Real Deal Column

Purchasing a home ranks among the most significant financial decisions we make in our lifetimes. It's a choice that demands meticulous planning, considerable time, and substantial resources.

On Monday, mortgage rates continued their downward trend, dropping by 33 basis points compared to last week. Just a month ago, the average rate on a 30-year fixed mortgage was notably higher, sitting at 7.85 percent.

Since March 2022, the Federal Reserve has raised interest rates 11 times, aiming to curb inflation. This effort drove mortgage rates up to 7.9 percent in October, the highest level since September 2000.

During this Thanksgiving week, I want to take a moment to express my deep gratitude for the real estate profession and the 6,900+ members who proudly call Greater Nashville home.

A recent study found that prospective homebuyers in Nashville now require a six-figure salary to afford a median-priced home, marking a 19% increase compared to the previous year. According to the latest data from Greater Nashville Realtors, the median price for a single-family home sits at $489,950, while condos or townhomes come in at $359,900.

The latest home sale numbers, released on Wednesday by Greater Nashville Realtors, paint a familiar picture – a decline in closings across the nine-county region that Greater Nashville covers.

The past ten months of serving as President of Greater Nashville Realtors have brought immense personal and professional joy. Collaborating with over 6,700 dedicated members alongside some of the finest professionals in the real estate industry has been an invaluable learning experience in leadership.

Exploring the intricacies of a local MLS broker marketplace may initially appear complex or mundane, but delving into these details reveals a wealth of insights into how these platforms facilitate success in real estate transactions.