US House Market Update for September 2020
It seems like the US house market is holding it’s breath. Inventory is very low at 2.4. This means home owners are extremely hesitant to sell right now. They are waiting early until after the election to make the decision to sell or not. Usually in an election season the hold doesn’t occur until October. In this Covid-19 & riot atmosphere homeowners are more insecure then usual.
The places where this doesn’t apply is sellers who are wanting to move out of downtown city areas. Especially in cities where rioters have caused damage. In these areas property owners want out. This creates high inventory rates and therefore drives the prices down. If you want in on lower then market value deals, buy in troubled downtown areas right now. After the dust settles you will have some income producing rentals that you got for a great price.
Nashville, TN Housing Market Update
Both Davidson and Williamson County have a healthy price per square foot of $190. This is 25% higher then the national average. This is just one economic reason to chose the Nashville area to move to. Property value tends to be higher then many other areas and there has been a steady increase in value by about 6% each year.
Williamson County has a higher inventory level then Davidson. Homeowner confidence is higher and so more property movement is occurring. Williamson County doesn’t contain the downtown area of Nashville. In fact, it has been and continues to be very desirable due to its larger lot sizes, school ratings and low crime rates.
If you’re now working from home for most of the week this is a great choice. People who have had to commute in the past but now have more flexibility about how many days they need to be in their Nashville office are making the decision to buy farther away. Their commute has been reduced in many cases. This gives them a larger selection on areas where they can buy.
If you’ve recently been given the option to work from home more often this might be the right move for you!
