We moved and if you watch the news, you know, home sales are down. Prices in Nashville haven't dropped. So why did we move? Well, we had a baby. We made another addition to the Floyd family and our living room looks like an abandoned Toys R us, so we just needed some more space. Where are we moving? One street over. I know. It's, it's the sort of dumb thing that people did when interest rates were at 3% and now they're more than double that. I get it. I totally understand. Where are we going? One street over. It's Cleveland Park, East Nashville. We super believe in the area. It's got parks, hence the name. It's got sidewalks, it's got super walkable, incredible restaurants. It's close to Dickerson, which right now it means nothing, but it will because that area is changing at light speed because of its proximity to the River North and Oracle campus that has started being built and will be done by 2030. But the first phase, the landings, will be done in 2023.
What are the pros of moving right now? One, there is less competition for the houses, so you don't have to pay a hundred thousand dollars more than the listing price. Two, you've got some time. You can go look at a few houses over the weekend and think about it. What are the cons? Your mortgage will no doubt be more expensive now than it was a year ago because home prices in Middle Tennessee have stayed steady the past four or five months really not moved much at all while interest rates have gone way up. So it's more expensive to buy a house now than it was, but I firmly believe that as interest rates come down and they will then home prices will stop hovering and continue to climb. Not at the crazy pace of last year, but at some reasonable pace. Now, a look at our interest rates. We got quoted roughly 6.5% from a few lenders. Then we found a five year balloon that'll save us $700 roughly a month on our monthly payment from what we were originally quoted. So we did the five year balloon, which means after five years, we need to find a new mortgage or pay the thing off. So we were going refinance if we were at 6.5%, or if we're doing this balloon either way, we're refinancing in 2, 3, 4 years. We jumped on that to save some money each month. Did we doubt ourselves? I doubted myself a few times, but uh, now I feel good about it. We move forward confidently and we're excited about it.
If you’re thinking about making a move, I’d love to be your resource.
Thanks for reading!
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