This post was prompted by a video created by Phillip Cantrell, the owner of Benchmark realty LLC. All of us get these questions, but he took the time put them in a logical order with the best answers for this time. Like most things in life, timing has a lot to do with everything real estate so keep that in mind. What seems like a good answer today may change next week.

1.  How can I know if this is the right time to buy a home? The answer is it depends on your financial situation and you need for housing. If you have been relocated here for some reason, your needs are not the same as someone who has a home here already and would just like to downsize or move closer to work.
2. Will sellers lower their prices in the near future? A lot of people thought this would happen based on the housing crash of 2008, however we have not seen this happening at this time. The market was full of speculators in 2008 who were building and buying new homes in the hope of flipping them for a profit. That does seem to be nearly as common today. We also had very low mortgage requirements leading up to the 2008 crash, including 103% loans requiring zero down payment and adjustable rate mortgages. If you’ve tried to get a mortgage in the last few years you know that most loans require a down payment, a decent credit score, and a good work history. You would think all of these things make sense, but leading up to 2008 it was not always the case.
3. Will the housing market crash? That depends on a lot of things, but mostly interest rates.   The market statistics for March of 2023 show that the average sales price of homes in Nashville for the month was $465,000 in March of 2022 it was $461,250. So the average house price is slightly higher now than it was a year ago. If interest rates continue to fall, the average prices will probably start to rise.

So the answer is still, it depends on your needs or wants. I think it’s a better time to buy than this time last year just to stay out of bidding wars. Your interest rate will be higher, but you probably have a better change of getting the house you want. You should be able to refinance when rates come down. Joe Biden says we will have another lockdown, how he knows that is a little scary, but if it happens the market might go crazy again.

Call me if you would like to talk through this or start the process of a home purchase.

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Nashville homes for sale and February 2023 market report – Inventory levels are almost triple what they were 12 months ago but the prices are almost the same as they were last February.

• 1742 homes sold in Nashville during February of 2023 compared to 2300 for the same month last year a reduction of 32%
• the median sales price for Nashville homes was $450,000 almost the same as last years $446,175
• 5827 homes are available for purchase at the end of at end of February compared to 2001 last year an increase of 191%
• the absorption rate based on February home sales and available inventory is three months
• the average days on market for Nashville homes is now 59 days
• 319 Nashville condos sold during the month compared to 400 for the same month last year
• the median sales price of Nashville condos was $331,900 compared to $329,827 last year

As expected the Federal reserve has made a large impact on the housing market and mortgage rates have at times been over 7% lately taking the affordability of Nashville homes for some people out of reach for now. On the other hand buyers now are a lot less likely to get in a bidding war when most homes come on the market. If you can afford it, buying a home now makes a lot of sense because the prices are possibly bottoming out, and rates are probably topping out. You should be able to refinance in the future for a much lower rate and have the home you wanted at a reasonable price. Of course the Federal reserve may decide otherwise, but historical it’s been a good plan. Let me know if you would like to purchase or sell and Nashville real estate.

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information on this page is based on information on Nashville real estate per the Nashville Multiple Listing Services, Inc. and is deemed reliable but, not guaranteed. This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Benchmark Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, Green Hills, and the middle Tennessee area

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(all data current as of 10/3/2023)

Listing information deemed reliable but not guaranteed. Read full disclaimer.