Is the housing market in Nashville going to crash?
I’ve been hearing and getting this question a lot lately! Is the housing market in Nashville going to crash soon? Here’s my thoughts on the whole “waiting for the market to crash” thing…
What we’re seeing in the Nashville housing market in 2023
It’s no secret the greater Nashville area (and Tennessee in general) is a hot spot for people moving here recently. And this means the market really hasn’t slowed down in the last few years. Housing inventory (which means the number of comes coming up for sale) is higher than it has been in 2020/2021/2022, which means the market is balancing out a little bit, but we’re still in a seller’s market.
So, is the market going to crash?
Bottom line: the market is NOT expected to crash anytime soon. Nothing is predicting that, and while I can’t tell the future, here are a few things that are happening right now that would make me encourage you to jump on buying sooner rather than later if that’s something you’re thinking about.
Compared to previous decades, interest rates are still historically low, even at 5-6%. Rates have also dipped slightly recently, and this means you have more buying power for your budget. Plus, buyers are taking advantage of the higher inventory to buy now, and refinance later to get a lower interest rate.
And one more thing: if you’re just not ready to buy yet, that’s okay! There’s a few rent-to-own programs out there that give you the option to lease and buy when you’re ready instead of just throwing money at a rental without any reward.
My point is, if you want to buy and you’ve been waiting for the market to crash…maybe reconsider, because you might be waiting while you could have been building equity of your own.
What do you think? I’m always open to chat about your goals or answer any questions, and my inbox is always open!