There’s a lot to consider in the current home market, and the LCT Team of real estate experts say there are benefits to buying and selling right now in Middle Tennessee and here’s why.
Middle Tennessee Market Is Unique
Recent market indicators show home sales have been somewhat stable for the past few months according to the National Association of Realtors. From July to August, existing home sales dipped only slightly by 0.7%. According to an Inman article, homebuyer demand for mortgages inched up last week according to a weekly survey of lenders by the Mortgage Bankers Association (MBA).
Yes, mortgage rates are higher but as LCT Team Realtor Marabeth Poole says, as soon as you’ve decided to buy or sell, then that is the best time to do so and the Nashville area market is very unique.
“From an economic standpoint, Middle Tennessee has a very diverse economy from education and manufacturing to tech and health care, we do not rely on one industry for jobs. The mortgage rates are higher when compared to recent years but you were previously paying more for a home. The current market leaves more room for negotiating. The rates will come down and you can always refinance which is something I’ve done as well. Keep all of this in mind and don’t miss the current market opportunities,” she said.
With a recent price improvement, this gorgeous home is located in The Grove with five bedrooms and beautiful outdoor living! Click to schedule a showing and for details.
Marabeth says when working with clients selling, “I always advise if you’ve made the decision to sell, there’s obviously a need and reason. If it makes sense, rely on an expert real estate professional who can guide you through this current market. Once you get the ball rolling, I think it always works out. You have to live in the present times and make decisions on what is best for you and your loved ones. Many people think spring is the best time, but I’ve had clients for tax-purposes or who want to be in a new home for the holidays. Personally, fall is always my busiest time,” Marabeth said. “In regard to inventory, with the amount of folks still moving into the area, there is a need for more homes for sale.”
LCT Team Realtor Megan Jones Campbell agrees on not waiting because you can always refinance which she shares from personal experience.
“I wouldn’t wait and you can always refinance when the rates go down. You are better off to buy now and refinance. Sellers are negotiating more and adjusting their price to make it work. Now, everyone isn’t willing to negotiate but I am seeing some people negotiate to make a transaction work,” she said. “I have refinanced my home four times since living there and my payment has come down by $800. You have to look long-term when making an investment in a property.”
Home Buying Timing
It’s the best time to buy a home is when it is the best time to buy a home for you says LCT Team Realtor Amy Pappas.
“There are plenty of excited buyers and there are deals to be had. It is a good time to buy and, if you aren’t heavily impacted by the interest rates, it can be a benefit when negotiating,” Amy said.
Homes are definitely seeing longer days on the market, and Amy said November, December and January can be a good time to get a deal.
“From work relocation to lifestyle, there are many people who are buying homes right now and we are excited to connect those buyers with our beautiful listings as well as beautiful homes in the area,” Amy said. “At a national real estate conference this year, we ran into colleagues from around the country from Beverly Hills and Chicago to Puerto Rico and DC. When they learned we were from Tennessee, the universal feedback was it is a great time to be moving to Middle Tennessee. The state still ranks in the top 10 for places to relocate.”
LCT Team Realtor Lisa Culp Taylor, who attended the conference with Amy as well as Inman Luxury Connect in August agreed on the national feedback on moving to Tennessee.
“We aren’t in the same market as we were two and three years ago but what remains special about living in Tennessee is the same. From the incredible change of seasons and Southern hospitality to the diverse economic base and abundance of great schools and university choices, living in the Nashville area is amazing for a lot of reasons. Also, for many, a top reason is no income tax resulting in an immediate salary boost. For me, there’s no other place I’d rather live,” Lisa said.
As Amy mentioned, November, December and January can be a great time to sell and find a home. Our previous blog here outlines great tips for selling your home during the holidays.
Need More Info on Your Home Buying And Selling Options?
If you need more info to help make a a home selling or buying decision, we’d love to sit down with you and analyze your options for today and the future. We also have several parcels of land listed if you’d like to dream about a future, new home!
Consistently earning top real estate team for Parks Realty, 2023 Wall Street Journal RealTrends #1 in Tennessee for Medium Team – Volume – as well as #20 in the nation, the LCT Team – Parks is known for commitment, professionalism and attention-to-detail. We go above and beyond to help buying and selling clients with an expansive real estate network and proven sales and marketing formula so reach out today at 615-595-5883. Stay up-to-date on the latest via Instagram, Facebook and subscribe to the real estate and community news here.
