Should Spring Hill Home Owners Be Concerned about Flood of Rentals
Should Spring Hill home owners be concerned about sudden increase of rentals in their subdivisions?
This past week I was requested to do 151 BPO (Broker Price Opinions) for a client. I perform these from time to time on properties that are foreclosed or are being foreclsoed, but in this instance these were all homes owned by a national conglomerate that is in the real estate investing business. This company specializes in buying homes, making repairs and renting them. I knew that Spring Hill had a large number of rental homes but for one entity to own so many in such a confined area is alarming and should be to all Spring Hill home-owners. The economy devastated alot of families and left them with damaged credit and blemishes that prevent them from buying homes and so rentals are a necessary part of the real estate landscape in Spring Hill. However when these investors were buying up homes for cash and reduced the inventory they also helped create appreciation and drive up the prices as buyers were bidding up prices. The fear is that the single entity could decide to remove themselves from this market quickly and the increase in supply will drop the prices of the nearby homes. Even if they don't sell them asll at once or decide to hold them, if the owner/landlord doesn't maintain these homes to the same standard as the nearby homeowners there could be a decrease in the desirability of an area.
If you own a home in Spring Hill and would like to know where and what price points this national investment company owns property, just call us at The Grumbles Team and we will be happy to educate you on what we think this could do to the market and can run a subdivision analysis to tell you what percent of your neighborhood is beinfg rented out.
Another action item for you as a homeowner in Spring Hill is to check your restrictions in your neighborhood and see if renting is allowed and you may want to lobby to have a code like that added to protect your community.
The Grumble Team at EXIT Realty of the South is always ready to assist Spring Hill homeowners and buyers with their real estate needs.
The Grumbles Team is our family serving your family with your real estate needs in Franklin, Tennessee 615-587-5843.
EXIT Realty of the South | 1227 Lakeview Dr. Suite 1 | Franklin | TN | 37067 | 615.550.5555
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