Be it political, economical or social, major changes are occurring all across our nation that affect how we live, work and play. And as we all have seen, that change is also affecting the real estate market. But it's not all necessarily discouraging.
The Greater Nashville Association of Realtors, in cooperation with the National Association of Realtors, recently conducted a survey of people who had bought a home between June 2007 and June 2008 that revealed many specific changes and trends in the national and Nashville-area real estate markets.
From who is buying to how they are searching, there were many unique points revealed.
One of the most interesting facts the study uncovered is that homebuyers in our region, especially first-time buyers, are younger than what is typical nationally.
Additionally, the median household income of homebuyers in Nashville was $70,900 while nationally the median income was $74,900.
It is encouraging that the Greater Nashville area is ahead of the national trend on both fronts: younger people have greater access to buying a home in our area than elsewhere in the nation, and a smaller annual income is required to buy a home.
Thirty-six percent of homebuyers in the Nashville area were also first-time home buyers. This is an exciting statistic — our area is geared for growth!
In Greater Nashville, 90 percent of homebuyers used the Internet to search for their homes. That compares with 87 percent nationally. It's no longer good enough to put a "for sale" sign in your yard and have an open house if you're going to reach today's potential homebuyers. A balanced mix of many available advertising methods — from print to online — is necessary to gain exposure among potential buyers.
In our still-challenging real estate market, it's more important than ever that you consult an expert to make sure you're gaining the greatest exposure for your house, or alternatively taking full advantage of all the benefits and other incentives available to home buyers. And that's what agents are here for.
Just as we all must constantly learn and adapt with change, realty agents are constantly learning to stay on top of the latest trends and adapting to respond to the real estate market to make sure you are able to succeed regardless of your buying or selling goals.
With the new year, many of us often choose to make big changes. Some, like quitting a bad habit or starting positive ones, are not always easy. But buying or selling a home shouldn't be that way. Call a realty agent and enjoy the benefits of working with an expert in today's changing landscape.