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.
“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.”
— 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.
— 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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