"Reports of My Death Are Greatly Exaggerated" - Nashville Real Estate Market

NASHVILLE, TN
GNAR News Release, March 2008

"The number of closings is down significantly compared to last year, but the fact that home prices are rising is a good sign that the Greater Nashville market remains stable even in this time of market transition," said Mandy Wachtler, 2008 President of the Greater Nashville Association of Realtors. "In some parts of the country, both closings and prices are down (sharply). When you take that into consideration, the real estate market in Nashville is doing better than many cities and regions. And, there continues to be a lot of showing activity, which may result in more closings soon."

There were 2,308 sales pending at the end of March, compared with 3,218 sales that were pending at the same time last year. The median residential price during March was $178,388 and for a condominium it was $160,573. That compares with median residential and condominium prices at this time last year of $173,400 and $153,400 respectively. The average number of days on the market for a single-family residence was 80 days.

Inventory at the end of March was 22,730. That compares with an inventory of 19,091 at the end of March 2007.

"The increase in inventory means that buyers will have more meaningful choices. That can be a positive factor as we move into spring and early summer, when typically more people are out shopping for homes," Wachtler said. "Sellers will want to make sure their home is in the best possible condition and priced correctly. In a changing market,the professional support and counsel provided by a Realtor is increasingly valuable to those considering buying, selling or leasing property. "

MARKET STATISTICS

NASHVILLE, TN
GNAR News Release, March 2008

SELLERS, WHAT'S THIS MEAN FOR YOU???

Kimble Bosworth , April 2008

You can see by Mandy's comments in the GNAR article that:

1) The sky is not falling.
2) Neither are home and condo sales prices in Nashville.

• Staging: Work with a professional to stage your space for maximum impact to potential buyers. Emphasize curb appeal, reduce clutter, neutralize the decorating to appeal to the bradest range of tastes of your home's target buyer.
  Marketing: Each home is diffetrent - its marketing should be, too. Consider the best marketing for the home's location, size and price range. Hip, downtown home should be marketed in hip downtown publications...you get the idea.
  Preparation: Now is not the time to leave things 'undone'. Make it easy for any buyer to move right in. Cover all the outlets, fix the broken tile, touch up the paint, remove all the boxes. It may seem like a small thing to you, but it says 'MAINTENANCE issues' to a buyer. If it's a such a small thing, just fix it.
• Pictures: Technically, this falls into the marketing category; but it deserves a special place. It's that important. With extra inventory of homes, buyers narrow choices on the internet. Give them the tools to see your home in it's best light: a professional photographer, virtual tour, floor plans. Do not list until all the pictures are ready, the websites are updated, the ads are placed in appropriate venues. You only have one or two clicks to make that first impression.