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October 2023 Nashville & Middle TN Real Estate Update

October is here along with the scariest day of the year, Halloween! And if you’ve been thinking about buying or selling a home that might seem pretty scary too, but there’s no reason to fear when you’re working with the right professionals like the Nashville Home Guys team and their business partners.

If you’re thinking about buying there are things you can do to lower the interest rate by doing a rate buydown which can drop your rate by 1 to 3% until you can refinance. This expense can be negotiated with the seller paying the cost as part of a closing cost allowance. Also, there are loans out there on homes that can be assumed at their COVID low interest rates. In addition, there are more homes on the market than there have been over the last 2 years and homes are staying on the market longer, which lends itself to a stronger negotiating stance on your offers.

And finally, there aren’t as many buyers so we’re not seeing anywhere near the multiple offers we were over the last 2 years making price much easier to negotiate with the seller.

If you’re considering selling, the first thing to know is that the 15 to 20% gains we were seeing have settled more into the normal range of 5 to 7% price appreciation range. While it’s true there aren’t as many buyers right now, the ones who are looking are very serious about buying. Homes are staying on the market longer and there are more homes for sale, so your pricing and/or concessions should be seriously considered before bringing your home to market.

All in all, the real estate market in Middle Tennessee is still vibrant and healthy and we look for a strong fall season!