There has never been a better time to purchase a homein Nashville than right now!
For the life of me , I don’t understand why those who are renting now are not breaking down the doors to try to buy a Home or Condo right now!
If you can afford to, and if you have the credit, money, income and desire, this is a good time to buy real estate. In the Donelson, Hermitage, Old Hickory, Nashville, Mt Juliet and other area Communities there homes that are ripe for the picking! From the price ranges of $90,000 to $250,000 there are deals to be had.
People have been waiting on the sidelines for the prices to stop dropping. Although they may not be totally done dropping, I think we are nearing the point where it will stabilize and if any more drops happen, they will be less painful than what we have experienced in the last year. In many parts of town prices are such that they are on par with 2004 prices. These were a good deal the first time around, and I feel they are still a good deal.
This is true of all groups, including 1st time homebuyers, investors and Ma and Pa looking to upgrade or even downsize at retirement. This is especially true if you plan to live in the property since you will be there from 3 to 5 years at least and will wait out any further problems. Just like all that goes up must come down, the alternate is true also. Once things have fallen enough, it’s likely to go up in following periods.
Most investors I know are already on the band wagon buying foreclosed homes and fixing them up for sale or more likely rentals. In this market we now have what is known as properties that cash flow. The way this happens is they bought it cheap enough to fix it and still have payments less than the rent they can charge. As long as this is true investors will buy. It is their purpose in real estate, not the flipping mentality which reigned in the last upswing.
For the first time homebuyer, my advice is to straighten out your credit, save a 5-15% down payment, of course a good job and work history is important, then get prequalified with a reputable lender, contact a reputable realtor (Mark and Tammy Edwards ) and look at homes in the area desired in your affordable price range. Call me with information on how we can put you through our PBP- (Preferred Buyer Program).
There are some great deals to be had now in the market , which include foreclosures, bank owned homes and short sales and just sellers tha need to sell. It’s a great time and an excellent opportunity to purchase a home at a below price of the comparable homes in an area. This is good news for the homebuyer.
In summary, it is a great time to buy real estate. Just as the market turned south before the regular buyers knew it, it will start to pick up before the regular homebuyers know it. I think this will happen in 2011- early 2012, but the best prices and negotiations may be from now to 6 months from now. Fear is what has kept people out of the market, and only fear can keep someone from making a great deal on a new home.
In closing I think the next 6 months it a great time to buy real estate. The investors already are in the market; don’t let them get all the good deals!
Call MARK and TAMMY EDWARDS at Coldwell Banker Barnes for all your Real Estate Needs !
Mark Edwards
cell-615-405-9010
Willoughby Station
The initial amenity area for the community, which consisted of a swimming pool, baby pool, pool house, a basketball court and two tennis courts was constructed during the early stages of the development. A second, junior Olympic size pool was added in 1998, shortly thereafter, the Willoughby Waves, the community youth swim team was formed.
