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Where We’ve Been; Where We’re Going

Looking back, 2020 was a doozy of a year for real estate. Even a pandemic couldn’t slow down Nashville’s booming market. Homes in Nashville increased in value by an average of 10.2%, and the median price for a home crept up by 8.6%. Even during our most challenging times, home remains an important and essential part of life, and one of the best investments a family can make.

 

Looking ahead, a recent report from Zillow predicts that the Nashville area will be the third hottest housing market in the country in 2021, right behind Austin & Phoenix. We are seeing more and more out-of-state buyers moving here. Our lack of a state income tax is definitely a factor for people who now have the opportunity to work remotely.

 

Available listing inventory at the end of January was 5,381 units across Middle Tennessee, down from 9,410 in January 2020. Yet amazingly home sales for the month of January tapped out 4% higher than last year. In the trenches, we are seeing bidding wars with regularity due to the ongoing shortage of available homes.

 

Two things seem true right now – it’s a great time to sell, and it’s also a great time to buy.

 

Sellers have the upper hand in negotiations. We are recommending that sellers who were planning to list in spring, instead come to market ASAP. With the proper strategy, many sellers can dictate terms – including a lease-back scenario to avoid a sale-of-home contingency on their next purchase.

 

While this type of market can be frustrating for buyers, today’s record-low interest rates continue to drive demand. Most economists are predicting modest but steady increases in interest rates this year, but nearly everyone anticipates the rates to remain well-below historic averages. With rates this low, there are opportunities in almost every sector of the market.

2021 is likely to be a real estate bonanza for all who jump in . 🧨 … 💥

We’d also like to take a moment to thank the 30 families who let us help them with a move in 2020. We don’t take the responsibility lightly, and we’re grateful to all of you who placed your trust in us and allowed us to shepherd your transaction from contract to close.

If you’re considering a move this year, we’d love to speak with you in more detail about the current market. Just let us know how we can help.