“Just wait until after the election!” is a cheer that echoes far and wide. In case anyone missed it, there is a presidential election coming Tuesday, Nov. 5, and that’s when things will change, say these shouters from rooftops.
Veteran Realtor Tommy Patterson (see Sale of the Week) admits he is curious as to which day the real estate deluge will arrive. Should he clear that day on his calendar?
One thing is certain. There will be a new president. Some might assume it would take a few months for the Fed – if it still exists – to convene and adjust the rate. Lenders are saying current mortgage interest rates reflect the Fed anticipated rate drop, which has not happened and maybe even the next one that has not happened.
For homebuyers, sellers and Realtors, bad economic news is good news as rates seem to drive the industry.
The postelection euphoria cannot come soon enough, as sales in the Greater Nashville Area were down 6% in August compared with August 2023 and down 2% from July. With sales down, inventory is on the rise with local inventory up 22% compared to August 2023.
“The combination of softening rates and rising inventory has created a unique opportunity for homebuyers in the Greater Nashville market,” says Kevin Wilson, president of Greater Nashville Realtors. Pending sales are up, he adds, so the election rally might already be here. Someone forgot to tell us.
Sale of the Week
4220 Kirtland Road
There is a property that the United States Postal Service has now designated to be 4220 Kirtland Road in Green Hills, although it was formerly addressed as Castleman Drive. Listed by real estate legend Tommy Patterson, the house sold for $2.42 million, slightly less than the $2.44 list price.
The house was newly constructed in 2023 and includes 5,553 square feet with four bedroom, three full bathrooms to go along with two half bathrooms.
Patterson served as the president of what was known as the Greater Nashville Association of Realtors, which was often abbreviated as GNAR, pronounced by some in gnat fashion, “NAR.” Others pronounced it with syllables with a hard G: “guh-NAR.”
Then the National Association of Realtors suggested, as they are prone to do – no mandates ever, except for a few a few here and there – that the association change its name to Greater Nashville Realtors. OK. Done.
Many other associations changed their names. The Tennessee Association of Realtors which became Tennessee Realtors. Interestingly, the National Association of Realtor is still the National Association of Realtors, not National Realtors. The only people who profited from these changes were the sign painters, logo designers and printing companies.
It does not stop there for Patterson, who was later honored by GNAR as the Realtor of the Year in 2001, one year after serving as president of the group. Patterson has given many years of service to the Greater Nashville Realtors, the Greater Nashville Association of Realtors, the Tennessee Association of Realtors, Realtracs and leadership roles within the industry.
He was a member of the board of directors when that group decided to become the first internet-based multiple listing service in the country, therefore the world. Licensed in 1973 at the age of 18, he worked with his father who developed the Temple Hills golf community, one of the first in the area.
In 1980, Patterson opened the successful J. Thomas Patterson Company, which spawned Haury and Patterson Properties, a founding firm of Hunterwood in 1986 and continued to develop properties until 1995. Patterson later became the managing broker Christianson, Patterson, Courtney and Associates until it was acquired by Zeitlin Sotheby’s International Realty. Additionally, Patterson has been cited as one of the city’s top 10 Realtors by the Nashville Business Journal.
He has dedicated the past 51 years of service to the real estate community and serves as ombudsman for the Greater Nashville Realtors and mediator for the National Association of Realtors. He shows no signs of slowing, as evidenced by the recent sale of Kirtland. Additionally he has been awarded the Lifetime Award for Excellence by the Greater Nashville Realtors and serves as mentor to countless agents in his current role at Fridrich & Clark Realty.
Shelly Bearden delivered the buyer to the sales. Bearden and husband Rob have established the Bearden Brand after they partnered following years with new construction for Shelly and Rob’s long career in banking. They have been awarded the Diamond Award of Excellence by the Greater Nashville Realtors.
Richard Courtney is a licensed real estate broker with Fridrich& Clark Realty, LLC and can be reached at [email protected].