Thursday, December 08, 2016 / by Barry Owen
In fact, pretty much EVERYTHING is HOT in Nashville these days . . . even the chicken!
What does this mean to Home Buyers and Sellers?
With @ 100 people moving into Middle Tennessee every day of the week, an extremely appropriate question is: Where will they all live?
Many are renting apartments as relatively short term (1-2 year) solutions, and the developers are helping them out by building LOTS of apartments. In fact, @ 2/3 of the construction cranes you see in the city are hoisting materials for "mixed use retail and apartment buildings".
For those folks who want to buy a house or condominium, rest assured that the developers and builders are running full tilt to meet as much of the demand possible. Most of this "For Sale" residential construction in the city is "in-fill tall skinny" construction. Builders buy a single family house, scrape it off the lot, and replace it with 2 very skinny and TALL houses.
Meanwhile, the re-sale market continues to be woefully under-supplied as many potential sellers choose not to put their house on the market in fear of having it SOLD before they are able to find a suitable house where they wish to move.
For sure, this is an enigma of epic proportion which has created a log-jam of frustrated buyers.
All of the above describes the 2016 housing market in Nashville and surrounding burbs and cities.
2017 is showing promise of being different as the frenzied pace seems to have been throttled a bit as more Buyers have either abandoned their searches or "parked themselves" into leases.
We Vital Few REALTORS of Pareto Realty believe that there is no better time than NOW to begin the search for your next home. The pace has tapered, and interest rates are still freaky low (They'll be on the rise soon).
So . . . We've invested in a cool search tool for searching ALL houses in Middle Tennessee.
Dive in - The water's warm http://findallnashvillehouses.com
Here's our "right recipe" for finding your perfect home:
- Find a REALTOR you know and trust and sign an EXCLUSIVE Buyer Representation Agreement with that agent
- Meet with said REALTOR and be completely honest and clear about what you want.
- Start your search on-line - but don't rely solely on that - Identify some houses that look promising, and get in your car and drive past them.
- Check out the neighborhoods - eliminate the ones you don't like and narrow your search ONLY to the ones you DO like.
- Call your REALTOR to ask about any houses with signs you see that aren't in the computer
- compile a list of 5-10 "Top Picks" and send them to your REALTOR to schedule a tour.
- When you find one you like, don't hesitate! Listen to your REALTOR's advice and make an offer.
There's another kind of "Search" . . . This is the Home Seller who is searching for the right Buyer.
Most home sellers probably think that "marketing and advertising" are the keys to finding the right buyer and sure they might help, but they seldom produce the end buyer.
Because in this market of near zero inventory, most buyers are doing as I describe above and will FIND the house.
So Mr and Mrs Seller . . . Your smartest path to a fast and smooth sale is pricing competitively, fixing anything you know is broken, and listening to your REALTOR's advice about "staging" your house so that it shows well. This means de-cluttering and keeping it CLEAN and ready to show 24/7. Couple this with being accommodating for any and all showing requests regardless of the "inconvenience" and you'll have a blissfully short" search for the right Buyer period of time.
Happy hunting . . . Next blog post will be all about what to do when you've found the house you want to buy: