The choice between buying a home and renting one is among the biggest financial decisions that many adults make. While cash purchases, which usually make up about a quarter of home sales, have recently soared to about 40 percent nationwide, the majority of Americans still rely on home lending to purchase real estate.
Several changes in home lending are happening right now in Nashville. These changes bring renewed confidence to residential real estate values and should allow more Middle Tennesseans to purchase and live in their ideal home.
First, several Middle Tennessee lenders are getting back into the home-building loan sector, particularly in markets like Williamson and Rutherford counties, which are experiencing high population growth. In fact, Rutherford County is one of the fastest-growing counties in the state, and new home demand follows that growth.
Another change happening in Nashville home lending affects those who already own their home: an increase in home equity loans. The increase is happening in areas with stronger real estate markets, where home prices are appreciating and where lenders are less fearful of losses. As Nashville-area homeowners ramp up home renovations or take on new expenses, they are increasingly looking to home equity loans.
All of this is great news for Nashville’s real estate market with increased confidence in the stability of our region. If you are contemplating homeownership, click here to let one of our expert realtors assist you with your move in Middle Tennessee.