It’s been widely reported that housing markets of Middle Tennessee, particularly Nashville, will witness exponential growth in 2015. While factors like economic recovery, low mortgage rates and increasing home prices will make the sector take a turn for the better across America, the bright future of Middle Tennessee markets is a lot easier to predict because of the recent increase in job opportunities and median household incomes. The markets are likely to attract local buyers as well as buyers from outside the state as properties are comparatively affordable here. Investment activity in the residential sector is also likely to expand due to the same reasons.
What does this news mean to you if you are looking to buy a home? Well, this could be the answer to the real estate world’s ‘chicken or egg’ question – whether to buy, or to rent. With housing markets rebounding, it could be the best time to put your money in something which will get you good returns on your investment in the long run.
Here are four reasons explained in detail as to why you should buy a home in Middle Tennessee in 2015:
Lock in the historically low mortgage rates
The mortgage rates continue to be at historically low levels. The home buyers are now able to get mortgages at 4% interest rate and even below. It’s a great time to lock in the rates because experts believe they will likely go up in the third or fourth quarter of this year.
There will be more jobs in Nashville
One of the significant factors that will impact the housing markets in Nashville in 2015 is the recent boom in job opportunities. When compared to the rest of the country, job growth in Nashville has been stronger, particularly because it has become a favorite destination for small and start-up ventures in the recent past.
High affordability levels
Nashville is considered an affordable housing market when compared to many other metropolitan areas in the country. Before factors like rising burden of student loans and increase in costs of new construction drive up the prices, now it the time when you should fulfill your dream of becoming a homeowner.
Improving economy and its impact on housing markets nationwide
Thanks to improving economic conditions, after suffering through difficult times for the past few years, property sector across America is booming. It is boosting the confidence of investors in real estate markets. This will positively impact the Nashville housing markets also, so apart from the regular buyers, there will be lots of investors in the market to further boost the recovery. So you can be assured that the property you invest in will have a substantial equity growth.
So if you have been planning to buy your dream for the past few years, now is the time to take the plunge and make probably the biggest, and the most important investment of your life. You will not regret, luckily.