GM announcement could hurt Spring Hill real estate - WKRN News 2

GM announcement could hurt Spring Hill real estate

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Spring Hill, Tenn. - Hundreds of houses are already for sale in Spring Hill, and now news of several hundred GM workers being offered jobs in Michigan, brings potential for an even more flooded market.

When Roy Briggs decided to move back to his home state of California, he listed his two-story brick house in Spring Hill with a realtor.  Twelve months later, still no buyer.

He said, "We've dropped the price twice. We've done all we can without losing the home completely." 

Roy's story is a familiar one.  There are currently 450 homes on the market in Spring Hill.

With GM making room for some 800 local workers in Michigan, there are sure to be more houses up for sale.

Some believe the GM announcement only adds to the troubles of an already slow real estate market.

"We were hoping we could get out of here before that happened; now we don't really know. We're just caught between a rock and a hard place right now," said Roy.

But local real estate agents paint a prettier picture.

Kristin Pendergraft with Crye-Leike said, "I'm not really overly concerned about that. I know it's a lot of moving for people within our community, but I also think it gives us some opportunities."

Pendergraft says it's a great time to buy, and people are taking advantage of the deals.

Sixty-three homes sold in Spring Hill last month, compared to 53 the month before. 

Kristin is optimistic about the future of the GM facility.

"It is such a state-of-the-art plant. It's not going to sit very long. Someone will come and buy it, so it's a great time to buy homes now, before someone scoops it up and brings who knows how many people into our community."

But Briggs fears that selling his home might just get harder as the weeks go by and more GM workers pick up and move north.

"When we put our home on the market, there weren't many on the market. It's now flooded which means it will now be a lot more difficult to compete," Briggs said.

City leaders tell news 2, only about 300 to 400 GM workers actually live in Spring Hill, and the rest live in surrounding areas.

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