NO SIGNS OF A SLOWDOWN YET…
The gradual upward trend in Knoxville area home prices continued in August. Limited housing inventory, a very low unemployment rate, and extensive demand continue to be the recipe that is driving prices up.
Mortgage interest rates remained relatively steady last month. That said, many reputable mortgage experts and economists predict significant declines in interest rates as early as this winter. By the end of next spring, interest rates could be down in the low 5% range making for an excellent opportunity to refinance your mortgage if you’ve bought a home within the past 18 months.
It’s still an amazing time to sell a home, which may not last much longer. When interest rates drop, there will likely be a rise in housing inventory. As inventory rises, home price appreciation will cool off. Also, It will likely take longer to sell your home with more competition on the market and more concessions required to make a deal.
Get your local housing market report: https://listings.homemarketinggroup.com/idx/market-reports