Property analysis shows locals spend more than foreigners

NASHVILLE, Tenn. (WTVF) – Homebuyers across the country have moved during the pandemic, with many opting for cities that are more “affordable” than where they live. The ability to work from home and low mortgage rates made the move even easier.

“This market is competitive and you have a lot of people who really want to be in a house and they will do whatever they have to to get into a house,” said Santana Jones, realtor at simpliHŌM.

But the trend puts locals at a disadvantage.

“A house like this is beautiful, open concept…granite counter tops, gas stove,” Jones said standing inside a brand new Edgehill home. “Who wouldn’t want a house like this?”

In a market where competition is fierce, locals like Matthew Morland are losers. “[It’s] frustrating, he said. I would also say repetitive, tiring, exhausting.

Morland said he was exhausted by the housing market in this city known as the singles capital of the world.

“I’m tired of being a bridesmaid. I’ve actually had six different houses that I put offers on where I bid $15,000 to $20,000 more and I lose left and right. right for $40,000 to $50,000 cash offers with no inspection of these homes,” Morland said.

A new analysis of migration by Redfin has tracked the budgets across the country of locals versus foreigners. The city with the biggest budget gap? Nashville.

“Some of these people might now see equity in their homes that they didn’t realize before. So they take the opportunity to cash in on that and move to states like Tennessee where there’s no tax on income,” Hope said. Geyer, Nashville Redfin team manager. She said 50% of homes in Nashville sell for above list price.

Cities like Miami, New York and Atlanta fell behind Nashville, where foreigners had more to spend than locals.

“My last four buyers were from California,” Jones said. “So I have investors, I have people moving here, they just want a new neighborhood, a new location.”

As more and more people move to Music City, homes will continue to sell for high.

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