Perhaps you’ve heard? Nashville is NOW-ville and the recent real estate sales numbers for February and January 2015 are being impacted in a big way. According to the Greater Nashville Association of Realtors (GNAR), total home sales for February were up 12.7% over February 2014 and the average price of a single-family home jumped 9% over the same time. As homes sell like hotcakes (the average time on the market is only 76 days) inventory of available homes for sale is plunging with over 13% less homes than this time last year. “The home sales data for February shows just how strong the Middle Tennessee market has become,” said GNAR President Cindy Stone. “While we have seen many months of positive increases, with the extreme winter weather our area faced last month, we were uncertain of the effect it might have on property sales. Remarkably, the market was essentially not phased. As January did before it, this February saw its best monthly sales numbers since 2007.”
What does that mean for your family if you’re looking to move in 2015? “A well priced home in Nashville can potentially receive multiple offers and have a very short shelf life” says managing broker Tommy Patterson of Christianson Patterson Courtney & Associates Real Estate Agency in Nashville. “With the influx of newcomers into Middle Tennessee, plus all-time low inventory and interest rates, the buyers are circling and snapping up everything almost immediately.”
Time for the Good News/Bad News. Good news if you want to sell your home. Bad news because it’s really tough finding the next house to move into. Plus, the chances are the house you do find hasn’t been updated since the sellers figured out they didn’t have to do much to get it sold.
But here’s the larger truth – you actually probably like your neighborhood. It’s your house that’s not working for you.
Odds are that your current house just isn’t meeting your family’s needs, but you’ve never had a problem with your location. That’s where your relationships, memories and lives have developed and you don’t want to throw it all away just for a new house. You don’t want to increase your commute to work and you definitely don’t want to make your kids change school districts!
Why not rethink your existing space?
Stay tuned for the next in our Nashville/Now-ville series.