Above you will find links to the blogs that I currently write in to give valuable information on the housing market and helpful tips for home buyers and sellers in the Middle Tennessee area.

Oct 8, 2010

You MUST Buy NOW! Not!

Posted by: Troy Charlton

 Residential real estate sales in the Greater Nashville area are down 19% from 2009.  Investors are making up the majority of the sales that are taking place.  How long before we start gaining some momentum in the Nashville area with regards to real estate sales?  I am not going to predict.  Looking back over the last three years, most predictions of the "experts" have not come true.  So why would I even think to make a guess.  The only thing I do know is that people will make decisions to make large investments, such as real estate, when they feel like they are on solid ground financially.  When you feel like your job is here to stay and you feel like your savings has you where you need to be for a secure future, big financial decisions are easy to make.  When you fear these things are not secure, large investments will not happen.

Sometimes I have found that education can conquer fear.  Many feared that they would fall off of the earth if they sailed too far west.  Once Columbus showed them they would not, they discovered a new continent.  I have heard of many people that fear foreclosure, especially first time home buyers, and therefore they are not going to buy a home.  However, many of the homes that are being foreclosed on were bought at the top of the real estate market with loans that are not even available any more.  You can still get assistance on your down payment, but the state of Tennessee will give you that money in the form of a grant that you do not have to pay back.  They give you 4% for your down payment and closing costs, so your loan amount is about 3% less than you pay for the home. As an added security, if for some reason you must sell your home in the first year after you own it, I offer to sale it for free.  This will save thousands if something bad happens before a buyer has time to build equity.

Every day is a new day.  One day I feel like the economy is on the rise and the next it seems to be heading south.  Your economy is what is important to you.  If within your real estate economy you have any questions, please do not hesitate to call or email.