Are you planning to acquire real estate properties in Murfreesboro TN and you are not sure how the market is doing? Then you should not look back because the real estate market in the area is reviving and those buying properties there are likely to make huge gains from their investments. Additionally, property management in Murfreesboro TN has also improved in the area and those planning to invest in rental properties can be sure they will get reliable and honest property managers to take care of their investments. Research shows that the city is among the few places with the most attractive housing markets in the country.
Current State of the Real Estate Market in Murfreesboro TN
Initially, the real estate market in this small city was stagnant and very few investors were willing to acquire properties there. Consequently, very few property managers were operating there, making property management in Murfreesboro TN a less profitable undertaking. However, the situation has improved tremendously in the recent past and property managers in the area are making good money in terms of commission. In fact, the market has made a U-turn and what was initially a stagnant market is gradually becoming a real estate hub. Properties are now selling like hot cakes and new houses are being constructed in the area as investors rush to take advantage of the booming market.
For instance, in the month of July 2016, the number of new homes sold in the area surpassed those sold in the last 10 years, qualifying the city to be among the best 2016 real estate markets in the country. According to a study conducted in 300 cities in the country to determine the status of the real estate market in different parts of the country, Murfreesboro featured as one of the small cities where the market is doing pretty good. For instance, home prices have appreciated greatly in the recent past and the trend is expected to keep moving up throughout the year and in the near future. When it comes to housing affordability, the city of Murfreesboro has the some of the most affordable homes in the country. The job growth rate in the area has improved in the recent past and more people can now afford to buy homes or rent a decent housing.
Economic State of Murfreesboro
The city’s population is growing rapidly and this has increased the demand for housing in the area. Initially, it was very hard to get a mortgage to buy a house in the area because very lenders were willing to finance real estate investments. On the other hand, the few lenders available in the area charged very high interest rates that discouraged investors from borrowing. However, the situation has improved in the recent past and affordable mortgages are now readily available for those who want to invest in the area real estate. Consequently, the number of investors borrowing capital to buy properties has increased. The foreclosure rate has also reduced in the area, meaning that homebuyers have no problem repaying their loans. Generally, the Murfreesboro real estate market is growing and those planning to acquire properties there should do so before prices become too high to afford.