In the Nashville, TN market, for a couple of months now, everyone is talking about how activity is up, but when I look at the numbers, I am not so sure.
I keep track of monthly stats on parts of the Greater Nashville real estate market (specifically the zip codes 37215,37205,37203,37212,37220,37204,37027,37067,37069 in Nashville, Brentwood, and Franklin). We have heard for a couple of months that home showings are up tremendously from the 1st quarter of 2008 to same period in 2009. If you talk to REALTORS, Title and Closing companies, Mortgage officers, appraisers, inspectors, etc. everyone seems to be in agreement that the activity in the Nashville area is up. GREAT NEWS! The statistics so far do not reflect the increase. I will give it a couple of days for all the data on April activity to be recorded, then I will update my charts. But another thing I have been hearing on the street is that an unusually high number of deals are falling apart before they get to closing. I am curious to hear from REALTORS, home buyers, and home sellers if this current trend is only in the Middle Tennessee area or across the country. I also would like feedback from anyone for 2 specific points.
1. If this is truly happening widespread, what are the issues causing the problem?
2. What, if anything, can we as REALTORS do to assist and prepare our buyers and sellers to improve their chances of getting to closing? If the problems are out of our control, then we just have to ride it out. But if not, then we REALTORS owe it to our clients and prospects to educate ourselves on the current problems and come up with solutions.
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