Rumors of Nashville's Real Estate Market's Death Have Been Greatly Exaggerated

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Services for Real Estate Pros with Proforma Printelligence
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Reports Of My Death Have Been Greatly Exaggerated

Mark Twain said it then about his own demise. Local market research in Nashville is saying it now about our own Real Estate Market. To put the news in perspective, see excerpts from market news below:

Historic Home Sales Trend - 2000 to Present

GNAR GRAPH

HOME SALES DECREASE; PRICES RISE IN MAY

NASHVILLE, TN
GNAR News Release, May 2008


"Home sales in the Greater Nashville area remain consistent, as do median prices for both residential and condominium closings. As a matter of fact, the residential median prices have increased, which is a positive sign based on the market trends in other locations," said Mandy Wachtler, 2008 President of the Greater Nashville Association of Realtors. "This region's diverse economy has softened the impact of national economic and housing trends and we continue to anticipate positive trends in the months ahead."

There were 2,508 home closings in Nashville in May. That's a decrease of 28.4 percent from 2007's 3503 closings. The median residential price during May was $189,975 and for a condominium it was $159,000. That compares with median residential and condominium prices at this time last year of $185,405 and $160,334 respectively. The average number of days on the market for a single-family residence was 82 days. That's up 2 days more than last month's average.

You can see by Mandy's comments in the GNAR press release that:

1) The sky is not falling.
2) Neither are home sales prices in Nashville.

Stable prices are good news for you if you are a seller. Monthly median prices have been higher than previous years' averages for 10 of the last 12 months.

The rising home inventory, however, is a problem for sellers. For fear of an uncertain market, because of more stringent lending rules, and because of hesitation regarding the current economy - fewer people are buying homes.

SELLERS, WHAT'S THIS MEAN FOR YOU

Kimble Bosworth , April 2008

Those who are buying have access to lots of stats - and they are smart! They know what the market price is. A home priced too high above other similar homes may not make it to the short list for showing appointments. Fewer showings = fewer offers. Price your home right and someone will buy it.

Because of this rising inventory, its not enough to price right. Now is the time to take steps to get your home noticed. How can you do this?

  • Staging: Work with a professional to stage your space for maximum impact to potential buyers. Emphasize curb appeal, reduce clutter, neutralize the decorating to appeal to the broadest range of tastes of your home's target buyer.

  • Marketing: Each home is different - its marketing should be, too. Consider the best marketing for the home's location, size and price range. Hip, downtown home should be marketed in hip downtown publications...you get the idea.

  • Preparation: Now is not the time to leave things 'undone'. Make it easy for any buyer to move right in. Cover all the outlets, fix the broken tile, touch up the paint, remove all the boxes. It may seem like a small thing to you, but it says 'MAINTENANCE issues' to a buyer. If it's a such a small thing, just fix it.

  • Pictures: Technically, this falls into the marketing category; but it deserves a special mention. With extra inventory of homes, buyers narrow choices on the internet. Give them the tools to see your home in it's best light: a professional photographer, virtual tour, floor plans. Do not list until all the pictures are ready, the websites are updated, the ads are placed in appropriate venues. You only have one or two clicks to make that first impression.

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