4. Nashville-Davidson-Murfreesboro-Franklin, TN.

Q2 2010 home price change: -4%

Three-year home price forecast: 3%

Population growth, 2000-2005: 10%

Investors as well as Nashville home buyers can take heart in Nashville’s solid real estate market. Nashville Home Search Online has been reporting for awhile that the Nashville residential market is a good place to spend ones hard earned dollars.

Top Ten:

Raleigh-Cary, N.C

McAllen-Edinburg-Mission, Texas

Austin-Round Rock, Texas

Nashville-Murfreesboro-Franklin, Tennessee

San Antonio, Texas
Colorado Springs, Colorado
Albuquerque, N.M.
Denver-Aurora-Broomfield, Colorado
Springfield, Mo.
Indianapolis-Carmel, Ind.

The study points out that population growth in markets not severely hit by the recession is a big reasons for the rosy picture. Those of us who call Nashville home can tell you that people coming to town will cite the ease of living, lack of state sales tax, youthful population demographic, moderate climate, and location, location, location. Nashville is about an 8 hour drive from 70% of the nation’s population. Did I mention that Nashville not only home to the Country Music Industry. Music insiders point out that Nashville is the process of becoming the mecca of all American popular music. Nashville boasts an easy in and out international airport, making air trvel anywhere easy as a summers breeze.

To read the Forbes story from their site click here. If you’re a nuts and bolts type and would like to analyze the parameters and the metrics, try this one .

Happy Home Hunting!

Mark

Nashville Real estate Search Online

We know traditionally February 2nd is a big day for you. This year’s prediction of six weeks more of winter is greatly appreciated by one and all. We, in the Nashville residential real estate market, are writing to inform you that, despite your prediction of a longer winter, Nashville homes are selling at a brisk pace that might even suggest an early spring thaw. A hot spring for Nashville home buyers and sellers from this current trend might be anticipated. Please know that even though we respectfully acknowledge your prediction of an extended first quarter chill, home sales in Nashville, Tennessee are warming.  Granted our insight is based solely on statistical data supplied to us from the Nashville Multiple Listing Service.  We can’t rely on the accuracy of simply looking at our shadows. To those of us in the Nashville real estate market, the climate currently feels a little more like spring than your prediction suggested. Helpful information regarding this season’s Nashville home sales upswing can be found at: www.home2nashville.com.

We’re looking forward to your next years’ annual visit.

Regards,

Mark

Here are the facts as reported by the Greater Nashville Association of Realtors:

2010 BEGINS WITH INCREASE IN HOME SALES

There were 1,033 home closings in Greater Nashville during January, representing a 6 percent increase from the 974 closings reported during January of 2009. Condominium sales were up considerably.

The median residential price in January was $159,000 for a single-family home and $154,550 for a condominium. That compares with median prices of $165,000 for both condominiums and residential in January of last year. There were 1,295 sales pending at the end of January, compared with 1,282 at the end of January 2009.

Inventory is down to 22,233, compared with 22,509 in January of 2009.

Just A Reminder…

Lenders are currently offering fantastic rates for home mortgages. Don’t miss out on your Federal Tax Credit, and these historically low rates.

• 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 30^th, 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.

Home Prices May Be “Bottoming Out” according to home sales in Nashville.
New data suggests that the decline in home prices may be coming to an end.   In many parts of the U.S., they have already ended.  U.S. home values dropped in May by the slimmest margin in 10 months, according to the Federal Housing Finance Agency (FHFA).   The FHFA  index showed that residential prices slid 5.6 %  from a year earlier, but rose 0.9 %  from the previous month, thanks to activity in the West. The gauge differs from the more volatile Case-Shiller measures, which factor in sub-prime and jumbo mortgages, whereas FHFA considers only properties with conforming loans.
[SOURCES: Investors Business Daily; Information, Inc.]

Rates Rise Slightly, But Still Very Low
Freddie Mac reports that the average rate for a 30-year fixed mortgage this week rose to 5.2 % from 5.14 % a week ago. Industry professionals are keeping close watch on the rate, hoping it does not climb too high and derail a recovery in the housing sector. The National Association of REALTORS confirms that sales of previously occupied residences increased for the third consecutive month in June — something that has not happened in more than five years.  [SOURCES: Freddie Mac; Information, Inc.]

I occasionally hear from people: “I’ll wait until the market hits bottom”, or something similar. Did it ever occur to those people that the only time you actually can see the bottom is on the way back up? There has not been a better time in the last twenty years than now to get active in the real estate market. Interest rates are at an all time low (for people with good credit), and SELLERS of residential real estate, whether in Nashville, Tennessee, or nationwide, are MOTIVATED!    So get off the fence and start looking in earnest for the great opportunities that are in Nashville, and surrounding neighborhoods.

Investors!
If you need advice or some input as to where in the Nashville metro area to buy, just give me a call. I myself own rental property and as we know, it’s not just the “good buy”  that’s important, it’s the correct neighborhood to buy into!  Unless you’re a full time property manager, you need to understand who might be your potential tenant, before you invest your money. I’d be happy to give you my spin as to where to own, and where to avoid.

Mark

Benefits of Ownership

Owning a home is the American dream. Right now the timing for Nashville home sales is better than it has ever been.  Owning a home in Nashville not only provides amazing tax benefits but it also provides shelter and security to families. Did you know that:

— Dollar for dollar, the rate of return on an individual’s cash down payment on a house is substantial? And that repeat buyers are able to put 19% more down on a new home due to appreciation?

— Home owners move less often and are more likely to vote and volunteer time for political and charitable causes than renters?

— When you own a home in  you can deduct the property taxes and mortgage interest from your income taxes?

— The gains that you make on a primary  residence that you’ve occupied for two years out of 5 can be tax free?

Housing Market Facts

NAR has created a new website www.HousingMarketFacts.com to help consumers find out the latest information about the Nashville housing market and the issues that affect you, information specifically for buyers, how to do more research, and learn more about the benefits of home ownership.

Mortgages are at Historically Low Rates

For buyers who qualify,  mortgage rates are near historical lows. Rates are well under 6%. According to data provided by Freddie Mac, rates averaged 9.2% in the past 30 years. Go to www.FreddieMac.com and look at the Primary Mortgage Market Survey® for more information on the latest rates. In addition, low interest rates, coupled with recent corrections, give people looking to upgrade a unique opportunity to take advantage of ‘market conditions in recent home sales in Nashville.

The Value of Your Investment

Despite some contrary media reports and some moderate losses in value in the short-term, Nashville home values long-term have and will continue to rise. Real estate is a long-term investment. Home values could fall in some years, though, on average over the  past 30 years, the  median price of existing homes in Nashville has increased more than 6 percent every year. Thanks to the power of leverage, a homeowner’s return on investment is even more impressive over time. You are in the midst of a buyers’ market. There hasn’t been a better time to purchase a home in Nashville in years!  Mortgage rates are at an all time low and sellers are motivated.  Home sales in Nashville are strong.    Owning a home is a great investment in your future, and can lead to many, many years of happy memories. So why wait? It is a great time to buy!  Want to know more? Contact me, Mark, your Nashville Real Estate Agent,  about helping you achieve your American dream!

IT IS A GREAT TIME TO BUY!!

Thanks for visiting Nashville Real Estate Search Online