Well, here we are in a down market in Middle TN. It's the first one I've seen in my 15+ years of residency. The fact that our region never saw through-the-roof prices is what has saved us from plummeting to the depths that other areas of the U.S. are experiencing. Home values have come down perhaps 10-20%, depending on the locality.
I've always regarded Real Estate as a long-term investment...like the stock market. Since I've been in the Real Estate game I've seen people buy a home at market value, only to sell it 2 years later. Even in Middle Tennessee's prior, gently upward market, selling a home purchased at market value in two years never resulted in a monetary gain. If you don't have to sell right now, hang onto it and revisit the idea in another year.
I hear people saying that the market hasn't hit bottom just yet. Some are waiting just a bit longer to see what the market will do but how will they know when the bottom hits? There's no way to know for sure until it starts going up again and Middle Tennessee values are not experiencing huge jumps so, if you are planning to buy a home, go ahead and pull that trigger! Get a good agent who will show you lan to stay in the house for a while and your home will become an investment.
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