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Wed, Jul 23, 2014

Housing market ends 2010 on bright note

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Housing market ends 2010 on bright note | Business, Real Estate, Steven Dotson,
Rutherford County closed out 2010 with a few more home sales, newly released data shows.

The 182 closings were lower than Williamson and Davidson counties at 219 and 390, respectively, but the numbers are up from November in all three areas, according to the Multiple Listing Service.

“We knew December would be seasonally lower, but it’s great news to see a little uptick before we closed out the year,” said Steven Dotson, president of Rutherford County-based Red Realty.

He also pointed out that both Rutherford and Davidson counties experienced a decrease of 9 percent in closings from 2009 to 2010, while Williamson County increased closings by 14 percent during the same time period. Additionally, Williamson County dropped to 55 percent of its 2006 volume, followed by Davidson at 52 percent and Rutherford at 50 percent.

“So based off these numbers, it appears that Williamson County has ended up a little better than the other two counties for 2010,” Dotson continued. “I don’t have any concrete evidence as why, but I’m sure some will speculate that it’s tied to higher average household incomes, a higher average home price range, and the types of jobs offered in Williamson County.  I see Williamson County’s improvements as a positive sign for the surrounding Middle Tennessee areas.”

Foreclosed property still proves to be a concern, but can actually prove advantageous to investors, according to Dotson.

“There are still several large developments that the banks own that they need to do something with, but most banks have done a great job selling most of their troubled assets to long-term investors.  There are a few developments yet to be foreclosed on, but much less than 12-24 months ago,” he said.

“2011 is going to be a great year for buyers/investors as all the foreclosures continue to go through the foreclosure process. Most seem to think that the big discounts will be harder to find by the end of the year.”

With an optimistic tone, Dotson said he hopes the coming months will bring better employment numbers and higher consumer confidence, which should help to clean up the foreclosure issues.
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