NASHVILLE, Tenn. (WTVF) — We know every penny counts these days, and we want to help you master your money.
If you watched the stock market Monday, you know it took a dive, prompting some to wonder if the fed might make it cheaper to borrow money in a rare emergency interest rate cut.
Could that also make it easier to buy a home in Nashville? The answer isn't so straightforward.
With higher interest rates these past couple years, those looking to buy or sell a home have seen them stay on the market longer. The Greater Nashville Association of Realtors says in an increasing number of cases, that's led to price drops as sellers are looking to find a buyer.
But with the fed signaling an interest rate cut soon, we want to help you be a part of mastering your money.
Collyn Wainwright says lower interest rates might make it easier to buy a home, but not so fast; the lower interest rates might bring more competitiveness to the market, potentially overheating our market again.
And Collyn also warns, just because the fed cuts interest rates does not mean you'll see the impact on homes the next day.
"It's not an instantaneous change," Collyn said. "It will take months to start to show up."
So, Collyn says, it's a better bet to go ahead with a purchase now, with the option to refinance your mortgage once rates do drop later.
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- Lelan Statom
