Murfreesboro TN Homes: You Would Be CRAZY To Buy A Murfreesboro TN Home In THIS Market!

You Would Be CRAZY To Buy A Murfreesboro TN Home In THIS Market!

The Murfreesboro Tennessee homes and real estate market has taken a hit!  Home prices have declined along with the number of homes sold.  Foreclosures and short sales have pulled the market down and negatively impacted the overall value of homes in the area. 

 

Sounds bleak I know.  Add everything together and it is easy to see why people that qualify to buy a home are choosing to rent and afraid to invest in home ownership.  I’ve even heard people tell say that you’d have to be crazy to buy a home in the current market!  And, I absolutely AGREE!  

 

Crazy Like a Fox!  

 

I believe that our current Murfreesboro TN real estate market is at the prime time formurfreesboro real estate buy now individuals to purchase their first home, or consider selling and moving up to their dream home.  Let me give you my top five reasons why NOW is the best time to buy a new home.  Hopefully, you too will be saying WOW when you see some of these history making facts in writing!  

 

Home affordability is at an all time high!  The National Association of Realtors began tracking home affordability in 1970.  According to NAR, homes have never been as affordable as they are today!  That's over 31 years of statistics!  NAR refers to this as the  Golden Era of Home Ownership  WOW!  


Mortgage rates are at all time lows!  That’s right...ALL TIME LOWS!  We got numb to hearing interest rates were at 20 year lows, then 30, then 40, 50 and finally 60!  But currently, they are at ALL TIME LOWS!   WOW!  

Need more WOW factors?  

Read this article from CBS Money Watch: Why the Time to Buy Real Estate Is Now!  They describe our current market as a “once in a generation buyer’s market.”  WOW!  

Our housing prices have already taken the worst decline.  Lowest home mortgage rates in historyHome prices have dropped to prices we saw five or even ten years ago in some areas.  But, income hasn’t dropped at those rates.  Look at this chart from Realtor.org - In 2008 the median price home was $196,600 with a 6.15% interest rate, monthly P&I payment $958, income $46,000 a year to qualify.  Compare that to August 2011, the median price home was $168,400, 4.69% interest rate, monthly P&I payment of $698, annual income only $33,500 to qualify!  Interest rates have dropped even lower to 3.75 in Sept/Oct making monthly payments and income requirements even lower!   WOW!  

Think I’m biased because I’m a Realtor?    

According to Trulia, it is now cheaper to BUY vs. Rent in most parts of the country!  Check out this Rent vs. Buy graph!

CNN Money Magazine published an article “How to Calculate If You Should Rent or Buy” which discussed how the dramatic drop in home prices had changed the equation of renting vs. buying.  Their basic formula was take the estimated purchase price and divide it by the annual rent of a similar home.  Anything below a 15 indicates that you “should start looking for homes” according to CNN Money Magazine!

Rent in Murfreesboro

This home is a nice home that might be something a first time home buyer would be interest in but not sure if they should rent of buy.  

It is located in Battleground in North Murfreesboro available for rent.  

Listing Broker:  Stones River Real Estate Services

Monthly Rent 1,025 or $12,300 per year


Murfreesboro real estateThis is a very similar home in Battleground for sale. 

Listing Broker:  Exit Realty Bob Lamb & Associates

Amenities are similar but it has charm that shows it was loved & maintained by the previous owner.   It includes a privacy fence and extensive landscaping.

ASKING PRICE:  $119,900

If you take the FULL list price (which is highly unusual in this market) and divide it by the annual rent you get 9.74! 

Remember anything under 15 and CNN Money Magazine suggested you...START LOOKING FOR HOMES!  WOW!  

Trulia, CNN Money Magazine, CBS Market Watch, National Association of Realtors.... They all agree that NOW is the time to buy a new home!  WOW!  

 

There are many financial reasons to buy a new home now! But most importantly, appreciate that you will be buying a house that will be your own; a house that will be your home. 

 

Your story begins at home.  

If you’re ready to begin your story, please contact me at 615-566-3789 or visit me online at SherriWellborn.com or SoldonTN.com today!  


FIND ME ONLINE:

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Please visit:  SOLDONTN &  SherriWellborn.com 

Sherri Wellborn, Keller Williams Realty

Reliant Realty

640 Broadmor Blvd
Murfreesboro, TN 37129

615-566-3789 CELL

615-225-9600 Office

Comment balloon 9 commentsSherri Wellborn • October 08 2011 08:06AM

Comments

Good lead in.  Hope everyone reads beyond the head line though.

Posted by Andrew Mooers, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) almost 6 years ago

I think everyone will understand what your Lead-in is referring to. You are absolutely right, and dead-on for most of the country.

Posted by Ken and Leslye Huebsch, Realtors - Harrisburg Homes for Sale 717.514.1793 (3x Individual Agent of the Year, Luxury Homes, First-Time Buyers, Residential Resales, New Construction) almost 6 years ago

Good morning Sherri,

Thanks for the great read..you provided some irrefutable reasons why buyers should not be making a purchase right now!!

Posted by Dorie Dillard, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.346.1799) almost 6 years ago

Happy Saturday Sherri! Extraordinary post my friend-very informative and apparently very true for your market.

Posted by Marco Giancola, Realtor (305)608-1922, Miami Beach Florida (Beachfront Realty) almost 6 years ago

Hi Andrew, Buyers have become numb to hearing buy, buy, buy!  I want them to take a second glance and entice them to read my blog!  Thanks!

 

Hi Ken and Leslye, Thanks for commenting!  This applies to MOST parts of the country.  Hopefully buyers will start buying!  

 

Good morning Dorie - Thanks for stopping by!  There is so much information out there now supporting NOW is the time to buy!  It's pretty convincing when you start putting it all together!

 

Hi Marco!  Happy Saturday to you too!  Our market DEFINITELY supports buying over renting!  Slowlly but surely people are starting to venture out and make those home purchases!

Posted by Sherri Wellborn, Murfreesboro TN Homes & Real Estate (Reliant Realty, Murfreesboro) almost 6 years ago
Sherri, you have some great data here. I wish I had the money to invest in rental property right now. That's when you really know it's a great time to buy. When you see real estate agents doing it. And I'm seeing lots of agents doing it.
Posted by Tammie White, www.FranklinHomesRealty.com or (615) 495-0752 (Franklin Homes Realty LLC) almost 6 years ago

Good evening, Sherri. Really good information. I have to agree with Tammie. Now is the time to invest...

Posted by Michael Thornton, Nashville Area - Photography & Videography (RadnorLake Video) almost 6 years ago

Tammie - I'm right there with you!  I would be buying houses left and right if I had the extra cash right now!  I do have one rental home but would like to own several!

Thanks Michael - Hope you had fun at the wine festival!

 

Posted by Sherri Wellborn, Murfreesboro TN Homes & Real Estate (Reliant Realty, Murfreesboro) almost 6 years ago

Hi Sherri - I WISH I had money to buy a home too.  To either rent then flip - or purchase for a rental.   Once people start buying again - rents will start coming down.  But for now, being a landlord is very profitable. 


For buyers who have the money - they are playing with fire by waiting.  Interest rates won't stay this low forever and they are a huge part of the affordabililty factor.  They start going up - the opportunity is lost.  Buyers should be gobbling up this inventory, but they aren't.

Posted by Ruthmarie Hicks (Keller Williams NY Realty - 120 Bloomingdale Road #101, White Plains NY 10605) almost 6 years ago

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