Here’s your house market update for July 2020. For sellers; inventory is even lower then last month! The US housing inventory is at a low 4.1 while the local Nashville inventory is a historic low of 2.8. For anyone who has been riding the fence on if they should sell this summer or wait – now is an excellent time to sell. This low inventory will most likely not last. Remember, low inventory means low competition. Less buying options for the buyer. Higher sale prices.
On the buyers side interest rates are holding very steady at a low 3.125% for a 30 year fixed mortgage interest rate. If you have amazing credit and a great lender you can get an even lower interest rate. Last month the average 30 year fixed mortgage was 3.5%. This month, updated only a few days ago it is down to 3.25% on average. These are excellent rates!
Be sure to have your financing ready to make an offer. When inventory is this low you will have to put down a strong verified offer in order to get what you want. In this market there is no room for window shopping. If you are not yet approved for financing you could miss out on getting the house you want.
You need to have your pre-approval letter from your lender ready to go along with a realtor that is able to make the right move quickly. When you place an offer it needs to be an appealing offer that will be accepted quickly. You don’t want to be the buyer that missed out on the house that you really like.
If you’ve been thinking about making the move – now is the time!
