Nashville Real Estate: Now is the Time to Buy

Nobody can say for sure when, or where the bottom will drop in Nashville. If you look at current numbers, which show mortgage rates fixed at 40 year lows, and home prices near levels from 2004, it is reasonable to assume the bottom is near. But the economy still lingers, its recovery unknown, and this has buyers hesitating and keeping an eye ...
he market.

It was recently reported that Nashville is a first time homebuyers ideal market. Home sales are down, condo sales are low and foreclosures are still high. Potential buyers are watching the market, waiting for the bottom to show. But buyers need to be mindful of missing out on the unique opportunities now available.



In Nashville, with home sales down dramatically, first time buyers can take advantage of some very attractive deals. If you have enough capital and good credit, a new home may be had for a price lower than normal.

The Tennessean recently ran an article on the situation.

"The greater Nashville real estate market was down throughout the year, but at a reasonably consistent level," said Mike Nichols, president of the Greater Nashville Association of Realtors, in a news release.

"While the fourth quarter was down more than was the trend earlier in the year, it is encouraging to note that December closings increased in every category compared to the prior month. It is not expected that there will be any immediate major change in the trends, but the spring selling season may bring some added energy to the market throughout the region."

The median residential price for a single family home in 2008 was $153, 7000, according to numbers released by the Greater Nashville Association of Realtors; that number will most likely fall a little lower in 2009. But in 2010, when the nationwide recession is predicted to wane, the housing market could rebound dramatically, pushing out of reach some of the more attractive homes that first time buyers had their eyes on.

The statistics merely present a blackboard from which a buyers needs to digest information. The chief decision comes down to the amount of ready capital and the level of good credit possessed by a buyer. If both of these of positive and ready to be used, buying a home in Nashville could be a truly rewarding real estate investment , both today and in the future.

About the author

Michael Russell writes about a variety of subjects, including real estate, environmentalism, and modern architecture. This article discusses the Nashville real estate market. To learn more about Nashville real estate, visit the Real Estate Book.