Time To Buy Is Now!
Hi Everyone,
There’s lots of good news regarding our recovering economy and Nashville TN home sales. Whether you’re in the position to use the first time tax credit or not, it’s still a good time to react. Buyers and Sellers are both interested in what’s going on, so here’s a brief residential up-date of recent home sales in Nashville.
Home Prices May Be “Bottoming Out” according to home sales in Nashville.
New data suggests that the decline in home prices may be coming to an end. In many parts of the U.S., they have already ended. U.S. home values dropped in May by the slimmest margin in 10 months, according to the Federal Housing Finance Agency (FHFA). The FHFA index showed that residential prices slid 5.6 % from a year earlier, but rose 0.9 % from the previous month, thanks to activity in the West. The gauge differs from the more volatile Case-Shiller measures, which factor in sub-prime and jumbo mortgages, whereas FHFA considers only properties with conforming loans.
[SOURCES: Investors Business Daily; Information, Inc.]
Rates Rise Slightly, But Still Very Low
Freddie Mac reports that the average rate for a 30-year fixed mortgage this week rose to 5.2 % from 5.14 % a week ago. Industry professionals are keeping close watch on the rate, hoping it does not climb too high and derail a recovery in the housing sector. The National Association of REALTORS confirms that sales of previously occupied residences increased for the third consecutive month in June — something that has not happened in more than five years. [SOURCES: Freddie Mac; Information, Inc.]
I occasionally hear from people: “I’ll wait until the market hits bottom”, or something similar. Did it ever occur to those people that the only time you actually can see the bottom is on the way back up? There has not been a better time in the last twenty years than now to get active in the real estate market. Interest rates are at an all time low (for people with good credit), and SELLERS of residential real estate, whether in Nashville, Tennessee, or nationwide, are MOTIVATED! So get off the fence and start looking in earnest for the great opportunities that are in Nashville, and surrounding neighborhoods.
Investors!
If you need advice or some input as to where in the Nashville metro area to buy, just give me a call. I myself own rental property and as we know, it’s not just the “good buy” that’s important, it’s the correct neighborhood to buy into! Unless you’re a full time property manager, you need to understand who might be your potential tenant, before you invest your money. I’d be happy to give you my spin as to where to own, and where to avoid.
Mark
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