Is it a Buyers Market or a Sellers Market in Clarksville TN?
The housing market in Clarksville TN has been slow in following the trends that ignited the markets across the country. We have a stabilizing force with the military population that has kept the market less volatile for the years following the Great Recession of 2007.
Even at the beginning of last year, 2016, the inventory exceeded 2100 homes with a general absorption rate of 8-9 months. Throughout 2016, the inventory began to drop as buyers interests increased and lead the way for a decrease of time and inventory on the market across the board.
Today, we are faced with a somewhat unique situation. The homes inventory is lower than it has been in years. In certain neighborhoods a home can go on the market and have multiple hours within a few hours. In other neighborhoods, a home may stay on the market for months without selling. It is specific to hot areas and neighborhoods and of course when the homes are in great condition and priced right for the market.
Today's active inventory is 1129. Based on sales over the last 6 months, this presents a 3-4 month inventory of homes and absorption rate. What does that mean? A 5-6 months of inventory is considered a balanced market. Less than that swings it to a seller's market.
With fewer homes on the market, sellers should be able to sell quickly this spring. The Clarksville Market has not seen a seller's market in almost 10 years.
It's a great market for sellers in terms of interest rates and rising home values. With less competition, it's still about pricing the home correctly and having it in market ready condition. It's true that in some neighborhoods and with styles of homes that they are selling for more than list price. The buyers need to be prepared to pay the difference if the homes do not appraise at contract price if they do not have an appraisal contingency written into their offer.
If interest rates continue to climb then it will be more difficult to get buyers to qualify to buy. But for now, the future looks bright for sellers and if the spring market is more active than the fall and winter markets have been, then inventory will continue to drop to dangerously low levels, pleasing sellers even more.
Is Clarksville TN's Real Estate Market a Buyers or Sellers Market?
The Clarksville TN Real Estate Market as of February, 2017 is a strong seller's market.
This is provided by The Real Debbie Reynolds. For current real estate inventory in Clarksville TN, click here.
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