…. competitive. End of blog post.
Seriously though. It’s winter. It’s cold. And the market is hot as July. Here are some stats I found over at Redfin.
Right now, Nashville homes are typically selling at over 98% of list price. That’s pretty remarkable considering that the national average is hovering just above 90%.
Why So High?
It’s the demand. Everyone is moving to Nashville. It’s rumored that 85 people move here every day. There simply aren’t enough homes to fill buyer demand. We slacked on building new homes during the recession and now we have a shortage. Because of that, many homes are actually selling for OVER list price.
WHAT? Yes, you read that right. Last summer we had a month where 28% of the listings sold for ABOVE list price. It isn’t the norm, but homes that look great and are priced appropriately often garner multiple offers.
So How Can I Compete?
Well, it helps to have cash. The instances of all-cash sales are slowing a bit, but roughly 25% of all sales in the area are transacted with cash.
But I Don’t Have That Much Cash!
It’s okay. 75% of your competition doesn’t have it either. It may take a few tries, but you can buy a home here. The first step is making sure that you are fully pre-approved for a loan – with a written letter from a LOCAL lender. Here are a few brokers we recommend.
What should I read next? How about A Guide To Making A Great Offer