Is now the right time to sell a home in Nashville?
Rarely is a home ever put up for sale on an impulse. External circumstances can come together to force the timing of that kind of major real estate endeavor, but in most cases, the sale or purchase of a home happens on a timetable the buyer or seller consciously plans. That can be when a move least conflicts with everything else that’s going on (school and career schedules are often the overriding thought considerations). Or, it can be when surrounding circumstances seem especially favorable.
The answer to the “is the timing right to sell a home in Nashville” question looked to be a pretty concrete ‘yes’ for many reasons. The resurgence in Nashville home values had been ongoing for long enough that in many instances, previous peak benchmarks had been equaled. Many who would have anticipated low appraisals a few years ago could now look forward to better results. The sheer number of sales seemed primarily confined by the number of homes for sale: and if insufficient rival properties were on hand, all the better. In the background, promising economic news began to arrive more regularly…
In addition, there was one well-broadcast circumstance that made it look as if the “right time to sell” might not last for very long. It was universally expected that movement by the Federal Reserve Board to finally raise the Fed funds rate would rain on the Nashville real estate parade, since that would certainly force banks to raise home loan interest rates.
Nationwide, those reasons had the expected result. Per Reuters in January’s New York Times, apparently it had been a very good time to sell. “HOME RESALES RALLIED IN DECEMBER, AND PRICES ROSE AS WELL” was the headline describing Nashville’s activity. Unseasonably warm weather had helped, but “buyers rushing into the market in anticipation of higher mortgage rates” may have been more of an influence.
Sure enough, the Fed did raise the benchmark Fed funds rate, causing mortgage interest rates to…er…
That’s where the reasoning, assumptions, predictions, forecasts and assurances fell to pieces. The banks were supposed to have to raise home loan rates to match, yet by January they had shed another quarter of a percent. As the Times reported, “…rates on 30-year mortgages have dropped below 4%, and many mortgage experts expect them to stay below 4.25% this year.”
As the Nashville real estate market prepares for the upcoming spring selling season, that unforeseen improvement seems to signal a lengthy extension of the exceptionally positive climate. When homeowners ask themselves “is the timing right to sell?” – the answer seems to have gone from a “yes” to “absolutely yes!”
If you would like to know how I can help you take advantage of this favorable climate in the Nashville market, feel free to check out some of my home seller services pages. Or call or email me at your convenience.