New York (CNN Business)Home prices are climbing at the fastest pace in history, eclipsing even the boom in the days leading up to the Great Recession. Bidding wars have become common, many are forced to pay all cash and some bids are coming in $1 million over asking.
It's all sparking fears that the United States is in the middle of another housing bubble that will end in a terrible crash. Industry executives and economists agree this explosion in home values is unsustainable, as home prices can't go up 20% year-over-year forever.
New POST & CO listing: Beautifully renovated on over an acre in sought-after East Nashville
4413 GRA MAR DRIVE NASHVILLE 37216
3BR, 2.5BA, 2,051 sq ft
***Please call MIKE POST at 615-414-3270 with questions or to schedule a showing before it is listed***
* Seller has spent well over $100K+ renovating this home in the last five years
* Sand and finish hardwoods, recessed lighting, and new Pella windows ($13K)
* Amazing new kitchen featuring quartz countertops, all new stainless steel appliances (dual llve gas range with 5 burners and griddle option, electric double oven, gas ran), stainless extra large under mount sink, and a custom-built kitchen nook & table
* HVAC, water heater, windows, and appliances have all been replaced in the last 5 years
* Home features three bedrooms including a spacious master suite, two full bathrooms and one half bathroom, living room, family room, formal dining room, cozy eat-in kitchen area, and separate laundry room
* New Master Suite with spacious bathroom and walk-in closest. Master features new hardwood floors and custom double French doors, and bathroom features soaker tub and Kohler Brockway 36" cast iron sink.
* Refrigerator, washer, and dryer to be included with an acceptable offer
* Mid-century charm with all of the renovations and updates of today
* Massive circle driveway just blacktopped
* Gra Mar Acres is East Nashville's best-kept secret - feels like you are in the middle of West Meade with enormous lots, mature trees, and quiet streets but are just minutes from Briley and 65
Home sales inched slightly higher in June as the inventory of available homes to buy increased, but home prices still remained on a tear, according to a report from the National Association of Realtors.
Consistently low inventory has pushed prices higher over the past year. The median price for an existing home in June hit an all-time high of $363,300, up 23% over last year. That marks 112 straight months of year-over-year gains.
The sales of existing homes -- which include single-family homes, townhomes, condominiums and co-ops -- rose 1.4% from May to June, breaking four consecutive months of declines. Home sales were up 23% from a year ago -- although that comparison is skewed because some regions of the US were still shut down in June of last year due to the pandemic.
"Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales," said Lawrence Yun, NAR's chief economist. "Home sales continue to run at a pace above the rate seen before the pandemic."
At the end of June there were 1.25 million homes for sale, up 3.3% from May's inventory and down 18.8% from one year ago. At the current sales pace, that equates to a 2.6-month supply. A balanced market between homebuyers and sellers generally needs a 6-month supply.
"At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year," Yun said. "Ideally, the costs for a home would rise roughly in line with income growth, which is likely to happen in 2022 as more listings and new construction become available."
New POST& CO listing - 103 Harpeth Hills Dr, Franklin, TN 37069 4BR, 3.5BA, 3700 sq ft $850,000
Beautiful renovated ranch home on nearly 2 acres and zoned for Grassland Elem, Grassland Middle, and Franklin High. Enjoy hosting guests in the spacious living room or on the beautiful covered deck with a stucco wood-burning fireplace. Main rooms all on one level. Large corner lot with picnic area in the woods. Within 15 minutes of Green Hills, Franklin, or Brentwood. Updated home with vintage character. Hardwoods in main areas, walk-in shower & large jacuzzi tub. Guest room with full bath above garage. New roof in 2021. Move-out flexible. 2 water heaters. Home warranty included. NOT in flood plain but yard did flood with spring 2021 flash flood - did not enter living area. No HOA!
Contact BEN LAPP at 315-694-0401 with questions or to schedule a showing
c.1876. 8284 square feet. 10 bedrooms 4 baths on 0.47 acre. $99,900! Thanks to Cindy for sending this one in!
The Castle! Truly amazing Mansard style mansion with gothic influences. This property is a whopping 41 rooms! Incredible woodwork. Multiple fireplaces. Some original light fixtures. Stunning stained glass. Massive open curved staircase. Restoration has begun. New electric service has been added. Newer rubber roof. 2 High energy efficient boilers. Some rooms have been gutted and are ready for drywall. Many rooms retain there original character. All of this on a large lot with a massive barn. Home is not currently habitable. Barn in rough condition and will not be accessible.
For More Information: Shane Searfoss, Signature Properties (607) 796-9817
Wonderful article about Post & Co's own Addy Biggers
“Why” Wednesday: Ministry
Coincidentally, I had a conversation with my husband this morning about the jobs he’s turned down over the years. Of all the reasons we chatted about, I believe that at the core, the main reason is those opportunities lacked the chance for him to “be the church.”
Thank you Nashville Real Producers for allowing me to share my story on how I use real estate as a vehicle for my ministry!