For those who have lived in Rutherford County for at least 5-years or longer, it is safe to say that they have likely noticed a complete change in home sales.
It’s a fact that homes are being sold much faster today when compared to 2016. When looking back, there was an uneasy feeling for realtors 5-years ago simply because 2015 wrapped up with a sales increase that added up to a little more than a 10% increase in closings – which was a good thing. But, realtors really didn’t know what to expect for 2016 and the years that followed.
In 2021, homes throughout Rutherford County were closing at prices that were well above the listing price. Now that we are 3-months into 2022, it is obvious that the trend is continuing.
Realtor David Estes in Smyrna said those who are thinking about moving, need to examine the market and look at what’s available before listing their house…
Even if you make a profit on the home you sell, that profit combined with the equity that you previously paid on your home – may not equal enough money to purchase your next house. That of course brings up the next issue, can you get a mortgage approval for the home you want to buy?
Another issue that is being seen in today’s real estate market revolves around first-time home buyers. It is a very expensive market for first-time buyers and their search may have to change from a stand-alone house to a townhome or condominium…
In other homebuying news, a recent report shows that 21.7% of homebuyers in Tennessee are female. In the past, the larger majority of closings included both a male and a female buyer, or a married couple.
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Real Estate – Continued…
The data used in the analysis showing that 21.7% of homebuyers in Tennessee are female, versus a male and female buying a home together, is from the Federal Financial Institutions Examination Council’s Home Mortgage Disclosure Act. Only conventional home purchase loans approved in 2020 were considered to obtain the results of the study.
To determine the locations with the most buyers being women, researchers at Inspection Support Network calculated the female share of home purchase loans. This includes both single female applicants and female applicants with a female co-applicant(s). In the event of a tie, the location with the greater total female home purchase loans was ranked higher.
The analysis found that in Tennessee, the female share of home purchase loans is 21.7%, slightly above the national figure of 21.4%.
Here is a summary of the data for Tennessee:
• Female share of home purchase loans:7%
• Total female home purchase loans:17,885
• Median loan amount for female borrowers:$195,000
• Median loan-to-value ratio for female borrowers:0%
• Median interest rate for female borrowers:25%
For reference, here are the statistics for the entire United States:
• Female share of home purchase loans:4%
• Total female home purchase loans:754,170
• Median loan amount for female borrowers:$215,000
• Median loan-to-value ratio for female borrowers:0%
• Median interest rate for female borrowers:25%
For more information, a detailed methodology, and complete results, you can find the original report on Inspection Support Network’s website: https://www.inspectionsupport.com/resources/where-are-women-buying-homes
