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November 2023 Nashville & Middle TN Real Estate Update

Welcome to November where the trees blaze in their colors and turkeys become nervous! It’s a great time to start planning those family celebrations and getting the house decorated for your guests. What a great time to share your home with family and friends!

Or that maybe this is the year to get moved into a home for next year’s festivities. The Federal Reserve gave us an early Christmas present by not raising rates for the rest of the year, so we can catch our breath and take advantage of the falling interest rates. Today they dropped about a quarter of 1% to 7.51% (11/2). Working with the new lender programs and with some Seller cooperation you. Could do a 2/1 loan, which would make your first year’s payment calculated at 5.51% and the next year at 6.51%. The aim with this loan is to refinance as rates come down, which they will. Another thing in a buyer’s favor is there aren’t as many buyers out there to compete with and sellers are more willing to negotiate.

And sellers if you’ve been thinking of selling, we feel this is a great time for you too. Granted there aren’t as many buyers, but the ones who are out there are serious. Prices haven’t taken a hit because there still isn’t enough inventory out there to satisfy the demand. This creates another big advantage to putting your home on the market now.

If you’re curious about values in your area or buying a home shoot us an email Team and we will get back to you.