I work mainly in the Franklin and Brentwood markets.
Weather you should rent or buy really depends on what your future plans are. If you plan to stay in the home for more than 4-5 years I would say buy. if you are not sure then rent.
At this point in our real estate market there are alot of unanswered questions that will determine how fast our housing market will bounce back. What you want to avoid is buying a house that you will be needing to sell in the next few (3-4) years.
We expect our local market to begin to turn around this next year however, no one has a crystal ball and there are no guarantees so for a short term outlook it's best to RENT (not buy). That way if you need to move within 3 years you won't end up loosing your investment capital to commissions and closing costs.
If your move is expected to carry you through 4 years or more then buying would be a great idea since housing costs have dropped in our market which will maximize your profits on the home. Always remember your profit is made when you buy the home not when you sell. After comping the home I do think think the house you are looking at is a bit over priced for this market. Comps would support a lower value.
If you would like some assistance valuing this or any other home I would be happy to help.
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