East Nashville Homes - Maria Patton

What’s Up With The East Nashville Housing Market?

Feb 212012

This is an excellent article and is spot on about the East Nashville housing market. It was graciously shared with me by my colleagues and friends at Nashville and Beyond – Village Real Estate Services – a big thank you to them.

What’s Up With The East Nashville Market?

By, Nashvillebrian

We went to bed last week, in a confusing market in East Nashville. This week we wake up and indicators in the numbers hint that we are on the fringe of a seller’s market again in 37206, 37207 and 37216.

I started scratching my head when we listed a home in 37206 on Sunday morning, February 19, 2012. In 24 hours, we had over 10 showings. In less than six hours, we accepted a contract. On Friday, I took buyers out for their first day of testing the market. We ended up in a multiple offer house in the 37207 zip code. All this made me start analyzing numbers deeply and here’s what it’s looking like currently for sellers in 37206.

Currently, 75 homes are on the market in the 37206 zip code between the prices of $175,000 and $350,000. Of those 75 homes, 25 are under contract. In the agent’s side of the MLS, you can see those marked in yellow. This is some of the most yellow I’ve seen in 37206 in years.

Homes fall under all kinds of contingencies when under contract. They are noted in yellow.

The other interesting statistic comes from one of the showing centers we REALTORS use locally. While there are many showing centers, one of the largest is “Centralized Showing Services.” From only their statistics, this is the growth curve in showings over the recent weeks for homes in 37206 between $175,000 to $350,000.

The trend upward since the beginning of winter is quite impressive, with numbers doubling.

Even more impressive is the number of showings 37206 has received over the winter months in comparison with the previous years’ winter months. This chart is pretty shocking with showings at an all time high, even higher than in the best of markets. Now, keep in mind, these numbers could be skewed as many companies could have started using “Centralized Showings” services since 2006. While 2007 could have brought on new companies to the equation, if we toss out that year and assume a consistent number of companies have used CSS, this could be great news.

Click to enlarge.

Stay tuned in the coming weeks. We’re watching these trends like a storm front (a good one) moving in and affecting us all. Check back!

East Nashville Homes: End Of The Year Wrap Up

Buyer and Seller Resources, East Nashville No Responses »

Dec 302011

Another year is coming to an end and while 2011 certainly had a few bumps as far as the real estate market is concerned, the past few months have indicated that we are well on our way for a strong 2012.

Several consecutive months of increased home sales both in Nashville and nationally matched with historically low interest rates, will certainly make for a more favorable real estate market next year.

If you are planning on selling and are waiting for the spring market, start planning now. Even though it is January, the spring home buying/selling market will be here in March and even as early as late February. I always recommend consulting with a Realtor. Get their advise on what you need to do to get your home market ready. There will be a lot of homes that will hit the market and you want yours to stand out.

Buyers, this year will be different from years past. I think you will have some great inventory to choose from but sellers may not be as flexible as in the past especially in ” hot markests ” like East Nashville where we are beginning to see some cash deals and multiple offer situations again. It is crucial that you have an experienced agent representing you.

Happy New Year and stay tuned for great things to come..

East Nashville Homes: New Listing In Great Neighborhood

East Nashville Listings No Responses »

Aug 302011

SOLD IN LESS THAN 30 DAYS!

Looking for a great opportunity in East Nashville?

I have just listed a one owner home in Fortland Farms. This home has been very well maintained. It does need cosmetic upgrades but is over all in great shape. The seller has made some recent mechanical improvements such as adding a brand new water heater, upgrading some of the plumbing, and having the HVAC completely serviced.

2711 Noonan Drive Nashville, TN is located at the foot of Shelby Park and Greenway ( within walking distance ) it is one of East Nashville’s most sought after neighborhoods due to it’s proximity to the Five Points district and Riverside Village. It is located in a small neighborhood that offers the best of city living mixed with the feel of living outside the city.

What the house offers. This home has 3 bedrooms and 3 full baths. 2 baths upstairs and 1 bath downstairs off of the full finished basement. There is a modest eat-in kitchen off the living room. 3 bedrooms upstairs and an additional full bath. The master bedroom has a full shower only bath in the bedroom. There is a sun room downstairs off of the finished basement which also has a gas fireplace. There is a one car garage with built in shelving that will make a great work shop.

The out door area is amazing as the previous owner loved to work in the yard. There is a great patio and wonderful landscaping. There is a storage shed for tools and yard equipment.

2711 Noonan Drive is being offered at 142,500 and is being sold ” as is ” to settle an estate. Please do contact me with any questions or to set up a showing. For more info and photos the mls# is 1302531

Maria Patton

Village Real Estate Services

phone: 615-887-4140

0ffice: 615-369-3278

East Nashville Homes: March Housing Market Update For East Nashville

Buyer and Seller Resources, East Nashville, East Nashville Home Prices, East Nashville Home Sales No Responses »

Apr 052011

The Spring housing market is officially in full bloom. March home sales in East Nashville were a little better than February. March showed 79 homes that closed on the MLS. This is only single family homes and does not include condos, multi family or commercial or land with an average days on the market of 91 days and a median sales price of $113,500. In February there were 50 homes that closed with an average days on the market of 88 days and the median home price of around $ 96,000. For March the % of sales price to list price is around 95.4 which is a little lower than average.

So what is selling in East Nashville? It really is all across the board. Investment properties and all cash deals are a big seller right now as investors are letting go of some of their properties. East Nashville will always be a hot spot for first time buyers looking in the 100k to 200k price range and there are plenty of homes in that price range available. Higher price homes are selling as well. A 550k home closed last month for 510k which we have not seen in a while. Inventory is definitely increasing as we get further into Spring and Summer approaches and contracts are being written. I am noticing an increase in short sales and foreclosures.

Now May Be A Better Time To Buy Than You Think.

Buyer and Seller Resources No Responses »

Oct 182010

Mortgage rates have dropped again to around for the third consecutive week making homes even more affordable for home buyers. While uncertainty looms for many potential home buyers..one thing is for sure, we are still in a buyers market and Nashville is no exception. As of today, East Nashville has had 20 homes close and the average ” days on the market ” is 107 which is very high. The median price of homes sold has increased to around 157k keep in mind this is just half way through the month.

How does the current foreclosure crisis affect a home buyers ability to get financed? I spoke with a lender that I am partnered with the other day at length about this. Loans are still being done the same for qualified home buyers. There are loan programs available such as FHA and THDA which are great options for home buyers needing assistance with certain costs.

What about buying a foreclosure? This is a great article from Trulia that answers many of these questions:

http://www.trulia.com/blog/taranelson/2010/10/4_things_buyers_need_to_know_about_robo-signing_and_the_foreclosure_freeze

East Nashville and many of the Nashville markets did not have the number of foreclosures that other states have had. While we do have a bit of inventory on the market, we are not faced with as many distressed properties. Now is a great time to buy a home..I know that sounds like Realtor rhetoric..but think about it..when will there be a time when rates are this low and there are so many homes to choose from?

THDA Information: http://www.thda.org/singlefamily/hochoices.html

For a THDA approved lender in Nashville contact me and I am happy to recommend one.