Eight months ago, right here in this email blast, I quoted a broker speaking about the Nashville market. His prediction: by the fall of 2019, we will have shifted from a sellers market to a market tilted slightly in favor of buyers.
I don’t think this is happening.
True, inventory has loosened a bit, but interest rates are holding at historic lows, and some buyers are still having trouble getting what they want. The general idea usually is that the higher the price, the slower the market. It stands to reason. But …
I have clients shopping in the $600,000 - $800,000 range who recently lost out in two multiple offer/over-asking-price situations in the space of two weeks. On the other hand, I have a client who is shopping in the $200s and has many good options to choose from right now – so many that choosing may be a little difficult.
Makes sense. Not!
So what do we do? We remember Four Ps.
Place
Desirability depends on many factors of course, but location is a biggie. There are certain areas of town buyers are clamoring for. And houses fly off the shelves. Find a similar house in a less desirable neighborhood, and you’ll get a better deal. You also might have a minute to think things through before jumping in with an offer.
Price
It’s not so much how many dollars are being asked, as whether the asking price is right. Ask more than the market will pay, and the property will sit there until the price drops to the right level. Price it right and it will move. This is true at all price points. And this: buyers looking to avoid a feeding frenzy, can look for listings that were overpriced and have been stuck for a while. Sellers get hungrier the longer a house sits on the market, and a good deal could be had.
Patience
This has to do with attitude. In a market that seems to be going in several directions at once, buyers sometimes have to accept delays, derailments, disappointments, and other trials along the path. Keeping calm and carrying on is the only way to do it.
Persistence
And this is about carrying on. Focusing in on the task and staying with it will eventually get you where you want to go. This means looking at every opportunity and being ready to roll when the right thing appears. Snooze and you might lose.
And another P might stand for real estate Professional – that would be me, and I’d love to help you get where you need to go.