The 5 Best Pieces of Advice for Home Prices in 2024 Without Stressing Over the Market Updates

Preview the topics covered in this article:

Overview of home prices in 2023

Forecast of Nashville's real estate market

What can you get out of the home prices in 2023?

The next steps

Over the past year, home prices have been a widely debated topic. Some have said we’ll see a massive drop in prices and that this could be a repeat of 2008 – which hasn’t happened. Others have forecasted a real estate market that could see slight appreciation or depreciation depending on the area of the country. And as we get closer to the spring real estate market, experts are continuing to forecast what they believe will happen with home prices this year and beyond.

• It’s also important to know that Nashville is predicted to be the fifth hottest real estate market of 2023, according to a new study by Zillow.

• Zillow said the top ten markets all have strong home value growth, a solid economy, relatively fast-moving inventory, and a large pool of likely buyers.

According to Nathan Weinberg, vice president of the board of directors for Greater Nashville Realtors,

“Buyers that are saying, ‘I want to wait to see what happens with interest rates,’ I really encourage you to start your searches now, Interest rates might continue to fall, but very slowly, but supply is also going to fall, and so if you want to have the most options, the most bang for your buck, now’s the time to get out with your realtor and look for something.”

So, given this information and what experts are saying about home prices, the question you might be asking is:

What can I get out of the home prices in 2023?

Well, here are the 5 best pieces of advice you’ll get out of it!

1. Buying a home now will greatly help you escape the cycle of rising rents.

— Over the past several decades, the median price of rent has risen consistently. The bottom line is, rent is going up.

2. Homeownership will shield you against inflation.

— A key advantage of homeownership is that it’s one of the best hedges against inflation. When you buy a home with a fixed-rate mortgage, you secure your housing payment, so it won’t go up like it would if you rent.

3. Homeownership is a powerful wealth-building tool.

— The average net worth of a homeowner is $255,000 compared to $6,300 for a renter.

4. Houses that are priced right are still selling.

— Houses that are updated and priced at their current market value are still selling. Jeff Tucker, Senior Economist at Zillow, says:

sellers who price and market their homes competitively shouldn’t have a problem finding a buyer.

The need to price your house right is so important today because the market has changed so much over the past year. Danielle Hale, Chief Economist at realtor.com,

5. The best time to sell a house fast and for top dollar is near!

— The best month to sell a house fast in Tennessee is usually late spring/early summer, between May and July. The median time it takes for Tennessee homes listed in May to sell is 24 days, which is 10 days faster than the annual average, and sellers can net thousands of dollars more if they sell during the peak months of May, June, and July versus the two slowest months of the year, October and December, according to a 2022 report by ATTOM Data Solutions.

The next steps...

Which of these pieces of advice do you think will affect your current real estate needs?

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