HGTV’s Property Brothers showcases markets where properties, even in need of renovations, go for really high prices. The brothers are one part real estate agent and one part renovator. They specialize in helping someone buy an expensive property that needs some “love” for under what the market will bring for an updated property–then help them update it so that they can achieve some equity and a good investment.

What does that have to do with Nashville’s market? The Property Brothers typically operate in older more established (read EXPENSIVE) real estate markets in the Northeast. Strangely enough, Nashville has some parallels with markets that Property Brothers operate in. As the capital of the state, Nashville was developed early. Davidson County had farms–but most of the open, developable land has been built upon. Most new subdivisions are actually built in surrounding counties. What is a person to do in Davidson County/Nashville then? Infill building in established neighborhoods or remodeling an older home.

For years I’ve worked with clients that have told me that they “don’t mind doing some remodeling” or updates. However, when I take them to homes that I think is “light remodeling” or even just cosmetically needs updates–invariably I hear from them, “Uh, that house looks like more of a project than we want to get  into.” Many times the house only needs painting, new counter tops, or some tile in the bathroom. They told me they didn’t mind “a project” but really they did not want that at the end of the day.

I’ve been operating with the assumption that most buyers just don’t want to undertake much of a project for several years now. During the market crash, a seller had to have their property pristine just to get showings (much less a sale) and buyers (rightly) could be a lot more picky in what they would actually buy in a soft market.

Today is a very different market. In Nashville’s hot markets, 12South, Lockeland Springs, Hillsboro Belmont, Sylvan Park, Eastwood Neighbors, etc., builders have been sucking up all lots or possible lots for a couple of years now. Typically they try to buy an older house for the least amount possible, scrap it, and build a really nice house. The house/lot price has kept going up and it is getting so that these houses are getting past where a builder can buy them (or at least more rare) and then build a finished house that a buyer can afford. 3000 sq foot houses with 4 baths/2.5 or 3 bath houses going in the $600-700’s are out of many people’s price range.

I feel we are beginning to enter a market that is more competitive (maybe an understatement as spring heats up) and buyers are less choosy then they were during the last few years when the market nearly crashed. We are entering a market where buyers may choose a house that while expensive–isn’t as expensive as a brand new build. They will do more work on their house than what they have tolerated in the past. As the market goes even further in price, I believe we will be like the northeastern markets the Property Brothers operate in. They will buy an expensive house–yet not top of the market, and then do renovations that suit them and make their house modern and new to them, saving money.

So Drew and Jonathan Scott…..give me a call if you want to begin filming here!