Am I the only one that thinks Nashville Prices are overinflated

[dreading the move]

To everyone who said get a realtor. We had a realtor. If you think $450,000 will buy you a Mcmansion in Brentwood or Franklin, you need to look again. Yes there are homes in that price range, but they are on a very small lot, mostly dated from the 1970's and 1980's and not updated. Neighborhoods are run down looking with raggedy privacy fences and overgrown shrubbery throughout the neighborhood. Lots of wallpaper, old carpet and vinyl floorcoverings.

We eventually found a house, but we had to practically force our buyers agent to place our offer. She kept saying you don't want to insult them, etc. We just said submit the offer and long story short we have a house. Definitely not has nice as what I came from, but tolerable. Prices in Nashville are trending downward and will continue to do so. Realtors are working very hard to keep buyers from seeing that and if you are inexperienced, they will steer you to higher offers, even the buyers agents are doing this. If you are in the market, get the data and see for yourself. Do not take anyone's word for what is going on in the market. Nashville is about a year behind the rest of the nation. It may not take the fall some areas took, but it will be declining, so if you are buying, you need to get that price decline now, to protect yourself from the future declines. Good luck to everyone in their home search.

[htmlfamily]

Originally Posted by dreading the move

To everyone who said get a realtor. We had a realtor. If you think $450,000 will buy you a Mcmansion in Brentwood or Franklin, you need to look again. Yes there are homes in that price range, but they are on a very small lot, mostly dated from the 1970's and 1980's and not updated. Neighborhoods are run down looking with raggedy privacy fences and overgrown shrubbery throughout the neighborhood. Lots of wallpaper, old carpet and vinyl floorcoverings.

We eventually found a house, but we had to practically force our buyers agent to place our offer. She kept saying you don't want to insult them, etc. We just said submit the offer and long story short we have a house. Definitely not has nice as what I came from, but tolerable. Prices in Nashville are trending downward and will continue to do so. Realtors are working very hard to keep buyers from seeing that and if you are inexperienced, they will steer you to higher offers, even the buyers agents are doing this. If you are in the market, get the data and see for yourself. Do not take anyone's word for what is going on in the market. Nashville is about a year behind the rest of the nation. It may not take the fall some areas took, but it will be declining, so if you are buying, you need to get that price decline now, to protect yourself from the future declines. Good luck to everyone in their home search.

You did good and thanks for the Heads-up.

[staywarm2]

Originally Posted by TNDel

I guess I'm looking for easy to access, recent sales, by square footage. Yes, I guess that means comps! Any ideas?

Thanks!

Have you tried zillow.com? I think they list the comps. Plus, the site often lets you look at the home from 4 sides, plus you can move around the neighborhood to see other homes in the neighborhood.

[keef94]

Originally Posted by #Littledog

Are there houses in the $225,000-$275,000 range in Franklin? We, too, would live in a smaller house in a nice neighborhood with good schools. Size is not as important to us.

Tons! Check out Middle Tennessee Property Finder Click on the "Search for a property" button, and then on the next page click on Williamson County. Choose "residential" on the next page, and then on the Search Parameters page, enter Franklin for the city, and specify your price range. I came up with 82 results, with a variety of different locations.

I'm sure others can provide more info on the subdivisions, as I'm not a Franklinite (?) yet, but I've read and seen good things about the neighborhoods in Fieldstone Farms, Dallas Downs, Sullivan Farms, and Forrest Crossing--among others.

[wyldedixie]

After living in Chicago for the past two years and paying nearly $1500/month in rent, I can say with zeal that Nashville is certainly affordable. My husband and I don't have any children, and we pay ~$120/week in groceries for two people. When we lived in Louisville, KY before that, we were spending ~$70/week for two people. We were in Nashville last week looking at apartments, and we're going to pay $825 in rent...and that's with the pet fee attached for our dog. It's almost half of what we're paying now. I expect groceries will run us ~$80-$90 per week. Houses are 1/2 the cost of those in Chicago and surrounding suburbs. We're moving mainly due to cost. Chicago is simply to expensive to buy a home on one income. We can do that quite easily in Nashville. Plus, it's closer to family, friendlier, and has a better climate. We're originally from southcentral Kentucky, so this is certainly not going to be a culture shock for us, either.

Bottom line: we're looking forward to living somewhere where it doesn't take two incomes to survive.

[sliverbox]

I just got back from visiting TN: Nashville, Knoxville, Chattanooga.As a TN native, I can honestly say that the prices in general were MUCH HIGHER than they had been the last time that I visited. The prices in most of the urban areas I saw are not supported by local economics. The prices in my opinion have been jacked by people from other states moving in who think that 400k for s house is terrific. The median income in Nashville is maybe 40k, which might support a house of say- 150K max, but certainly not 400k.

My level of comfort for a small starter home in an older, less ritzy neighborhood in Nashville or most other TN cities is around 100-150k max. But after last visit, that number has now crept up to around 220k. Anything else was out way in the sticks, in a bad neighborhood, or in bad condition.

I've actually had to re-think my potential relocation plan to perhaps Austin since as it is now, Nashville now costs as much or more but doesn't have as good a job base as Austin. I have to admit that my last visit was a disappointment.

[Bevsdad]

Originally Posted by dreading the move

To everyone who said get a realtor. We had a realtor. If you think $450,000 will buy you a Mcmansion in Brentwood or Franklin, you need to look again. Yes there are homes in that price range, but they are on a very small lot, mostly dated from the 1970's and 1980's and not updated. Neighborhoods are run down looking with raggedy privacy fences and overgrown shrubbery throughout the neighborhood. Lots of wallpaper, old carpet and vinyl floorcoverings.

That's right, this is pure nonsense! Most of (90%) Franklin wasn't even built until 1990 and the areas that date to the 70's are priced in the low $200's. I'm not sure what ulterior motive is behind these replies, but I find them very misleading if not outright lies. Do a search of homes in Franklin and you will see the truth for yourself. And just for the record, you will have to search pretty hard to even find neighborhoods like those described in that reply, they just don't exist in Brentwood and Franklin in the $450K range.

[Diane Giam]

Originally Posted by Bevsdad

That's right, this is pure nonsense! Most of (90%) Franklin wasn't even built until 1990 and the areas that date to the 70's are priced in the low $200's. I'm not sure what ulterior motive is behind these replies, but I find them very misleading if not outright lies. Do a search of homes in Franklin and you will see the truth for yourself. And just for the record, you will have to search pretty hard to even find neighborhoods like those described in that reply, they just don't exist in Brentwood and Franklin in the $450K range.

I know Fieldstone Farms and Sulivan Farms, most built about 1999, have good sized homes , about 3800 sq ft, They are Priced in High $300,000 to Mid $400,000,
Anything that old is in the low $200,000 and I doubt many exist.
In the 70s Brentwood and Franklin were big farms, no subdivisions. Large houses on many acres,
Yes, I've only lived her just about 2 years but went to college here in the 70S.
Going to Brentwood, was going to the country and Franklin didn't have much either.
Yes, The lots are small on a lot of the new homes in that price range, but if you buy something early 90s the lot size will be much bigger.
I decided to buy on the Nashville-Brentwood Border with a Nashville Address, I got a House built in 2001 that would have cost over a $100,000 more with the Brentwood Address. Its over 4000sq, and yes in that price range.

Diane G