Friday, May 22, 2009

Where should I buy in Brentwood?

A recent, public, discussion with a local Brentwood homebuyer that I hope might help you in finding the right home, at the right price here in the Nashville area:

Chris (buyer): If a buyer had the opportunity to buy at the same price point in Bonbrook and Highland Park, what would the better subdivision be?
Kevin (realtor): Location should be a major factor in any real estate purchase, along side the numbers. The location of Highland Park has a broader appeal than Bonbrook due to the proximity to I-65. The direction of the values in Bonbrook seems less desirable to me than those of Highland Park.

Given the price ranges, do you mind me asking which other neighborhoods you have been considering (there may be a few more to add to your list)?

Chris (buyer): Kevin, To answer your question about other subdivisions being considered, our search has been exhaustive and comprehensive - I feel as though we've looked virtually everywhere. Inglehame Farms, Chenoweth, Lansdown, Bonbrook, Carronbridge, Montclair, Governors Club, Saratoga Hills, Fountainbrook - the list goes on and on.

We totally agree with you on the direction of the values in Bonbrook, however, this seems to be holding true for most of the homes in the aforementioned subdivisions. Despite comps, many homes are still being listed on the market at well above neighborhood values, which is interesting to us. I don't know that this is an issue simply in Bonbrook - based on market data, I think it's an issue for most of the neighborhoods in Brentwood, which could explain why the market is comparatively slower to what it was. If homes were truly priced to sell based on comps or relevant market data, I believe the Nashville market would be in better shape (with less inventory).

Sorry for the tangent!

Kevin (realtor): Having just helped a great family make a similar relocation move in the last few weeks, I feel your pain (grin). Your searches have quite a bit in common - even the frustration with our market’s response to the times. There really are a few neighborhoods that continue to perform better than others, and while the quality of condition is a key component - location has proven to be king once again in this buyer’s market.

We found significant differences between what homeowners paid two and three years ago - versus what they were able to sell for today - in various Brentwood neighborhoods vs. other Brentwood neighborhoods. My hope is that your agent continues to give you straight forward, accurate information on the differences between what neighborhood A and neighborhood B have been doing yesterday, and today.

The trends are there in Brentwood. If only looking back, they can help us stay inline with market expectations moving forward. Trust your gut -- and the reasonable numbers. If there are any questions I can be more specific on, please let me know via e-mail or phone.

Does this help you in your search? Do you have questions?

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