With all the conflicting reports surfacing on the Internet and in the news media, it can be difficult to dissect the truth from all the hype. And I will be the first to say that I don’t understand the economic market and the failing of our credit institutions and how it all relates,
BUT I do know the real estate market and how it affects us in Middle Tennessee
The problem with the news media, as I see it, is that they continue to lump the entire country under this big dark cloud of sub-prime mortgages and foreclosures….when it reality, there are only several states that are in a housing distressed state of mind, those being, California, Arizona, Nevada and Florida.
The National news seems to only focus on the negative… We have all read the headlines, “Doom and Gloom for the Housing Market”, “Millions losing their Homes”… this type of scare tactic needs to be stopped….it is halting the economy.
Being a “half-full” thinker, it is much more encouraging to hear that only 2% of the Homeowners throughout the United States are either in foreclosure or are in immediate danger of facing foreclosure…and here is the real clincher…in good times, the average number of homes in foreclosure is a mere 1.5%…we are currently only ½% difference!!
That means that the majority of Americans are continuing to pay their mortgage ON TIME .Tennessee is weathering the storm, and home prices throughout the state have leveled off.
Let’s talk specifically about Nashville and its surrounding communities. We are currently showing a 28% decline in the number of homes sold over the same time last year, while we are showing the number of days on market increasing.
In certain sectors of the area, the median price of a home is showing steady signs of rebounding. This news should be reassuring for Sellers. This should also serve as a wake-up call to Buyers to get into the market before further increases.
When reading reports about the real estate market, I urge you only look regionally…don’t look at the national picture because it is skewed and does not represent a true picture. Real estate will always be a wise investment.