Unlike the vast majority of industries that have crashed during the pandemic, one of the industries and marketplaces has reportedly managed not only to be successful but to bloom and thrive!
You might wonder what industry is that. Besides the pharmaceutical industry and only a few others that have accomplished to stay in the game, it is –as you can already imagine–real estate.
What’s interesting about the relationship between the pandemic and real estate is the fact that real estate hasn’t been prosperous in only a few countries or cities around the globe. Quite the opposite. The vast majority of big cities in the whole world have almost turned into ghost towns thanks to the migration of people to the smaller cities or countryside, which then resulted in prices spiking up in places outside of the cities and closer to nature.
This is a logical consequence of people wanting to go back to nature and try to stay sane in new and devastating circumstances, where they have found themselves trapped in their apartments, not being able to go out, leave their homes, or live their normal lives, but rather have been restricted by the governmental institutions and at the same time – the disease itself.
So what happened in reality? The pandemic had a significant impact on the residential real estate market. This impact was so strong that it affected several areas of real estate, both renting and buying and selling of homes, while on the other hand people didn’t want to rent their properties to strangers, because the situation was completely uncertain globally. But soon the Nashville residents started to realize how much value they hold in their properties especially if they are house owners rather than apartment owners. This resulted in a contradictory situation while on one hand, many people have struggled to pay their mortgage due to unemployment that came all of a sudden; at the same time, the prices of homes outside the city started to go up, and homeowners have started to list their homes, trying to take advantage of the new situation where their homes have reached unprecedented values.
However, although this was and still is a quite common phenomenon, it still doesn’t mean this has become a rule.
One thing is sure – the housing market has experienced levels of turbulence that were not known to us before. Maybe the times of the biggest financial crises could remind us of this, but those were the only situations that could potentially be compared to the newest one – the Covid 19 crisis. And it still hasn’t affected the same industries, the same way as economic crashes did in the past.
That being said, some countries, cities, and neighborhoods have become extremely popular for home buyers, and at the same time – pretty prosperous for the ones who own a home there and are willing to sell it.
One of the markets that have been announced to be the hottest real estate market this year in – Nashville. The famous Nashville area has reported unprecedented growth in selling and buying homes in 2023 and has made several records so far. On the same list of the hottest markets when it comes to real estate, Nashville left Austin and Phoenix behind – which tells a lot about the mentality of people who are buying properties, and at the same time – about the popularity of Nashville in the times of the pandemic.
The city has not only been interesting for those people who wants to move to this area from another neighborhood in their city, but the city is also so attractive to people who want to move out of state, whether they far away, in much bigger metropolitan areas and cities across the US.
But why is Nashville so popular and what makes it that tempting to buyers or tenants across the country? The answer is simple – Nashville has a great ratio between value and quality. Simply put, this means that people who now have the opportunity to work from home, or to work remotely, have suddenly realized that they have an option to move wherever they find it convenient, and Nashville is definitely one of the most convenient places to live at the moment. This is what a great number of buyers and tenants have recognized so far, which made this area so popular, and resulted in the very lively housing market atmosphere.
Considering the fact that spring is one of the seasons that tend to be the busiest seasons every year when it comes to real estate (in any area); Nashville is not an exception. This charming city is still gaining popularity although it has started to gain popularity last year. That being said, many real estate experts expect it to become even hotter and they are also predicting more changes in the months to come.
How do those predictions affect future homebuyers in future tenants or current tenants? In both of these cases, buyers and tenants should hurry up with their purchases and deals if they want to take advantage of the current situation.
Considering the current trends, it seems like the current prices will continue growing till the end of the year since the number of properties that are being sold is also constantly growing. And the reason why the prices are going up is the fact the demand for homes is constantly growing.
The current atmosphere in Nashville is a good indicator of a great quality of life that people can get if they choose this area as their new hometown. If you are searching for the best living options in Nashville, there is a huge variety of apartments you can see here. By doing your research and choosing only reputable renting websites, you can easily find the perfect fit for both your needs and your budget.
Finally, if you are a homeowner in Nashville and you are considering renting out your home, then it seems like this is the perfect time to do that. The pandemic is starting to slow down globally, and even if it doesn’t – the global situation has reminded people to always have an alternative and it also provided them with new options when it comes to work and life. Many of them can finally choose where they want to live, and there are so many people that would gladly we mov to Nashville. This is the perfect situation that you can take advantage of. With a small remodel or a couple of interior changes and a small initial investment, you can turn your home or property of any kind into a hot listing that can become your stream of passive income. Isn’t that what we all want?