NASHVILLE, Tenn. (WKRN) — Actual property traders purchased up houses in Center Tennessee and helped drive up costs. Now, new information suggests they’re pulling again.
New information from Redfin exhibits residence purchases by traders dropped almost 17% final quarter.
Nashville realtor Craig Edwards mentioned they’re dealing with increased rates of interest and excessive housing costs identical to the remainder of us.
“It’s nonetheless quite a bit, they’re nonetheless shopping for quite a bit,” Edwards mentioned.
Whereas the info exhibits traders have slowed down, Edwards mentioned they’re nonetheless on the high of the sport.
“They’re nonetheless snatching up properties as finest they will,” Edwards mentioned.
And the cellphone calls from traders, particularly on the west coast, Edwards says are nonstop.
“They may name us up and say ‘hey, we would like one thing within the $500,000 vary,’ and so they have a bunch of concepts as to what they need their property to appear like, reminiscent of all brick,” Edwards mentioned.
In case you are questioning about the most well-liked areas traders are wanting in Center Tennessee…
“Mt. Juliet is rising, so there’s quite a lot of of us who’re asking for properties there,” Edwards mentioned. “Traders are starting to look in direction of Columbia, as nicely… Nice View up in Cheatham County… After all, something you will get within the downtown space, they need it.”