Real Deal Column

Are you currently holding onto a mortgage with a highly favorable interest rate? Maybe you've come across your dream home or received an irresistible job offer that requires you to relocate.

The current challenge plaguing today's housing market is a severe lack of available inventory. This issue has been brewing for decades, stemming from both underbuilding and underinvestment, resulting in a staggering shortage of nearly 4 million homes in the United States.

Do seasons truly impact the homebuying process? Although the housing market operates year-round, seasonality does play a role in influencing various factors, including inventory levels, purchase prices, and the behavior of both buyers and sellers.

In today's challenging real estate market characterized by soaring home prices, steep interest rates, and limited inventory, many prospective homebuyers are encountering increasing obstacles on their path to homeownership.

Many of us are familiar with property taxes, especially with the recent discussions of a potential property tax increase in Nashville due to the city’s rapid growth and rising inflation. But what exactly is a property tax, and what is its primary purpose?

In recent times, three critical topics have taken center stage in both national and local news: rising interest rates, inflation, and the Federal Reserve's monetary policy. This discussion began in March 2022 when the Federal Reserve initiated a series of rate hikes to curb inflation. Since then, the Fed has raised interest rates a staggering 11 times.

Throughout the entirety of 2023, mortgage rates have hovered near or above the seven percent mark. Just last month, rates reached their highest point since December 2020, peaking at 7.3%.

Middle Tennessee, home to over two million residents, continues to experience rapid growth, with Nashville's population surging by 35,624 people last year, averaging 98 new residents daily. This ranks the region's growth as the 10th highest among 56 other metros with over a million people, according to the Nashville Area Chamber of Commerce.