Spring is traditionally recorded as the highest sales time for home buying.
This Spring presents a different scenario: it’s not very often that we hear that there is a shortage in homes to purchase. It seems, however, we have that situation in the Greater Nashville area.
There are four categories of homes being purchased. Those categories are start-up homes, trade-up homes, downsizing homes and premium homes.
Research has shown that the premium homes have recently shown a 4 percent increase. In other words, more homes in that premium category are available for sale.
Scott Troxel is the president of Greater Nashville Realtors and he recently said: “The inventory has been whittled down since January well below already low levels. The sustained demand that we see will mean an even more competitive environment with fewer homes than last year. Even more sharks chasing the same fish.”
This shortage of homes for sale has resulted in homes being on the market for a shorter period of time. Home buyers are finding it difficult to purchase a home in a particular area. Homes are being scooped up quickly and for a higher price. This causes some stress when you are working within a budget of what you are qualified to purchase.
There is a fear of selling and not knowing where to go.
Even though the competition seems a bit fierce right now, working with a professional can help you have the advantage in making an educated decision while selling and navigating the market on the purchase of your next home. All while keeping your best interest in mind, please call me with any questions anytime.
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