REAL ESTATE NEWS
Interest rates have dropped slightly since last month, after rising to their highest level since 2011. Locally, sales continue to run ahead of last year. The number of homes sold in 2018 is about 3% above 2017, while the average sales price is up nearly 10%. Foreclosure sales have declined nearly 35% since last year, which has eliminated many of the lower priced sales.
Fayette County sales are up about 9% this year, with average prices increasing 12%.
Nashville Growth: Good or Bad?
Over the past few years, I have helped a number of sellers who were relocating to Nashville. They were drawn for numerous reasons, including the city’s charm and abundance of things to do. Well, according to a recent Wall Street Journal article, that charm is being threatened by the area’s rapid growth.
The Nashville region’s population has grown 45% since 2000, and now includes over 1.9 million residents. The city which was once most known for its country music, is now becoming known for its skyline full of cranes and its traffic congestion. One resident stated that five years ago, her commute to her job twelve miles from her house took about 15 minutes. Today, that same commute takes up to 45 minutes, because of the increased traffic, and she is concerned that additional development plans will make it even worse.
And while part of Nashville’s appeal has been their low housing costs compared to most big cities around the country, that is quickly changing as demand has stripped supply, and prices have soared. From 2008 to 2018, the average sales price of a home in the Nashville area has risen 75%, well above other large Southern cities like Charlotte, which increased 33%, and Atlanta, which was up 26%.
Recently, Nashville made the list as one of twenty cities that Amazon is considering for its second headquarters, which could bring as many as 50,000 jobs. Sounds great, doesn’t it? Well, Nashville’s unemployment rate is already at 2.7%, which is lower than any other major Metropolitan area. Where will the 50,000 people come from? And when they arrive, where will they live? All you have to do is look at the past twenty years in Seattle, which is Amazon’s current headquarters. While many good things have happened there, home prices and the general cost of living has skyrocketed as a result of the population growth. Many longtime Seattle residents have prospered from the growth in real estate values, but have been saddened by the loss of their “home-town” feel.
In reading this article, you may think that I don’t like Nashville…well that is not the case. I love Nashville, and think it is a great place to visit…I just don’t want to live there!
1011 W. Poplar, Suite 8
“The best way to teach your kids about taxes is to eat 30% of their ice cream.”
MORTGAGE RATE UPDATE
30-year fixed rate 4.5%
(Rates provided by Patriot Mortgage on 6/29/18.)
Looking for some affordable entertainment options?
Check out The Collierville Square every Thursday night through the end of July. From country to gospel, soul to rock-n-roll, Main Street Collierville’s Summer Concert Series has it all. Go to mainstreetcollierville.org for more info.
Another great option every TH, FR, Sat, or Sunday, is to head down to the Levitt Shell, at Overton Park. Offering over 50 free concerts throughout the summer, just take your blanket or lawn chairs and pick out a spot on the hill. You can take a picnic, or food trucks are available and offer a wide range of food, drink, and Mempops. Go early, or stay late, but the music starts at 7:30 pm, and ends around 9. The summer concert series runs through July, and then a fall season begins in September. Find out more at levittshell.org.
UPDATED FROM TOP TO BOTTOM...THIS ONE HAS IT ALL...IRON ENTRY DOORS, HANDSCRAPED WOOD FLOORS, GRANITE IN KITCHEN & BATHS, STAINLESS APPLIANCES, NEW TILE, IRON STAIR RAIL, WOOD STAIR TREADS, NEW LIGHTS, FANS, & DOOR HDWARE, “TOUCH FAUCETS", TILED SHOWER, NEW WINDOWS IN BACK.
1527 COLLINGHAM DRIVE— $429,900
UPDATED SINGLE-STORY PAINTED BRICK HOME WITH LARGE WORKSHOP/GARAGE. WALL HAS BEEN REMOVED SO YOU CAN ENJOY THE OPEN FLOORPLAN AND SPACIOUS FEEL. 3 BEDROOMS & 2 BATHS WITH LARGE OPEN LIVING AREA, UPDATED KITCHEN + SEPARATE LAUNDRY ROOM. SELLER RECENTLY HAD NEW FLOORING & 2 1/2" BLINDS.
889 HUNTERS RETREAT — $189,900.
Totally updated 3 BR, 2 bath home with double carport. Granite in kitchen & baths, freshly painted, new floors, new appliances…absolutely gorgeous! Fenced backyard plus workshop & storage building. $1000/month. Convenient Cordova location, near Kirby Whitten and Elmore Road.
NEW GRANITE COUNTERTOPS...NEW ROOF & NEW PAINT OUTSIDE. LONGTIME OWNERS HAVE RAISED THEIR KIDS IN THIS GREAT HOUSE AND HAVE UPDATED IT FOR YOUR BENEFIT. MOVE RIGHT IN AND ENJOY THIS 4 BEDROOM (ALL UP) 2 1/2 BATH HOME WITH UPDATED FIXTURES, NEW 2" BLINDS, AND GRANITE IN THE KITCHEN & BATHs.
6995 Bent Creek Dr. — $269,900.