Get an Edge Over the Competition
In past blog postings, we have discussed the ins and outs of selling in a seller’s market. Greater Nashville Realtors recently released their market report for February 2022, and the numbers continue to track with what we are all learning to be true: home inventory continues to drop and the prices continue to rise.
So, let’s revisit this topic, as it is as important as ever to understand what is driving prices up and the value of hiring a good team to help navigate the insanity of the market. A seller’s market means there’s more demand for homes than there is supply, and, as we all know very well by now, many cities have been experiencing a seller’s market since at least 2015–especially Nashville. In this market, sellers generally have more leverage than buyers due to a pool of eager buyers hoping to purchase a home. It’s not uncommon for a house to go for more than the list price or for properties to be picked up by all-cash buyers who can close faster. This tends to lead to competing offers and bidding wars. Additionally, these factors present challenges for buyers, who may also need to sell their current home quickly but also buy as quickly as their home is sold.
At the rate that homes are flying off the market, it is understandable why some might assume that now is an “easy” time to represent themselves. But the speed at which the market is moving right now is EXACTLY why everyone involved in the buying and selling of homes should hire a professional to guide them through the process. Even in a seller’s market, hiring a sellers agent to help manage and market a listing and handle all the legalities is a wise decision. Homeowners often think that a for-sale-by-owner will save them money, but it often ends in headache—consider the scheduling of showings, navigating of multiple offers, and all the paperwork.
Regardless of if you are buying a home, selling a home, or trying to do both at the same time, understanding the seller’s market will help give you an edge over the competition. Having a realtor to help educate and navigate you through multiple offers will ensure the same, as well. Our team is skilled at helping our clients with all areas of real estate. If you are interested in buying or selling in Nashville we would love to learn more about how we can help YOU. Give us a call at 615.720.6926 today!