Sunday, May 27, 2018

Company Blog

Module Positions

Module Variations

Nashville-area housing market grows rosier with rising prices, less inventory

Written by 
Rate this item
(0 votes)
NAS-home sellers
http://www.tennessean.com/odygci/p1/spritesheet_nr.png); background-color: rgb(0, 0, 0); float: left; font-size: 10px; padding: 1px 25px 1px 10px; background-position: -367px -1355px; background-repeat: no-repeat no-repeat;">Purchase Image
James Bristol is finally ready to put his five-bedroom home in Green Hills on the market. / Samuel M. Simpkins / The Tennessean
Written by
Duane Marsteller
The Tennessean

 

 
NAS-home sellers
http://www.tennessean.com/odygci/p1/spritesheet_nr.png); background-color: rgb(0, 0, 0); float: left; font-size: 10px; padding: 1px 25px 1px 10px; background-position: -367px -1355px; background-repeat: no-repeat no-repeat;">Purchase Imagehttp://www.tennessean.com/odygci/p1/spritesheet_nr.png); background-color: rgb(0, 0, 0); float: right; padding: 1px 10px 1px 25px; font-size: 10px; text-transform: uppercase; background-position: -457px -1316px; background-repeat: no-repeat no-repeat;">ZOOM
Bristol is preparing to list his home after seeing the one next door sell in 30 days for the asking price. / Samuel M. Simpkins / The Tennessean
 
 

 

 

 

 

 

 

 

 

 

 

 

 

Each time James Bristol thought about putting his Green Hills home on the market, something changed his mind.

In 2009, it was the housing slump and economic recession, when qualified buyers were scarce and home values were falling. In 2011, the still-soft housing market and the unexpected return of one of his grown children — and a grandchild — nixed any selling plans.

Now, though, Bristol is taking the plunge. He’s preparing to list his five-bedroom home after seeing the house next door sell in 30 days for the asking price.

“That told me it was a good time to sell because the market is getting stronger,” said Bristol, a Nashville attorney.

That’s a message Middle Tennessee real estate agents hope more homeowners hear and act upon, thus relieving an inventory squeeze that threatens to constrain the market’s momentum.

Inventory squeeze

At the end of March, the latest period for which the Greater Nashville Association of Realtors has data available, there were 16,049 residential properties on the market — a 15.5 percent drop from a year earlier. At the same time, sales have soared by more than 30 percent.

Despite the resulting squeeze, price increases have been modest and have stayed in a fairly narrow range in the past year. The median sales price for a single-family house was $169,000 in March, just $500 higher than in the same month a year earlier. Condominiums have fared better, rising by nearly $13,000 in the past year.

The slow price appreciation is holding back would-be home sellers, especially those who bought during the housing market’s heyday and still have little or no equity, local agents say.

“Sellers are waiting for values to come back up more,” said Kendra Cooke of Cooke Realty Partners in Nashville.

There’s also a self-perpetuating Catch-22 of sorts going on: Potential sellers are waiting because they’re worried they won’t be able to find a new place to live because of the tight supply.

At the same time, many homeowners who tried to sell during the downturn — only to see their properties languish on the market for months or even more than year — are hesitant to try again just yet. They will remain tentative until they feel better about the economy, especially the job and housing markets, agents say.

“It all goes back to consumer confidence,” said Price Lechleiter, GNAR president and a broker with Fridrich & Clark Realty. “That’s the driver.”

A recent Metro property reappraisal provides little comfort. It said average home values in Nashville fell by nearly 1 percent from 2008 to 2012, with only a third of Metro’s 35 council districts seeing gains.

That has led some homeowners, especially in high-demand areas, to underestimate what their homes are worth in today’s market, agents say. Those areas include parts of East Nashville, 12South, West End, Sylvan Park, Bellevue and Belle Meade.

Those areas are largely built out, with little new construction, limiting the pool of houses. The reasons those areas are attractive to buyers also make them attractive to homeowners who are already there, further reducing turnover as homes go on the market less often, agents say.

Agents recruiting

Jennifer Core, who has lived in her Inglewood home for a dozen years, said her neighbors were there before her. When Core was the victim of a crime two years ago, those longtime neighbors pitched in to help her recover.

That’s why Core has no plans to sell her 67-year-old house despite receiving “several” inquiries to do so. “I’m not going to leave that kind of connection behind,” she said.

With more buyers than sellers coming to them, agents are ramping up efforts to recruit listings.

Richard Courtney of Christianson Patterson Courtney & Associates said he and partner Stephanie Tipton-Soper recently sent fliers urging homeowners to “take advantage” of the “hottest market in Nashville’s history.” About 3,000 went to previous clients, and 2,000 others were sent to homeowners in neighborhoods that are in demand, Courtney said.

“People who had listed five years ago, a lot of them are getting calls from Realtors saying, ‘Let’s try one more time,’ ” he said.

Bailie Rhea Hodges and Paul Sek of Hodges and Fooshee Realty also went the flier route, sending several hundred last week to homeowners in Nashville’s West End.

“Two years ago, it was extremely hard to find anyone who wanted to buy a house,” Hodges said. “Now it’s hard to find anyone who wants to sell.”

Read 2025 times
Super User

Aenean volutpat adipiscing mi. Maecenas a aliquam diam. Curabitur auctor, nulla ut rhoncus semper, mauris eros hendrerit m.

Website: www.7studio.eu

Latest on Blog

  • 1
  • 2
  • 3

The best cities for jobs 2014

15-05-2014 Hits:3935 Nashville Ranking

No. 6: Nashville-Davidson-Murfreesboro-Franklin, TN2013 Number Of Jobs: 823,000Job Growth, 2013: 3.0%Job Growth, 2008-13: 9.7% For Full Article Please Click Here Read more

The South’s Red-Hot Town

15-05-2014 Hits:5909 Nashville Ranking

Nashville and its economy are on fire, sparked by a booming cultural scene,world-class health care, rising universities--and a really good spot on the map It was,... Read more

52 Places to Go in 2014

15-05-2014 Hits:3597 Nashville Ranking

Witness a city in transformation, glimpse exotic animals, explore the past and enjoy that beach before the crowds.   15. Nashville, Tenn.   Leather jackets and skinny jeans join cowboy... Read more

From our Blog

  • 1
  • 2
  • 3
  • 4

The best cities for jobs 2014

No. 6: Nashville-Davidson-Murfreesboro-Franklin, TN2013 Number Of Jobs: 823,000Job Growth, 2013: 3.0%Job Growth, 2008-13: 9.7% For Full Article Please Click Here Read more

15-05-2014 Nashville Ranking

Super User Hits:3935

The South’s Red-Hot Town

Nashville and its economy are on fire, sparked by a booming cultural scene,world-class health care, rising universities--and a really good spot on the map It was, I think, the hum. At Midday recently at Joe Ledbetter's BrickTop's restaurant in Nashville–a busy... Read more

15-05-2014 Nashville Ranking

Super User Hits:5909

52 Places to Go in 2014

Witness a city in transformation, glimpse exotic animals, explore the past and enjoy that beach before the crowds.   15. Nashville, Tenn.   Leather jackets and skinny jeans join cowboy boots.   Country music lovers have long made the pilgrimage to Nashville, but now the city has... Read more

15-05-2014 Nashville Ranking

Super User Hits:3597

Surging Nashville home market sets sales…

Nevin Batiwalla Staff Reporter-Nashville Business Journal For the first time ever, the median sales price for a single-family home in Nashville surpassed $200,000 in June, the Greater Nashville Association of Realtors announced today. The median price for a single-family home sold in Nashville last month... Read more

15-05-2014 Nashville Ranking

Super User Hits:3689

Join Us

Join Cloud Realty

Call Head Coach Phil Dildine, confidentially, on his personal cell phone at 615-476-6738 and set up a time to meet and discuss how "The Cloud" can help you.