Monday, June 15, 2009

Another affordable neighborhood selling well?

'Move up buyers' is a term that real estate markets treasure. One first time homebuyer’s purchase domino’s all the way up to the sale of that 'house on the hill.' In the case of our national real estate market, this endangered species is feared to be dead or dieing due to all of the foreclosure, short-sale and REO sales. Essentially, after the bank sells you a home, they are not going out and buying another - so the ‘circle of life’ housing market stalls. perhaps cancelling what would have been five to six more home sales. Stifling demand, crushing values.

Enter our earlier post about the Blackman area of Murfreesboro (thirty minutes southeast of Nashville, Tennessee). Under five months of inventory. Stabilizing. Selling.

Anomaly? Nope.

Hendersonville’s own Walton Ferry Elementary is showing more than just ‘signs of life’ - its selling too. Pretty well in fact. About 35 houses are available in this lake community near Sander's Ferry, but 31 have already sold in 2009, with eight more under contract or pending sale. Again, we see a desirable community performing well in the midst of a tough market.
Dozens of families were able to move up to the houses they wanted, and many were able to do so quickly in this north of Nashville gem.
Will the results of this activity find its way into the rest of the market? What does it look like for all of Nashville?

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