At this point I hope all of you are coming back to real life after enjoying a serene long weekend, full of good food, good company, and the counting of blessings.
I know I did. On Thursday, I joined a group – a combination of family members and long-time friends – for the big dinner. Everyone contributed to the meal and, of course, I did the cocktails. We’ve been doing this yearly for more than a decade. I love this group.
This was followed on Friday with a family visit to Cheekwood and lunch at Wendell Smith’s (always beyond merely delicious) and on Saturday with a family birthday dinner – for my 71st. Wow!
On top of all this, I’m about to become a grandfather for the first time, and I still have the best job in the whole world.
Simple stuff, all of it. Yet sometimes I can’t quite believe that after 71 years on this planet, I have so much to celebrate and look forward to!
So, how do we tie this to real estate? Let’s celebrate the simple things …
Less frenzy
Now that things have slowed down, life’s a bit kinder and gentler. As I wrote last month, buyers likely won’t have to make a life-changing purchase decision based on a 15-minute showing and a frantic call to their lender. For sellers, the market is still strong. If a house is priced right it will sell, and unless it was bought it in the past 15 minutes, it’s highly unlikely a seller will lose money on the deal. Plus, we realtors get a chance to actually pause and catch our breath. Everybody wins. Isn’t that a good thing!
Lower mortgage rates
It’s not a big one yet, but a drop from over 7% to the mid-6% range increases buyers’ purchasing power. The rule of thumb is that every 1% change – up or down – in the rate means a change of 10% in what a buyer can afford. So, this week buyers can afford 7-10% more than they could a couple of weeks ago. Isn’t that a good thing!
Balance
It’s really not in anyone’s best interest to have a seriously out-of-balance market like ours has been recently. Frantic bidding wars, split-second decision making, and eye-popping, greed-inducing price increases lead to market distortions that don’t serve anyone in the long term. Yet, while things have slowed down, Nashville is still growing and demand remains strong. Sellers still sell, buyers still buy, and we can all calm down. Isn’t that a good thing!