This is an excellent article in today’s Today’s Tennessean Bobby Allyn wrote this article. Despite single-family home buildings dropping dramatically in recent years, there is still some momentum in Middle Tennessee. New homes Tennessee The number of new homes built in Nashville’s suburbs has increased by 12 percent over the past year, with the most significant improvement being in Williamson County. Metrostudy’s home tracker shows that Williamson County saw a 15% increase in the number of newly constructed homes as some areas became more affordable.
Sumner County’s vast rural stretches have helped to quench the homebuyer’s thirst for larger lots. This has boosted new home construction by 7 percent. According to Realtors, Wilson County saw a 2 percent increase in home construction year-over-year due to low property taxes. Local real estate professionals welcomed the modest increase in homebuilding. However, they acknowledged that current levels are not as high as those seen six years ago during peak times. Jay Lowenthal, a broker at Zeitlin Realtors, stated that it does not reflect the availability of land. It also reflects how difficult it is to build infill homes. “More houses are being built now that people understand the opportunities available to them.” However, not all data was vibrant. Even though the growth of new homes in Davidson County’s eastern and southern edges, such as Bellevue, Hermitage, and Hermitage areas, overall home building in the county fell 21 percent over the past year. According to reports, the number of building permits dropped 20% in Rutherford County. Recovery is slow and uneven.
Experts in real estate say the recovery of Middle Tennessee’s home construction is faster than that of the nation’s home starts to rebound. The U.S. Commerce Department reported this week that single-family home construction increased 1.5 percent in November. This was just as the average 30-year fixed-rate mortgage rate fell to 3.91 percent, a historic low. Richard Bell, Turnberry Homes’ president, has built more Williamson County homes than the rate for the previous year. According to Bell, homebuyers are moving away from large garages in favor of “better-used space.” This translates into lower heating costs and lower electric bills when consumers are becoming more cost-conscious. Bell stated that areas on the outskirts would recover faster than those in the city’s center because they have lower unemployment rates and are better positioned to help the economy. For instance, in November, Williamson’s unemployment rate was 5.6 percent, compared with Nashville-Mursfreesboro’s 7.2 percent. Bell said, “It’s still far from what we did last year in 2005.” “But we are starting to approach (new house) numbers that we saw in 2001 and 2002 — more conventional numbers.” Some people are attracted to lower prices by the lure of moving
According to Matt Ward, an agent with Deselms Team Realty Group that sells Sumner homes and other parts of Middle Tennessee, the Sumner County homebuilding boom was likely caused by homebuyers seeking an acre or more land at bargain prices. Some residents are moving from one county to another because they perceive bargains or other factors driving their homebuilding habits. MetroStudy’s Jason Brown said that new properties that were once out of reach for Williamson County residents are now more affordable. “We are seeing more people move to Williamson from Rutherford because of the quality schools and the price point.” However, there is still uncertainty in the job market, and strict lending standards keep some buyers from getting loans. Bell stated that even in difficult times, great places can still be desirable places to live. “Yet financing remains tight.” Real estate observers said that even though Middle Tennessee struggles to find financing for distressed properties, Davidson appears to be the laggard in removing them. Hyde homes Huntsville al Tamara Senibaldi, Marquis broker, said that the resell market was flooded with foreclosures and short sales. She also stated that distressed properties are still a problem in Nashville more than in other areas. Vice president of Crye-Like Jimmy Deatrick said Wilson County’s subdivisions are growing in popularity due to homebuyers taking advantage of the county’s low property tax rates.
“People have been moving from Davidson and Williamson into Wilson for many years. But now they are looking at the bottom line. It is much cheaper to build and live here than in other counties.” The majority of the 98 houses are located in this area. Goodall Homes According to Keith Porterfield, Chief Operating Officer, Sumner County’s last year’s construction prices hovered around $190,000. Porterfield stated that most Goodall homes at the time the first-time buyer credit was in effect were lower-priced and more speculative. This was to match the demand. The majority of Goodall’s new homes have been presold and are now mid-priced. Half of the peak allowed.
According to county real property records, last year’s single-family home permit count was only half that of 2007. Some areas, such as Antioch, Hermitage, and Bellevue, seem to have arisen from the housing slump more than others. For example, take the Spencer Hill community located off Haywood Lane in Antioch. A cluster of new homes priced between $130,000 and $150,000 is growing there. Nine new homes were built around Hays Blackman Loop last year. Many more are under construction. This is in addition to the 142 Antioch home permits that were issued in the previous year. According to realtors, the area offers the best of both worlds with decent homes at a lower price. Senibaldi stated that “we’re seeing first-time buyers neighborhoods come together.”
Apartment dwellers who are looking to buy a home but want to stay in the neighborhood. Antioch offers a lot of value for money. However, not all single-family home permits are accurate to reflect the buyer’s new residence. Bill Hostettler, HND Realty, cautions that this is not true. In some ZIP codes, such as Antioch, where Hostettler works as an investor, permit are taken out to build townhomes that will eventually become rental properties. He said, “We’re getting a lot of permits right now, but we’re renting all the property.” “And people are standing up to rent them.” However, the economics of MiddleTennessee’s housing market — rock bottom prices and meager rates — favor buying, broker Lowenthal counters. Consumers are becoming more aware. Lowenthal stated that people are beginning to realize they can pay the same amount as rent for a mortgage payment. (Written by Bobby Allyn, the Tennessean (.)
The home building and buying process are explained.
The Jones Company knows that purchasing a home is one of the most significant milestones in your life. This milestone doesn’t happen overnight. It’s a long process. Our sales team will help you make informed decisions about your new home and educate you about the building process. We’ve collected the most commonly held misconceptions about building a house. But we also share the truth.
Myth #1: Building your new home is complex, complicated, and takes a lot of effort
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Myth #2: Building your new home can be expensive and prohibitively expensive.
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Myth #3: Too many decisions
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Myth #4: Building a home is too expensive, and I don’t need it immediately.
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Myth #5 – I can live anywhere that is within my means
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