With summer drawing to a close and school having just begun, we are starting to see the annual lull in the Nashville real estate market. Typically, homes will sit on the market for 2-4 weeks longer during this time of the year due to the fact that the new school year simply “drains your energy like nothing else” according to one mother of three boys. So do not panic, this period on inactivity happens every year around this time and things will be back to normal in less than a month.
There are some really encouraging signs as well this year. As a whole, the Nashville and especially, Williamson County real estate market has appreciated at a record pace for the third consecutive year. Parts of Brentwood, Franklin, and even Spring Hill have seen 2-5% overall increases in the price per square foot during the past 3 months alone! It appears that if you buy into a new subdivision early, you will be rewarded with an immediate gain and if you hold on to the home until the new subdivision is built out, you might even see an additional 5% jump! This is exactly what happened to Fieldstone Farms a year or so ago.
It also appears that mortgage rates will remain stable and may see a slight increase unless Greenspan decides to not slowly raise the prime rate, but I only see that happening if there is a major event in or including the Unites States. In other words, don’t count on it. It is always best to shop for mortgage rates and we encourage you to visit our Nashville loan and mortgage page for more info.