I know you've heard for months now how bad the housing market is and how many homes are going into foreclosure. There is definitely some truth to the stories in many parts of America, but not here in Middle Tennessee. Sure, we have our fair share of delinquencies and foreclosures, but Nashville is not seeing the dramatic drop in value and abandoned homes like much of Nevada, California and Florida are experiencing. There is actually a new name for homeowners who are moving out of their homes and mailing in the keys to the banks--they call it JingleMail ('cause the keys jingle--get it?).
One piece of the real estate puzzle which does seem to be happening in Nashville, is a slight upswing in Home Remodeling. When a slow down occurs in the Real Estate market, many people decide to stay in their homes and add on as opposed to move. This eliminates the expense of moving and it allows homeowners to increase the value of the home for the future.
If you are in an established neighborhood and like where you live, consider adding a new room or finishing out the attic space so the kids can have separate bedrooms. Remodeling your current home may be a little inconvenient at the time, but will allow your family more continuity in the longrun because the kids stay in the same schools and the family doesn't have to learn a new neighborhood, but you get the benefits of something "new" and add value to your home.
