In the time since 2010, we’ve watched our Middle Tennessee real estate market change dramatically, and the statistics keep pouring in. Buyers continue to pounce on listings as soon as they hit the market, not wanting to miss out on their next dream home. In the real estate world, we measure this timing in a statistic called “Days on Market,” (although a more entertaining term would be “Time to Pounce”). The statistic measures the average time it takes for a new listing to go under contract with a buyer. In 2017 the measure hit a historical low of just 26 days on average. Compare that with an 83 day average in 2010, and it’s easy to see just how much faster today’s market moves. And with inventory in Nashville and surrounding areas continuing to be historically limited, the buyer feeding frenzy is likely to continue for our foreseeable future.
The frenzy is as much a challenge for buyers as it is for sellers. Not only do hopeful home buyers have to pounce quickly, they must do so in harmony with the seller. A home seller always has a timeframe for their move; buyers must match it. On the other side, sellers want to know the offer their accepting won’t be revised by a short appraisal. Buyers can structure their offer to calm this fear. Sellers are eager to collect as many offers as possible, but they must organize and compare them side-by-side to isolate the best ones. To compete in the homeownership quest, buyers must limit their offer’s sticking points that can affect the seller’s bottom line (not to mention the contract’s stability toward closing).
A fast moving market is typically advantageous in real estate, but it’s not without its challenges. To navigate the raging waters, arm yourself with an agent that you know, like, and trust. Kevin Martelli’s experience in organizing multiple offer situations and authoring competitive bids means his clients stand a good chance in securing their next dream home and identifying just the right buyer for their current home.
Chart created using data provided by RealTracs Solutions on April 10, 2018. Middle Tennessee data includes the following counties: Davidson, Cheatham, Dickson, Maury, Robertson, Rutherford, Sumner, Williamson and Wilson.
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