Nashville real estate - It's what I hear every day. Buyers are unsure about the market, and I can understand that. By waiting, you are betting that
1. Interest rate will continue to stay low (Try to get odds on that in Vegas)
2. Prices of homes will go down even farther
3. A good selection of homes will be available when you get ready to make a decision.
It doesn't sound like a good bet when you put it that way does it.
With rates a full 1 percent lower than they were this time last year, it usually equates to at least a 15 percent lower house payment. Don't expect rates to improve. In fact I hear that some expect 7 percent next year.
House prices in Nashville are back to what they were in 2005 in most places.With inventory levels getting lower each month, and builders moving at a snails pace, don't expect prices to stay down. The nature of supply and demand will always take over. As the supply of available homes comes down, the prices will go up.
The best homes are moving within weeks now, so don't expect the home of your dreams to wait for long. Chances are that other buyers are looking for the same home.
Place your bet. The chance of a lifetime may be right under your fingertips. Just make the call.
This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Keller Williams Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, Green Hills, Murfreesboro,Hendersonville, and the middle Tennessee area