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Old 12-29-2008, 07:44 PM
 
Location: Nashville
16 posts, read 43,564 times
Reputation: 11

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my husband and i are hoping to find our first house before long.
is this a bad time to buy?
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Old 12-29-2008, 07:47 PM
 
Location: Houston, TX
4,678 posts, read 8,510,997 times
Reputation: 1960
Quote:
Originally Posted by brighteyes_bc View Post
my husband and i are hoping to find our first house before long.
is this a bad time to buy?
I'm not a realtor but from what I've heard, Nashville's housing market is still pretty solid. I would say it's a good time to buy, Where are you looking ?
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Old 12-29-2008, 07:47 PM
 
Location: Blackwater Park
1,715 posts, read 6,393,074 times
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I'd recommend waiting a few months. Prices will keep falling.
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Old 12-29-2008, 07:58 PM
 
Location: Nashville
16 posts, read 43,564 times
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Quote:
Originally Posted by TNRyan23 View Post
I'm not a realtor but from what I've heard, Nashville's housing market is still pretty solid. I would say it's a good time to buy, Where are you looking ?
we're interested in the hermitage/priest lake/mt. juliet area, but are considering other areas, as well.

we are currently in the cherry creek apartments in hermitage, but our lease will be up in may.
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Old 12-29-2008, 08:16 PM
 
Location: Houston, TX
4,678 posts, read 8,510,997 times
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Quote:
Originally Posted by brighteyes_bc View Post
we're interested in the hermitage/priest lake/mt. juliet area, but are considering other areas, as well.

we are currently in the cherry creek apartments in hermitage, but our lease will be up in may.
You should be able to find some pretty good deals in Hermitage/Mt. Juliet/Lebanon. I would suggest Hendersonville and Gallatin but that may be too far for you to go.

Nashville MLS Listings
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Old 12-29-2008, 08:22 PM
 
Location: Nashville, TN
957 posts, read 3,329,972 times
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Interest rates are coming down, so that's a good thing, but once they figure out that lowing rates won't help the overall economy, they will go back up. The market here has remained fairly stable. I wouldn't expect a significant decrease from where it is now. I'd buy while you can still get a decent fixed rate. No telling how long these low rates will last.
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Old 12-29-2008, 08:42 PM
 
Location: Nashville, TN
1,177 posts, read 3,732,370 times
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Quote:
Originally Posted by brighteyes_bc View Post
my husband and i are hoping to find our first house before long.
is this a bad time to buy?
Brighteyes, the answer to your question depends on a number of things. Contrary to what some posters have said, the overall Nashville area market has declined quite a bit in the past eighteen months. Total transactions are down by over thirty percent over prior year. Prices are dropping in many areas around Nashville. Foreclosures are up substantially in Middle TN. Days on Market is up dramatically over the past few years and increasing in many areas around Nashville.
All of this is not necessarily bad news for buyers. Prices will continue to drop in many areas around Nashville but you can get some great deals out there right now. Part of the answer to your question depends on how long you plan on living in a house if you buy. Part has to do with what your current financial situation is and how much money you can put down. Interest rates are very low for highly qualified buyers at this time so if you qualify for the low interest rates being advertised that is a consideration.
I would suggest you find out(with a lender) what interest rate you qualify for and for how much on a 30 or 15 year conventional loan. If you plan on living in the home at least five years you need to search for a house that is priced appropriately and the seller is highly motivated. Hope this helps. Good luck.
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Old 12-29-2008, 09:36 PM
 
21 posts, read 43,849 times
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Now is the best time to buy a first house! The market is down everywhere... I just looked at lake homes this weekend, and of the 9 i saw, 8 were vacant!!!
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Old 12-29-2008, 09:42 PM
 
Location: Murfreesboro, TN
763 posts, read 2,261,255 times
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I don't think the market has hit bottom yet. If you're planning on buying and staying long term, then buy now to lock in the low rates that we'll likely never see again in our lifetime. If not, rent and save your money. We're looking to buy investment property so I don't care if home values fall a bit further since we'll just be sitting on them for a long time.
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Old 12-29-2008, 10:50 PM
 
730 posts, read 1,667,551 times
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Quote:
Originally Posted by brighteyes_bc View Post
my husband and i are hoping to find our first house before long.
is this a bad time to buy?
IF you can make the monthly payments including Insurance and Property Tax, and you feel your job is secure, then go for it.

resale value is not the main reason you should buy, unless you are an investor. Buy what YOU want and fits your needs and finances. People trying to "score" on buying a house, is part of why we have a problem to begin with.

If you want a "HOME" not just a "house" buy what you feel fits THAT need. Over time the market will adjust and grow at a normal rate.
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