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.

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