The $280 Shift in Affordability Every Tennessee Homebuyer Should Know

Have you been holding off on buying because interest rates or prices felt too high? You’re not alone. But here’s some good news: affordability is finally improving, even here in Tennessee. That means this might be the right time to take another look at your numbers.

Monthly Payments Are Coming Down

One of the biggest signs things are easing up is in monthly mortgage payments. According to Redfin, the average payment on a median-priced home is about $283 less per month than it was just a few months ago. That’s almost $3,400 a yearback in your pocket.

Now, $283 may not sound life changing, but think about it. When you’re planning a move, that kind of savings could be the difference between stretching your budget and actually feeling comfortable with your payment.

It might even change the homes you’re able to shop for. In fact, Redfin says a buyer with a $3,000 monthly budget can now afford a $468,000 home, which is about $22,000 more than in June. And in Tennessee, that could mean an extra bedroom, a bigger yard, or finally getting into the neighborhood you’ve had your eye on.

What’s Behind This Shift?

A couple of key things are working in your favor right now:

• Mortgage rates have eased a bit from earlier highs

• Home prices aren’t climbing as fast as they were

Together, that makes buying feel a little less overwhelming. And as Andy Walden from ICE Mortgage Technology put it:

“The recent pullback in rates has created a tailwind for both homebuyers and existing borrowers. We’re seeing affordability at 2.5-year high...”

Why It Matters Here in Tennessee

If you’ve been sitting on the sidelines waiting for the right time, this may be your chance. Whether you’re selling in California and starting fresh here in Tennessee, or you’re already local and thinking about moving into something bigger, this shift could open the door for you.

I’ve seen firsthand how a couple hundred dollars a month can change a buyer’s comfort level and even their confidence in making the move.

Bottom Line

Affordability is improving, and it could be just what you need to finally make your move.

If you’ve been on the fence, let’s run the numbers together. I’ll show you what your monthly payment might look like today and how much more home you could afford compared to just a few months ago.

I’d love to help you figure out if now is the right time for you and your family.

— Lisa Mason, Mason Signature Homes 🏡✨