The latest on the West Tennessee housing market

JACKSON, Tenn. — The housing market is always a topic of discussion due to the constant changes.

We were able to sit down with Julie Holt, a Broker and Owner at Blue Suede Realty in Jackson, to talk about the current situation locally.

“We’re not really in a buyer’s market and we’re not really in a seller’s market,” Holt said. “We’re kind of in a balanced market right now. So people are getting a fair price for their house, but they’re expected to do repairs, they’re expected to sometimes put some closing costs down.”

Trying to find the perfect time to buy a house with the best interest rate possible is not always going to happen. If you are looking to buy soon, Holt has a suggestion.

“I tell people all the time to date the rate. Go ahead and buy the house,” Holt said. “Marry the house and date the rate. When it does drop, that’s when you refinance. Most lenders and credit unions, they’ll give you a free refinance after so many months. I think it has to be six months, but then they will.”

If you have not been in the market in a long time, or maybe this is your first time, Holt gives great advice.

“You need somebody who is going to listen, and then a really good lender who is going to talk you through every single step,” said Holt. “‘Cause this is the biggest purchase most people ever make. It is huge. You don’t want to feel like you didn’t get the service that you deserved.”

Holt says that our area has been historically lower than anywhere else in the United States.

She also tells us that she expects an interest rate drop to come next month.

“Initially, it will just help buyers that have been looking for a couple of months, or a year or two years,” Holt said. “I’ve had people that just bought houses because of the interest rates dropping a little bit. I think we’ll see a bigger drop, about a quarter of a point, and I think people will finally get houses.”

Holt shared that after a recent home value jump for local properties, she believes that a big jump will not happen for a while.

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