BALANCING MARKET
Nashville!
What we are starting to finally see is a slight shift in our housing market due to the increase of mortgage interest rates.
What this means is that the cost of obtaining a mortgage, for the short term, is slightly higher than the historic lows that we have experienced in the past couple of years. This impacts the purchasing power for home buyers and has caused them to take a pause before making a decision.
This is a GOOD thing! As we know, there has been a frenzy of multiple offers on listings, driving up the price of most homes causing buyers to either be completely out of the running or pay significantly over list price.
NOW home buyers are able to take more time to make a decision on the home that will suit their needs even allowing for them to write a home sales contingency into their offer, in some cases!
My preferred lender is also offering a free refinance for up to 3 years after closing to aid buyers in purchasing their home now and being able to potentially lower their rate in the future!!
I’m here if you have questions, feel free to reach out!
-Jamie Van Zandt, Realtor
Village Real Estate
