Real estate investors have been taking a look at the Nashville real estate market. My partner and I have both been working with buyers looking to purchase Nashville foreclosures. Bank owned homes are being strongly considered for investments by those who have the money to spend.
Everybody wants a deal, and there's plenty of deals to go around. Nashville also has its share of short sales, too. A short sale is when the bank agrees to take less than what is owed on the mortgage to allow the homes to be sold without going into foreclosure. Many people need to sell, but owe more than what their home is currently worth. So they contact the bank and request permission to proceed with a short sale.
Even though we're in the middle of the holiday season, the phones are still ringing. With a market that has homes starting less than $100,000 in the Nashville area, it's easy to see why investors are flying in to buy these affordable homes in Nashville.
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6 comments:
I agree that now is the time to be buying if you have the mortgage approval or cash.
As the economy shows some signs that a slow recovery has started, consumer confidence will start to pick up, which in turn will lead to more home sales and the figures will show that we have reached the bottom of the property values.
The next few months will see a slow but gradula rise in the value of real estate in Nashville so if you have the ability to buy do it now and you be making money as the home values appreciate again.
I agree that there are quite of few out of State investors who are beginning to come to Nashville specifically for our market demographics.
Yes, Gary, I think the next few months will be busy. The extension of the First Time Homebuyers Tax Credit should continue to give a boost to home sales after the first of the year. That should help home prices.
I have family in Nashville. I would love to be able to take advantage of the deals that are there right now. But I own a home on the west coast, and I think I'd have trouble getting my money out of this one to buy another at this time.
Ed, this is a great place to live. I relocated here from the west coast. Let me know if you decide to come this way. I'll be happy to assist you.
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