Nashville Real Estate Blog

Would You Risk it All to be the GOAT?

Would you risk it all to be the greatest of all time?If their bosses would have found out, they both would have been fired. 

That didn’t stop them from meeting in the late 1980’s in West Point, New York for their secret football summit.

At the time they worked for different teams and their head coaches did not approve of them presenting at coaching clinics, let alone meeting with the enemy.  

In their minds, it was ok because they were there to learn from each other and not give away anything top secret.  

So they met in the offseason in a town where neither had any connections.  

Could you guess who these two young coaches might be?

If you said Bill Belichick and Nick Saban, then you are right.  

This was before they both became the GOAT [Greatest of All Time] in their respective leagues.  

And at the time they were running completely different defenses.  

Belichick was the Defensive Coordinator for Bill Parcell’s Giants and was running a Cover-2 Zone defense.  Saban was the Defensive Backs coach for Jerry Glanville’s Oilers preferring to run a Man-to-Man press.  

Looking back, Belichick said there were two reasons why he agreed to meet with the younger Saban.  

“It wasn't just the secondary, which was his forte,” Belichick says. “He knew what the nose guard was doing, and he knew what the quarterback was reading. He knew how receivers adjusted routes based on coverage. He understood all the components of the game, and that was very interesting for me. Because I saw the game that way myself; that everything kind of affects something else.”

In other words, Nick had mastered a complete understanding of the fundamentals of football.


Could they be more wrong?

Could they be more wrong?Here is something interesting that I think you should know.

Per the National Association of Realtors, 28% of their members across the nation have less than 2 years of experience.  

This phenomenon happens every time the real estate market takes off.  People assume that the work and money come easy.

And they flock to the industry like tourists to the honky tonks. 

Could they be more wrong?

And I understand why they might feel this way, especially with the rise of HGTV and other real estate shows.  

But here’s the cold hard truth.  

56% of those with less than 2 years experience made under $10,000 in 2016.

All this flies in the face of two things that you want most in an agent: knowledge and experience.

With the average age being 53 years old, you might assume that they have more experience than they really do.

If this is important to you, then you need to interview every potential agent about their experience and knowledge. 

In fact, there is a whole series of questions that you should ask any agent you consider.  

Here are the questions that I suggest you ask

  • How many homes have you sold in my neighborhood?  In what time frame?
  • How many homes did you list and sell in the last two years?
  • What is your average list price to sales price ratio?
  • What are your average days on market?  What is the area average days on market?
  • How will you market my property?
  • Where will you advertise my property?
  • What do you charge? and how much will you share with the cooperating...

Here's Your 2017 Nashville Year In Review

Nashville Real Estate Market - December 20172017 was a record year for Real Estate in Nashville, Tennessee.

The most significant achievement was this: 40,482 residential properties were sold in Greater Nashville during the year.

This is a record for Nashville that we would have to go all the way back to 2006 to beat. 

If that were the only achievement [and it wasn’t], then I would say that it was a great year.

We also hit the record for the highest ever median sales price in December 2017.  We are closing in on $300 big ones.  Check it out.  

Here’s a quick look at the numbers for Nashville Real Estate at year end.

  • Median Sales Price in December was $294,000 and up 10.4% for the year
  • Every residential sales category in 2017 beat 2016 in volume
  • Inventory ends the year with 3.4% fewer homes on the market

You can get all the info, by downloading the pdf here: Nashville Real Estate Trends - Jan 2018

The new president of Greater Nashville REALTORS® Sher Powers said this, “Despite uncertainty regarding tax reform and low inventory, buyers and sellers were determined to reach their real estate goals, whether that was through home ownership, real estate investment or any of the other avenues of real estate.”

Powers was not the only one bullish on the Nashville Market.  

Zillow has Nashville in their Top 10 Hottest Housing Markets for 2018. 

Zillow senior economist Aaron Terrazas said, "Growing...

This Amazing New Service Is Not Found On Zillow

Market Updates available now in NashvilleListing alerts have been around for a long time.  They let buyers know when a property is listed for sale that meets the basic criteria for their next home.

However, nothing was developed for homeowners or investors to keep track of the value of properties that they already own.  

Until now…

Market updates is a new service that I am providing through my website.  It’s something that you can’t get on Zillow or

This new service automatically provides you with a list of active listings, homes under contract and recent sales that are similar to your current home.  

And you can get it weekly, monthly or whenever you want to see it.  

It’s like having a real estate agent pull comps for you whenever you want. 

So you can keep tabs on your neighbors and the pulse of the market in your area without feeling like Gladys Kravitz.

This would be great for homeowners who are looking for the best time to sell or for investors who want to keep a close eye on their assets.

Here’s what you will get with Market Updates

  • The statistics for your area including average sale price, homes sold and days on market
  • A list of all the active, pending and sold homes
  • Links to the detail pages of every comparable home listed

And, if you ever need an expert to interpret the data, I’m only a quick phone call away.  

Since you are a member of my site, you can already set this up.

However, I want to make this easy as cake for you.  

If you want me to set up your market updates for you, just hit reply.

I will gladly to do this...

Why Now Is The Best Time To Prepare For 2018

Why now is the best time to prepare to buy a home in NashvilleIf you are looking for value when buying a home, then this is for you.

The first two letters that I sent in 2018 were a little longwinded due to the complexity of the topic.

So, this is going to be a quick one.  

Many people ask me when is the best time to buy a home.  The answer depends on your priorities.  

If getting the best deal possible is near the top of your list, then the best time to buy is right now.

And by now, I don’t mean a few weeks from now.  Or March.  Or sometime in 2018.

I mean right this minute.  

Very few people shop for homes to buy in the winter months.  Some of it has to do with the limited amount of sunlight available and the cold weather.  

Getting back into your work and family routines is another distraction.  

Whatever the reason, I am not going to question it.  I’m just going to advise you to take advantage of the market trends.  

I know some of you might be skeptical and that's ok because I am going to show you the hard data below.  

Here’s the breakdown of the last four years and the median price

Now I know what you are thinking.  

“Jolly, you told us the best time to buy is now, yet your info shows the lowest price in February.”

Here is why I am right.  

The average time to close a home in Nashville is about 35 days after it goes under contract.  

You would need to get a home...

Why AirBnB is on the Chopping Block...and What You Can Do to Help

Why AirBnb is on the Chopping Block in NashvilleThe last time we talked about the fight over Short Term Rental properties was July.

It’s hard to believe it was that long ago, but things take time to move through government.

And that’s a good thing.  

At that time, BL2017-608 was deferred until they gave time for an ad hoc committee to study this issue and develop a compromise.  

There was a strong contingent on both sides of the aisle so a compromise bill would seem to be a logical response.  

It’s also important to remember that this issue would never have become so contentious if Metro Nashville would have properly enforced the current laws on the books.

The ad hoc committee wrapped up their work in September and the compromise bill (BL2017-937) was introduced to the Metro Council on October 3rd, 2017.

A bill has to pass three separate readings of Metro Council in order to become law.  The compromise bill passed on the first reading and was referred to several Metro departments for review and approval. 

These departments included the Planning Commission and the Planning, Zoning, and Historical Committee.

Based on a variety of recommendations, the original bill was revised and a substitute bill was introduced in November.  

The substitute bill had it’s public hearing and passed the second reading on January 2, 2018.  It’s currently set for a final vote on January 16, 2018.  

It’s also possible that the final vote could be deferred or the bill could be revised again.

Here’s what the current version of BL2017-937 would allow:  

  1. Short term rentals would be allowed in owner-occupied...

Who Is Getting Rich On The New Taxes?

Who is getting rich on the new tax lawThe holi-daze break is over and now it’s time to get back to business.  

And first on the agenda is the Tax Cuts and Jobs Act that seems like was passed long ago.  

In my last letter, I promised that I would break it down and show you exactly what it means for you in 2018.

So here we go.  

For all the drama and hoopla over the passage of this bill, no one is getting rich over this tax break.

The big picture math shows that it will reduce income taxes by $1.2 trillion dollars over ten years.  With 250 million tax filers in the US, that equates to $480 per tax filer per year for the next ten years.

Sounds much less exciting now, huh?

Drilling down a little deeper, let’s see what it means for homeowners and real estate investors like you.  

Besides the slight changes to the tax brackets, these four changes will likely affect you the most.

  1. Exclusion of capital gains tax on the sale of a personal residence.  The original bill attempted to change the time required to live in a home from two to five years to claim this tax exemption.  This change would have been disastrous to the overall market and slowed down purchases for both homeowners and small investors.  The new law requires that you live in the home two out of the last five years to take the exclusion.
  2. Keeping the mortgage interest deduction for primary and secondary homes. The original bill attempted to eliminate this deduction completely.  While they did cap the deduction and limit it to mortgages below $750,000, keeping the mortgage interest and property tax deduction is key to promoting homeownership.  Starting in 2018, you can deduct a maximum...

Was this the first Christmas miracle of 2017?

The 1st Christmas miracle of 2017The last time we spoke, I told you about the crazy and “miraculous” things that happen in real estate this time of year.  

And I’ve had my first one for the season.  

I had a client [and friend] call at the beginning of December thinking about selling one of her investment properties.  

So we listed in on December 7th with a mad advertising plan.

Had it under contract on December 11th.

Buyer performed the inspection and accepted it as-is on Dec 15th.

The buyer had remorse and canceled the contract on Dec 15th.

We re-listed the property on Dec 15th.

I went into action contacting every potential buyer for miles around.

Had it back under contract with another buyer on Dec 18th.

Closed and in the books on Dec 20th.  

That’s right.

In 13 days it was listed twice, under contract twice and closed at list price.

A new record for me and a happy client at year end.   

Most people think this is the wrong time of year to do business.

And could they be more wrong?

If this sounds good to you, then you still have some time to act before the competition is no longer distracted by the holidays and snow.   

Because when the weather warms up in February or March, the hordes of future homeowners are back on the prowl messing up your ability to get the best deal possible on your next home.  

And if the economy takes off with the new tax plan, expect the interest rates to follow.  

Don’t hesitate to give me a call so we can get a head start on the competition and the best deal possible for you.

I’ll be looking forward to your call.

The Daily Deal in Nashville is this 3 bedroom ranch home in Shelby...

This is what you do when everyone is distracted

Nashville Real Estate Market November 2017One of the great things about working in real estate is that you never know what to expect.

It’s always something new every day.

And that’s great for people like me that get bored doing the same thing. 

I’m seeing a change in the market as we get close to the end of the year.

Usually, we would expect the market to be slowing down in terms of sales and median price.  And we would expect to see the inventory trending upward.

If anything, the last decade taught us there is no “normal” in real estate.  

Here’s what I am seeing now.  (And you can see it too in the attached chart) 

  1. The median price increased by $7,358.  
  2. Inventory dropped by 1.1%.

If only one of them had changed, I probably would not have thought much about it.  

But with both changes and my experiences in the last week, I think there is still a lot of interest in the market this holiday season.  

In the past, you’ve usually heard me talk about some of the amazing things that happen in real estate this time of year.  

Like the time one of my clients picked up a property at nearly half off because the rest of the world was distracted.

Now I wouldn’t expect that kind of miracle this year.

I would keep this in mind instead.

Most people buying or selling this time of year are serious and your competition is scarce.  

Things can happen quickly, so you’ve got to be ready to move fast.  

Like this home I put on the market at the end of last week.

I wanted to share it with you as today’s Daily Deal.

But it’s done been dealt.  ...

Feeling overwhelmed by information? Here's your best solution

Overwhelmed by data?  Here's the best solutionHere’s the unusual thing about most tech companies, especially in the real estate sector.

The main product that they sell is data. 

The most famous of them all, Facebook, sells your personal data to advertisers so they can target you with ads on their portal and across the web. 

Google does the same thing.  

You can add Zillow to the mix too.

They collect tons of information about the real estate market to attract people to their ads.

With the internet exploding in size every year, the amount of data available also increases.

And it’s gotten to be such an overload, it’s hard to tell what to believe.  

For example, I just did a quick search on google for “Nashville Real Estate Market Forecast” and it turned up 594,000 websites.  

Each one is full of information and not all of it agrees with each other.  

That’s why this quote for Albert Einstein was so true.

He said, “Information is not Knowledge.”

And in this case, the amount of information (or data) is so overwhelming that it detracts from the truth.  

Big business with all their resources are facing this problem too.  In a recent article in Forbes magazine, Forrester Research states that as much as 73% of data collected is never used for any strategic purpose.  

And while 70% of the firms surveyed admitted that they wanted to establish a data-driven culture, only 28% have been successful in achieving it.  

And that’s where someone like me is helpful to anyone that is buying or selling a home.  

I already have a thorough understanding of the Middle Tennessee market because I practice in it every day.  I also pay attention...

Here's the first prediction of the new year

Here's the first prediction of 2018 in NashvilleIf there is one thing that you can count on in any new year, it is an onslaught of predictions.  

Everyone wants to know what’s going to happen as the world turns, and the media capitalizes on this desire.  

Soon you’ll find stories forecasting the upcoming winter, your favorite sports team, the mid-term elections, the economy and the real estate market.  

But many predictions are based on “feelings” and those are the least likely to come to fruition.  

So reader beware when you see the words “I think” and no data to back it up.  

Instead of focusing on my “feelz”, I tend to look for trends instead.  Movements in a market that are just starting to pick up steam.  And then I look to see if the conditions are ripe for that trend to continue.  

That’s what I prefer to hang my hat on.  

Like in 2005, when Gretchen, my wife, asked me to join her in the real estate business.  

At that time, I didn’t see myself as the traditional real estate broker, so I looked at another segment of the business.  

REO. Or more commonly known as foreclosures.  

At that time, you could have less than stellar credit, buy a home and get lots of cash back with no proof of a job or any income.  

The mortgage industry called them “stated income” loans because you signed a paper stating your income. 

Brilliant, right?

I saw that the default rate was climbing at the same time they were handing out loans like candy at a country parade.

This trend convinced me to start a real estate business in 2005 focusing on foreclosures and the rest is history.

Every year since then, I’ve looked at...

From hired to fired in less than one day

From hired to fired in just a few hoursWhether you agree with the decision or not, the online world did something amazing yesterday.

It would never have happened five or ten years ago because the world wasn’t tuned into the news like they are today.  

And, the news of the past reported on things that already happened.  Almost like a history class for the recent past.

These days news gets reported as it is happening by everyday people.

Or even before it becomes final.  

That gives news the ability to change the course of history.

And that’s exactly what happened yesterday.

If you are not a fan of the Tennessee Volunteers, hang with me for just a minute.  

Yesterday morning, word got out that Tennessee was close to finalizing a deal with Greg Schiano for the head coach position.  

They agreed to a Memorandum of Understanding, which is the final step before a contract is signed.  

Word got out and the fan base of the Tennessee Volunteers exploded in rage.

The big problem was this coach's lack of overwhelming success in his prior head coaching stops.

He did have one big year at Rutgers in 2006, where his team went 11-2 and finished 12th in the national polls.  

Other than that year, the rest of his coaching record is average compared to Tennessee football standards.  

His overall head coaching record in college was 68 wins and 67 losses.  In his short career in the NFL at Tampa Bay, his record was 11 wins and 21 losses.  

Not the kind of record that inspires a fan base who has mired in a decade of mediocre football.  

On top of his win-loss record is his coaching history at Penn State.  He was part of Jerry Sandusky’s defensive staff at Penn State and was reported to...

The next tech breakthrough is already in your pocket

The next tech innovation is in your pocket right nowThe big buzzwords in tech right now are Artificial Intelligence [AI] and Virtual Reality [VR].  Yet, we won’t see any real benefits to our personal lives from these for a few years to come. 

However, there is another new technology that can help you with life right now, and that is Augmented Reality [AR].

The first big AR technology was the Google Glass.  Glass was a set of glasses that showed you a display of information on the lens of the glass.  So you could see the world and information at the same time.  Like the Heads Up Display in a fighter jet.  

Because Glass had a built-in, outward facing camera it was considered creepy and never fully accepted by the public.  

Pokemon Go is probably the most famous use of AR technology.  It was released in 2016.  Since it is a game, most people do not benefit from its use.  

However, the latest adaptation of AR could be Amazon’s next game changer. 

One of the biggest problems with shopping online is that you don’t get to see and hold the product before the purchase.  

This makes people hesitant to buy certain products online.  Like art or decor for your home.  

Amazon is now using AR and your phone to show you what something would look like in your home before ordering.  

It lets you see how it fits in the space and if it coordinates with the rest of your home.

Sounds amazing right?

Check out the video below:

It won’t...

Is Nashville the new model for affordable housing?

Is Nashville the new model?In another win for private/public partnerships for Affordable Housing in Nashville, LDG Development cut the ribbon yesterday on their latest project, The Paddock at Grandview.  

This new development is located on West Trinity Lane, just across the river from Metro Center and north of the new TopGolf location.

Once finished, this site will feature 240 units, clubhouse, pool and more.  Currently, there are 120 units occupied and the rest will be completed near the end of the year.  
The two and three bedroom units rent for $800 - $900 per month and are designed for residents who earn up to 60% of the median income for this area, around $41,000 per year for a family of four.  

At the groundbreaking ceremony in June 2016, Mayor Barry said, “The Paddock at Grandview reflects this city’s commitment and momentum in providing a variety of affordable and high-quality housing options for Nashville families. It is also an example of what can result when the private and public sectors work together to find solutions that address the needs of our community.” 

The funding mechanism for The Paddock at Grandview came from another initiative through the Metro Development and Housing Agency [MDHA] called PILOT or payments in lieu of taxes.  

This was the first development built under the new program and will not be the last.  

LDG Development is currently applying for funds under the same program for a new location near Madison at 3711 Dickerson Pike called Buffalo Trail Apartments.

In the past, the city put too much focus on a “private-only” or “public-only” solution, and the results were underwhelming.  

Things started to change in Nashville in 2013 when then Council Member At-Large Barry co-sponsored...

The one thing every investment needs to be successful

The one thing every investment needsEvery investment needs some “special sauce” in order to maximize your return.  

Many times that “one thing” is well known.  Yet, many people look right over "it" when it comes to their personal investment.  

Take football for example.  

If you owned a football team, what would be the most important factor in the success of your team?  Where would you spend the big bucks?

For me, that would be the head coach.

Others might say that you need a great quarterback.  Or that defense wins championships.  But good players come and go.

If you want to build a team that competes at the highest level year after year, then you need to invest in the best head coach.

At least, the best that you can afford.  

Let’s take a look at the New England Patriots.  The Patriots used to be one of the worst teams in NFL history.  

In 2000, they hired Bill Belichick to be their coach.  Since that time, the Patriots have won five Superbowls, seven AFC titles and have won their division 14 times in 16 years.

And not once did they have a losing season.  

The dynasty continues today as the New England Patriots sit atop of the AFC East with two more wins than any of the other team in their division.

If Belichick was the only example, you might say that his success is a fluke.  

So, let’s take a look at one of his proteges, Nick Saban, the current coach of the University of Alabama.

Saban said that his time under Belichick was the “worst four years of his life.”  Though, he obviously learned a few things under his wings and gives him credit for teaching how to run a successful program.  

Since he started in 2007, Alabama has won...

This is a day that Mary will never forget

A day she will never forgetNovember 8th is a special day for me because it was the day my first child was born.  

I’ll never forget that day, and neither will Mary Herrera.

But, for obviously different reasons.  

On November 8, 2003, Mary was the lead gunner on a Humvee in Iraq escorting prisoners to a holding facility in Fallujah when she noticed two spotters on top of the next bridge.

She immediately knew what this meant and dropped back into the vehicle to warn her fellow soldiers.  

Before she could stand back in her turret, they were already being hit.

Mary started returning fire when she felt something in her right arm.  She initially thought she had been hit by a rock and kept firing.  

Then she was hit again and her right arm fell limp.

She continued to return fire until they made it safely through the ambush.  

Due to the look on her commanders face, she knew the injury was bad.

She was airlifted to a hospital in Fallujah where doctors told her that she would lose her arm.  Later she was sent for surgeries in Germany and Brooke Army Medical Center in Texas.  

It took 20 operations over the course of a year to save her mangled arm.  Though she still suffers from chronic pain.  

Having no regrets, Mary said, “My parents raised me very well. My faith is so concrete there is nothing I can’t handle, nothing I can’t deal with.”

The commander of the Arizona National Guard says that Mary is the bravest person that he ever met, and that “she is a true example of a modern citizen-soldier who, despite being small in stature, she is motivated, loyal, physically and mentally capable, disciplined and proficient, courageous and always a professional.”

Her story inspired the...

This Is Another Encouraging Sign Of The Nashville Market

Another encouraging sign of the real estate market in NashvilleHere’s what I think of the latest market data release from the Greater Nashville Realtors.  

Let’s look at the numbers first.  

Sales fell 1.7% over the same month last year.  This is the first time that has happened in several years in Nashville and is a sign that the market is returning to a healthy trend of a sustainable level of sales.  

What was interesting is that most of the loss in sales was due to condos.  The number of condos sold this year in October was 14.6% less than last year.  The condo inventory is slightly less than last year, but not enough to make up for the difference.  

We will need to keep an eye on this to see if it is a developing trend.

Single Family Home sales were virtually flat at 0.47% less than last year. 

Scott Troxel, the President of Greater Nashville Realtors said, “…A minor adjustment like this is not cause for alarm. Our market’s dynamics are very positive, both in the local economy and the housing market. We expect to see a typical lull in the fall and holidays, followed by renewed energy in January.” 

Inventory is down as expected and currently sits 6% lower than the same time last year.  However, when you look at the recent inventory trend it shows the numbers have been climbing for the last six months.

This is another encouraging sign that the market forces are guiding us back to the historical norms and a more reasonable market for buyers.  

Median price should be falling this time of year, and our numbers are right on cue.  We expect to see a run-up in the spring, a peak around June/July, and then a slow decline for the remainder of the year.  

The median price is currently 6.4% higher than...

If you think Spring is the best time to sell, then this is for you

Spring is the best time to sellThere is nothing wrong with waiting until spring to sell your home if time is on your side.

Just don’t make the mistake of waiting until March to get started, especially if you want to maximize your return.  

Getting the most out of your home takes time.  And it’s like much longer than you anticipated.

Here’s a common scenario.

When we first meet with a homeowner, one of the first things that we do is tour the home with you.

On that tour, we take notes of all of the highlights of your home and all of the renovations that you have made. We do this to show your home in the best light possible in our marketing.  

During this time, we also gather a list of suggested improvements to your home so that it creates the best possible impression for anyone who sees your home in person.  

We also prioritize this list, so you can concentrate on those that make the most sense for you to complete. 

Many of the items on the list are simple.  Things like decluttering a closet, cleaning windows or painting the front door.  

Even the simple items take time.  And many times it is much longer than we anticipate.  So I suggest that you start working on these things now, while you have the time to complete them without feeling rushed.  

On average, the time my clients estimate is usually half of the actual time it takes them to complete the project.  Life gets in the way, so I recommend that you start twice as early as you anticipate.  

Now some of the items on the list might be better suited for a handyman or contractor because you do not have the time or experience to complete the project.  

The same timing issue comes into play with most contractors.  So it’s best...

What's your home worth in today's market?

What is your home worth in today's market?I missed sending this letter to you on Wednesday because I spent most of the day traveling to the National Association of Realtors Annual Convention in Chicago.

Today, I am auditing the new Pricing Strategies class in order to teach it to others. This class teaches agents how to perform a comparative market analysis [CMA] and use it to establish the likely sales price for any home.  

I took a version of this class from one of my bank clients 10 years ago.  It was taught by an appraiser and it was instrumental in my clients’ success over the years. 

Pricing is more art than science, so you need to wrap up all of the loose ends that you can in order to get close to what the market is willing to pay.

Here are some of the problems with pricing that can make it a difficult, even for an experienced agent. 

First, no two homes or lots are exactly alike.  Even if a home has the exact same floor plan, the level of maintenance and upgrades can cause big fluctuations in price. 

The same is true for lots.  Some have better views, more privacy or a better location.  These factors all affect the price.

Second, the same things are not important to all buyers.  Therefore, each person would assign a different monetary value to every attribute in a home.   For example, a chef’s kitchen is a popular choice for many buyers now.  People spend tens of thousands of dollars on their kitchen and appliances.  

If you rarely cook, are you going to place a high value on a $100,000 kitchen?

And upgrades rarely add 100% of their cost to the value of the home.  The most popular renovations when completed by contractors add approximately 80%...

Most People Would Skip Right Over And Not See This

Most would miss out on this valuable informationMost people would skim right over this information in the recently released 2017 Buyer and Seller profiles.

I thought it was important to share with you.

The National Association of Realtors reports in their latest research, three long-time trends that are headed in new directions.  

These changes are important because they affect the market locally as well as the national level.  They are changes from long-held norms because they are driven by the current economy, lifestyle, and market.

I think it is important to understand the macro forces in real estate to maximize your investment and enjoyment in your property.  

Otherwise, things might not turn out as planned.

The first deviation from a long-term norm was the most concerning to me.  The share of the market for first-time homebuyers fell to a new low of 34%, from last year’s 35%.  The long-term average for the market is 40%.  

We’ve all heard the the latest generation is now buying homes, however, it just not near the pace we’ve come accustomed too.  And there is not one universal reason why.  

Some of it is based on economics.  Higher prices and student debt have helped to postpone purchases.  For others, it’s changes in lifestyle.

Current buyers report that the most difficult part of the process was finding the right home to purchase.  This may be another force that is driving the participation rate down for first-timers.  

Second, would be the length of stay in a home.  The long-term average is seven years between the purchase and sale of a home.  Currently, that number is 10 years.  

This may be another reason why first-timers are not a higher percentage of...