Home prices drop slightly as more homes stay on the market longer

With higher interest rates these past couple years those looking to buy or sell a home have seen them stay on the market longer.

The Greater Nashville Association of Realtors says in an increasing number of cases that's led to price drops as sellers are looking to find a buyer.

"Buyers can potentially sleep on the decision and not have to make a quick decision because of multiple offers and things like that," says Collyn Wainright.

Could lower interest rates make it easier to buy a home? Wainwright says yes, but not so fast.

"These lower interest rates might bring more competitiveness to the market. there's a concern it might overheat our market again given that we never really cooled off completely."

He also warns just because the fed cuts interest rates, that does not mean you'll see the impact on homes the next day.

"Its not an instantaneous change, it will take months to start to show up, if they've got a house and they're waiting to put an offer on it for the fed cuts to change things, it's not going to happen like that."

Experts say it's a better bet to go ahead with a purchase now with the option to refinance your mortgage once rates do drop later.

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