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Old 07-05-2010, 01:46 PM
 
107 posts, read 209,350 times
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Well, my daughter bought a 2 bedroom, 2 bath in East Nashville 3 years ago and will be graduating next year. She plans on selling and hopefully moving back to California. I noticed that the tax credit has been extended until the end of September and wondering how the housing market is doing in the East Nashville area? Just interested in different thoughts since I know it is coming up soon. Of course thank you in advance for your input.
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Old 07-05-2010, 03:00 PM
 
Location: Brentwood, Tennessee
13,783 posts, read 11,001,679 times
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If the house is structurally sound, priced right and in a good location free of any major hindrances such as an interstate ramp or housing project nearby, it will sell.
Price and location are key.
There are people who come to this forum all the time inquiring about East Nashville.
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Old 07-05-2010, 03:12 PM
 
Location: East Nashville/Inglewood
879 posts, read 1,619,827 times
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Houses seem to be still selling (and being renovated/flipped) at a pretty brisk pace in East Nashville and Inglewood considering the shape of the economy. Like Wmsn4Life said you'll just have to adjust the price according to location.
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Old 07-05-2010, 09:29 PM
 
Location: Franklin, TN
556 posts, read 1,090,306 times
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Careful on the tax credit extension. I thought it was only for those under contract as of April 30th.
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Old 07-05-2010, 09:46 PM
 
Location: Brentwood, Tennessee
13,783 posts, read 11,001,679 times
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Good point, TR. I looked it up, and it is only for sellers who had a contract by April 30.

From the Wall Street Journal: "The homebuyer measure would help only those that entered into binding contracts before April 30. It would give such homebuyers until Sept. 30 to close the sale. Under current law, they would have had to close by today to be eligible for tax credits."

So it wouldn't help the OP's daughter.
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Old 07-06-2010, 12:33 PM
 
107 posts, read 209,350 times
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You are right - just went to the IRS site and April was the contracted date to get the credit. September was just an extension to close. Oh well, as long as the real estate market is moving in East Nashville, that is good. If she sells at a break even, the price should be good. Hopefully, it would turn out that her good deed will result in her getting a good price on her next home. Like the movie "Pay it Forward".

OK I feel better knowing there is movement in this area.
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Old 07-06-2010, 01:15 PM
 
Location: Brentwood, TN
117 posts, read 157,702 times
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I recently sold my house in Inglewood to the first person that looked at it. It went on the market on a Friday in late March, had several showings on Saturday and Sunday, and the first person who looked came back with an offer, we were under contract by the following Tuesday. I was priced above the comps, but mine was very well staged and appropriately de-cluttered. Even with my price being above the comps, and above purchase price, I just broke even on the sale, considering sale price minus purchase price and closing costs twice (once to buy, another to sell, had to pay the commission the second time etc). I consider myself lucky. Do keep in mind that I bought in mid 08, after the market started crashing, and 07 might have been more "irrational exuberance" bubble pricing, depending on what month etc.

I think the staging combined with timing (i.e., I caught a stimulus buyer) helped my case tremendously.
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Old 07-06-2010, 03:18 PM
 
107 posts, read 209,350 times
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Boingolover that is great - I need to start doing my research as to when is a good month to put her place on the market. Plus, March was a good month because the buyers had time to get enough interest that helped on their taxes as well. Everyone benefited because you took the offer and didn't try to hold out. My neighbor had an offer of $700K before the market started the downturn, he refused wanted more, house was on and off the market and finally 3 years later took an offer in the $400K range.

If anyone can suggest a website where I can see the most recently sold homes in East Nashville I would appreciate it. Will be there next month...
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Old 07-06-2010, 03:21 PM
 
107 posts, read 209,350 times
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Wmsn4Life - Sorry I overlooked your posting and I just copied what you wrote
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Old 07-07-2010, 12:14 AM
 
Location: East Nashville/Inglewood
879 posts, read 1,619,827 times
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Quote:
Originally Posted by yoga-nana View Post
Boingolover that is great - I need to start doing my research as to when is a good month to put her place on the market. Plus, March was a good month because the buyers had time to get enough interest that helped on their taxes as well. Everyone benefited because you took the offer and didn't try to hold out. My neighbor had an offer of $700K before the market started the downturn, he refused wanted more, house was on and off the market and finally 3 years later took an offer in the $400K range.

If anyone can suggest a website where I can see the most recently sold homes in East Nashville I would appreciate it. Will be there next month...
Here you go.

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