The Greater Nashville Area Real Estate Market Report for May 2012
Wow – check this out: The Greater Nashville Association of Realtors just released the Nashville real estate market news that the number of closings we had in May 2012 is the best in four years!
Read the full report here: http://www.gnar.org/current_press_release
Here is a Letter that I Sent Out Recently to My Clients:
Real Estate Update
To say that real estate has been busy lately would be a huge understatement! It’s more like the flood gates from years of pent-up post-bubble frustration at an extremely unpleasant housing market have been thrown wide open and the masses are ready to storm the castle.
There are lots of offers being made and even more pending home sales showing up on the MLS on a daily basis.
The good news is that, although prices are still low, inventory is diminishing. This will be a much-needed relief to weary Sellers as the market makes its comeback.
As of April 2012, home sales in the Greater Nashville Area are up 25% over April 2011. Year-to-date closings are up by 24.5% versus April 2011. Inventory is also down by 8.8% over this time last year with a 6.5 month supply in the residential sector.
Even with all of this positive news, Sellers aren’t quite out of the woods just yet — the properties that are selling are the foreclosures, short-sales and immaculately kept homes.
For Sellers, spruce up your home as much as possible before putting it on the market. You will be able to sell quickly and for close to your asking price. As for Buyers, we are either at the bottom of the market or starting to climb back up, so make your move fast!