'Tis the season, and the Federal Reserve is playing Santa Claus early this year.
At their recent December meeting, Chairman Jerome Powell had an early holiday gift for us: interest rates staying put for the third time in a row. But the real surprise was the Fed's hint that in 2024, we might see not one, not two, but three interest rate cuts by 25 basis points each.
The real estate community and homeowners are delighted to say the least. After a year of wrestling with the highest rates in two decades, this news feels like a holiday miracle. We’re already starting to see a resurgence of interest from buyers in the Greater Nashville market.
After two years of subdued market activity, we're predicting a strong comeback in 2024. Nationwide, there are signs of a national housing market recovery, and here in Greater Nashville, we're leading the way. A recent report from the National Association of Realtors shows Nashville ranking among the top ten markets with the most pent-up housing demand, thanks to our robust job growth, rising incomes, and affordable listings for first-time buyers. We're even second in the nation for GDP growth according to the latest data from the U.S. Bureau of Economic Analysis-- indicating a thriving economy that's destined to attract more interested buyers.
What's more, returning buyers will boost our market in 2024, making for an exciting year ahead. Yes, there will be challenges like inventory shortages and higher prices, but my advice to potential homeowners is clear: don't wait for all three rate cuts. If you're eligible to buy, talk to a lender and a Realtor now to explore your options and plan for a timely refinance.
Regardless of where you are, the Greater Nashville housing market is poised for a bright future, and now is the time to join the party.
