It’s official – Nashville is becoming quite the media darling lately. Major publications such as Forbes are reporting on how great it is to do business in Nashville, claiming we’re stealing jobs from Wall Street these days. Plus, Forbes also ranked Nashville 3rd most creative city in the US. This isn’t news to those of us who have called Nashville home for years, but it is adding to the increased interest in Music City.
How does the extra attention affect the Nashville real estate market? As Nashville’s population grows, it impacts everything from home listing inventory to rent rates. We understand that the uncertainty of a real estate market can be confusing for those considering listing their home. However, right now is the perfect time to get your house on the market. Here are 3 reasons to sell your Nashville home right now.
Increase in buyers
CNN reported that approximately 30,000 people moved to Nashville from July 2012 to July 2013. To put that in a visual perspective, that’s almost half of the seating capacity for LP Field! All of these newcomers are looking for housing, both to rent and to buy. With the cost of rent in Nashville continuing to soar, many people are deciding that right now is the best time to buy a home in Nashville or its surrounding areas.
Additionally, many people who have lived in Nashville for years are ready to move to a new house. Some have outgrown their old home or want to live near a better school system. Many Nashvillians are also taking advantage of the new business and creative centers popping up, from East Nashville to the Gulch.
Increased property values
According to Greater Nashville Association of REALTORS report for June, the median price of a single-family home in Nashville rose from $205,950 in June 2013 to $222,000 for June 2014. That’s nearly $20,000 increase in one year. These numbers remain consistent with the trends we are seeing for Nashville home sellers, as well as for sellers in surrounding counties. Prices are going up again. Of course, we all know that real estate markets are fickle and it’s impossible to accurately predict what kind of home prices sellers can expect to get in the fall and winter months.
The inventory remains low as prices continue to increase in Nashville and more homebuyers are looking to purchase their first home. The number of houses on the market at the end of June was lower than last year. This is possibly the most compelling reason to sell your Nashville house now. With limited competition, the odds of selling your home quickly increase significantly. The average number of days homes have been on the market was 65, which means houses are moving quickly.
Despite all the great news for home sellers, there are still some key things to consider before listing. Pricing and curb appeal are an important part of selling your Nashville home, no matter what the market is doing. Buyers are not interested in buying any home for sale, but are looking for the right home for sale. Working with an experienced REALTOR means getting your house market ready and priced appropriately.
Are you interested in selling your Nashville home? Now’s the time to talk about it! Give us a call today and we can discuss pricing and the trends in the Nashville real estate market.
Want to see what houses are already available for sale in Nashville? Browse our current MLS listing here to get started and then give us a call at DeSelms Real Estate 615.550.5565!