Today is a great day to look back on an entire year and take it all in. It’s a great time to remember and be thankful, a great time to plan and a great time to learn. With that in mind I have decided to put together a short “Top 5” list of lessons learned in the 2012 real estate market.
This list will mainly focus on the Middle Tennessee market, but will also incorporate a bird’s eye view of the real estate market across the entire nation. So here we go, in no particular order of importance…
The Nashville area is a desirable place to live
The Nashville metro area is growing. By 2025 the Nashville are is supposed to increase in population from 1.5 million to 2.1 million. That is a pretty crazy growth spurt if you think about it. And people are coming for more all kinds of reasons. Some are looking for advanced schooling at one of the many local universities.
Others are encouraged by Nashville’s healthy economy, job market and a thriving real estate market. And some are here to enjoy the unique culture of Music City, USA. And to top it off, Franklin and Hendersonville, two Nashville suburbs, were ranked #52 and #87 in CNN Money’s BEST PLACES TO LIVE of 2012.
Nashville is planning for the future and taking calculated risks
The city has invested it’s time and tax payer resources in the development of the Music City Center – a state of the art convention center at the heart of the city in downtown. I wrote about how this project is polarizing and how Nashville needs it to be a success here.
Also the city is engaged in the planning of a bus rapid transit system. The East-West Connector would run along West End from the west side of Nashville downtown to the east side of town on the other side of the Cumberland River. This project has also had mixed reviews (doesn’t every city project), but it is another example of the city ramping up for impending population growth.
Williamson County real estate remains in high demand
Real estate sales in Williamson County for 2012 were up over 27% from 2011 (2011 was up over 8% from 2010). That’s quite the increase from year to year and it speaks volumes about the condition of the market. Expect home values to increase in 2013 and for days on market to decrease as supply dips below demand even further.
Williamson County Schools have traditionally been considered a cut above the rest, so combine that with lower property taxes, a traditionally more family-friendly landscape and proximity to Cool Springs, you can see why Williamson County real estate is in high demand.
If you are thinking about moving to Williamson County, you might want to make your move before the Spring rush of 2013.
Nashville is a great place for business
Long considered only a country music town, Nashville has show that it has a superb environment for start-up business as well as major corporations that are interested in lowering their costs and long-term profitability. Nashville was selected as the #3 city in the US where start-up businesses are thriving by a CNN Money report.
The report says that the city offers a lower cost of living than rival cities in Silicon Valley or the Northeast. Jerry Bostelman, CEO of a Nashville staffing company, said, “Young entrepreneurs are wrong to think Nashville is just some hillbilly town.”
Right you are Jerry. Right you are.
Don’t Worry About the Fiscal Cliff
Don’t laugh – I’m serious. The fiscal cliff is something that is real, but in my opinion the hype is exceeding the fallout. Now you might think that sounds flippant, but I just think if you live in the Nashville area you have little to worry about and here’s why.
A) Real estate numbers are up everywhere, not just Williamson County. Hendersonville is experiencing growth, Davidson County sales are up as are sales in Mount Juliet. B) The job market in Nashville is pretty strong and the Nashville area is a great place for businesses to start, grow and thrive. C) Nashville’s economy is diverse and stable (relative to the rest of America it’s almost rock solid).
Of course I don’t have a crystal ball, but if we do go over the fiscal cliff I’m betting on my city to walk away without a scratch.
A Final Note of 2012
Hopefully this list will help you plan for 2013 and might even spur you into investing into real estate in the Nashville area. Nashville and the surrounding communities are a great place to live, work and play and I am very fortunate to be able to serve people in the area. Thanks for a great 2012 and let me know if you need any FREE advice. 🙂