Now that the weather has started heating up, the real estate market is following suite! Even though the market is hot, time is sensitive and gambling with the market hoping it will be better for you to purchase at a later time is not necessarily a smart move. The prices of homes in Nashville are increasing—and there is no guarantee as to when they will fall. Below, we are telling you why this summer is the best time to buy a home.
- Rent Is Getting Higher
There are 89 people that move to Nashville daily, and this trend is expected to continue. With this unprecedented growth, rent prices are skyrocketing, especially with new developments popping up all over the city. Renters can expect to spend over 35% of their monthly income on living expenses. On the other hand, homebuyers can expect to spend less than 20% of their monthly income on mortgage payments, making buying a home the smartest move for their money.
- More Inventory to Choose From
Spring is the busiest time of year for real estate, which means there will be more inventory during the spring months and through the summer. It may even be easier to get a better deal during the summer because sellers who list their homes in March will be more apt to sell for less than asking by June or July if their home sits on the market long enough.
- Better Conditions for Fixer Uppers
If you find a valuable fixer upper, there will be more hours of daylight to complete the projects for your new home. The summer provides better weather conditions for things like landscaping, exterior painting, pressure washing or staining decks. You can take advantage of the long days and get a lot more done so you don’t have to work on your house during a harsh winter!
- Easier to Move with Children
If you have kids in school, it is easier to move during their summer vacation. Also, if you are moving a significant distance away or out of state, it will be easier for your children to start their new school in the fall rather than in the middle of the school year. The summer will help you avoid additional stress on you and your family.
- Mortgage Rates are Low
Today, the average rate is just above 4%. In the next 2 to 3 years, rates could easily climb to 6% or higher. This rise is not a deal breaker, but it is definitely an incentive to buy now before mortgage rates increase. The bottom line is you just don’t know what the future holds economically speaking, so banking on sustained or lower rates is a shot in the dark. Might as well take advantage of some of the lowest rates in history and save money on your mortgage!
Purchasing a home is one of the most exciting experiences, no matter what time of year. Of course we want your experience to be as seamless as possible, which is why we encourage you to buy this season! Let our agents at Armstrong Real Estate help you with the house hunting this summer! Give us a call at 615.807.0579. Check out the hot neighborhood of West Nashville here, and get in while the price is right and the neighborhood is growing!!!