See the full report here: RedReport-1Q-2021.pdf
Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever, especially in Middle TN! Home sales and prices were both up substantially over the year before across the nation. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and, as a result, concerned that we’re now headed for another crash.
However, there are many reasons this real estate market is nothing like 2008. Here are six visuals to show the dramatic differences.
Whether you’re buying your first home or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated. You may have to take personal or professional considerations into account, but only you can judge what impact those factors should have on your desire to move.
The Reason Mortgage Rates Are Projected to Increase and What It Means for You
Move to Tennessee from California
Whether we’re ready for it or not, the 2020 presidential election is right around the corner.
As if this year hasn’t brought enough uncertainty, an election could be causing you to question your buying and selling plans…again.
Rocky political environments can create instability in the stock market...causing consumer confidence to drop. But the real estate market isn’t rocky…it’s rock solid. And delaying plans could mean you could be missing out on once-in-a-lifetime affordability.
To get to the heart of this, it’s important to understand how the history of past presidential elections combined with today’s market factors might play out in real estate this time around.
Here’s what we know.
Last Friday, the Bureau for Labor Statistics released their Employment Report for August 2020. The big surprise was that the unemployment rate fell to 8.4%, a full percent lower than what many analysts had forecasted earlier in the week. Though it is tough to look at this as great news when millions of Americans are still without work, the number of unemployed is currently much lower than most experts had projected it would be just a few months ago.
There is a trend here... Higher, Higher, Higher! 💥
August 2020 vs August 2019
Closing Volume = +3% higher
Average Closed Prices = + 10% higher
Pending Volume = + 33% higher
Closings by County for August 2020 vs August 2019:
Davidson is -4.3% lower
Rutherford is +3.6% higher
Williamson is +9.9% higher
Wilson is +19.2% higher
Pendings by County for August 2020 vs August 2019:
Davidson is +34% higher
Rutherford is +37% higher
Williamson is +29% higher
Wilson is +31% higher
One of the many advantages of working with a local real estate professional is that many have relationships with lenders who will be able to help you through this process. Selecting a local lender has several benefits. We understand that hopping online seems easier for you––you can fill out the application, never have to see the person lending, etc. However, when you find the home of your dreams, you don't want a face-less person in charge. Three reasons to select a local lender: