Nashville Real Estate Market to Move out of Recession?

NashvilleCityPaper.com published an article yesterday about the housing market in Nashville called “The Chatter Class: Shake-up has taken Nashville housing market back to 1993.

As the housing market has declined around the country, Nashville has felt the strain. While it is likely that the market will continue to slightly decline. However, better horizons are to come, as the U.S. government is now granting an $8,000 tax credit for first-time homebuyers. Currently, there are some local Nashville realtors who have had record sales in January and February. Many realtors are comparing the market to 1993 “when agents had to actually work hard at selling homes”, because “the weak will fall and the strong will thrive”.

The current Nashville real estate market is a great market for qualified buyers making down payments because it is easier to get a loan with low interest rates. Currently, corporate relocation services are doing well, because companies are restructuring and moving managers and executives – those that can get funding from lending institutions.

Overvalued homes are being lowered to be more in-line with the market, particularly in areas like Green Hills because there are many homes priced on the upper end of the market with “expectations (that) exceed reality”. The Franklin area has seen 40% differences between 2008 and current pricing, while areas like Antioch have seen differences just under 8%. Senator Bob Corker recently addressed Middle Tennessee realtors and told them that “housing got the country in the mess and housing is what is going to lead the country out”. We’ll see…….

Read the entire article here.

Moving to Nashville? All My Sons serves the entire Middle Tennessee real estate market, including areas like Franklin and Antioch. Visit AllMySons.com/Nashville for information on how to make your move to Nashville quickly, safely and efficiently.

TN Reports Move in Jobless Claims

The Tennessean reported today that the job loss in Tennessee has slowed in comparison to the rest of the country.

1,700 fewer people applied for unemployment benefits for the week of February 7th, according to the Department of Labor. According to the Director of Business & Economic Research Center at Middle Tennessee State University, “If you’re looking for good news, this is good news.”

The Nashville area and Tennessee are fairing better than most states, as U.S. jobless claims are the highest they have been since the early 1980s. Many are waiting to assess what the $787 billion economic stimulus package will do for the local Nashville, Brentwood, and Franklin areas. As the housing market continues to deteriorate and low business confidence looms, experts are predicting that it will be late in the year before the stimulus package takes effect.

Due to the comparable resiliency of Tennessee, it is expected that many will be moving to the state in the future. Moving to Middle TN or Nashville? Contact All My Sons to help you with your move!