Hot Topics in Nashville Real Estate from the GNAR Convention
I attended the Greater Nashville Association of Realtors convention today. This is the top event for Nashville Real Estate annually and it is a great place to learn and network. First of all, I would like to thank President, Kendra Cooke and the GNAR staff for this awesome event. Since most of you could not attend the convention, I wanted to share my top three take-aways.
Confusion over the 3.8% Tax from the New Health Care Law
Although there have been many stories about this topic, it is obvious that many people are still confused. Many think this is a tax on the sale of real estate. However, it is an additional tax on capital gains of real estate transactions of more than $500,000 for married couples and $250,000 for individuals. Your taxable income (adjusted gross income) would also have to be more than $250,000 annually for a couple. Since the tax is only on the capital gain and there are income limits, this will not affect the vast majority of Americans who sell their home in the future.
The Mobile Marketing Revolution
Mobile Marketing has been a hot topic for the last year or so. It really hit home today as it became obvious how this is already affecting Real Estate and every other product. More than half of all Americans own a Smart Phone. Over 35 billion apps for the Iphone and Andriod have been downloaded. Mobile advertising has a 10 times higher click thru rate than online ads. Mobile Traffic is six times more likely to purchase. If you market any product or service, do not miss this massive technology shift. Capitalize on it instead.
Tourism is the second largest industry in Nashville behind Healthcare. It is estimated to generate more than $15 billion in economic impact in the state each year. More than 177,000 Tennesseans are employed in the tourism industry. This is expected to increase significantly due to the Music City Center, the TV Series Nashville, and other new events. The Nashville TV Series is expected to have a $75 million direct impact from the production alone, and this does not include the resulting tourism which is harder to predict and quantify. The Economic Impact of the Music City Center is expected to be an additional $86 million per year. Nashville is already a hot city for relocation, addition exposure can only have a positive impact.