Waiting for Next Year to Sell your Nashville Area Home? Don’t Count on it
Waiting for Next Year to Sell your Nashville Area Home? Don’t Count on it.
Many of you are thinking about waiting to sell your Mt. Juliet, Brentwood or Nashville homes in 2012 when many people think the market for Nashville homes will improve. According to a board of 110 economists you may be mistaken.
Although the number of homes sold will improve, prices may not.
Zillow asked those economists to forecast home appreciation over the next 5 years. They estimated that through 2015 Home Prices will see a very modest 1.1 % improvement ( see Chart below), . More importantly, the current price slippage is not finished. As the recent Case-Shiller Price Index revealed, home prices over the last year have fallen 3.8% nationally.
On top of that, Nashville’s Realtors (GNAR) stated recently that our local home values had slid 5% during that period.
“The median residential price for a single-family home during September was $163,000, and for a condominium, it was $144,900. This compares with last year’s median residential and condominium prices of $171,820 and $155,000, respectively.”
It appears then that Nashville home prices are sliding at a 30% higher rate than the rest of the country.
Why?
Because the Nashville area has been surprisingly resilient, up to now. However, the glut of foreclosures and shortsales that have bedeviled the U.S has finally come to Nashville. And remember, one foreclosure can lower home values by as much as 3-5% in your neighborhood. So if you have decided to sell your home, don’t wait, get it on the market with a good marketing Realtor and price it to sell NOW!
Macro Markets Report November 2, 2011
December 9th, 2011 at 3:55 pm
Interesting point of view. I sure hope the market turns and heads upwards but who knows at this point. With Nashville homes in certain areas so far down as in Antioch and LaVergne you have to wonder if they can go down much more and if they do, wow…the banks will surely have many more foreclosures and short sales than they already do. Hoping for a recovery soon!