NASHVILLE, Tenn. - The weather is not the only thing heating up in Nashville, so is the real estate market. Home sales have increased from this time last year and are exceeding pre-recession levels.
Buying a home is the biggest investment most families will make. But in Nashville it's a decision that needs to be made very quickly, not to mention it will cost you more than ever before.
"The home we're standing in right now is $ 399,000. There are four of them here and the first one sold the first day it went on the market. The second one within a week and the third one also sold. And this is the last one,” said Realtor Wendy Monday.
Neighborhoods are changing and despite all of the new construction, the inventory still lags behind the demand driving up prices even further.
“You're in a multiple offer situation. That means you're going to have to get a little more aggressive maybe with your price or your terms,” said Monday.
Monday said she is often asked the real estate bubble will eventually burst. She says no because so many new residents continue to fuel demand and lending practices are tighter than they were before.
Bottom line, she projects the people who buy these homes will be able to make a profit in a couple of years.
