Nashville Housing Shortages

In certain areas of town, it may be a good time to hit the market if you think your home fits certain "hot" aspects that buyer's agents are currently seeing requests for.  Here are the Top 5 market deficiencies right now in the Nashville Area.  These observations are based off the spring/summer 2009 market from my facts from buyers and sellers.



Deficiency 1:  37206 priced between $175K and $250K.  The buyer is quite flexible with size and believe it or not will even go for a one bath to get into certain pockets of 37206.  A Lockeland Springs Elementary zoning automatically adds several thousand dollars of sellability to your home.  37206's #1 buyer priority is charm and condition.  If you have a ton of curb appeal and clean, fresh interior elements, hit the market now.  (Pictured home in 37206 received multiple offers in first week in Summer 2009.)




Deficiency 2:  37215 priced between $400K and $500K.  The buyer will accept a ton of home styles including the ranch and brick cottage.  Multiple bathrooms are a must and a TRUE master bedroom with separate bath is essential for a quick sale at this price.  Homes on private, lesser travelled streets are especially in short supply.  It will need to be as updated as possible and wallpaper-free.  (Pictured home in 37215 and sold to my buyers in late Spring 2009.)




Deficiency 3:  True Nashville address (not Madison, Antioch, Hermitage) affordable, first-time buyer product at below $130K.  First-time homebuyers are HEAVY in the market right now with the stimulus.  If you are a home renovator or former first time buyer who is ready to do something, this is definitely time to hit the market.  First-time buyers are not looking for homes that need "TLC" or cosmetic updates.  Most are wanting turnkey homes in convenient locations.  Small is fine, in fact, recently a 680 square footer brought one of the highest comps I've seen in Nashville.  (Pictured home is in Nashville, five minutes from downtown.  It just hit the market a few days prior to blog post, but is a good representative of a strong first-time homebuyer product..)

Deficiency 4:  True Nashville address newer construction built after 2005 under $300K.  Builders are scared to take a risk in this market.  The stories of "no bank will lend me money" and "my builder friend got foreclosed" are commonplace in these circles.  What most don't realize is that most of these new builds were at the $700K+ level on crazy small lots.  100% of my new construction homes are either sold or in escrow waiting to close, and the simple reason is market shortage.  If you have a home you purchased which was built after 2005 and it's in close-to-new condition, it's a great time.  (Pictured home was built in 2005 and sold at the seller's needed/desired full-price in nine days on the market-Summer 2009.)





Deficiency 5:  Bellevue below $215K.  For some reason, people are rediscovering Bellevue.  If you're in Riverwalk, sorry, it's still VERY slow.  If you're outside of that 'hood, purchase your home in the late 1990s in the $160K to $170Ks, you can still turn a good profit now in this area of Nashville.  Now, ignore what I said about the $215K for this statement, but if you're in Devon Valley, well-positioned homes are still moving well there.  (Pictured home is in Bellevue and sold as my listing at full price in the first day on the market in late Spring 2009.)