I get this question a lot, usually from first time home buyers who are concerned about possibly losing money on their first home purchase. If I only had a crystal ball I could tell you exactly what your house would be worth in 5 or 10 years, but all I can do is suggest that based on the past history, you can expect property values to go up in most locations. It’s the locations part that get you, because in real estate, location is the most important part of the investment story.
According to Zillow, Nashville home values have averaged 5.8% per year the last 10 years, it has been predicted to slow somewhat in the future, but they’ve been saying that every year for the some time now. Zillow predicts that Nashville homes will appreciate 2.7% in 2020. My personal opinion based on what I’m seeing on the ground is that their estimates are low. I expect 2020 to be a strong market because the recession that they were predicting for 2019 didn’t happen, and neither did the rise in interest rates. Jobs continue to be plentiful in Nashville with more coming, and interest rates remain low, both are very good for the real estate market.
If you own a home in Nashville or one of the surrounding communities, congratulations you’ve made a good investment. If you are ready to use some of that equity to move, now is probably as good a time as you will ever find. If you would like to know the value of you home, give me a call, 0r sign up for my free home evaluator to get monthly updates of properties sold in your area.
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