nashvillehomeblog.com

Time for a new pair of glasses!

Ok….are we selling the house or the car? And which has the most square footage?

I love those vintage pine cabinets, but I’m not sure I want to see what’s inside! And what is that floating in the pan on the stove?

Well the final numbers are in for 2007 and either we had the 4th best year on record, or sales are down 14.5%, or the median price is up 2.1% or it’s taking longer to sell homes… or just what the heck is going on? All of those statements are true according to the Greater Nashville Association of Realtors. Here is a link to the official party line and the raw data.

The real deal, in my opinion, is that we have a very healthy and balanced market. We did not see the “irrational exhuberance” that some markets experienced in the past few years. Growth in this area has been fueled by sound fundamentals, like new jobs and people relocating here because it is a good place to live. Life is good here, and that isn’t going to change any time soon.

We do feel the drag of negative news about our national economy, the mortgage debacle and the general uncertainty that comes in an election year, but we are on sound footing. Interest rates are near all time lows, we still have job growth in our area, and people are still coming here to visit, play and stay.

I think our real estate market will be about the same in 2008 as it was in 2007. Prices for good properties will advance, interest rates will remain attractive and there will be plenty of choices for buyers. 2008 will likely present the best buying opportunity for first time home owners and “buy and hold” investors that we have seen in a long time. This will be the year that some people are going to look back on and say, “I wish I hadn’t waited”.