Those looking to sell their home in Nashville have been rewarded by a steady rise in home values for the better part of the year There’s also good news for home buyers as they once again begin to reap the rewards of very attractive interest rates. According to the USA Today, rates began to decline in September and currently sit at about 4.1% on a fixed 30 year mortgage. This marks the lowest rates have been since June when the average rate for a fixed 30 year mortgage was 3.93%
These rates have attracted more buyers as there was 6.4% jump in application compared to this time last week. Current homeowners are getting in on the action as well, which is reflected in the almost 9% increase in refinance applications.
With the average home price in Nashville currently dipping just a little during the fall months combined with the lower interest rates, this presents an ideal situation for those in a position to purchase a home. Another factor in homebuyer’s favor is that there are traditionally fewer buyers during the fall and winter months, which means more inventory to choose from as well as increased bargaining power.
All said, if you are considering buying a home in the Nashville area, the cards are currently stacked in your favor. Please let us know if you have any questions about a specific property or if you would like to set up a showing to take advantage of the current market.