Core Insights - The current housing market in Nashville is experiencing a decline, with home values averaging $436,951, which is 1.4% lower than the previous year [4] - Nashville has seen the steepest decline in sales activity among metro areas, with homes sitting on the market for a median of 52 days, 20 days longer than the previous year [2] - Renting out a home may be a viable option for homeowners who cannot sell, especially if rental income can cover ownership costs [7][9] Market Conditions - Nashville's housing market is not favorable for sellers, leading to potential lower sale prices [6] - The average rent in Nashville is reported at $2,250 per month, which could help cover mortgage and other ownership costs if the property is rented out [7] - The Federal Reserve's recent interest rate cut may increase buyer demand, potentially improving the selling conditions in the future [8][9] Selling vs. Renting - Homeowners have two primary options: selling or renting their property, with selling being more appealing in a strong market [4] - If a homeowner has already reduced their asking price significantly, further reductions may be necessary to facilitate a sale [12] - Renting out the property can provide a temporary solution, allowing homeowners to wait for market conditions to improve [8][13] Costs and Risks - Homeowners must consider the costs associated with renting, including property management fees, which typically range from 8% to 12% of the monthly rental value [11] - There are risks involved in renting, such as potential damage from tenants and unknown repair costs, especially for older homes [9][10] - If selling leads to a short sale, it could negatively impact the homeowner's credit score [3][6]