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37206 Home Prices & Values

Over the past two years, there has been a significant change in 37206’s real estate industry. Such changes have seen the prices and values of homes here increase from December 2016 going forward. Here is a brief overview of the state of homes in 37206 in terms of price and value.

The value of homes in 37206

Presently, the average value for a home in 37206 is around $323,300. According to past statistics, homes have increased in value by about 7.2% from last year. However, according to the prediction of Zillow, there is a high expectation that there will be a 3.2% rise in the coming year.

The prices of homes in 37206

The prices of homes in 37206 have increased as well. For example, the median list price for a home in 37206 is US$235 for every square foot. In comparison to the neighboring areas, this price is quite high. For instance, Nashville’s list price for a similar home is US$196 per square foot. With respect to the current listing, a home in 37206 has a median price of US$399,900. Nonetheless, the median price for the sold homes stood at US$355,500.

Rent price for homes in 37206

This area has some of the highest priced rental homes in comparison to Nashville. Rental houses and homes here are going for as high as US$1,900, while in Nashville similar homes and houses are going for US$1,600 monthly rent.
Impact of foreclosures on homes’ prices and value

Numerous factors will influence the prices and value of homes in the years to come. One of such factors is foreclosure. For example, out of 10,000 homes in 37206, 0.9 are foreclosed. Such a rate is much lower as compared to the national value of 1.6 and 1.4 in Nashville. The foreclosure process starts with mortgage delinquency. At times, homeowners may fail to meet their mortgage payment obligation, which leads to mortgage delinquency. 37206 has a lower rate or mortgage delinquency (0.7%) considering that the national value stands at 1.6%.

The United States of America has suffered a great deal in the value of homes. Nevertheless, around the year 2007, the country had some of the highest valued homes although the peak value never went past the year 2011. Since the fall in the value of homes in the U.S. in 2011, there has been a consistent decrease of about 20% in the value of homes. Such reduction in homes’ value has had a significant impact on the many homeowners, especially those who had acquired their homes through mortgage plans. A large number of homeowners are experiencing a condition where they are underwater as far as their mortgages are concerned. The implication is that their homes’ worth is much less than what they owe. 37206 has not been left behind as far as the underwater situation is concerned; 8.4% of the homeowners are underwater in the mortgages. This percentage of homeowners underwater in 37206 is higher as compared to the case in Nashville whose percentage stands at 7.0%.

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East Nashville Architecture

East Nashville Architecture Chase Leatherwood

East Nashville is an artsy, socially conscious neighborhood of Nashville. Most residents of this borough find their next address in East End, Historic Edgefield, and Lockeland Springs. Each of these areas has a personality to their homes too.

The architectural influences of East Nashville are Dutch and European with common construction styles of Bungalow, Victorian, and Craftsman. Most homes in East Nashville were built around the 1950s and ‘60s, but you’ll find charming, historic homes throughout the area.

Bungalow Style 

Bungalow style home
An example of bungalow architecture sty;e.

First up is the bungalow. A vintage bungalow home often has a lower pitched gable roof, porch, and squared off edges in structural supports and exterior accents. The main entrance is typically in the center with an extended overhang on the front steps. In East Nashville, most bungalow style homes have undergone at least one major renovation to update or refinish hardwood floors and home systems.

Victorian Style 

victorian home nashville
An example of Victorian architecture style.

Another look you’ll see a lot of is the Victorian style on many East Nashville corner lots. Turned spokes on roof overhangs and carved wooden accents at the entryway and main rooms are charming and unique to each property. East Nashville Victorians are also noted for plaster walls, smaller rooms, and a fireplace in the living room or den.

If you buy a Victorian style home, I highly recommend keeping original carved accents as these details are popular for resale values.

Craftsman Style 

craftsman home nashville
An example of craftsman architecture style.

Last but not least, one of the most popular looks – the Craftsman. The curated look of this house in East Nashville is gorgeous and timeless. In Nashville, most of these homes are either constructed of stone or brick and wood. A popular and sought-after feature of the Craftsman home is heavy trim on the square windows, which are typically painted a bright white or contrasting color.

Want to live here?

Your next home is awaiting your arrival. I’d be happy to show you around! I’m just a phone call or email away. Take a look at the inventory available to you here on my website. It’s updated daily with new properties all over Nashville’s popular neighborhoods and the surrounding areas.

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Buyer’s Agent in A Seller’s Market

Buyer Agent Nashville Chase Leatherwood

Nashville has been sustaining historic economic growth as the place to start and build a lifestyle for all walks of life, from singletons to families. I’ve seen this happening for several years in the local real estate market, and the data confirms it—this is a Seller’s market with high concentrations in East Nashville.

What’s A Seller’s Market?

A seller’s market means that the person selling a property has been put in the position to get multiple, competitive offers. It doesn’t mean you won’t get a great deal on your dream home… but it could be a quick turnaround for closing inspections and signing dates.

I’m Ready To Buy Now.

When you’re ready to buy a home, I am available as your agent – for FREE. Seriously.

Finding a home is a process that happens every day. I walk through the entire process with you, regardless of the situation. We start with what you want most in a home, where you’d like to live in Nashville and start the search process. We’ll find the home of your dreams, on your terms.

Regardless of where you are, we can work showings in to fit your lifestyle. If you’re not available to attend a showing, there may be an open house over the weekend. If relocation to Nashville is in your future for work, technology is on our side! I can set up a virtual tour for you with FaceTime or other video chat and conferencing tools.

Putting In An Offer

So we found you the perfect house. Now is when a lot of Tennessee real estate laws work to our benefit. The Tennessee real estate laws require certain disclosures, inspections, and a title search to close on a property and transfer ownership. I recommend clients who are buying a home to hire their own home inspections.

Uh-oh! There’s Competing Offers

Nashville has a ton of people coming in to live, work, and play at a historically high growth rate. It’s a common real estate story in our city to have competing offers in with yours. While we can’t know exactly what other offers are on the table, our offer can be as bold as you’d like within the limits of your budget.

In the event that the seller’s needs are not met in your offer, they can counter offer. The seller can request for more time until the closing date, an adjustment to the closing costs, or the initial repairs requested from your viewing. If the counter-offer isn’t ideal or beneficial for you as a buyer, you can walk away from the sale.  

They Accept Your Offer

Once you have an accepted offer, it’s time to start negotiating the contract and final offer. Depending on the age and state of the property, it’s normal to request repairs or funds to replace worn out flooring. The best part of this process: you don’t need to be present during negotiations. An added bonus – my real estate services are still free of cost to you.

The offer paperwork and inspections will feel like it’s taking forever… maybe even five-ever. In this time frame, from offer accepted to contract and close, we’re coordinating inspections, repairs, and requests on the seller’s schedule. I am in the loop on this process and can inform you as much as you’d like to be.

Let’s Get Together

If you’re not sure if you’re ready to buy a house, I always available to talk through the up and coming Nashville neighborhoods, from East Nashville to Sylvan Park. You can find me online at https://chaseleatherwood.com/ or give me a call directly at 615.988.0355.