There’s been many very scary stories from the real estate industry in recent years, however, the some of the basic realty rules still carry and maintain their truth. Many Realtors will tell
Teardowns Have Improved Real Estate Prices in Nashville and Middle TN
Dated: May 22 2019
There’s been many very scary stories from the real estate industry in recent years, however, the some of the basic realty rules still carry and maintain their truth. Many Realtors will tell you that the location of a property is the most important influencing factor that affects the value of such property, and even with the burst of the real estate bubble, that opinion is still valid. The high number of properties that are listed for auction has led to a dip in the prices of real estate and for those interested in investing in teardowns, it presents the ideal opportunity to get in. You get the opportunity to acquire properties for prices below the market value, possibly tear them down and put up a structure befitting of your taste. You can also make a profit by selling the property later.
If you can take advantage of the market, this could be a real opportunity here. You can get discount prices for properties in prime communities like Nashville, Tennessee or areas of Middle TN, etc. if you decide to sell after that, you’d definitely sell at a profit because then you’d have a brand new home in a prime location. For the buyers and sellers alike, teardowns can be a win-win situation – a beautiful home goes for a good price and everyone goes home happy.
In some situations, the neighbors of teardowns may not be up for it at the beginning, but when they see the appraised property and what it would do for their neighborhood, they get on board. The value of their property appreciates as a result of the teardown. The value of properties in cities like Nashville, TN and Memphis, TN all spiked when teardowns became popular.
If you speak to those who live in and around Nashville, they will tell you that they were initially unhappy to see wrecking balls being used around them, but the rapid growth in the value of the property around them is reason enough to welcome the initiative. The areas that have witnessed teardowns in recent times have also observed growing prices in the value of properties, despite the overall fall in the value of Real Estate. Property owners in Nashville, TN and Middle Tennessee are certainly happy to have seen wrecking balls in their neighborhoods.
Teardowns offer investors the perfect opportunity to get in. it provides the opportunity to leverage high price off a discounted property. If you have more questions about teardowns in your community, or you would like more information on investing in Nashville, please contact Nashville TN real estate investment strategist Brandon Patrick with eXp Realty, LLC at 888-519-5113, ext 128, or your can reach him on his mobile at 615-474-2808. You can email Brandon at Brandon.Patrick@eXpRealty.com
I am a native Tennessean, and have lived in Middle Tennessee since 1976! After graduating from Middle Tennessee State University, I began my journey in real estate in 1995. By 1997, I was managing o....