The Short Story:
The market is stabilizing and it’s no longer a super charged sellers market.
What We’re Telling Our Sellers:
Don’t expect 30 offers on your home after the first weekend of showings. Average days on market is back up around 34.
The main factor driving the changes is interest rates. They are double what they were a year ago as the Fed tries to taper inflation which is at a 40 year high. It’s not a horrible time to sell either because the majority of homes in Nashville have appreciated 40-60% in the past 3 years. Some homes seeing upwards of 84% appreciation in that period. So if you’ve owned your home for at least 2 years, you should come away in good shape.
Today’s interest rates are hovering around 6.8% and are expected to climb into the spring of ’23. The average interest rate historically is 7% so perspective is huge there.
What We’re Telling Our Buyers:
It’s a better time now to be a buyer than anytime in the last 2 years in our opinion, despite the rising interest rates. We are back to a healthy state where buyer’s can hire a home inspector and negotiate repairs based off the inspectors findings. Buyers can make an offer contingent on the appraised value – which has been a rare accepted contingency of late. Also, know that any home that comes to the market right now is being offered by someone that is READY to sell.
We know it can be confusing and overwhelming with today’s market so please always feel free to reach out with any questions. We love chatting all things real estate!