November 2010 Rutherford County Real Estate Report
In this edition of Tuesday Morning Coffee John presents the Rutherford County real estate statistics from October 2010 in comparison with the October 2008 and 2009 stats and speaks candidly about what he think we'll be seeing from the real estate market in the near future here in Rutherford County in the wake of the 2010 elections.
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JOHN: Hey, John Jones here with another edition of Tuesday Morning Coffee. Guys, today, we’re going to talk about October numbers real quick. Not a whole lot different than the last few months. We’re kind of about the same trend. We’re about 30% off of these months same as last year, compared to last year. So this month, we’re about 32% less sales in October than we were in ’09, which is following that same trend we’ve kind of followed since the tax credit ran out. Also, you’ve got to remember October of ’09 the tax credit was very much in effect.
In fact, we thought it was going to run out in the fall, which made October a pretty good month in sales. So these numbers are a little bit skewed when I say 30% off. There are some really cool signs I’m seeing out there in the economy. The Dow keeps going up, which means companies are making more money, which they’re going to have to do before they start hiring people. I think the mid-term elections are a positive thing. And not because I’m picking one side or the other, but anytime there’s gridlock or for lack of a better word there’s republicans in one house, democrats in the other, there is a good check and balance system.
I think that makes people on either side feel more comfortable that whether you’re a democrat or a republican that that agenda is not going to run rampant. So I think it will help out consumer confidence, which is lacking right now. We’ve got to improve consumer confidence. Another cool statistic I’ve seen, Americans are saving more money than they ever have in the last few years. So they’re starting to put money away, which is very, very important. Our unemployment numbers locally have come down.
They were at 10% for quite a while. Now they’re easing down. The last number I saw was 8.6, so a lot of good things are going on. This is the best time I’ve ever seen if you’ve got money sitting around that is making little or no money at all in the CDs or in the bank, it’s an excellent time to buy a rental house. You’re going to be buying at depressed pricing. Even if you mortgage some of it, the mortgage rates are so low. So just an absolute, unbelievable time to buy. So if we can help you with anything, please call us, 615-867-3020, or you can find us at JohnCJones.com.