March 2020 Market Update and COVID-19

We hope you and your family are staying safe and staying in. We want to continue to update you on information about the Real Estate market locally as well as the climate nationally. Here are some bite-sized "takeaways" for Real Estate amidst COVID-19.

• Many have fears of a recession coming but what does that mean for the Real Estate market? "While the number of home sales is likely to take a beating, at least in the short term, experts predict that the real estate market is much more stable than it was in the last go-around." " from a recent Realtor.com article that you can read more on HERE.
  
  
• A Zillow Study regarding the behaviors of the housing market during previous pandemics gave sellers a somewhat reassuring conclusion: While the number of home sales dropped dramatically during previous outbreaks, home prices stayed roughly the same (or only dropped slightly). That makes sense; fewer transactions make it harder for prices to change. Essentially, the market goes on pause during outbreaks like these.
  
  
• If you are researching mortgage assistance options, here is some important information to consider: Forbearance temporarily suspends or reduces the amount of a regular mortgage payment. Forbearance is not forgiveness. Once the forbearance period ends, the accrued mortgage payment(s) may be due in full or due during a "workout period". Your loan will continue to gain interest during the forbearance period and your credit score may be adversely affected. Be sure to consult with a trusted Mortgage Lender and/or Financial Advisor prior to making any decisions.
  
  

Local Market Update:

• MLS Sales for March are up 10.2% from March of Last Year
  
  
• Williamson County:
  
  
  • Average Single Family Sales Price " $628,825 (+1.8% over last year)
    
    
  • Total Closings (Single Family, Condo, Multifamily, Land) " 485 (+ 17.1%)
    
    
• Davidson County:
  
  
  • Average Single Family Sales Price " $426,950 (+7.3%)
    
    
  • Total Closings (Single Family, Condo, Multifamily, Land) " 1,106 (-2.9%)
    
    
• Rutherford County:
  
  
  • Average Single Family Sales Price " $309,417 (up 8.2%)
    
    
  • Total Closings (Single Family, Condo, Multifamily, Land) " 611 (+9.1%)
    
    
• Sumner County:
  
  
  • Average Single Family Sales Price " $352,142 (up 7.5%)
    
    
  • Total Closings (Single Family, Condo, Multifamily, Land) " 351 (+8.0%)
    
    

As best it can, the real estate industry is continuing to operate during these challenging times. Our industry is quick, responsive and innovative, so we will find ways to serve Greater Nashville well and help keep everyone safe.

A service we are offering during this time is Virtual Real Estate Reviews. We can schedule a Zoom call to discuss your home value and the possibility of leveraging that equity to help you during this time. If you have any questions at all or would like to set up a call, please do not hesitate to reach out.

Stay Safe,

Clough Team Realty Melissa, Andy, Wil, Kyle, Kaitlyn, Debbie, and Emily