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Nashville Bits and Pieces


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2 hours ago, MLBrumby said:

Here's a report that the average house sold in Willco is now over $1 million.  https://fox17.com/news/local/middle-tennessee-county-sees-average-home-price-rise-over-1-million-per-report-real-estate-economy-busniess-home-ownership  

A friend has a child going through the UTK Arch program and who interned last year at a firm in Williamson County. They design custom houses, and the number of CA (and a handful of other state) transplants is growing. With no income tax here among other reasons, the trend seems to be just starting.  They sell their houses in CA for well over $1M and have that money to put into their new suburban mansions. New construction is a big factor in those statistics, and that drives up prices for existing houses.

I understand the Californians moving to Mid TN have certain neighborhoods they prefer to build. Word gets back to their friends/family still in CA, and those folks come with big ideas for their new houses. They don't leave out any luxury or technological trick. I'm sure this comes as no surprise to anyone on this forum that they're putting in opulent offices. One in particular put over a million in landscaping alone.

Housing inflation is everywhere.  Even in my ordinary suburban neighborhood, houses sell for twice what they went for 5 years ago. We're getting a lot of folks from Illinois/Midwest, Georgia & Alabama. 

Both of my parents died over the Christmas holidays and we’re in the process of selling their home and car.  As soon as they passed, we actually had people calling us asking what we were gonna do with their home (which was odd…like right after my mom’s funeral).  This is in a tiny town of 3000 in the middle of nowhere in Arkansas…and a house of 1500 sq ft.  People are lined up to buy and offering way more than the house is worth (IMO).  And…we’ve been offered $6000 over what my parents paid for their car brand new 2 years ago.

Feels like I woke up in some weird world where I have no money…but everyone else does…and they’re willing to throw it at you.

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9 minutes ago, titanhog said:

Both of my parents died over the Christmas holidays and we’re in the process of selling their home and car.  As soon as they passed, we actually had people calling us asking what we were gonna do with their home (which was odd…like right after my mom’s funeral).  This is in a tiny town of 3000 in the middle of nowhere in Arkansas…and a house of 1500 sq ft.  People are lined up to buy and offering way more than the house is worth (IMO).  And…we’ve been offered $6000 over what my parents paid for their car brand new 2 years ago.

Feels like I woke up in some weird world where I have no money…but everyone else does…and they’re willing to throw it at you.

My God, I’m so sorry for your loss! That’s terrible to lose both of them so close. My prayers are with you. 
 

What vultures, calling about the house right after that! I believe I’d go off on them. 

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Sorry for your loss, TH!  It's never easy to deal with a parent's passing, but doubly difficult when it's both. Wishing you the best through this. People are galling, and human nature is "me first". Some people even to the point they don't even consider another person's grief. 

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My goodness, TH, I’m so sorry.    I’m convinced some of these unsolicited “I want to buy your house” communications are bots, but many are just opportunistic “investors” who troll for properties.    The offers are insulting but even more so when you’re going through a grieving process.  My condolences to you and your family.   

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@titanhog, I'm so sorry to hear that this happened to your parents, you and your family.  May you all know comfort, peace and joy today and in the months ahead.  Settling estates is never easy and especially so when both spouses pass so closely together.  You are in my prayers.

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TH I’ve never met you in person, but I always looks forward to your posts on here. I’d wondered why you hadn’t been around much lately. I’m so sorry about the passing of your parents. I can’t imagine. It’s hard for me that my parents are in Tennessee and I’m here in Virginia Beach. I get to see them once or twice a year if I’m lucky. Every time I leave, I can’t help to feel like it could be the last time I see one of them.  I hope that you are doing well during such a trying time. Also, it’s nice to see you back. 

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On 2/16/2022 at 10:38 AM, colemangaines said:

According to the most recent data from the Census Bureau (2019), just under 200k Americans moved to TN in that year. California was the sixth biggest source at just under 12k (around 6% of transplants). The top 5 were Florida, Texas, North Carolina, Georgia, and Mississippi. I do think Californian transplants are more visible for a few reasons, mainly being more affluent on average and concentrating in Tennessee's urban areas. I think a lot of it is cultural/political as well. I've worked with a guy for several months and just recently learned he moved here from NC less than a year ago, but he blends right in.

If you're interested in looking at the data yourself, you can download it here: https://www.census.gov/data/tables/time-series/demo/geographic-mobility/state-to-state-migration.html

Thank you for this - great point about blending in - all of those first 5 states are either in the South or Texas...

I hear in real life "transplants from California" all the time, but really we're pulling in folks from all over the place.

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One thing to keep in mind is that many of the incoming residents from neighboring states may just be locals moving a few miles one way or the other. The Memphis metro area includes parts of Mississippi and Arkansas, and we share long borders with Kentucky, Alabama, North Carolina, and Georgia. I personally have family that move frequently between places like Lauderdale County, Alabama and Giles/Lawrence county TN. So I wouldn’t think the moves involving border states are of the same demographic significance as some of the others. Discounting those states, the list is more like 1. Florida, 2 Texas, 3. California, 4. Illinois. 
I know it’s not something that necessarily shows up in data but my sister works retail in Williamson county and says that probably a quarter of the people she serves self identify as having moved from California. She says the people she works with despise them because they’re super pretentious and act like we’re backwards hillbillies. I personally don’t know many Californians so I don’t have much beef with them, besides just general irritation that housing prices are skyrocketing (which isn’t obviously a Californian-specific issue). 

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2 hours ago, Pdt2f said:

One thing to keep in mind is that many of the incoming residents from neighboring states may just be locals moving a few miles one way or the other. The Memphis metro area includes parts of Mississippi and Arkansas, and we share long borders with Kentucky, Alabama, North Carolina, and Georgia. I personally have family that move frequently between places like Lauderdale County, Alabama and Giles/Lawrence county TN. So I wouldn’t think the moves involving border states are of the same demographic significance as some of the others. Discounting those states, the list is more like 1. Florida, 2 Texas, 3. California, 4. Illinois. 
I know it’s not something that necessarily shows up in data but my sister works retail in Williamson county and says that probably a quarter of the people she serves self identify as having moved from California. She says the people she works with despise them because they’re super pretentious and act like we’re backwards hillbillies. I personally don’t know many Californians so I don’t have much beef with them, besides just general irritation that housing prices are skyrocketing (which isn’t obviously a Californian-specific issue). 

For what it's worth, I think any Californian that feels that way about Williamson County residents, probably feels the same way about anyone who isn't from California, and I'd be willing to bet money on those people being from Orange County or The Inland Empire.  I know a lot of people from California, and the only ones that actually have that attitude about the rest of the country are from suburban LA.  

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Can say that's "pretty much" a California attitude, and not just because so many of them view shopping as a competitive sport.  They do take it seriously. However, people NOT from there don't realize that it's a very stratified society.  My sister in law is from SoCal, and she's such a "typical" California gal... very self-absorbed but (ironically) transparent.  And she really doesn't care who judges her.  It often seems they don't know (or care to know) what's going on beyond their nose or the hand their cell phone is in.   I personally couldn't live with someone like that, but she does have her charms. She will let you know her opinion (for good or not) when she thinks it's warranted.   She wears me out, but my brother is still "whipped" after 20 years. It's his card. 

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this is something Nashville and the entire metro area needs to watch.  Major Wall Street investors are snapping up homes in southeast especially in Atlanta and Charlotte but Nashville as a percentage is not too far behind.  It has become such an issue here in Charlotte some large neighborhoods of homes in the $300-600K range are putting in covenants that say you can only rent a home after 1 full year after purchase.  Others are doing restrictions to cap rentals in neighborhoods.  We already have completely built to rent single family home neighborhoods which is not a problem.  And like Nashville thousands of new apartment units being delivered every year.  

Check your zip code in this article

https://www.washingtonpost.com/business/interactive/2022/housing-market-investors/

these investors are paying all cash and above market prices for homes and shutting out first time buyers but Realtors and now even sellers are on to them now.  Everyone has rented in at some point in their life but snapping up every home under 400K is not good for any market.  Owning a home in a fast growing city like Charlotte or Nashville is a way to build wealth and this is being taken.  Just be aware in your own neighborhoods.  (and tenants of these massive property owners for the most part hate their landlords as they raise the rent every year a good bit and I know this personally from several people) 

As for the Californian exodus they are coming to NC in even bigger numbers than TN but they are spread out more some in Charlotte some in Raleigh Durham which long attracted Californians with their biotechnology and tech.   I suspect most Californians coming to TN are ending up in the Nashville metro. 

 

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27 minutes ago, KJHburg said:

this is something Nashville and the entire metro area needs to watch.  Major Wall Street investors are snapping up homes in southeast especially in Atlanta and Charlotte but Nashville as a percentage is not too far behind.  It has become such an issue here in Charlotte some large neighborhoods of homes in the $300-600K range are putting in covenants that say you can only rent a home after 1 full year after purchase.  Others are doing restrictions to cap rentals in neighborhoods.  We already have completely built to rent single family home neighborhoods which is not a problem.  And like Nashville thousands of new apartment units being delivered every year.  

Check your zip code in this article

https://www.washingtonpost.com/business/interactive/2022/housing-market-investors/

these investors are paying all cash and above market prices for homes and shutting out first time buyers but Realtors and now even sellers are on to them now.  Everyone has rented in at some point in their life but snapping up every home under 400K is not good for any market.  Owning a home in a fast growing city like Charlotte or Nashville is a way to build wealth and this is being taken.  Just be aware in your own neighborhoods.  (and tenants of these massive property owners for the most part hate their landlords as they raise the rent every year a good bit and I know this personally from several people) 

As for the Californian exodus they are coming to NC in even bigger numbers than TN but they are spread out more some in Charlotte some in Raleigh Durham which long attracted Californians with their biotechnology and tech.   I suspect most Californians coming to TN are ending up in the Nashville metro. 

 

My wife and I are expecting our third child, so we’re selling our home and buying a larger one. We want to stay in Nashville but I’m not sure it’s going to happen because of this kind of stuff. Almost anything flip-able is snapped up with cash offers by investors, which means that the actual people who want to buy a home to raise their family in are pushed further out. Or, a slightly dated home that needs some elbow grease - the kind of home that is perfect for young homebuyers with growing families - is bought, $20,000 in repairs done, and re-enters the market 2 months later with $100,000 higher price tag. If I wasn’t homebuying right now I probably wouldn’t be as pissed but right now at any budget you’re basically sitting down in a no limit poker table full of billionaires with $250 in chips in your pocket. 

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52 minutes ago, KJHburg said:

this is something Nashville and the entire metro area needs to watch.  Major Wall Street investors are snapping up homes in southeast especially in Atlanta and Charlotte but Nashville as a percentage is not too far behind.  It has become such an issue here in Charlotte some large neighborhoods of homes in the $300-600K range are putting in covenants that say you can only rent a home after 1 full year after purchase.  Others are doing restrictions to cap rentals in neighborhoods.  We already have completely built to rent single family home neighborhoods which is not a problem.  And like Nashville thousands of new apartment units being delivered every year.  

Check your zip code in this article

https://www.washingtonpost.com/business/interactive/2022/housing-market-investors/

these investors are paying all cash and above market prices for homes and shutting out first time buyers but Realtors and now even sellers are on to them now.  Everyone has rented in at some point in their life but snapping up every home under 400K is not good for any market.  Owning a home in a fast growing city like Charlotte or Nashville is a way to build wealth and this is being taken.  Just be aware in your own neighborhoods.  (and tenants of these massive property owners for the most part hate their landlords as they raise the rent every year a good bit and I know this personally from several people) 

As for the Californian exodus they are coming to NC in even bigger numbers than TN but they are spread out more some in Charlotte some in Raleigh Durham which long attracted Californians with their biotechnology and tech.   I suspect most Californians coming to TN are ending up in the Nashville metro. 

 

There has to be a limit or something. From a legal aspect, it's kind of a challenge to put in policies to avoid companies/investors from doing what they're doing.  In a way they're monopolizing the housing market.

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18 minutes ago, Pdt2f said:

My wife and I are expecting our third child, so we’re selling our home and buying a larger one. We want to stay in Nashville but I’m not sure it’s going to happen because of this kind of stuff. Almost anything flip-able is snapped up with cash offers by investors, which means that the actual people who want to buy a home to raise their family in are pushed further out. Or, a slightly dated home that needs some elbow grease - the kind of home that is perfect for young homebuyers with growing families - is bought, $20,000 in repairs done, and re-enters the market 2 months later with $100,000 higher price tag. If I wasn’t homebuying right now I probably wouldn’t be as pissed but right now at any budget you’re basically sitting down in a no limit poker table full of billionaires with $250 in chips in your pocket. 

exactly.  some of the investors are just flipping the house.  A client of mine and I am a Realtor saw a house that was purchased in Jan. and on the market for $70K higher 1 month later.  all we could see is some new carpet throughout and new paint downstairs.  She passed on it and this is happening all over.  It was an Offerpad or Opendoor or one of those.  Homes flipped so quickly can not get FHA financing for sure but conventional loans are available as long as it appraises.   Believe me this will end soon with rising interest rates and neighborhoods fighting back like some are in Charlotte. 

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