May Real Estate Market Update In Nashville & Nationwide

Nashville Real Estate | May 2019 Market Update

The question on everyone’s mind is what’s happening across the country in regards to home prices. Buyers are wondering, should I wait to buy a house, are prices gonna go down. And sellers are wondering if I should wait to sell because may prices are gonna go up. And I know, I get it, with all the negative press out there, who do we believe? Well as I say, don’t believe me, and don’t believe the news. Let’s just go ahead and take a look at what the experts are saying and what is actually happening right now. Now a report that came out from the national association or realtors shows that we have an average of 3.6% increase across the U.S. in terms of home prices. Now that is considered a normal appreciation. And here’s the deal, yes, we’ve seen higher over the past few years, but that’s because we’ve been recovering from a crash. And you can also see by this graph, for year over year, change in price, we’re seeing an average of 3% to 7.9% increase in almost all areas across the U.S. Now here in Nashville specifically home prices are up 4.4% over this time last year. Now that’s what’s happening right now. Well what’s in store for our future. Well let’s go ahead and see what the experts are forecasting. The Home Price Expectation Survey which is a survey made up of a nation-wide panel of over 100 economists, real estate experts and investment and market strategists are also predicting cumulative appreciation through 2023. We’ve got the aggressive ones who are predicting about 28.3% increase. The in-betweeners that are anticipating about a 17%, and then you get the super-conservative who are predicting an overall accumulating appreciation of about 6.5% So the experts are anticipating a slow and steady normal appreciation of home prices over the next five years. So if you’re thinking about buying, it doesn’t look like home prices are gonna be going down any time soon according to the experts. And if you’re wanting to sell, prices are gonna go up, but think about it, so is the house that you’re gonna purchase. Now let’s not forget about interest rates and how they’re going to affect buying and selling because those are really, really important. According to the experts like Fannie Mae and Freddie Mac and the Mortgage Brokers Association, the National Association of Realtors. They’re all predicting interest rates to slightly increase in the forth quarter. So remember, buys and sellers, as interest rates increase, you need to think about how they’re going to affect your mortgage payment and also how many people will be able to qualify to purchase your home. Now buyers, remember as interest rates increase, so does your payment. And sellers need to be aware that as interest rates go up, the number of people who can actually qualify to buy their home goes down. So there you have it, the housing market is still looking good. Now, as always, feel free to reach out to me for anything regarding the community or your real estate needs.

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