During the pandemic, the Nashville real estate market has continued in favor of sellers due to high demand and low supply. The influx of buyers coming from across the country has reduced already dwindling inventory and pushed housing prices to sky-high. But with rising interest rates impacting mortgages, the Nashville housing market is about to shift. The Music City Group of Benchmark Realty, a team of seasoned realtors and industry experts, offers their insights.
According to the team, rising interest rates could spur an increase in inventory and shift things toward weary buyers.
The appreciation prices are already dissuading buyers in their home search, and many are choosing to stay put and observe before they make their move. Because of this, sellers who have previously been reluctant to sell their homes are getting anxious and modifying their market expectations. They are now opting to sell their properties for fear of losing the window of opportunity to sell their homes at top dollar.
If this trend continues, experts say buyers could expect inventory growth within the following months. While rates have increased slightly Nashville home buyers now have an opportunity to purchase a home without paying large cash payments above list price. With appreciation expected to continue to increase in the Nashville real estate market, albeit a bit less than the previous year, now may be a prime opportunity for both buyers and sellers to make their move!
The Music City Group Benchmark Realty helps buyers and sellers leverage their opportunities and make informed real estate decisions. They provide speed, security, and efficiency for seamless experiences across the board.
Learn more here: https://www.nashvillerealestatehelp.com/.