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Saturday, 17 April 2021

It's a seller's market: COVID's effect on real estate in Middle Tennessee

Credit: NewsChannel 5 Nashville
Duration: 03:29s 0 shares 2 views
It's a seller's market: COVID's effect on real estate in Middle Tennessee
It's a seller's market: COVID's effect on real estate in Middle Tennessee

Let's face it.

Unless you have an unlimited budget, finding a home in Middle Tennessee is hard right now.

Let's face it -- unless youhave an unlimited budget --finding a home here inNashville is tough.

Ben, Iknow your family bought ahouse about nine months ago --it seems despite the pandemicthe housing market has onlygotten áhotter.aRebecca, itwas a challengde to fina aplcethen and experts say its onlygotten worse.

I've beenreaching out to realtors inthe area to see the reason why-- and what you can do.

Callit the "Covid" effect as manyin the industry have.

Whetherit's simply spending more timeat home, realizing what youhave isn't right, you want torelocate, or low interestrates -- whatever the reason,it's led to less inventory.That means it's a "seller'smarket" -- which makes ittough on buyers, especially,experts say, for first timehome buyers who need financing-- or even those selling theirhome but need a contingency.That might mean you can buy,but not until your home sells.Industry experts tell me whilethere's been appreciation inhousing prices and cost ofliving, Nashville is still abetter fit for many that maybe moving to Tennessee frommajor markets across thecountry.

A That means morecompetition with potential"all cash" offers, and lowerexpectations if you're movingin town.

A Jeff Checko/Relocation Director/RE/MAX 05:24 BH:aa little bit in this currentmarket if they're buying?Yeah,I think you have to be moreflexible when it comes tothings like... am I willing todo some minor renovation?

Am Iwilling to do some things tomake a place more mine?

That'show you can get something now,and then really, I think it'simportant for people to lookat the scope of time a littledifferently.

Are you willingto allow this market to gainsome more traction and as itrelates to inventory as thespring approaches?

Are youwilling to hope that interestrates stay where they are,which is really attractiveright now?

In a lot of cases,Iawait.aAndrew Terrell/ManagingBroker/Pilkerton Realtors02:49 asitting at 1.2 months ofinventory, and that's been adecrease over about the lastyear to get to that 1.2 monthsof inventory, and that is a60% decrease in homesavailable than this time lastyear.aother good tips if you'relooking to buy in this market:get good representation.

Be ina strong financial positionwith a pre-approval letter,have your offer ready to roll,and be patient.Ben, whatadvice did they give tosellers?Jeff and Andrew stillsay you need to priceappropriately.

While it áis astrong sellers' market, berealistic.

The market willalways tell you what it'sworth.

Still prep your homefor market -- not all homessell in the first few days.Actually, Andrew tells me theaverage day on market inmiddle Tennessee is about 86days, so patience even forsellers -- is important too.They don't expect the marketto settle down any time soonas we head into summer.It's a stori


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