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This year, April has felt like May – a whirlwind of activities and deadlines. News headlines that have us looking forward to summer vacation.
And this Spring, our Real Estate market is fast and furious, but there is little to show for it. There is more activity than ever — More homes on the market, more Open Houses but Buyer behavior has changed, Seller behavior has changed and there is very little change in our prices in Davidson and Williamson Counties.
WHAT IS HAPPENING.
The Slowdown We’ve All Been Waiting For
Remember when home Buyers got the shaft right after the pandemic? The market became extremely unbalanced. An already-Sellers market got gas thrown on the flames which led to quite a few Buyers over-paying, buying homes they really didn’t like and waiving a lot of their protections in the process. (Thankfully, none of my clients were in this boat… I never once advised my Buyers do something I wouldn’t do. Yet we won offers left and right!)
In fact, it’s been a Sellers market, especially here in Middle Tennessee, for more than a decade.
This is the first time I’m able to say that Sellers are no longer running the show here! I don’t know how long this window will stay open but what we’re working with now is a wide open window of opportunity. Here’s why:
Real Estate is a Herd Mentality Industry
It’s true. We all saw this play out undeniably post-pandemic. People only like doing what a lot of other people are already doing. There’s comfort in numbers! In the 2020-2022 years, the herd mentality was so strong that people were borrowing hundreds of thousands of dollars from grandma’s sister’s aunt’s cousin to grossly overpay on homes and win bidding wars — no matter the bind it put so many people in — because everybody else was doing it. Sure, it was sparked by low mortgage interest rates, but the point where low rates were offset by the dramatic and sudden increase in home prices came far before the majority of Americans acknowledged that window of opportunity was closed.
Now the roles are reversed, and it’ll take a while for Buyers to act on today’s opportunity. No one else is, so there is no urgency to compete. Do you hear how counter-intuitive that sounds? There are so many unknowns economically, and I completely understand why some Buyers simply cannot make a move right now. But there are an awful lot of Buyers out there right now that are just waiting on the fence for more people to jump in and tell them the water is warm. And then the competition begins again.
RIGHT NOW, THERE IS ALMOST NO COMPETITION. This means home price reductions, allll the contingencies, the terms no one could dream of 3 years ago. Have a home to sell? NOW is your opportunity to get that contingency accepted.
Local Facts
I specialize in Williamson County home purchases and sales, but I work all over Greater Nashville — even helping with lake property deals about 2 hours away. What we’re seeing here is our runaway train of home price appreciation has gradually slowed down, and now stopping, as predicted.
Nothing about this is a surprise (to me, anyway). Our prices simply could not continue to grow at such an insane pace.
In Williamson County, looking at our last full month of sales, our median sales price is down year-to-year, though still above 2023 prices.
In Nashville city limits (Davidson County), the same is true. Most recent data shows both counties are hovering closer to 2023’s median sales price:
Williamson County is experiencing more stability in the number of Closings and Days on Market. Both of those are trending favorably for Sellers in Williamson County. But in an area where Sellers haven’t had to be patient in a looooooooong time, we are seeing the difference now between what’s more important to Sellers: Waiting or reducing price for a quicker sale.
What Should Sellers Do?
Start planning now for a fall Closing timeline. If you’re wanting to buy AND sell, get your current home on the market ASAP. There are more homes For Sale than we’ve had in the past couple of years so it’s taking longer for the homes to absorb. The good news about this — is you’ll have more choices to buy than there have been in the past couple of years.
If you’re not ready to get into the market just yet, this is a great time to PREPARE.
I can explain all of this in detail and can repeat my strategy a thousand times if needed as we walk through the process. It’s a lot simpler right now than it seems! The hardest part is getting started.
Schedule a chat with me ASAP: Click this Link!
Thinking of moving? Need a plan tailored to your needs? I’d love to help you. I’m a Franklin resident and a Multi-Platinum Award-Winning Williamson County REALTOR ranking in the top 1.5% of agents locally. I am a top producer within Benchmark Realty, the largest brokerage in Tennessee and among the largest in the country. My continuing education includes several designations and my experience keeps me up-to-date with fast-changing market trends. I am a Million-Dollar GUILD Member of the Luxury Home Marketing Institute, my market insights are regularly featured in broadcast media, and my success planted me on the front page of a December 2021 Nashville-area Magazine. But most importantly, I specialize in helping my friends and neighbors buy and sell homes. Why look further when you’ve got a friend and neighbor who is among the best in the business!?
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