There are currently over 600 homes in Nashville (Davidson and Williamson Counties) that are either foreclosures or short-sales. The opportunity for home buying is out there and the market is turning. What does that mean to "Joe Homebuyer"? If you have the time and the patience then it means A GREAT DEAL! Let me give you an example.
I currently have a listing in Lenox Village, Nashville TN. The listing price is $148,000. This is a great deal for this area. It's a 2 bedroom, 2.5 bath townhome with a full 2 car garage and private views. The average dollar per square foot in that area is around $123 (listed). Mine is around $100 per square foot! This home was originally purchased for around $175,000 just a few years ago. This is almost a $30,000 savings which is roughly 20%. That is the equivalent of having $200,000 taken off a million dollar home.
Of course the BIGGER deals are out there too. I just saw a home today in the highly coveted Laurelbrook neighborhood in Brentwood TN. This home is almost 10,000SF and is being listed at only $1.5 million! Incredible deal.
It's no secret that it's a buyer's market. There are some things that you can do to find these deals in your area.
1) Get Pre-qualified. Some buyers don't even know that they CAN afford a house period. You would be surprised to find out what you CAN afford and how cheap homes can be. I just closed a $90,000 deal in Nashville and am helping another buyer get into a $72,000 home within the next few months (both short-sales in Nashville). *If you are a first time home buyer and are looking for the $8,000 tax credit then a short-sale might not be for you.
2) Find a PROFESSIONAL real estate agent that knows the area you are buying in. This should NEVER cost you a dime. Utilizing a professional agent will help you find the best bang for your buck.
3) Sit back and relax. NO, it is not easy but having the right team (lender, agent, title, etc.) will help the process go smoothly and possibly quicker.
I don't need to say that "now is the time". The numbers speak for themselves. Do your research and find out about your local foreclosures or short-sales. You don't need to pay for a foreclosure site. You need to utilize your resources.
KELLER WILLIAMS REALTY
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