How strong was Nashville in 2016?
The year end numbers are in. Can I get at drum roll please…
- Closings = Up 5.6% to 38,954 units sold in 2016
- Prices = Up 9.7% to $266,084 Median Price for Single Family Homes
- Inventory = Down 8.7% to 9,901 homes for sale
It’s no secret that the Nashville Housing Market is on fire.
Zillow rated us their Hottest Market for 2017
Our “hot-ness” was boosted by our higher than average home appreciation, income growth and lower than average unemployment rate.
Zillow Chief Economist Dr. Svenja Gudell said, "Mid-size cities like Salt Lake City, Portland, and Nashville are desirable places to live, with good employment opportunities and steady economic growth. The growth and demand for housing will drive up home prices in 2017, and these hot markets are experiencing change as more people discover them."
Here’s the big question.
What does that mean for you?
If you are considering a move in the near future, your two biggest risks are price appreciation and rising interest rates.
Price appreciation has been close to 10% for most of 2016. With inventory trending downwards, prices will continue rising in 2017.
And, for every 1% rise in interest rates, you lose 11% of your purchasing power.
These things combined can cost you thousands of dollars.
I don’t want to see that happen to you.
If a difficult situation is keeping you on the sidelines, then we should talk.
Problem solving is my #1 skill.
I’m the Preferred Nashville Agent for the #1 lender in the country, and I’ve sold many of their foreclosures over the last decade.
They make it look easy on TV, but most of these homes pose huge challenges. And they rely on me to bring them the maximum return on their investment.
I’d love to do the same for you. With more than 300 foreclosure sales, it’s likely I’ve already solved your problem.
Leave a comment and tell me your story. I promise to get back to you right away.
The Daily Deal in Nashville is my latest foreclosure listing in East Nashville. This one needs a total renovation, however, you’ll love the location. It’s listed for less than $200,000:
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