In one word - GREAT. In fact, as of end of April in our area, sales are already flat with last year's numbers, despite the pandemic. Thousands of buyers are out looking for their next home right now and they are serious buyers. Here's a quick overview:
Buyer Demand is Strong
🔶 The number of home showings in the greater Nashville area is UP higher than it has been all year - up from last month and only slightly lower than same time last year.
🔶 30 year fixed mortgage interest rate hit an all time low, so thousands of buyers are taking advantage of their opportunity to purchase a home as evidenced by an 11% increase in home purchase loan applications nationally, up for the 3rd week in a row.
🔶 Buyers who are shopping for homes are "serious" buyers. If they did not need to purchase a home right now, they would not be putting on the masks and gloves and getting about town to view properties.
🔶 With the beautiful spring weather over the last several days, we've seen another up-tick in home showing activity.
Shortage of Listings
✅ Less Sellers have been listing their homes this spring, meaning available home inventory is low at the moment. For Sellers, this means LESS competition with other home Sellers. If you desire to sell (Get it on the market now), while rates are low and buyers are swarming.
✅ Low inventory means MORE competition for buyers. If you're watching for new listings on the internet, you may already be too late. Homes are selling fast. So, contact Steve to get on a "coming soon" list so you can see what's available before your competition.
✅ With low inventory and strong buyer demand, we're seeing multiple offers being made on many homes. Buyers, be ready to make a solid offer if you really want the home. Put your best foot forward. Sellers, be ready to sell your home quickly.
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Home Loan Rates
30 yr Fixed = 3%
15 yr Fixed = 2.635%
ARM = 3.635%
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If you need help with a loan, we are happy to recommend our favorite mortgage lenders.
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Today's Market Update
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Customize Your Home Search & E-Alerts
See our newest listings, customize your search parameters and set up personal e-alerts right here
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12 Maintenance Tips to Get Your Home Ready for Spring
Staying at home has given many of us lots of time to work through our home check-lists for springtime. Check out these suggestions to keep your home in tip top shape.
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Steve Rice
REALTOR / AFFILIATE BROKER
VILLAGE Real Estate
138 3rd Ave N
Franklin, TN 37064
stevericerealtor@gmail.com
615-790-3400
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Carol Rice
REALTOR / PROPERTY MANAGER
Village Property Management
4717 Centennial Blvd
Nashville, TN 37209
carol@villagepm.com
615-861-4191
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