If you have been going back and forth about whether to buy or rent a home in Nashville, the latest article from Forbes might help point you in the right direction. By teaming up with Local Market Monitor, they were able to track which cities would provide the best return on investment.
After comparing more than 300 real estate markets, they came up with the top 20 cities to buy a home in 2017. Nashville was listed as the #8 housing market after being left off the list the last two years. I guess a steady 10% increase in home values year over year will start attracting the attention of the rest of the nation.
Before making a huge financial investment, buyers want to know that they’re making the smartest decision possible, so it’s music to their ears when the CEO of Local Market Monitor stated that “These are markets where you can make an investment, you are probably going to get a good return and you are not taking an extraordinary risk.”
This good news combined with increasing mortgage rates may serve as a catalyst that propels many renters to take the plunge into homeownership. The only downfall to more buyers entering the market is of course that there would be less home inventory where there was already a substantial shortage.
Another takeaway from the article was that these are the top cities to to invest for the long term. This means that you either plan to live in the home a few years or use it as a rental property. There are still a few great fix and flip deals to be had in Nashville where you can make a quick profit, but for the most part these are far and few between and will usually have a ton of competition if it’s in a desirable neighborhood.
Overall, this is a great way to start off 2017 for Nashville real estate and all indicators point to a strong local housing market for the next few years.