NASHVILLE, Tenn. (WKRN) — Spring of 2020 was expected to be the hottest home-shopping season in years, with record-low inventory and interest rates; but then, COVID-19 hit.
What has it done for Nashville’s housing market? Despite it slowing showings ever-so-slightly, Ryan Turbeville, Director of Commercial Real Estate with The Ashton Real Estate Group of REMAX Advantage, says now is the perfect time to buy a home.
“We’re still moving and grooving,” said April Harrington, owner of Exit Real Estate Experts. “We just had one [showing] yesterday with eight offers in the first 24 hours, you never know.”
Both Harrington and Turbeville say Nashville hasn’t seen a huge impact from COVID-19, though, banks are more cautious, raising loan requirements.
And with that, Harrington says sales of homes priced above $500,000 are slowing. “Some of the loan products no longer being available to certain buyers and certain credit scores have halted their process, so that slow down has certainly happened.”
Fresh listings typically grow about 50 percent from March 1 to early April, according to Zillow. This year, falling 19 percent as the pandemic grew.
“We’ve had sellers pull off of the market because they don’t want random people in their home,” Turbeville said.
Though Davidson County’s market update for March shows a decrease in new listings, it shows an increase in pending sales and price. The number of days on the market also grew.
“If you want to buy, now is the perfect time,” Turbeville said “We may have a short window of really cheap credit and low interest rates.”
As for what we’re seeing nation wide, Zillow expects home prices to drop 2-3% this year but rebound by the end of 2021.
Stay with News 2 for continuing coverage of the COVID-19 Pandemic.