Unless you’ve been in a coma since March, you’re aware that, from just about any angle, 2020 has been a pretty dismal excuse for a year. And that goes double for Nashville. Following the March tornadoes and the pandemic, severe straight line winds knocked 100,000+ Nashvillians off the power grid for up to two weeks in May. To top things off, a domestic terrorist blew himself up on Christmas morning taking a good bit of historic Second Avenue with him. OMG! What next?!? Wait! Don’t answer that …
While weather and other events beyond our control do not respect man-made calendars, there is a certain relief in being able to say, “It’s no longer 2020.”
Amen!
But what about the year ahead? Amid all this gloom, one Nashville bright spot in 2020 has been residential real estate. What does the crystal ball say?
Disclaimer: I do not have a crystal ball. I have a Tennessee real estate license. But I do have some thoughts, so here goes. From all indications, our market going into the new year will be much like it has been in 2020. Which means …
Sell, sell, sell!
Do you want to sell your house? Are you sorta thinking about it? Maybe it just crossed your mind … a fleeting thought … Call me now!Given how tight inventory is, you’d be doing the world a favor. Price it right and it will sell.
Even overpriced listings get a lot of action. I had an overpriced listing this fall and had 72 showings in two weeks. Within two days of dropping the price to a more reasonable level, we had two offers at the same time and it sold for over asking.
January 2021 is a great time to sell.
But, where do I go … ?
Well, that can be a tough one. If you’re not leaving town, or moving to assisted living, or planning to live in your grown kids’ basement when your house sells – which it will – chances are you’ll need to buy another place.
Challenging! (see above)
If you need a mortgage, there’s good news. Interest rates are at historic lows and it looks like this will continue well into 2021. With a 30-year fixed rate mortgage at less than 2.5%, (and a 15-year fixed is even cheaper) your buying power is at an all-time high. It will take determination and patience – I can help you with both of those – but the deals do get done.
You’ve got to bring your A game, but January 2021 is also a great time to buy.