State Housing Market Down In 2008 – from WSMV-TV Channel 4 News, Nashville

Prices Could Go Up In 2010, Says Harold Crye


Reported By Dennis Ferrier


POSTED: 6:16 pm CST January 13, 2009


NASHVILLE, Tenn. — Tennessee’s biggest realtor has released all of its 2008 numbers for middle Tennessee, along with some candid comments about 2009 and the value of homes.


It has always been a business for go-getters — with optimism, image and attitude as top requirements for realtors — but 2008 tested that.


“It’s not what it was the year before. That’s true,” said Harold Crye.


Middle Tennessee sales alone were down enough to cause some real issues, and 2009 starts right where 2008 left off.


“We brought in, to pay our bills, about $30 million less,” said Dick Leike.


“The first quarter is probably going to be the toughest,” Crye said. “We’re in a workout year, the way we look at it. We saw what happened in ’08, and ’08 was not a good year for anybody.”


But Crye-Leike believes things will get better as early as May or June. Low interest rates are leading a surge in refinancing; couple that with some unexpected help for sellers.


“We believe that when we get into sometime in 2010 that there will be a shortage and run the prices back up again,” said Crye.


The last couple of years, Crye-Leike has had Tennessee Titans cheerleaders and marching bands kick off the new year; this year, a singing realtor — a cutback for an industry that was one of the first indicators of the economic slowdown that now hopes to be one of the first back, breaking records.


On Monday, Crye-Leike signed off on a 30-year fixed rate mortgage for 4.375 percent — the lowest mortgage the company has seen since 1960.


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