Nashville TN Real Estate Trends and Forecast with Realtor John Sullivan

On today’s show, we review the Q3 Nashville Residential market report, trends in distressed assets like Foreclosures, and a forecast for the beginning of 2024. John has over three decades of experience in residential and commercial real estate as an investor and realtor. He has a unique perspective from working in multiple markets, including Buffalo, NY, Hilton Head Island, SC, and now Nashville, TN. He was flipping houses before flipping was popular. Although Nashville is still a hot market, it's becoming more neutral. The foreclosure rate is up 77% YoY, and John believes we will continue to see opportunities increase into the New year.

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https://www.foreclosure.com/videos/nashville-tn-real-estate-trends-and-2024-forecast/

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Transcript

0:00 - TJ - Welcome to foreclosure.com. My name is Tim Jones. I'm excited to introduce our guest speaker today, John Sullivan. John, Thank you for taking the time to speak with us.

0:09 - JS - Hi Tim, thanks for having me. I really appreciate it.

0:11 - TJ - We're happy to have you. Can you tell us a little bit about your background in real estate?

0:16 - JS - Sure. My wife and I were business owners in Western New York in the nineties, and we built operational businesses, but part of that, we grew some commercial real estate. And we still sold those operational businesses years ago, but we still have a commercial real estate company in, in Western New York. In the late nineties, we moved to Hilton Head Island, South Carolina, a little bit of paradise. And we started investing in real estate down there, and that's where I first got my real estate license down in South Carolina. We bought properties that needed renovations and vacation properties, we rented them for a couple of years, and then we modernized them and sold them. We were flipping before flipping was a thing. A few years back, three years back, life changed again. All three of my adult Children ended up in Nashville, Tennessee. My wife and I decided we could come down here and do that. We bought some investment real estate, and we decided, you know what, let's do it again. And we got our real estate licenses down here. We signed up with a brokerage, Friedrich and Clark, down here, a great brokerage. And we've been doing it for three years, and we absolutely love our new city.

1:28 - TJ - That's great. Living the dream. It's gotta be nice to be near your kids. Absolutely. Would you mind telling us what you're currently seeing in the Nashville, Tennessee, housing market?

1:39 - JS - Yeah, sure. The Nashville market still remains hot. But there, it's definitely feeling some of the effects of the higher interest rates and uncertainty in the market. I just posted a third-quarter residential marketing report, and it's up on our site. And I have a couple of highlights here for you. There's a 5% year-over-year increase in listings in the area, and inventory is up about 16% in the same period. I believe this is all good news. It was such a seller's market for so long that the trends are that the market is neutralized, becoming much more of a neutral market. The months of supply are up to 3.5 months, still a seller's market, but much, much closer to normal, and the days on the market are now up to 25. So negotiations are taking place again. It's not the feeding frenzy that it was a couple of years back, where there would be multiple bids and no negotiations were taking place. It's become a much more of a neutral normal market here. And I think the inventory is going to be an issue here for a long time. And part of that is because there's just a huge influx of people moving into the area.

2:57 - TJ - That makes sense. And John, have you noticed any trends with distressed assets like pre-foreclosures or foreclosures or bankruptcies?

3:07 - JS - Yeah, the distressed assets and bankruptcies Nashville is not immune from the higher interest rates and uncertainty. Even with the big increase in population, the year-over-year foreclosure rate is up 77% as the marginal buyers are starting to be swallowed up by the increased cost of funds. So these opportunities are now there. There's a lot more than there have been in the past.

3:36 - TJ - What is your forecast for the remainder of 2023 and the beginning of 2024?

3:43 - JS - I believe that the interest rates are still going to continue to have an effect for the remainder of this year. And probably well into 2024. I think we're going to continue to see an increase in opportunities of this, you know, the distressed properties and foreclosed properties. And I think there are real opportunities in the market for purchasers and investors who can locate these, evaluate them, and buy them properly.

4:08 - TJ - Ok, great. Thank you for sharing that with us. And how are you currently utilizing foreclosure dot com to find these off-market distressed properties?

4:17 - JS -  Well, I work with my clients, and I tell them foreclosure.com is the right tool for the job. If you want to hammer a nail into a board, you use a hammer; if you want to find distressed and opportunity properties, foreclosure.com is the tool for that. It has great geographic tools for my clients and me to search for a property, a special type of property, that has great valuation tools in the hands of the right person. So it's a good, amazing tool to find these properties for a buyer. And then, they work with an agent like me and really negotiate an opportunity where they really can get a fantastic deal.

5:00 - TJ - That's great. I'm glad you're enjoying our service. Well, that's all the time we have for today, but I want to take this opportunity to thank John again for joining us. Thank you, John.

5:09 - JS - Thanks, Tim. Appreciate it.

5:11 - TJ - Don't forget to sign up for our free email alerts until next time. I'm Tim Jones, and thank you for watching.