Nashville entrepreneur and real estate developer Scott Sohr holds an MBA from the Owen School of Management at Vanderbilt University. With nearly three decades of management experience, Scott Sohr has succeeded in an environment of challenging and profitable business endeavors.
Q: How is the Tennessee housing market this year?
Scott T. Sohr: It has exceeded expectations. Real estate authorities expectMiddle Tennessee property values to continue to increase this year.
Q: To what extent has the market exceeded expectations?
Scott T. Sohr: Last year most experts predicted the average property prices to increase nationally by approximately 1 percent. Nashville’s projected increase was 2 to 3 percent. So far those estimates have been pretty accurate.
Q: Are other Tennessee metropolitan areas experiencing the same level of success?
Scott T. Sohr: The Memphis economy is recovering at a slower rate than Nashville’s.
Q: Why is that?
Scott T. Sohr: I believe if the city would promote outside the Mid-South it would find buyers who appreciate the great housing market in the Memphis area.
Q: What information would be of interest to out-of-state buyers?
Scott T. Sohr: The Memphis housing supply is incredible and the prices are low compared to other parts of the country.
Q: How is the market in East Tennessee?
Scott T. Sohr: We expect the market to continue to improve throughout the rest of the year. Homebuyers and investors have always been attracted to East Tennessee because of the comfortable climate, numerous industries, and an assortment of recreational activities due to nearby mountains, lakes and rivers.
Q: What has stirred recent interest in Tennessee?
Scott T. Sohr: The popular TV show “Nashville” has generated a great deal of attention. Also, National Geographic recently named Memphis among the Top 20 places to see in the world.
Q: What other Tennessee cities are growing?
Scott T. Sohr: All realtors agree that, in the real estate market, it is all about location. If the location is indeed the most important factor in home buying, then Clarksville is the poster city for location.
Q: Why is the real estate market so strong in Clarksville?
Scott T. Sohr: The Clarksville area credits the major Army base, Fort Campbell. The base has a population of approximately 89,000, with 85,000 soldiers and family members plus 4,000 civil service workers. Approximately 75 percent reside in Clarksville and Montgomery County.
Q: Are there other factors driving the market?
Scott T. Sohr: Austin Peay State University contributes significantly to Clarksville’s growth.
Q: How much of an impact does the university make?
Scott T. Sohr: Austin Peay employs around 600 people and more than 9,000 students attend the university. Every year approximately 1,000students graduate from the university and many choose to stay in Clarksville.
Q: What other groups find living in Clarksville appealing?
Scott T. Sohr: Retirees add to the numbers. They like the climate and location. Veteran retirees choose it in order to live close to a military installation.
Q: What are the real estate trends in rural areas?
Scott T. Sohr: Undeveloped real estate in rural Tennessee encompasses 38 percent of the Tennessee market. These properties offer an excellent option for a variety of projects that are of interest to homebuyers, builders and commercial investors.
Q: Does Tennessee have something for everyone?
Scott T. Sohr: Tennessee’s real estate market offers an abundance of properties for every taste, from urban convenience to rural beauty.
Q: What is driving the rapid rise in property values?
Scott T. Sohr: Interest rates remain at historic lows and housing prices continue to rise.
Q: Is this a good time to buy a home?
Scott T. Sohr: This is an excellent time to purchase a home. When the economy rebounds, there is no place for prices and rates to go except up.