Here’s your house market update for August 2020. For sellers; inventory is holding low. The US housing inventory is at at 4.1 while the local Nashville inventory is 3.5. It is still an excellent time to sell although this won’t last.
The up and coming election season will be sure to slow down the housing market. For now, low inventory means low competition. Less buying options for the buyer. Higher sale prices.
On the buyers side interest rates are holding steady at an average of 3.2% 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. These are excellent rates!
Be sure to have your financing ready to make an offer. When inventory is this low you’ll 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’ 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!
