🤡 You asked if mortgage rates are decreasing....

Thursday, March 8th, 2024

In this newsletter, you’ll find:

• Market Updates across The Upper Cumberland

• 📈 Let’s talk mortgage rates, inflation, recessions, and more!

• 🐶 Cookeville’s newest PET BAKERY!

• 💸 Everything you need to know about the Tennessee Greenbelt Tax Break for land owners

• 🔥 HOT listings UNDER $400k in The Upper Cumberland

• 💸 Listings that have recently dropped in price

Let’s dive in! 👇

THE UPPER CUMBERLAND MARKET UPDATE

We compare the number of New Listings and properties Under Contract in 2022 to 2023.

Let’s Talk Inflation, Home Prices, Low Inventory, and Mortgage Rates!

Are Mortgage Rates Decreasing?

👉 Mortgage rates are projected to be in the 5-6% range for most of 2024. Inflation is coming down but the Fed wants to see it below 2% before cutting rates more.

Are homes still appreciating?

👉 2023 home price appreciation came in between 5.5-6.5% nationally. All major metro cities (including The Upper Cumberland) and 49 states saw price gains in 2023. Home prices are projected to keep appreciating through 2028 according to recent surveys.

Oh, and forecasters increased 2024 appreciation projections to an average of 3%. Foreclosure activity remains low due to high home equity levels across the country.

Why are home prices increasing?

👉 Low inventory and high demand for our area. Economist expect the market to maintain price appreciation pressure.

Should you be worried about a recession?

👉 Economists see recession risks declining with the unemployment below 5%.

Meet Corey, our passionate and knowledgable in-house mortgage officer. Here’s here for all of your mortgage questions!

Are you in search of a property in Middle Tennessee with over 5 acres of land or a budget of under $400k? Look no further! We have meticulously curated lists that are updated daily, making the process of finding your dream home even easier.

The Tennessee Greenbelt Tax: Everything You Need to Know

The Greenbelt Tax Break, officially known as the Agricultural, Forest, and Open Space Land Act of 1976, is a program designed to encourage the preservation of Tennessee's rural landscapes, farmland, and open spaces. It provides a substantial property tax reduction for landowners who meet specific criteria, including owning at least 15 acres of eligible land and using it for agricultural, forest, or open space purposes. 

To learn more about the Greenbelt tax and eligibility requirements, click here!

We also put together a custom search just for our newsletter subscribers to be able to search properties that are eligible for the Greenbelt tax. They all have over 15 acres of land.

Our nonprofit SNR Cares is raising funds for the Cookeville High School choir this quarter. Buy a t-shirt for $20 before March 31st and 100% of the funds will be forwarded to the CHS Choir!

Operating the CHS choir comes with a hefty price tag, amounting to thousands of dollars. From purchasing uniforms and props to numerous other expenses, the costs add up. As ardent supporters of our schools, we understand the significance of programs like the choir in shaping the future generations.

For more information on our nonprofit, visit our website: SNRCares.org

Here are properties that have recently dropped in price in Middle TN. We update this list DAILY to keep you informed.