What's the Real Estate Market like there? (Franklin, Nolensville: foreclosure, rental)

[Nashter]

I also noticed that brand new houses / houses to be built are actually increasing in price due to demand. I was surprised how fast certain new subdivisions get filled up.

[Big TR]

Nashter, you must be looking in other subdivisions than the ones I'm seeing down here in Franklin and the surrounding un-incorporated area. Inventory houses are sitting forever and next to nothing is being built.

[user123455]

Originally Posted by Nashter

I also noticed that brand new houses / houses to be built are actually increasing in price due to demand. I was surprised how fast certain new subdivisions get filled up.

maybe that's why home builder stocks have dropped by 95%

[Steve_TN]

Originally Posted by Big TR

Nashter, you must be looking in other subdivisions than the ones I'm seeing down here in Franklin and the surrounding un-incorporated area. Inventory houses are sitting forever and next to nothing is being built.

Same here in Murfreesboro, for the most part.

[OhHaiGuise]

Fairvue Plantation in Gallatin is selling really well. It surprises me because most of the homes are 500k+.

[KentuckyDerby]

According to what I'm reading the number of sales is sharply down across the board. It's like all the buyers disappeared from the market.

[Branch Water]

We're looking also in Hendersonville. There are lot of of short-sales and foreclosures but our Realtor has advised us that these often take many months to actually close; not really seeing that they actually are any great deals on them. New housing is really out of our price range and we really do want something a little bigger than 2200 sq ft. We make reasonable offers and are told they have already reduced price by 40-60K; overpriced a bid, maybe? I was out riding through neighborhoods on Easter Sunday afternoon and there were plenty of others as well picking up fliers from in front of for sale homes. Hope something comes up soon our house has sold and we are ready to move.

[Big TR]

Branch, it will take a couple months to close on a short sale or foreclosure. From experience ours took 3 months from the first offer to closing.

These purchases are substantially more work for a realtor, so yours might not want to put forth the effort. Your offer needs to include recent comps in the general area of the home you are buying showing that the price per square foot, land, etc is all comparable. Don't just trust that your realtor is doing this. Make sure of it.

You're not just going to be able to make a "reasonable" offer and hope it works. Both you and your realtor are going to have to work to make a short sale / foreclosure purchase work out.

[Branch Water]

Unfortunately don't have that much time and I know my realtor does not want to be bogged down with all of the details, so will have to keep looking.

Thanks for the advice, hope it helps someone else out cause there's some nice deals if you have the time like you said.

[Carol McCullough]

I thought this article and the map that accompanied it might be useful/interesting:
Open house, anyone? 1 in 9 homes sit empty - USATODAY.com
It shows the anticipated housing recovery state by state.