Temperatures and home sales were hot, hot, hot in July. Home sales in Davidson County were up 14.5% from July 2010 and in Williamson 27%, thus reversing a five year trend.
|July||# of Homes Sold|
Year-to-date sales are still down 10% from last year in Davidson, but that percentage may shrink if monthly sales continue to improve. Year-to-date sales in Williamson are up about 3% from 2010.
Excess inventory is still an issue. In both counties, there are a vast number of homes for sale for $800,000 and up. In Davidson, double digit inventory exists at all prices with the exception of homes priced under $300,000.
What does this mean for you?
Of course, recent dismal financial news could change all of this, but my advice remains the same.
If you have the cash, credit, job security, financing, and housing flexibility, it is a good time to buy. No, I don’t know if we’ve hit bottom yet because the only way we see bottom is in hindsight.
Rather than speculate, do your homework and determine if this is the right time for YOU to buy. And remember, real estate is extremely local –block by block.
If you bought at the top of the market (2006), you may need to stay put.
But remember, sell low, buy low. This may be the opportunity to acquire a bigger/better/different/luxury home for a good price.