We Nashvillians need to pinch ourselves . . .
This past Friday was the Annual convention for the Greater Nashville Association of REALTORS, and we had quite an euphoric “Keynote Address” from Jonathan Smoke the Chief Economist for REALTOR.ORG.
The presentation began with an overall view of the Housing market for the entire US. Jonathan was quick to dismiss the Presidential Election as having any significant impact on the real estate market. He mentioned that most areas of the country are recovering swimmingly from the “Great Recession” of the past several years. There are still some parts of the country with home owners still “under water” . . . but NOT Middle Tennessee.
When he shifted focus on the Middle Tennessee Real Estate Market, we saw NOTHING but RED. We were bedazzled by one slide after another slicing and dicing every metric the experts measure to indicate Market Conditions, and virtually every slide in this part of the presentation was RED HOT. The amazing thing is that there were NO areas in our MSA that were less than red and are expected to remain RED for another 5 + years.
There’s no concern of a “Bubble Burst” here in Nashville. The pricing throughout the MSA has just reached the same level as the peak just prior to the recession. We have had healthy appreciation and will likely continue to enjoy this relatively conservative appreciation along the lines of the long-time Historic trends (@3%/year).
A large percentage of the new construction today is apartments . . . and while many locals comment that the developers are “over-building,” the experts mention that as these apartment absorb the excess influx of people, they soften the blow to the For Sale market . . . and many of these renters of today are the Home and Condo Buyers of tomorrow. They are helping us by serving as a Savings account of future buyers.
Without going into too many details, the rationale boils down to the growth of Nashville and the make-up of our population. Nashville is rich with Baby-Boomers and Millennials both of which are probable Home Buyers and Sellers aplenty. The Boomers are “downsizing” and the Millennials are Buying their first abodes . . . and our “IT City” status is drawing in more of them every day to the tune of @ 85 each and every day.
The fact that the market has cooled off a bit in the past few months is a GOOD thing because it has allowed some of the inventory of available houses to recover and has slowed the pace slightly thereby inviting previously frustrated Buyers back into the market.
So . . . What does all of this mean to YOU NOW?
It means that we (Nashville) are projected to have a HEALTHY real estate market for the next 5+ years which means that NOW is as “safe” a time as ever to Buy and/or sell a house. Given the statistic that on the average, people move every 3-5 years, today is a fabulous time to start thinking about and taking action towards your next move.
I walked out of that presentation on Friday thinking that Nashville is currently experience the “Perfect Synchronization” from a real estate perspection.
All of this to say . . . When you do decide to make your move, I hope you’ll connect with ME first. I and the Vital Few members of the Pareto Realty Team stand poised and ready to represent you . . . exclusively!
How’s this for a shot of good news on a Monday morning?
Hope you have a great week,
b
Comments (0)Subscribe to CommentsComment