Although Nashville’s condo market outside of new construction may seem somewhat weak right now, it may still be one of the best times of the year to sell. With inventory still low for new construction condos in Nashville, options for anybody specifically wanting a condo unit in the city are limited—and that matters a lot.
Above all, however, what really makes selling your Nashville condo an enticing proposition is that interest rates are still low as of now, but are also fully expected to rise in the not-so-distant future. By now, we’ve all heard the chatter about rising rates, and now that we’re already one month down in the new year, it’s only a matter of time before that chatter becomes reality.
Back in mid-December, the Fed hiked its benchmark federal funds rate from near zero to anywhere between 0.25 percent to 0.5 percent, ultimately suggesting a rise in rates will follow sometime in 2016. And while any rise should only be minimal, any increase at all matter a lot to buyers specifically in the Nashville condo market.
While it’s entirely possible many young or first time home buyers will continue to wait to make that transition from renting to owning, other savvy condo buyers are out there right now looking to take advantage of historically low rates while they still have time? So if you’re already thinking about making a move and selling, why not take advantage of those buyers? Because after all, they might be the most serious buyers you’ll find all year long.