I read a great article on FrontDoor.com today regarding what to expect from the housing market in the new year. I hope you find it interesting and helpful. I’ve outlined the article below….
After the recent housing boom, 2008 was a dose of reality. The subprime mortgage crisis and the collapse of major financial institutions made this year a tough one for Nashville real estate. Expect 2009 to be filled with more change and adjustment in home values and expectations. Some experts say a slow recovery could begin in late 2009. Prepare yourself for the home sale and home buying challenges — and opportunities — of 2009 by getting familiar with what to expect in the Nashville TN housing market.
- Continued market adjustments. With home prices in Franklin, Brentwood and some areas of Nashville having reached astronomical levels, it was inevitable a reset button be pushed. Home Sellers will continue to be challenged in 2009 as the inflated pricing of years past adjusts to normal levels. With banks and Nashville home builders willing to slash prices to sell a backlog of TN foreclosures and new homes, individual sellers will have to price their homes competitively.
- Action from the new administration. The President-elect’s plan to help the housing sector includes a 10 percent mortgage tax credit for homeowners who don’t itemize their taxes and a crackdown on abusive lending practices.
- More assistance programs for homeowners in danger of foreclosure. While the federal government is attempting to reduce foreclosures, a report released by the Joint Economic Committee predicts 2 million foreclosures in 2009. Homeowners who are at risk should take steps to avoid foreclosure.
Click here for a list of “rescue programs” for homeowners. - Some calm to the chaos of the banks’ restructuring. This should cause loan modifications and short sales to get easier, and it will also (eventually) decrease the number of bank-owned properties on the market.
- Thorough reviews of mortgage applications. Before the subprime mortgage debacle, you didn’t have to prove you could afford to borrow $200,000 for a home and you didn’t need a down payment. Those days of sketchy lending practices are gone. Lenders now require potential borrowers to provide extensive income and expense documentation. Nashville Homebuyers with the best credit will get the lowest interest rates. Take steps now to get your finances in order and boost your credit score.
Click here to read tips for getting your finances in order and making smarter home buying decisions. - Low prices and low interest rates. 2009 could be the time for reluctant homebuyers to act, as this is perhaps the last year of the best home buying opportunity in recorded economic history.
- Cool tech tricks and tools for the real estate obsessed. As homebuyers turn to the Web more and more for their real estate needs, video, webcasts and mobile search tools are becoming more prevalent. Sellers should consider using these cutting-edge tools to make their homes stand out.
Click here to read about all my tech tricks and tools I use to sell Nashville homes. - Wiser consumers. After facing this foreclosure crisis, buyers, sellers, real estate agents and even tenants will have a deeper understanding of real estate, mortgage and credit, which they can use to make better decisions and be more self-protective in the future.
- Leaner, greener homebuying. Across the board, homebuying is becoming more eco-friendly, from transactions being conducted digitally to buyers opting for smaller homes within walking distance of school and work.
- An increase in consumer confidence. As the year goes on and we near the projected end of the recession, home sellers can breathe a sigh of relief as home buyers regain confidence in the market.
Click here to read this article in full on FrontDoor.com.
This information was brought to you by JoAnne Staler, Nashville Tennessee REALTOR with Rochford Realty & Construction Company is providing a unique level of service to buyers and sellers in Nashville, Brentwood, Franklin, Williamson County, Green Hills, Belle Meade, Bellevue, Forest Hills, Oak Hill, Vanderbilt, Belmont, Midtown, Downtown, Historic Areas, Spring Hill, and Thompson Station Tennessee. Whether Buying or Selling Real Estate locally or Relocating to Middle Tennessee, let a Top Selling Nashville Real Estate Agent help. To find out more about JoAnne Staler or search for real estate via the Middle Tennessee MLS visit www.JoAnneStaler.com.
One Comment
Great article, Joanne. I am hoping that 2009 brings out new buyers who can get the market moving again. Personally we are selling our Main Street Home in WillowSprings which caters to retirement-age people. I predict the market picks up in late January.
In the mean time we are trying to market our house as much as possible, using a website (585Marigold.com), a blog (blog.585marigold.com) and ordering Moo Cards with pictures of our house on the front for us and our agent, Mark Dobberstein, to pass out around town.
Good luck to you in 2009.