Regardless of how you slice it, 2017 was a wild year in the real estate business. So strong in fact, that we eclipsed real estate sales from 2007.
While many may expect 2018 to begin to return us to a more balanced market, few local or national indicators reflect that. Here are a few factors we anticipate will keep our Nashville market on the rise:
- Changes to our federal tax laws stand to put a damper on many markets due to the new $10,000 limit on state income tax and property tax deductions. States like Florida, Texas and Tennessee show to be winners as the lack of state income taxes leave the $10,000 deduction solely reserved for property taxes.
- The Mortgage Bankers Association is predicting an increase of 7.3% in mortgage loan originations across the country.
- Interest rates, arguably the biggest key to housing remaining affordable in our fine city, are expected to slowly increase throughout the year, but still remain historically low.
- According to Forbes, Nashville ranks as having the most high-wage job growth since 2011 as compared to the 70 largest labor markets in the country.
No doubt, our biggest challenge to maintaining the growth is the lack of home inventory. If there is nothing for buyers to buy, we will see sales reflect that stagnancy.
Questions? Send us an email or better yet, give us a call.