The state of the real estate market and mortgage market in Tennessee

June 25, 2009 · Print This Article

Mortgage TN and Tennessee Real Estate

The current state of the mortgage and real estate market in Tennessee is a lot better than national average. I created an article a few weeks ago titled; “ If you are waiting on home prices to go lower, you may have missed the boat“. In this article I explained how Tennessee real estate is probably the most stable in the nation. If you looking for real estate in Tennessee, now may be the time to proceed with a purchase. Tennessee mortgage rates are currently stable but they are at there highest point all year. With Tennessee mortgage rates rising and Real Estate prices possibly increasing, now may be the time to pull the trigger.

What are the Economist predicting?

Most economist predict that the current recession that we are in will end this year. Coupled that with the $8000 first time home buyer tax credit (if you haven’t owned a home in 3 years) expiring at the end of the year. You window of opportunity will close in 6 months. Current Tennessee mortgage rates and with the influx of people looking to buy homes, we may see an increase in housing values sooner than 6 months. Based on some reports, real estate Clarksville Tennessee is up over 9% compared to this time last year. Compare that with Middle Tennessee real estate which is off by 6% compared to last year.

What should I do now?

Go ahead and get pre-qualified for a mortgage in TN. This will give you an idea in where you stand and how much you should qualify for. This will also allow you to place an offer on a property right away. In some markets, sellers are getting multiple offers. If you have a pre-approval in hand, this may make all the difference in getting that new home. If you are asking can I help you? I sure can! To begin, go to my pre-qualification worksheet. I will contact you as soon as possible to get further details of that new home. We should know how much you qualify for on that call.

I look forward to hearing from you and remember, don’t wait for change, create it!

Written by Terrence Askew