High school sweethearts search for 'American Dream Home' in Tennessee
Host of 'American Dream Home' reveals one family's search for the perfect house in Tennessee
FOX Business host Cheryl Casone joins Lyndi and Nick's hunt to find the country home of their dreams in Middle Tennessee.
This week in one of our "American Dream Home" segments, Nick and Lindi — high school sweethearts who were tired of congested California and wanted a better place for their family — decided to search for their perfect "country home" in Franklin, Tennessee.
They did so during very interesting times. Mortgage rates topped 7% for the first time in 20 years this week, according to Freddie Mac — with the 30-year fixed, the nation’s most popular mortgage choice for home buyers, hitting levels not seen in 20 years. For context, last year at this time, the rate was just above 3%.
This meteoric rise in interest rates has become the biggest topic of concern for most real estate professionals, from realtors to first-time buyers to investors.
MORTGAGE RATES TOP 7%, HIGHEST SINCE 2002
Realtor.com (a unit of News Corp.) notes that a buyer who puts down 20% on a median priced home in the United States will have a current monthly mortgage payment of $2,300.
That is an 80% jump from a year ago.
The family that was making $100K last year when rates were hovering at 3% is still making $100K — so their buying power has been decimated.
But as I mentioned this week on "Fox & Friends," the family that was making $100K last year when rates were hovering at 3% is still making $100K — so their buying power has been decimated.
The median home sale price in Franklin, Tennessee, right now is $815,000 — as "American Dream Home" reported this week — and on average, homes there are selling for 5% above listing price. One couple from California looked at the home shown here in T … (Fox Business / Fox News)
This dichotomy is why the housing market is changing fast — and buyers are asking, "Where can I still afford to buy the home of my dreams?"
What we have not seen thus far is sellers getting realistic about the current state of would be buyers.
TOP HOUSING MARKETS THIS FALL ARE THOSE WITH AFFORDABLE HOMES
They are refusing to acknowledge their homes are not going to sell at pandemic prices.
Many real estate brokers are starting to have difficult conversations with clients — but sometimes to no avail.
High school sweethearts Nick and Lindi — pictured with their kids — wanted to find their "American Dream Home" in Tennessee. They were wowed by a home with a vaulted ceiling — about 30 minutes outside of Franklin. (Fox Business / Fox News)
We also learned this week that September existing home sales fell 24% year over year. New home sales fell 18%. Prices are starting to slip, but not enough to move sales. That’s where the lock-up is right now.
Still, there are bright spots.
Earlier this week, a new report in partnership from the Wall Street Journal/Realtor.com showed the top housing markets where affordability and prices were attractive and where demand remained robust.
"While it's still considered a seller's market, inventory is slowly increasing."
For the third quarter of 2022, Johnson City, Tennessee, topped the list of their "Emerging Housing Markets Index."
I spoke with a local broker about the appeal of Tennessee — and this week on "American Dream Home," we took our viewers to Franklin, Tennessee, where Nick and Lindi, high school sweethearts who were tired of congested California, decided to search for their perfect "country home."
A couple from California searched in Tennessee for their perfect "country home" — a place where they could really spread out and relax with their kids. "American Dream Home" spotlighted their hunt for a new home this week. (Fox Business / Fox News)
Ryan McKinney and his wife are realtors for Keller Williams.
He explained, "While it's still considered a seller's market, inventory is slowly increasing. New construction permits have increased over the last two years, contributing to growth. Johnson City housing in particular provides a lot of value for the price you pay for a home."
He added that the appeal is quality of life and that Johnson City "continues to innovate for the future as a world-class hub for outdoor recreation, a bustling college town (ETSU/Milligan), and a vibrant community full of Southern hospitality and charm."
Lindi and Nick searched with great intent for the perfect home for their family in Tennessee — a new episode of "American Dream Home" tells their story. (Fox Business / Fox News)
He also said, "Johnson City has an affordable cost of living, low crime, some of the best public schools in the state, a resurgent downtown — and is a medical hub with a Level 1 Trauma Center hospital, and the med-tech corridor."
Of course, when "American Dream Home" traveled to Franklin, Tennessee, and filmed the episode "Tennessee or Bust," we saw firsthand the beauty of the state — including lakes, hiking, parks and easy access to Nashville, Memphis, Atlanta and Charlotte.
CLICK HERE TO GET THE FOX BUSINESS APP
It truly is the American dream!
"American Dream Home," hosted by Cheryl Casone, airs every Wednesday at 9 p.m./9:30 p.m. Eastern time on Fox Business and streams on Fox Nation.
To learn more, watch the video at the top of this article, or click here to access it.