Buying and selling a Middle Tennessee home is still a great opportunity and there’re several keys to success say the LCT Team of real estate experts.
Window Of Opportunity
Monthly the LCT Team – Parks shares current market conditions on Instagram, Facebook and LinkedIn. Digging deeper into those stats, single-family home inventory has risen in May according to the Greater Nashville Association of Realtors. LCT Team Realtor Lisa Culp Taylor says this is a good opportunity for home buyers.
“The Middle Tennessee area continues to have a huge influx of people moving to the area so you have to be very strategic in listing your home as well as entering into an offer to buy a home. Finally, we have seen a rise in home inventory and this can be an advantage for people looking to buy a home. With so many people heading out for vacation, this window can help you possibly place a contract on a home without as much competition,” she explains.
A window of opportunity is what Patterson Company’s Vice President of Operation, Tanya Yarborough, also describes the Middle Tennessee market. “The travel industry indicates the summer of 2022 will be one of the biggest periods of travel in a while due to previous restrictions. It is a good time to purchase a home and possibly not face a multiple bid situation,” she said. “We don’t have an oversupply of homes available, especially new construction homes where inventory remains low. Nashville is a great housing market as people, businesses and headquarters continue to relocate. It is one of the fastest growing markets and a great place to invest.”
Nashville’s diverse economy is very important to our current real estate market she explains. “From the automotive and technology industries to health care and an abundance of schools and universities, we have a very diverse economy and are not overbuilt,” Tanya said.
Patterson Company homes are being built in Old Hickory Crossing and Kimbro Woods with clients appreciating the opportunity for new construction. The LCT Team – Parks serves as the sales and marketing team for these properties.
“The LCT Team – Parks is doing a great job of marketing and selling these homes and the feedback we are getting is very positive. People are describing our homes as spacious and well-planned with smart storage and well-constructed. We have impressive elevations and the thoughtful, well-designed home exteriors are creating beautiful neighborhoods,” she said.
Both are in agreement that interest rates have been historically low but are still better than than the average seen in the past.
“Interest rates are still below what is a normal market. We’ve seen historically low rates in the past few years, but, today, we are still below what has been a normal market of 7 % interest rates. Today’s interest rates are around high fives depending on the type of loan you are getting and continue to fluctuate. They may be higher than what we are used to in the last few years but that was an anomaly,” Tanya said.
FirstBank Vice President Jennie Butler shared, as rates continue to fluctuation, it is important to be in constant communication with your lender to stay apprised of current market conditions in order to know when to lock in your rate.
“With home inventory improving, this is definitely helping home buyers have more options in purchasing. We’ve also seen an improvement in the new maximum conventional loan amount with the increase of home prices. This is helping more borrowers stay in a conventional loan versus having to go to a jumbo loan. This makes the loan process much easier in most cases,” Jennie said.
Need To Dig Deeper Into The Middle Tennessee Real Estate Market?
Our team is made up of natives from Williamson and Maury Counties to Nashvillians and several others who made their way here as fast as they could! With decades of cumulative experience, if you are thinking of selling or buying and want to work with top Middle Tennessee real estate experts, we’d love to help you! Named Parks top real estate team again in 2022 and honored by Greater Nashville House & Home as 2022 Favorite Realtors, our team is known for commitment, professionalism and attention-to-detail as we go above and beyond to help our buying and selling clients with an expansive real estate network and proven sales and marketing formula. Contact us today at 615-595-5883. Check us out on Instagram, Facebook, Tik Tok and subscribe to the real estate and community news today here.
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