What’s Happening, Nashville! Episode 1 – Nashville Real Estate

What’s Happening, Nashville! Episode 1 – Nashville Real Estate

 

Hey, friends. It’s Corey [Fager 00:00:04] here. It is fall in Nashville. Welcome to episode one of What’s Happening Nashville. So if you lived in Nashville any amount of time, you’ve seen the real estate boom. You’ve seen what happening with people moving here from other states, other cities. Real estate has gone absolutely crazy. Prices have doubled in some areas. And everybody knows that if they need to sell their house, it’s very easy because there’s tons of buyers out there looking, especially if you have a house priced under 300,000. Houses will sell like that.

So we are in the trenches every day meeting with sellers, buying properties, working with sellers, doing a lot of different things. And so we see exactly what’s happening. And over the last 30 to 60 days we’ve seen some changes happening. It could be the fall season. Kids are going back to school. Could be interest rates are starting to go up. Could be that the election’s coming up. It could be a lot of factors, but from what we’ve seen from the feedback from meeting with sellers, from prices, showings, everything is saying that the market in Nashville is starting to slow down and flat-line.

Now this isn’t anything that’s like what happened back in 2008, the great market crash of 2008 when prices dropped overnight and over a matter of a couple months dropped down. Some houses dropped in value $100,000, $150,000 dollars. It was crazy.

We don’t think it’s going to be anything like that, but as Nashville has gotten filled up with people moving here, people have been building new construction, and the demand for housing has been so high, we have actually caught up to that demand. And the price has gotten so high that some people have gotten priced out of the area. Some people can’t even buy in Nashville. They have to move to the outskirt cities. They have to go south, north, east, or west to be able to afford something. And what you can buy in Nashville for 200,000, 300,000, 400,000 might not be enough.

So what does that mean for you, a seller? I means that as a seller, you have to have some more realistic expectations. Two months ago, you could put your property on the market with a realtor, and you could have seven offers within 24 hours, and that’s the truth. What we’re seeing now is that buyers are getting pickier because house sales are down about 25% over last year. Buyers are getting pickier because there’s more houses on the market. They have more options. They know they don’t have to pay top dollar and get in a bidding war. So sellers are going to need to start tapering their expectations and realizing that they can’t ask whatever they want for the property. They’re not going to be able to sell within 24 hours.

You want to say hi?

Speaker 2: Hi.

Cory: My son’s on fall break, so we’re celebrating by jumping on the trampoline in the rain.

Yeah, so what does that mean for a seller? Does it mean that you can’t sell your house? Absolutely not. We are buying properties every single month. It just means that prices aren’t going to continue to rise up. Eventually the market has to correct itself, prices cannot go up forever. Otherwise, that’s called a bubble, and the bubble will eventually burst. So is that a bad thing? Absolutely not. That just means that it’s starting to flat-line, and the market is changing. If you have a property that you need to sell, if you want to have a real discussion with someone who’s actually in the trenches, talking with sellers, knows what’s going on with pricing, if you want to just have a friendly conversation about what your property is worth, if you’re thinking about selling, we can talk about some options. We have at least a couple options for every single seller. Give us a call, send us a message. We’d love to talk to you.

That’s the end of episode one, What’s Happening Nashville. See you guys tomorrow.

Video Transcription

Cory: Hey, friends. It’s Cory [Fager 00:00:04] here. It is fall in Nashville. Welcome to episode one of What’s Happening Nashville. So if you lived in Nashville any amount of time, you’ve seen the real estate boom. You’ve seen what happening with people moving here from other states, other cities. Real estate has gone absolutely crazy. Prices have doubled in some areas. And everybody knows that if they need to sell their house, it’s very easy because there’s tons of buyers out there looking, especially if you have a house priced under 300,000. Houses will sell like that.

So we are in the trenches every day meeting with sellers, buying properties, working with sellers, doing a lot of different things. And so we see exactly what’s happening. And over the last 30 to 60 days we’ve seen some changes happening. It could be the fall season. Kids are going back to school. Could be interest rates are starting to go up. Could be that the election’s coming up. It could be a lot of factors, but from what we’ve seen from the feedback from meeting with sellers, from prices, showings, everything is saying that the market in Nashville is starting to slow down and flat-line.

Now this isn’t anything that’s like what happened back in 2008, the great market crash of 2008 when prices dropped overnight and over a matter of a couple months dropped down. Some houses dropped in value $100,000, $150,000 dollars. It was crazy.

We don’t think it’s going to be anything like that, but as Nashville has gotten filled up with people moving here, people have been building new construction, and the demand for housing has been so high, we have actually caught up to that demand. And the price has gotten so high that some people have gotten priced out of the area. Some people can’t even buy in Nashville. They have to move to the outskirt cities. They have to go south, north, east, or west to be able to afford something. And what you can buy in Nashville for 200,000, 300,000, 400,000 might not be enough.

So what does that mean for you, a seller? I means that as a seller, you have to have some more realistic expectations. Two months ago, you could put your property on the market with a realtor, and you could have seven offers within 24 hours, and that’s the truth. What we’re seeing now is that buyers are getting pickier because house sales are down about 25% over last year. Buyers are getting pickier because there’s more houses on the market. They have more options. They know they don’t have to pay top dollar and get in a bidding war. So sellers are going to need to start tapering their expectations and realizing that they can’t ask whatever they want for the property. They’re not going to be able to sell within 24 hours.

You want to say hi?

Speaker 2: Hi.

Cory: My son’s on fall break, so we’re celebrating by jumping on the trampoline in the rain.

Yeah, so what does that mean for a seller? Does it mean that you can’t sell your house? Absolutely not. We are buying properties every single month. It just means that prices aren’t going to continue to rise up. Eventually the market has to correct itself, prices cannot go up forever. Otherwise, that’s called a bubble, and the bubble will eventually burst. So is that a bad thing? Absolutely not. That just means that it’s starting to flat-line, and the market is changing. If you have a property that you need to sell, if you want to have a real discussion with someone who’s actually in the trenches, talking with sellers, knows what’s going on with pricing, if you want to just have a friendly conversation about what your property is worth, if you’re thinking about selling, we can talk about some options. We have at least a couple options for every single seller. Give us a call, send us a message. We’d love to talk to you.

That’s the end of episode one, What’s Happening Nashville. See you guys tomorrow.

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