How’s the market? Well, what have you heard? There’s always a lot of chatter when there are shifts in the market and some of it is accurate, and some of it isn’t.
Are interest rates at an all-time high? No, but they are at a 20 year high. That said, the higher rates now are still within the national long term average over the last several decades.
While our previously overheated market has stabilized, most people who have been in their homes 5+ years have seen an appreciation level of 40% or more due to the dramatic rise in prices during the pandemic era buying frenzy. The median sales price for a single family home in Davidson County was $300,000 in Q1 2018 and was $474,945 Q1 of 2023.
Contrast that to the 2008 crash when values depreciated and foreclosures became commonplace. Most people selling today will have some positive equity in their homes enabling them to walk away with some extra cash in hand.
|Buyers are now in a position to negotiate repairs and possibly even price. It’s been awhile since many agents wrote up repair proposals when inventory was so scarce there were multiple offers on every property in move-in ready condition.|
Another bit of chatter I’ve been hearing is regarding vacancy rates. If you note in the graphic below…the vacancy rates in our market are 0% due to foreclosure! Absentee/out-of-town investor-owned rental units are by far the highest contributor.
|Next month we’ll touch on the lawsuits in our industry and what changes may be in store for how we conduct business.|
If you’re curious about the market, the value of your home, or just have questions, feel free to reach out to me anytime.
|Early Autumn is when I do a final harvest of woody herbs so that they can recover before going dormant and will be ready for the flush of Spring. My freezer was already full of sage pesto, and I didn’t know what else to do with my bounty of sage. I adore fried sage leaves when making pastas or gnocchi etc… but does it keep the way fried rosemary does?|
I can assure you- it does! I fried a bunch of sage leaves – sprinkled with sea salt right out of the fryer is a delectable snack – but you can freeze the rest. When using from the freezer, I zap them in the microwave for a few seconds to re-crisp and use them as a garnish or snack once again.
|Thanks to everyone who came out for our first Roper Romp with Caftans and Cocktails. Many of you have said you want to join in the next one and there’s talk of having a Holiday edition – stay tuned!|
|Until next time,|
|Market Update + Fried Sage + Caftans|