I'm very grateful to be in the market that I'm in. We have a very diverse economy and housing is extremely reasonable in Tennessee compared to some of the markets that a lot of people are facing. There is no state income tax in Tennesse, although our sales tax is 9.75%.
In my market there has not been a decline in values. Some of the builders in my area are having to make some serious concessions to move their inventory if they have a lot on the ground, but it's carrying over to the existing home market. It's getting tougher by the day to convince my sellers to list at a competitive price because they are so afraid of the "lowball offers" that are sure to come. The national media is really hurting those of us who are not in the Florida, Nevada, or California markets.
Anybody want to shed some light on what you're doing to combat this problem?
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