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Nashville Real Estate Market Update

Last week on the Today Show, during a segment on the national real estate market, CNBC’s Jim Kramer uncompromisingly stated, “now is the absolute worst time to buy!” It certainly seems like the media is doing its best to sabotage the real estate market, but let me tell you that they do not speak for Nashville, Tennessee. Not only is this type of one size fits all blanket statement simply untrue, it just doesn’t reflect the Nashville real estate market numbers.

In August 2007, we experienced an increase in condo sales over the same month in 2006; 468 units sold in August 2006 compared to 524 in August of 2007. We are seeing strong sales heading into fall, and while we are in a shifting market, there are many phenomenal and well priced properties available to buyers. Let’s face it: for most of us, buying a home is not just a sound investment; your decision is motivated by your lifestyle, school districts, and other important emotional factors. Many folks want to be where the action is so they choose a downtown condo that is close to great restaurants and event venues. Or perhaps they’re looking for a gorgeous sunset view to enjoy from a high-rise balcony. These are the real motivators for most buyers; not arbitrary numbers that simply cause panic and have no real bearing on conditions in many local real estate markets.

Nashville is a great place to live, period. Don’t be fooled by these so called experts in the drive by media… look at the facts, and listen to your heart. Buy smart, but buy when you need to – not when someone reading a teleprompter tells you to.

Here’s what Gary Keller, co-founder and chairman of Keller Williams Realty has to say about waiting out the current market: First, residential real estate is not a national market product — it is a local one. To say from a national position that this is either a good time or a bad time to buy real estate is like saying the national forecast for the U.S. today is 92 degrees — it is a useless and irrelevant perspective. What is happening in your local market is all that matters.

Second, trying to predict when it is a good time to buy, or not, means you’re trying to time the market. Staying on the sidelines is the surest way for most people to never time anything correctly.

Last, and maybe most important — there are always two markets in every market. There is the market of properties that are good buys and there is the market of properties that are not good buys. Interestingly enough, this is true in either buyer or seller markets. To categorically say that this is the time to buy or not is absolutely ignoring the fact that every market really has two markets inside it.