Quick Housing Stat

I was curious tonight so ran a quick number from our local MLS …

Did you know that right now there are 55 homes in LaVergne priced at $100,000 or less (active listings).

Six have contracts on them.

Most are three bedroom, two bath houses with an average of 1200 square feet.  Unless I miscounted (which is possible since I had one ear to the TV), nearly 30 are short sales, foreclosures, or HUD owned.

That said, many of these home are beautiful!  Some, not so much.  But overall there are some great buys in LaVergne right now.

Advertisements

6 Responses

  1. Wow. That makes me sick at my stomach. I have a 3 bedroom 2 bathroom 1250 square foot house that I bought in 2005 for 140k from Ronnie Butler Builders. And now it seems that I might get 100k for it? Devastating. Looks like I’m stuck in Lake Forest forever.

  2. I think all of us who bought real estate from 2003 – 2006 have a bit of a pit in our stomach over all of this. The bad news is we bought at the top of the market. The good news is if you don’t have to sell immediately, things will turn around. If you have a job in the Nashville area, keep the house and stay there. The value of your home is like stocks. If you own 100 shares of ABC company, it doesn’t matter if the stock is selling for $2 or $200, you still own 100 shares. With a house, you always have the house, the only time the value matters is when you are ready to sell.

    Part of our problem has been letting go of the historical requirements. If everyone still had to put down 20% to buy a home, prices would not have been able to inflate at the rate they did. And if interest rates weren’t so low compared to historic averages, then so many exhisting hoeowners wouldn’t have refinanced their homes and taken out a ton of cash. Think about it, a 15-year mortgage at 8% interest with 20% down, how many of us could have afforded our current home?

  3. Well that makes me feel a little better thanks. The other problem with selling a house in lake forest is just going to be the sheer number of houses that are going to be on the market at any given time. Does anyone know exactly how many houses there are now, and if the development is done or is going to be done any time soon?

  4. As of right now, there are 86 homes in Lake Forest Estates for sale. Of those, 13 have contracts with contingencies. This number does not include the ancillary subdivisions around Lake Forest (like Cedar Lake and Watersedge for example).

    Clearly, they are not done building. Lake Forest now has streets dumping out on the hilly, curvy part of Hollandale Road with brand new houses going in.

    The housing bust did slow down the building for about a year, but my guess is with housing sales starting to rise again, that lull won’t last long.

  5. Sure to be more Section 8’s — in my opinion!

  6. Until people begin to see the value in home ownership again (not only as a home, but also as investment property), then yes, there probably will be more section 8 and other subsidized housing.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: