Nashville has experienced extraordinary growth over the past five years. It has resulted in some positives for our city. Things like increased home values, more tourist dollars, and lowered unemployment rates. Naturally, with fast growth, a city also expects to experience some growing pains, such as, traffic congestion and a competitive housing market (both renting and buying).
The inventory of available homes to buy has been tight in Nashville. But the early months of 2018 has seen some of the lowest inventory, causing some home buyers to hold off on a purchase until the housing inventory increases.
Greater Nashville Realtors reported a 3.1% decrease in year-to-date home sales as of February 28, 2018, compared to home sales at the same time in 2017. During the typically lower inventory winter months, it is not surprising for Nashville to experience this trend with an already lower inventory. The good news is inventory, especially the $350,000 and up, is looking to increase in the spring and summer months.
Approximately 100 or so people move into Nashville on a daily basis, so this trend is unsurprising. If it is overwhelming and scary to consider jumping into the housing market, these tips will help you navigate a market with a low inventory.
For the seller:
You’re golden. If you’re ready to put your home on the market in Nashville, you’re adding to the inventory. You can expect your house to sell quickly, especially if you’re selling a coveted starter home.
Staging still matters. I know, I know, I just said you’re golden, but to get the most bang for your buck in a market ready for any new house, become more competitive and get top dollar because your house looks amazing.
Partner with a realtor you trust. When facing competitive home buyers, having an agent you trust and has your best interests at heart is invaluable.
For the buyer:
Hold tight. When buying a home in a low inventory real estate market, consider the best times to purchase. If it’s winter, wait for spring. Talk to an agent about the current housing market and their best advice.
Priorities. We all have a dream home living in our imaginations. Figure out what you want in a home that is realistic to your budget, and then break down those priorities to must haves and willing to consider.
Partner with a realtor you trust. When you’re buying a home in a low inventory seller’s market that Nashville is experiencing, a realtor you trust is essential. You want to know they’re looking and talking and finding new homes for you to consider, and when it comes time to buy, ready to negotiate and get you the best price for your new home.