Every area is unique, so you’ll find different real estate trends everywhere you go. In some places, home values are falling and buyer interest is low. In others, both interest and values are skyrocketing. Local real estate depends on a number of factors, and obviously, some conditions are better than other when it comes to selling.
Luckily, if you’re selling a home in the Nashville area, conditions are in your favor. From mortgage rates to prices, here’s what you need to know about the local market.
Mortgage Rates are Low
This isn’t a Nashville-specific trend, but it certainly benefits both sellers and buyers in the area. Mortgage rates are staggeringly low this year, and many experts are shocked. In fact, most people predicted that 2019 mortgage rates would shoot past 5%. Instead, they’re hovering at around 3.7%—the lowest they’ve been in years.
So what does that mean for sellers? Well, more buyers will be encouraged to enter the market and buy a home, since rates won’t get much lower than they are now. You can expect to see more eyes on your property than in previous years.
Nashville Home Values are on the Rise
In the United States, the national median home price is $226,800—and climbing. In Nashville, it’s a little higher, coming in at $262,500 according to Zillow. Home values in the city have risen by over 3% in the past year and are expected to keep growing in the next year.
To put those numbers in better perspective, the median home value in Nashville five years ago was $168,000, so the number has gone up by almost $100,000. If you’ve been living in your home for a while, then you can likely expect to sell for a much better price than you paid.
On top of that, with low mortgage rates, the cost of rent increasing, and more young people starting to buy, Nashville might be looking at one of the best selling seasons in a while.
Stand out from the Competition
The Nashville real estate market is ripe for profit right now, which means there are going to be plenty of other sellers looking to capitalize on the benefits. If you want to stand out from the rest, you should work with someone who knows their way around the market.
From giving you personalized tips on how to stage your home to impress (and add a few value-boosting DIY projects) to helping you set a price that takes into account every feature of your home, I’ll use my skills and years of experience to ensure that you get top dollar for your sale.
Ready to List Your Nashville Home?
While home values are expected to steadily increase, those low mortgage rates—and the influx of buyers that come with them—will only last for so long. If you want to maximize the return on your investment, then there’s never been a better time than now to sell.
Take some time to browse the resources I have to offer my sellers, and give me a call if you have any questions. Once you’re ready to list your home, just let me know!