Can you guess who is lying?
On the same day this week, both of these headlines came out in the local news.
NewsChannel5.com reported that Experts say soaring home prices in Nashville caused by millennials. And the Tennessean claimed that It's a buyer's market: Demand for Nashville homes continues to cool.
A little common sense will tell you that both of these things cannot be true at the same time. Home prices don’t rise dramatically when demand is slowing down.
If you want to know the real truth, I’d say that both articles are inaccurate.
You would think in a day when every story is “fact-checked” to prevent fake news, that the reporter would have reached out to someone in real estate to validate their assumptions.
But it appears nothing could be further from the truth.
Reporters are no longer in the business of providing facts. They are focused on selling papers, and the best way to do that is with sensationalized headlines that play on the bias they have been feeding you for years.
I don’t understand the media’s ongoing prejudice against millennials. Maybe it’s because they get their news online and don’t pay for it.
Either way, they’ve been blamed for a slow recovery, not buying homes at the same ages as previous generations, being entitled, have high expectations, going into serious debt over college, spending too much on experiences and even being depressed.
With all that negativity thrown their way, I can understand why they might suffer more than the rest of us.
And now we are going to blame them for rising prices?!?
It’s ridiculous. And ignorant. I might expect this from the old man down the road screaming, “Get off my lawn.” But not the Free Press who get special treatment under U.S. law to protect us from other people’s lies.
Here’s the real truth.
First, I say a huge THANK YOU to those young folks who left the security of rentals to begin building wealth with real estate. The housing market is 20% of the nation’s GDP, and we all suffer when real estate is underperforming.
Second, Nashville overall has been transitioning from a seller’s market to a balanced market for the last year. However, not every neighborhood and price range is balanced. In many areas, entry-level homes are still experiencing a seller’s market due to demand outpacing supply. And on the luxury side, we have more supply than demand.
If you want to know what it looks like in your neighborhood, message me here: m.me/NashvilleRealEstateNow. I’ll send you the data for your area and keep you updated on the neighborhood trends every week.
It’s the best way for you to stay on top of the market with real, actionable information.