Happy Spring of Deception everyone! As we swing between 80 and the teens, we’ll get to real Spring soon enough.
So this is where the market is currently……
I get asked this question a LOT, so I figured I should address it here. Do I think this is a bubble and is the market going to crash like in 2008? Nope.
Why?
1) Inventory
2) Millennials want homes vs condos now
3) Migration/Relocation to the area
See the chart below for where we are for the month of February 2021 vs 2022.
New housing starts (construction by builders) never ramped back up to the pre-2008 crash levels, so a decade of lower inventory, combined with our largest generation wanting single-family homes, and the number of companies relocating to the Middle TN area does not show any relief for our market in the foreseeable future. Most experts believe it will take 5 years, or perhaps more to catch up with the current demand for new homes.
So, no…I don’t think there are going to be any great deals or large waves of pre-foreclosures etc.. that we saw in 2008-2012. For one, lending laws were adjusted to prevent those loopholes again, and equity has been building rapidly for those who have stayed put, so if they lost their job (and unemployment is low) and needed to sell their house..the chance of being underwater is far less likely than before.
Our local MLS, Realtracs, has stopped syncing data to Homesnap, which was the preferred mobile option I would have clients and friends use, so in response to that change in events, my brokerage has created an app that stays up to date and is friendly with Realtracs. Click HERE to get my new mobile app that will pull up homes, open houses, etc… based on your location and search criteria. All the same good stuff plus some extra things too like mortgage calculators and the like.
We got a LOT (for Nashville) of snow since I last posted, and it was magical. My back deck provided a bounty for us…to eat!
Always a sucker for childhood favorites, I had to make snow cream…but a grown-up kind. I called it Old Fashioned Snow Cream. I already make my vanilla extract with bourbon, so why not go all the way?
A bowl full of fluffy snow with some 1/2 and 1/2, vanilla extract, orange extract, sugar, and a splash of bourbon…and we had the perfect dessert in front of the fire. It may be years before we can make it again, so we savored it.
Now I’m ready for some real Spring with flowers and all that jazz.
Until next time, stay safe and healthy!
