Nashville Area Real Estate- News channels continue to paint daily a grim picture of the Real Estate market across the country.  There are towns around the nation that are experiencing foreclosure rates up to 70%. Aggressive home buyers can definitely still find some deals in the Nashville real estate market due to bank foreclosures, and home prices being slightly off due to national economic downturn and the current lending markets.

Nashville homes sales and prices are down as expected from a year ago, but based on the Greater Nashville Association of Realtors®(GNAR) the facts only show less than a 10% decline.  Based on the national average, Nashville is definitely holding it's own, in these tough markets. 

There were 2,075 home closings reported for the month of September, according to figures provided by the Greater Nashville Association of Realtors®(GNAR). This represents a decrease of 19.8 percent from the 2,587 closings reported for the same period last year.

There were 6,836 closings reported for the third quarter of 2008. That is a 26.5 percent decrease compared to the 9,265 closings reported in the third quarter of 2007.

And, there were 19,833 closings year-to-date in 2008. That is a 27.5 percent decrease compared to the 27,365 closings reported through September 2007.

"There is no better place to be right now than right here in Greater Nashville," said Mandy Wachtler, 2008 President of the Greater Nashville Association of Realtors. "Clearly, the entire national economy, including real estate, is in a difficult place and there are no quick-fix, easy answers. However, what this region has to offer, as evidenced by all the media attention here for everything from presidential debates to sports, makes it more attractive than virtually any other city. We have some work to do, but we have a lot to work with, too. Ultimately, that gives us great expectations for continued stability followed by improvement in home sales sooner than other locations may experience it."

A comparison of sales by category for September is:

There were 2,001 sales pending at the end of September, compared with 2,214 sales that were pending at the same time last year. The median residential price during September was $169,900 and for a condominium it was $148,500. That compares with median residential and condominium prices at this time last year of $182,291 and $162,500 respectively. The average number of days on the market for a single-family residence was 79 days.

Inventory at the end of September was 24,270. That compares with an inventory of 22,821 at the end of September 2007. Current inventory of properties by category, compared to the same time last year, is:

"Inventory levels continue to favor potential buyers, but are much more balanced than many people assume," Wachtler said. "Greater Nashville has about an eleven or twelve month supply available based on current sales levels. And, for single-family residential only, the supply is only about eight or nine months. Certainly, there is plenty from which to choose and it will take some time to absorb what is available, but other locations have been experiencing inventory supplies much larger that what is available here. "

The Greater Nashville Association of Realtors® is one of Middle Tennessee's largest professional trade associations and serves as the primary voice for Nashville-area property owners and real estate professionals. REALTOR® is a registered trademark which September be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.

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NOW For The Rest of the Story.........Are The Deals Fading?

The glitter in many buyers eyes that are looking for the "Deals" are starting to diminish due in part that lending institutions are not being as aggressive in allowing the price to drop as much as they have earlier this year. In discussions and negotiations for clients regarding foreclosed homes, it appears that banks and lending companies are now thinking that Uncle Sam will be offsetting some portion of their loses with the new $700-Billion bail out recently passed by the federal government....so they are not as hurried in getting the homes moved. 

This along with Banks being even less motivated when you are in a market that has suffered only a marginal decline.  Dealing in the foreclosure market can be a very painful and lengthy challenge in its best day, because banks slow-roll the process so they can get multiple offers and then pit the potential buyers against each other in a bidding war. This can result at times in paying close to the average market price when the smoke clears, or wasting weeks on end to find out that you have got to start all over again....You will know what I am talking about when you go down this road. Individuals that represent themselves directly with the banks are generally the ones that find out later on they overpaid for the property, because of losing perspective during the battle of the deal, without having professional Real Estate intervention.

Now that's not to say there are not exceptions to the rules.... Buyers have taken advantage of purchasing homes at 20% to 30% below market value or what the home sold for in the last couple of years, but....it's like buying a used car, the deals are fewer and farther between, so be sure that you have plenty of time on your hands and that your goal is to purchase a home at a great deal with less than desirable criteria due to available selections, or do you want a home that fits your overall criteria.... you generally will not get both.

Be sure that you have a professional Realtor when negotiating these type of deals to ensure that you truly are getting a "Great Deal" because at the end of the day you are buying a "Pig in a Polk" as they say in the south..... because there is NO home warranty, liabilities assumed, or an disclosure signed or offered by the banks. A great portion of these risks can be mitigated by an experienced agent, but still you better ensure that the home has been bought at a below market price....you may need the equity to perform repairs from issues found later on that no one is on the hook for but yourself.... so proceed with caution.

Please give me a call at 615-289-4141 or drop me a email if you would are in the market searching for foreclosed homes and need an experienced Realtor to guide you through the complex process of in dealing with lending institutions and ensuring that you get a true valued investment.

Please be sure to visit one of Nashville's Top Ranked Real Estate websites.... Nashville Tennessee Century 21 Premier to learn more about these spectacular luxury Estate communities and the available property listings middle Tennessee has to offer.