Nashville real estate - What do buyers think about when they are trying to budget for a home purchase? I'm confused myself, because buyers get hammered by the media about how home prices are going down, and the bottom is here, or not here, depending on who is talking.
The media doesn't talk about rates, but the reality is that rates on 30 year fixed rate mortgages are down about 10 percent compared to just a few weeks ago. And that's with not having to shop around, or deal with multiple offers.
When I talk to buyers in Brentwood and Green Hills, they seem to be more concerned about price, It's usually the opposite in Franklin and Spring Hill. Those buyers are very concerned about rates. I think you should watch both. Rates are as much of a determining factor to your monthly payment as the price of the home. We have seen rates as low as 5.75 this week on 30 year fixed rate mortgages.
I may be able to find you a home that's been reduced by 10 percent, and when you add 10 percent reduction in interest, you have a great monthly payment.
For the people who have been waiting this out, it seems that they were right. It's turning into a great time to buy.
Either rates or price, if affordability is the key for a buyer. Now is the time. It just don't get better.
Love the rainbow shot.
Richard
Richard - I agree with you, but human nature is to run with the pack. Leaders are rare.