For those who have lived in Rutherford County for at least 5 years or more, it’s safe to say that they’ve probably noticed a complete shift in home sales.

It’s a fact that homes are selling much faster today compared to 2016. Looking back 5 years ago, there was a sense of unease for real estate agents just because 2015 went downhill. ended with an increase in sales that totaled just over a 10% increase in closures – which was a good thing. But real estate agents really didn’t know what to expect for 2016 and the years that followed.

In 2021, homes in Rutherford County were closing at prices well above listing price. Now that we are 3 months into 2022, it is clear that the trend is continuing.

Realtor David Estes in Smyrna said those considering moving should examine the market and see what is available before putting their home up for sale…

Even if you make a profit on the home you’re selling, that profit, combined with the equity you’ve previously paid on your home, may not be enough to buy your next home. This of course raises the following issue, can you get mortgage approval for the house you want to buy?

Another problem in today’s real estate market is with first-time home buyers. This is a very expensive market for first time buyers and their search may have to change from a single home to a townhouse or condominium…

In other homebuying news, a recent report shows that 21.7% of homebuyers in Tennessee are women. In the past, the vast majority of closings involved both a male and female buyer, or a married couple.

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Real Estate – Continued…

Data used in analysis showing that 21.7% of Tennessee homebuyers are women, versus a man and woman buying a home together, comes from the Federal Financial Institutions Home Mortgage Disclosure Act Examination Council. Only conventional home loans granted in 2020 were taken into account to obtain the results of the study.

To determine where the most buyers are women, Inspection Support Network researchers calculated women’s share of home purchase loans. This includes both single applicants and applicants with co-application(s). In the event of a tie, the location with the highest total loans to women to purchase a home was ranked higher.

The analysis found that in Tennessee, women’s share of home purchase loans is 21.7%, slightly above the national figure of 21.4%.

Here is a summary of the data for Tennessee:

• Share of women in loans for the purchase of a home: 7%
• Total loans to women for home purchase: 17,885
• Median loan size for female borrowers: $195,000
• Median loan-to-value ratio for female borrowers: 0%
• Median interest rate for female borrowers: 25%

For reference, here are the stats for the entire United States:

• Share of women in loans for the purchase of a home: 4%
• Total loans granted to women for the purchase of a home: 754,170
• Median loan size for female borrowers: $215,000
• Median loan-to-value ratio for female borrowers: 0%
• Median interest rate for female borrowers: 25%

For more information, a detailed methodology and full results, you can find the original report on the Inspection Support Network website: https://www.inspectionsupport.com/resources/where-are-women-buying-homes