It seems every day brings another nuance in the Economy.
A little bit like the weather in Nashville . . . If you don’t like what’s happening outside, just wait a couple of days – It’ll change.
If you have been watching the trends of the Real Estate market by reading the local news, you know that many of the reports are VERY positive. Number of houses sold in 2012 are out-pacing number of houses sold in 2011 by more than 25%.
This is true data – no distortion.
The real difficulty is keeping things in perspective because each of the past 6 years has had a distinctly different trend than the others, and 2012 certainly has a flavor of its own.
The words I can think even coming close to a description of this economic environment is “Shifting Along” . . . everything continues to be in fluid motion.
The good news is that some areas of Nashville ARE showing signs of value increases . . . new construction is popping up sporadically all over Middle TN . . . and we continue to shine in all of the National polls as being one of the BEST cities in the COUNTRY.
The unsettling news is that Shifts are never comfortable. In today’s market, Sellers are beginning to gain some “power” in negotiations as the inventories shrink . . . and Buyers still feel invincible . . . thereby creating some pretty entertaining (and sometimes exasperating) negotiations.
Home Inspections (House Condition Issues) and Appraisals (House Value Issues) are surfacing as being the most significant “Deal Killers” . . . Buyers have higher expectations of “Pristine Condition and up-dates” when they feel they are paying premium pricing (relative to recent past years) . . . and When Prices start climbing, there’s often no Historical precedence to justify the higher selling prices.
My mantra continues to be:
“5 Years from now, many people will be regretting not having bought real estate in 2012”
This is simply a fantastic time to buy real estate – whether it be investment property, 2nd home, or a move up/down to a home that better meets your “Today Lifestyle.”
I and the members of Pareto Realty stand poised and ready to consult with you (or anyone you know) about your best investment options in today’s market.
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Hope you have a great week!