While the Nashville real estate market has cooled, along with most of the US housing market, it is natural to see this slow down after a period of tremendous growth. The past few years have seen a housing explosion (both in price and new builds) in the greater Nashville area. With the rise of interest rates and the new tax law, the US housing market is seeing a cool down. But with such fast-paced growth in recent years, it’s time to allow the market a little time to correct itself.
But with news of thousands of new jobs coming to Nashville from Amazon, EY, and AllianceBernstein, it’s not all bad news for the real estate market. Whether you are a buyer or a seller, here is what a slow-down in the Nashville real estate market can mean for you.
Traditionally, a slow housing market is considered a buyer’s market for obvious reasons. The buyer has the leverage because you have fewer competitors. Few sellers have the means for their home to sit on the market, while paying a second mortgage or rent. Sellers are motivated to sell, so you hold a lot of power in bargaining. Buying during a slower market allows you the chance to invest in a home or rental property to help your family’s healthy financial future.
Is there anything positive for a seller in a housing market? The good news is, as a seller in a slower market, you’re also often a buyer. Many Nashvillians who sold in the last few years dealt with the stress of competing with other buyers when trying to buy a new home.
And the reality is that a correction in the market is good for everyone because when housing prices get to out of reach, people begin to move out of the area because cost of living becomes unsustainable.
If you are looking to buy or sell in a slowing market, you need a realtor you know is on your side, working hard for you. Please let me know how I can serve your real estate needs.