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What to Expect in 2014
How will the Nashville, Tenn., housing market look in 2014?
The 2013 housing market was successful in many ways in the Middle Tennessee area. Home prices have been up, and mortgage rates and days on the market have been down, which led to a slew of closings and new, happy homeowners. So how is 2014 expected to compare?
Trulia.com has named Nashville, Tenn., as one of the top 10 markets to watch in 2014, listing job growth, longer-term economic success, and construction activity as the major factors. That's great news, but this area may still feel some of the predicted effects that will be happening all over the country.
One expected concern in some areas is that buying will be more expensive next year. As the economy continues to recover, the Federal government will begin to increase the amazingly low mortgage rates we've been able to enjoy for the last several months. That, coupled with the recovery in home prices in many areas may make some first-time homebuyers uneasy at first. That's why it's so important to talk over your options with a trusted Realtor.
On the other hand, there are some pros to consider. The rising home prices in 2013 have allowed many people to recover from upside-down loans on their homes, which will prompt more of these owners to sell and increase the overall single-family home inventory, which has been low for a while.
Also, with less people rushing to buy and refinance because of rising mortgage rates, the entire home-buying process should become easier as banks are not as overwhelmed with loan applications.
Owning a home is an amazing priviledge, so if that is a dream of yours for 2014, give me a call!