The Middle TN real estate market in October surpassed last years number of sales! See this chart that shows all transactions including LAND, Condo, and Multifamily transactions (commercial and rentals are excluded). What drove this increase? The First Time Home-buyers tax credit. – Haven’t heard of this? (Some people haven’t) It is a 10% tax credit for buying a house if you have not owned one for the past 3 years, and it caps at $8000. It expires on 11/30/09 unless an extension or a revised plan is passed, which is being discussed and will likely be sent for Obama to sign or veto later this week. The revision could include a smaller tax credit for those that have owned for 5 years and want to buy. You can follow me on facebook to get updates on this as it progresses this week.
Williamson County home inventory is dropping. In September there was 11.3 months, in October it was 10.1 and now in November it is 9.7 months of inventory to sell. Specifically Franklin has 11.7, 10.4, and 10.1 respectively. Where should we be? That is hard to say, but the trend is going the right way. This means that if no new homes entered the market and we continued at the present rate (a rate averaged over the past 6 months) that we would sell all the Franklin ACTIVE inventory in 10.1 months. As the number gets lower we enter the much desired SELLERS MARKET. I have this Total Market Overview for Williamson County by City and by Zipcode for your review.
If you are considering selling your home, please contact the Grumbles Team. Shouldn’t your REALTOR know the market? When interviewing agents for the job of selling your home, ask them if they know the market and have tracked it’s trends.
Thanks for reading the monthly update and if you have any questions you can call us at 615-587-5843 or via email at Grumbles@MikeGrumbles.com. Want to search the entire MLS for Middle Tennessee for FREE then check out our website.
The Grumbles Team is our family serving your family with your real estate needs in Franklin, Tennessee 615-587-5843.
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