Nashville Home Sales: Up? Down? In The Middle?
A recent survey* by the Nation Association of Realtors suggests that confidence is increasing in the home sales market for 2010. Locally, we’ve seen an up-swing in Nashville home sales in the last 2 months (see recent Nashville Home Sales Online recent blogs). Here are a few of the reasons why:
- Extended Tax Credit: both first time and returning buyers may benefit from either a $8000 or a $6000 tax credit. To qualify primary residential buyers must meet lending requirements, and submit and accepted home offer no later the April 30th, 2010. Consult your Mortgage professional for details
- Priced To Sell: Nashville home prices are reflecting the current “Buyer Friendly” trend. As one of my clients recently said; “I can’t afford not to buy a home in Nashville now”.
- Mortgage Rate Bonanza: Lending rates continue to be amongst the lowest in recent history for both purchases as well as re-finances.
Nashville, TN home sales also benefit from a continued influx of corporate relocation. Nashville sits at the intersection of Interstate Highways 65 and 40. An 8 hour drive reaches almost 75% of America’s population. Manufacturers of goods target Nashville as a cost effective re-location strategy. Employees that move with a company find great value in Nashville home prices.
What trend will occur after the end of the tax credit? No one theory seems to be resonating within the Nashville home sales community. Most real estate professionals that I speak with feel confident that value will continue to be the Home Sellers trump card. Good homes at a fair market price will always sell. There will always be buyers in the market for a great home at a competitive price. The multiple offer days of the mid 2000’s may be a distant memory, and prices in may markets will correct themselves, but home ownership is still, in most cases, a source of long term equity for most Americans.
Tax Credit Questions? Call me direct or email me: mark@home@nashville.com.
*Results are based on 3,303 responses to 6,000 surveys delivered to small and large real estate firms nationwide. The survey questioned whether continuing home sales were strong (100 points) Moderate (50 points) or Weak (0 points). Responses were averaged to derive results.
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