According to this story in the Daily News Journal, Rutherford County and its three cities (Murfreesboro, Smyrna, and LaVergne) issued to home builders just 1,177 single-family home permits from January through November, 2008, compared 2,391 issued during the same 11-month period in 2007.
As we see it, this news means two important things for the Rutherford County real estate market:
1.) This slowdown in home building had to happen in order for the glut of inventory to get cleared out of our real estate market. As the inventory gets smaller, buyers and sellers will become more balanced, resulting in more stable home values.
2.) Time is running out to take advantage of one of the best buyers’ markets in Rutherford County history. Prices are low; interest rates are low; and inventory is high, meaning there are plenty of homes to choose from. Fear is the only thing keeping buyers from scooping up one of the many great deals now available. Once the inventory clears out, prices will begin to rise and the window of opportunity will close. If you’ve been thinking of buying, this is your chance to get in at the bottom of the market and reap the rewards in your net worth as prices go back up. Give us a call or check out our No-Hassle Home Search to see homes for sale.
Tuesday Morning Coffee 