Lee Atwater, the much maligned political strategist of the late 1980’s, is credited with coining the phrase “perception is reality” when he was describing the importance of swaying popular opinion during campaigns.
I, like others before and after Lee Atwater, have found this phrase to represent a truth in our society. One that not only can effect political outcomes, but how the market works. And specifically, how the real estate market works.
The greater Nashville area real estate market is not immune to the moving of the national real estate market, but it is significantly insulated. A number of things lend to Nashville’s insulation during both good and bad economic times (economic diversity, culture, education, etc.) but still there remains a perception that “things are bad”.
The reason for this is that national news is constantly infiltrating our local market. All across the country people are out of work, businesses are closed, property values are down and local markets are sluggish. That is a scary scene. The good news is that the scary apocalyptic scene is not really our local reality.
I work with people on a daily basis that are relocating to Nashville for work. Businesses here are hiring and property values are remaining steady while home sales are increasing. Yes, the economic downturn has affected us, but the greater Nashville area has bounced [is bouncing] back.