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

• 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

Nashville Real Estate Search Online and the First Time Home Buyer Tax Credit

Part 1 of a 2 Part Posting

There is a an enormous amount of interest in the new Tax Credit that is available for “First Time Buyers”.  The purpose of this posting is to give BUYERS insight as to how they might benefit from these new Federal guidelines.

I’ve made this a 2 part posting as there is a lot to digest, and because there are quite a few resources within that I recommend reviewing before making a decision.

IT”S A GREAT TIME TO BUY!!

Mark Haininig, and Village Real Estate Services can help you and represent your interests. Mark Haining, REALTOR® is a buyer’s agent with the skills and experience to help promote your interests and guide you through what can be a very complex transaction.

Motivated Sellers and Inventory

Now is an ideal time to buy, in most markets prices won’t go any lower and there is an abundance of inventory. Inventory of homes for sale in Nashville is at a 15-year high. There are many options out there for many buyers and many sellers who are willing to negotiate and work towards a win-win situation that works for both parties. Go to www.home2nashville.com to see hundreds of active listings.

Nashville  Home Sales are Getting Stronger and Every Market is Different

Remember that all real estate is local and that all markets are different. There are opportunities out there for a buyer if you’re willing  to look. The Home Buyer Tax Credit contained in the Housing and Economic Recovery Act of 2008 was updated in the American Recovery and Reinvestment Act of 2009. For 2009 purchasers the credit is $8000 and does not need to be repaid. The credit is available through December 1, 2009, meaning qualified buyers only have a short window of opportunity to take advantage of this special program. A modest recovery for existing-recent home sales in Nashville is expected in 2009. Pent-up demand, coupled with an abundance of safer mortgage products, will lead to near-term market improvements. The Emergency Economic Stability Act enacted on October 3, 2008 will help to improve credit markets and allow housing to lead the economic recovery.

FHA Loans Set to Increase

There are many choices for buyers looking for mortgages in this market. One option, FHA home loans, are a viable alternative for many first time buyers. The Federal Housing Administration (FHA)— which is part of HUD — insures the loan, so your lender can offer you a better deal, offering low down payments, low closing costs, and easy credit qualifying. FHA market share for home purchases is expected to rise significantly over the next 3 years, from an estimated 4% in 2007 to an estimated 35% in 2009. Find out about FHA and other loans, go to www.Hud.gov/buying/loans and www.REALTOR.org and do a search for Consumer Literacy.

Part II to follow.

Thanks for visiting  Nashville Real Estate Search Online