nashville real estate market? (Green Hill: home builder, job market, landscaping)

[nbourbaki]

Hi all,

My wife and I are considering job offers that would bring us to Nashville next fall. We were wondering what the general perception of the market is like in Nashville? Is the area's growth somewhat insulating it from national trends?

We would be looking mostly at Hillsboro, Cherokee, Green Hills type areas. We have been following listing online on MLS servers, but that doesn't really tell us what houses are actually selling for.

When is the best time to buy normally in Nashville. March?

Cheers, and thanks.

[gbone]

The Nashville real estate market has slowed in the past year but not to the extent of the markets you are seeing in the national news. Transactions in 2007 are down about 12% from 2006, with median prices remaining fairly constant. Inventory is up about 50%. 2006 was the best year in Nashville's real estate history based on transactions. Even though transactions are down this year by 12%, this year will still end up being the 5th best as far as number of transactions.
Depending on the specifics of what you are looking for it's hard to say what month is the best to buy. Generally, inventory increases in the spring. With the slowdown we have had and the increased inventory we are definitely in a buyer's market here with many sellers getting more flexible in their pricing.
Hope this helps some.

[yazbird833]

We are buying in Nashville area next summer and have been watching prices drop steadily for a year now. Builders are offering big discounts and homeowners who want to sell just can't compete with them. It's going to get better for buyers in the coming months. Look for another 7-10 percent drop in prices over the next 12-15 months.

[kpellatiro]

...general perception of the market is like in Nashville?
Most people are talking about the decline. The better homes are getting the traffic (I ran into a multiple offer situation today), but buyer confidence is down; so less transactions, and its taking longer to sell. As someone mentioned above, builders are taking big dips to get cashflow, making hard for those who have to sell right now, so a good time to buy new construction in particular. Our economy is just not having the kinds of problems you need to really have it rough like, say Michigan, so buyers are surprised to find many private sellers can afford to hold out for better offers.

Is the area's growth somewhat insulating it from national trends?
To some degree - we are no where near CA, MI, or FL - as we are still an affordable alternative to the larger markets, but again, uncertainty nationwide is affecting the decision making process here. That being said, economic factors are solid. Are you seeing a strong job market?

We would be looking mostly at Hillsboro, Cherokee, Green Hills type areas. We have been following listing online on MLS servers, but that doesn't really tell us what houses are actually selling for.
I am writing an offer in this area (off Hillsboro, near Green Hills Mall) tomorrow for clients and hoping to see good value for them, but we need to plan for the unknown more now than previous years - so we are more cautious than we would have been (still a gain for the sellers though).

When is the best time to buy normally in Nashville. March?
The different seasons seem to have different advantages. Over simplified...
Winter: those selling have to, no one prefers to show around the holidays - so if they are they really want to... Same goes for buying side. Relocations abound.
Spring: weather is good, landscaping is great, so traffic and available homes are up. Great time to be here and lots of initial visits. Some testing or getting ahead before summer high season.
Summer: most available homes and competition of the year, 'in by school' has value for almost all. Everyone considering a move (grin).
Fall: Fair amount of those wanting to secure transactions, or complete transactions, before the seasonal winter slow down. Some late entries, buy and sell, testing the market before next spring.

The general areas you mentioned are very desirable, and so affected by many of the major business headlines, nearby institutions like Vanderbilt, and consistent demand year after year. Any neighborhoods in particular catching your eye?

[Khughes]

I am a Realtor for a New Home Builder and it has slowed down but we are still selling. I have a personal home that is worth 2.2 million and I am trying to sell it for 1.55 million to move on....we have already purchased our new home. So, if anyone is looking for a luxury home on 2.3 acres in a gated community with a heated pool and finished daylight basement.....go to bidonhomenow.com....