Finally an article appeared in our local paper today involving our local real estate market. My growing frustration with the media over panicking our market locally about national trends has only escalated over the last few months. Of course a local realtor wrote the article which explains its good content and of course it wasn't blasted on the front page like the news usually is that panicks everyone; nevertheless, it was forthtelling. The article encouraged reading local papers to discover their source of information. For instance, if you travel to Florida on Spring Break and read their local news don't necessarily apply it to Nashville or your community. While foreclosure rates in Florida might be up as high as 75%, the foreclosures in Nashville are up a modest 9.7%. Existing homes sales were actually up in February. Prices have remained stable throughout the fall and winter and in several areas prices have been up even though homes sales have been slightly down. Predictions for Nashville are that sales will soar, but prices may decrease as sales increase.
The biggest factor affecting our market is relocation. Many people who would otherwise take a job here are having to turn it down because of not being able to sell their home in their current market. Still Nashville is such an attractive place to live, and businesses are working out other financial incentives to go ahead and encourage people to make the move to such a wonderful place.
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