The CityLiving Team believes that there isn't a better time than now to buy a home, and there is not a better place to buy than in Nashville. Here are our reasons why.

1. Interest rates are low today, but are expected to rise soon.
2. Homes are the most affordable they've been, but aren't expected to remain that way next year.
3. There's inventory to choose from, so you really can find your dream home!
4. Contrary to popular belief, homes in urban Nashville are still selling, and selling well!
5. A tightening credit market doesn't mean you can't get a great loan - the majority of borrowers still can.
6. Nashville is a Chart Topper.
7. Public investment is strong in Nashville.
8. Interested in going Green? Now you have choices!

1. Interest rates are low today, but are expected to rise soon.
According to the NAR, interest rates are expected to increase at least another half a percent by the end of 2009 from where they are today. Discussing your financing options with a lender and your Realtor are the best ways to prepare for your home search. Contact one of our expert Realtors on the CityLiving Team to help you find a lender that is right for you and begin your search.

2. Homes are the most affordable they've been, but aren't expected to remain that way next year.
The National Association of Realtors posts their Housing Affordability Index (HAI) every quarter, along with forecast indexes. According to their latest chart, Q4 2008 has a HAI of 136.

What does this mean to you? Let's look at it in simple terms. A value of 100 means that a family with the media income has exactly enough income to qualify for a mortgage on a median-priced home (which in Nashville is currently $169,900 and $148,500 for a single-family and condominium, respectively as of Oct. 2008). An index above 100 signifies that family earning the media income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20% down payment. Therefore, a composite HAI of 136 means a family earning the median family income has 136% of the income necessary to qualify for a conventional loan covering 80% of a median-priced existing single-family home. An increase in the HAI, then, shows that this family is more able to afford the median priced home. [Information obtained from NAR.]

With national financial experts, including our very own Dave Ramsey, saying that now is a great time to buy, we're not the only ones making the case that affordability is really at its best right now.

3. There's inventory to choose from, so you really can find your dream home!
At the end of September 2008, there were 24,270 homes being offered for sale in Nashville, an increase of about 6% from the same time last year. Increasing inventory means more options, giving you a great opportunity to truly find your dream home. However, having more options doesn't necessarily make the decision easier, which is why you should always be working with an expert Realtor to guide you through the process. Contact an expert Realtor on the CityLiving Team and we'll be glad to show you what's out there!

One word of caution, the higher inventories are not expected to remain. Construction on new homes has all but come to a halt, which will create scarcity after the current inventory is absorbed throughout 2009. So don't wait to find your dream home, go get it now!

4. Contrary to popular belief, homes in urban Nashville are still selling, and selling well!
Despite the common public perception, homes are still selling extremely well in our market. In fact, the average days on the market at the end of September 2008 was 79 days, down from an annual high of 86 days in February 2008. As of October 2008, the CityLiving Team has sold and closed over 425 homes this year! That's almost the same number of homes we sold in all of last year. That's 425 satisfied homeowners this year alone. Are you one of them? If not, drop us a line!

5. A tightening credit market doesn't mean you can't get a great loan - the majority of borrowers still can.
Every morning when you read the papers or listen to the news, you hear about the credit market tightening and banks not lending to each other. While this may be true on a commercial level, residential home mortgages are proving to be an exception to the rule. According to the experienced home loan consultants with CityLife Lending Group, if you pay your bills on time, actually earn the amount of money that you say you do, and have a few thousand dollars in savings, you likely can qualify for a regular loan.

There are also various loan programs still available for those without a large down payment or a perfect credit history. For example, a Federal Housing Agency (FHA) Loans allow homebuyers to purchase a home with very little money down. However, programs like the $7500 tax credit for first time homebuyers are only available through July, 1 2009, so you must act now.

So, before you think you can't get a loan, give a CityLiving Realtor a call and ask which home mortgage consultant might be a good fit for you.

6. Nashville is a Chart Topper.
Okay, it's a bad pun, but we're in Nashville so we have to do it. We all know we're a city that produces chart-topping albums, but did you know that in the last couple of years Nashville as a city has been ranked in the top of the charts by various publications as one of the top cities to live, relocate to, and invest? You can see a complete list here. With a healthy local economy and a strong forecasted outlook, Nashville continues to have a strong and growing market. Don't let the opportunity to get in now pass you by.

7. Public investment is strong in Nashville.
Public investment in infrastructure is a major factor in helping neighborhoods successfully grow. The Metropolitan Development and Housing Agency (MDHA) has been partially responsible for helping to grow several neighborhoods in the past through revitalizing commercial districts and creating more cohesive communities. Hillsboro Village is a great example of an MDHA project that helped make the Hillsboro-West End and Belmont-Hillsboro neighborhoods a great place to live. Another commercial district that was recently redeveloped is the section of 12th Ave S between Ashwood Ave and Sevier Park. Sidewalks, trees, street lamps, benches and inlaid brick crosswalks are just a few examples of the physical changes you'll notice. The biggest change, however, is seeing people out walking, enjoying the neighborhood, supporting local businesses, and interacting with one another. MDHA is currently working on several project including Rolling Mill Hill and The Gulch. A map of current MDHA Redevelopment Districts is available here. Buying real estate in these redevelopment districts now means reaping big rewards later.

8. Interested in going Green? Now you have choices!
New construction homes and new renovations are leaning more and more towards catering to the green buyer, so if you're looking for homes that have energy efficient features, look no further! CityLiving Realtors know where to find these places and can help you discover them now. With recent events, many are tightening up their budgets. Green buildings are not only valuable to the environment, but they can keep more of the green stuff in your wallet! Just contact us and we'll get the search started. When you work with the CityLiving Team, it is easy being green.

Since now is the time to buy, we invite you to search developments and search resale homes to find the option that best fits your lifestyle and needs. We are happy to answer any of your questions about these listings, or take you to tour them. Send us an email or give us a call at 615-279-7299.