Since the interest rates have went up it has made the market cool off a little bit, but that doesn't mean its going to crash. We are not living in the 2008 - 2009 housing market crash as that was to do with people getting bad loans during that time that came back to bite them and we are not experiencing the same type of market now. The Middle TN housing market is just taking a breather and cooling off a bit, not crashing......it's really a good time to buy right now as you are not in a multiple offer rat race with every house you want to make an offer on these days. On the listing side its normalizing again, which is par for the course, but gives everyone a little breather. People are now wanting to sell their homes instead of refinancing so they can pay off debt so they are flooding the market with more inventory.....yay on the buyers side.
Cooling off is not a bad thing.....and I call it normalizing. It's still a great time to sell and a great time to buy. I say you will "marry the house and date the rate", because as soon as the rates go down, then you can refinance your loan. You are not stuck with the interest rates you have now forever. Houses are not decreasing in equity, they are just having to price it correctly to begin with and not expect to get $50k - $100k over asking price at the current time. Houses will still appreciate, but just not as fast or as much as they have been the past two years. We have been riding this wave of mulitple offers, paying over asking, bidding wars, etc. So now we are transitioning into the "new" normalizing market here in Tennessee. It has it pluses though.....the minus is with more inventory, days on market will increase so they will sit longer than everyone has been used to the past few years.
Houses are still selling every day and we still have people moving here every day, so just have a little patience and by all means make sure your home is in good condition, priced right, you've fixed all the leaks and added good curb appeal because we are back to the 2018 housing market where we have to put our best foot forward and may have to pay some closing costs to get the homes sold............so have some patience and do as much as possible to make your home stand out!
When my Hubby and I built and bought our very first home in 1992 we had an interest rate of 12%, that's double digits folks and we wanted a house, so we didn't care. We did not want to rent forever. Renting is 100% interest......you are paying for someone else to have no mortgage payment. We lost that home in 2015 to a total loss house fire, but I believe our last rate at that house was in the 5% range in 2015 and that is the rates we are seeing now and may see a lot higher before the end of the year. Our current interest rate on our home we bought after the fire is 2.25% but we took advantage of refinancing when the interest rates were at an all time low in January of 2021. Listen, people are still buying cars at higher interest rates, using credit cards at MUCH higher interest rates and freaking out over the housing market and listening to the negative things the news wants to put out there. Your best investment is in Real Estate!
You can call me to help you make that move today! I love to sit down with you to make sure what your numbers are so I can better help you with all of your real estate needs and wants!
Written by:
Audra Hicks ~ REALTOR, ABR, e-PRO, SRES, PSA, AHWD, RENE, HFR
Stewie says, "Mom puts the REAL in Real Estate!"
2021, 2022 Ambassador - Bluegrass Yacht & Country Club
2021 President - Women’s Council of REALTORS - Sumner County
2020 President Elect - Women’s Council of REALTORS - Sumner County
2020 Professional Development Committee Member - Sumner Association of REALTORS
2019 Hospitality Committee Member - Women's Council of REALTORS - Sumner County
2019 Education Committee Member - Sumner Association of REALTORS
Multimillion Dollar Producer
Platinum Award Winner - Sumner Association of REALTORS
Benchmark Realty, LLC
131 Saundersville Rd, Ste 130
Hendersonville, TN 37075
Cell - 615-859-1748
Office - 615-991-4949
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