Is the Nashville TN Real Estate market really that bad?

Since the beginning of this year (08′), I continually get asked… “Brian, are things really that bad in the Nashville TN real estate market right now?” 

In a time when news, information, and “disinformation” is so readily available, it can be difficult to discern what the actual truth is with regards to the local Nashville TN Real Estate Market. 

Thousands of blogs, newsletters, e-zines, email blasts, websites, with information on every topic imaginable (and many you’d think would be unimaginable), it is often hard to know what to think.

Before I go any farther, this is not a simple question, and a very fair question to ask, however, I believe that almost everyone who asks already believes things are terrible!  Why, you ask? 

If you read or see almost ANY national news media, you hear just how awful the state of real estate is, how foreclosures are way up, how adjustable mortgage rates are going up, how people are struggling, and how important it is for the “government” to step up and SAVE us from the terrible mortgage companies.   YIKES!  If you believe all that you hear, FEAR becomes the norm and to consider buying or selling a home… are you kidding???  (by the way, bad news is what sells newspapers and gets people to watch the “news”).

Ok, obviously I have more to say on the topic than just a little rant : )

Where do you live?  It matters!  If you live in Middle TN, things are entirely different than if you live in CA, NV or FL.   Lets just face it, those areas experienced appreciation rates that we’ve NEVER seen here, and now they are feeling an adjustment that is badly needed.   

If you live in Brentwood, TN… BE HAPPY!  If you compare January of 07 to January of 08, you discover that although there is a slight decline in the number of closings, the average sale price of a home is actually up 100k… 100,000 big ones… does this sound like a huge declining market?  Compare this to CA where there are areas where people are experiencing a 100-200k loss in appreciation within the last year…

We’re not too bad off here.  Yes, days on the market are up, builders who overbuilt  and are stuck with too much inventory are discounting big time, appreciation is much slower, motivated sellers are discounting but…

GOOD NEWS!  Interest rates are still very low, yes, it is a buyers market and there are many homes to chose from, and money is slowly getting easier to borrow.  Yes things aren’t what they were in 2005-2006, but thats ok!  Real estate, like the environment, and almost everything else, has always been cyclical!  We just seem to have short memories, and this kind of talk doesn’t sell newspapers or scare you into watching the news : )

Franklin TN’s average sale price is up 35k when comparing January 07 to January 08.  Not huge… but the price is up!  Lots of inventory, slower sales, and more days on the market… yes, but all is not lost people!  Rejoice! 

OK, if you’re thinking about buying or selling and you’d like specific information on a particular area of Middle TN such as Franklin, Brentwood, Spring Hill or Thompsons Station, Nolensville, Nashville, Cane Ridge, Hendersonville, etc., please give me a call and I’ll give you the numbers so you can make an informed decision…

Blessings and in my humble opinion… things ARE NOT THAT BAD and the market just needs to cycle back around to where things totally rock!  www.HomesThatRock.com