5 Reasons Nashville is the Right Place to Buy in 2019
Did buying a home make your list of resolutions for this year? Even if you’ve already given up on daily gym trips and a clean diet, home-buying is still within your reach. There may be no place like home, but there’s no better home than Nashville.
Here are our top 5 reasons the Nashville area is a great place to buy a home in 2019:
1. Mortgages have gotten cheaper.
Interest rates are still historically low, and the cost to finance a home is still very affordable. Combined with slower price inflation and modest price reductions, the decline in rates is encouraging both for buyers and even homeowners looking to sell. New mortgage applications nationwide during the week ending Jan. 11 soared to their highest level since 2010, according to the Mortgage Bankers Association.
2. Nashville ranks among top 10 hottest housing markets nationwide (again).
For the second year in a row, Zillow has ranked Nashville as the 8th-hottest housing market in the U.S. The city ranked in 2019 among cities where home values and rents are expected to outpace the nation this year, and where the market has strong income growth, good job opportunities with low unemployment rates and a growing population.
Neighborhoods predicted to see fastest home value growth in 2019:
Cloverhill-- Donelson – 12.2%
Hermitage Hills-- Hermitage – 10.5%
Whites Bend-- West Nashville – 10.1%
Tulip Grove-- Hermitage– 9.9%
Rayon City-- Old Hickory area– 9.8%
3. Mortgage loan limits have increased for conforming loans.
Thanks for higher limits set for 2019 on conforming loans (up from $453,100 to $484,350), homeowners can borrow more without having to take on a jumbo loan, which require higher down payments and may have higher interest rates than a conforming loan.
This means buyers can borrow an additional $30,000 more in 2019 and get more bang for their buck with less down and a lower interest rate, putting a larger home within reach this year.
4. Nashville ranks as one of the top places to live in the country.
U.S. News & World Report ranked Nashville as 11th in the best places to live in the U.S., thanks to its “blossoming” job market, relative affordable housing market, and hot entertainment scene. Plus, the city received high marks for enjoyable weather, thriving food culture (not just hot chicken and BBQ), professional sports teams and family-friendly destinations like Centennial Park and the Nashville Zoo at Grassmere.
5. We’re here to help you make the right decision for you and your family this year.
Still not convinced 2019 is the right time to buy? We’re here to help you figure out when is the best time for you and your family. Membrillo Mortgage Team and Peoples Home Equity can help you decide the best loan for you and figure out options that work for your needs and your budget, whenever the time is right to buy. We can also advise on getting prepared to buy and answer questions about the mortgage and loan process.