!" when you're not able to buying that dream home where you want it because the interest rates and rising prices knocked you out of the financial ability to do so."
So . . . Here are 3 things to do NOW!
- Go directly to http://www.findallnashvillehouses.com and start your on-line search for your next abode.
- While there, register for automatic feeds of new houses on the market.
- Connect with the Mortgage Lending Professional on the Find All Nashville Houses site to begin the financial qualification process
615-502-2080 (Leave a message - We respond REALLY FAST!