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Old 05-02-2007, 11:34 AM
 
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I know the market in TN is different than here in CA as far as extreme lows and outrageous highs. But does TN experience a great market as far as homes selling, plenty of work for construction, and then boom, it all stops. Or is it just a steady pace most of the time? California's market is Bypolar!!
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Old 05-02-2007, 11:44 AM
 
Location: Tennessee
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Quote:
Originally Posted by GARYNJANET View Post
I know the market in TN is different than here in CA as far as extreme lows and outrageous highs. But does TN experience a great market as far as homes selling, plenty of work for construction, and then boom, it all stops. Or is it just a steady pace most of the time? California's market is Bypolar!!
It's reasonably steady for the most part. Occasionally something will come along in an area and significantly affect things (such as Saturn coming to Spring Hill; a major change to a small town area), but otherwise it's not boom or bust. Or at least if there is a boom and bust, it's a relatively mild one.

Of course, things can change.
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Old 05-02-2007, 11:49 AM
 
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Nationally, the housing market is slowing. This includes Nashville and TN for the most part due to the fact that supply is growing and sales are slowing, though not at the level that they are in CA. Prices have been fairly unaffected by the housing boom: 5% or so annual appreciation. Nashville's appreciation is set for 1-3% in the next 2 years. So this isn't a place for people looking to make a quick buck or invest. There are simply so many homes that are under 150k, that there exists no pressure to buy or expect prices to go to the extreme levels that they did in CA. Lastly- TN is fairly rural. Plenty of room to build. So again; another reason not to expect huge appreciation like that of CA.
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Old 05-02-2007, 11:49 AM
 
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Major change to a small town meaning a good thing?
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Old 05-02-2007, 11:54 AM
 
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The appreciation and quick buck isn't what we want, so that's okay with us. My husband and son-in-law install granite and tile and just want to have steady work. The different ones we've been talking to there in TN all say there's plenty of work.
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Old 05-02-2007, 11:55 AM
 
Location: Tennessee
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Quote:
Originally Posted by GARYNJANET View Post
Major change to a small town meaning a good thing?
Well, it depends. I think many people in Spring Hill certainly think Saturn coming to the area was a good thing. I'm sure there's a few folks around who would rather have had it stayed just like it was. And a few people came in and tried to make a quick buck off of property in the area . . . and some of them got their head handed to them.

Personally, I like the auto industry here, but I don't want it to be like Michigan where once such a large part of the economy was tied to the car maker's fortunes. That's just a comment; I don't really see any danger of that.

Too much of anything at one time is generally not good, whether for humans or states. Of course, don't tell that to the state and local industrial development boards.
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Old 05-02-2007, 12:05 PM
 
Location: Tennessee
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By the way, the worse housing slump I ever saw in Tennessee was in the early 80s when interest rates went skyhigh. Of course, that was somewhat national in character.

I worked for an engineering firm at the time that did a lot of development type works (subdivisions, surveys, water and sewer lines); at the peak of the interest rate hike, when mortgage rates went to something like 17%, our business was off by 60 to 80%. That was a very unusual time . . . but time always has a way of surprising people.
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Old 05-02-2007, 12:20 PM
 
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Thank You Alleycat, You Are Always So Good About Answering Questions Right Away With Good Info. I Appreciate That!
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Old 05-02-2007, 12:22 PM
 
61 posts, read 217,428 times
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Quote:
Originally Posted by alleycat View Post
Well, it depends. I think many people in Spring Hill certainly think Saturn coming to the area was a good thing. I'm sure there's a few folks around who would rather have had it stayed just like it was. And a few people came in and tried to make a quick buck off of property in the area . . . and some of them got their head handed to them.

Personally, I like the auto industry here, but I don't want it to be like Michigan where once such a large part of the economy was tied to the car maker's fortunes. That's just a comment; I don't really see any danger of that.

Too much of anything at one time is generally not good, whether for humans or states. Of course, don't tell that to the state and local industrial development boards.
I AGREE WITH YOU, BY THE WAY.
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Old 05-02-2007, 01:33 PM
 
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I was back in East Knox Co. yesterday and home that I liked and saw a month ago had a reduction of $20,000. I agree that most likely it was already overpriced from the beginning and it's coming to a more reasonable price now, however, some people are still trying to make lots of money on real state, it appears that it's not working that well, I have a real example here. Again, as I mentioned in another post, East TN price per sq. ft is around $86.00 (average). I would not buy anything going too much far from this figure, unless it is a lake front property or some expensive custom build homes subdvision.
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