Anybody have a crystal ball? I expect not.
So let's listen to an expert housing industry analyst. In mid 2000, he accurately predicted the Oct 2009 housing market bottom. Almost to the day. Now he predicts we're back to 2006 levels, which will only improve over the next 5+ years.
What are some of the key indicators? Let's look at new homes under construction. A typical, healthy ratio of unsold new construction - finished but unoccupied - would be between 24-28%. The last time his analysis tracked that ratio was 2006.
In the subsequent 3 years, that ratio extended to over 60% unsold. The highest level was Oct 2009, and it has taken 5 years to recover from that recession. And guess what happened to builders and developers over those 8 years? They went out of business.
Now we are back to the healthy 2006 levels, where unsold newly constructed homes has dropped to below 28% this month - across all the counties and all price points in the Metro Nashville area. You've all heard that Nashville is expecting a growth boom over the next 10 years - so where will the homes come from? Fewer builders and developers mean less competition for existing homes! And new construction starts can require 2 or more years to approve...
That's good news for those of us who already own homes. It's also unfortunate that many builders and developers went under over the past 8 years, and are no longer around to build new homes to meet the demand. In fact, new construction starts are off by over half, while demand for housing is stronger than ever. That means demand for your home and mine is stronger now and will increase substantially over the next several years.
How can I help you take advantage of this excellent home ownership trend? First of all, if you've never owned a home, you shouldn't wait. Interest rates are still favorable, and I can help take the mystery out of buying a new home. And if you own a home and are looking to move into a more capable home, you should take this as a definite buy sign. You will get more home for your money now than if you wait.
You can ask those who know me well - I have a proven track record as an expert negotiator, because as Steven Covey first proposed, I "seek first to understand, then to be understood". I will listen, so we can together put your needs at the top of your list, where they belong.
Both Seller and Buyer need to Win in a successful negotiation. That means listening to, understanding and acting according to your needs. Since I will repeatedly earn your trust by doing the right thing always and in all ways, you will truly be proud of this real estate transaction - as well as every future real estate transaction we work on together.
Curious? Let's talk. Remember that "I" + "Realty" will help you reach your new "Real-I-ty".
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