Clarksville, Tennessee's Market Is Changing
This past year the market has been crazy and homes have not been staying on the market but a few days. Multiple offers became the norm and though that is still the case in many situations and neighborhoods, there are other listings that are beginning to market age and need price corrections.
Some sellers are asking why their homes are not selling and the answer is that buyers are not paying over-market prices any longer. Most buyers need financing and in Clarksville that financing is typically government financing. Appraisals have begun to come in under sale prices and buyers are not agreeing to pay the difference. This is forcing the seller to adjust the price downward. The word is getting out and it is changing the market.
Builders responded months ago to the inventory shortage and have been building like crazy. The inventory is growing. Buyers that want a particular home must still move fast and be ready to make a strong offer but there are now new finished homes for the picking.
Check out these other signs that the market is beginning to change from a sizzling hot market to just hot.
- Market inventory has increased in the last 2 months by 11%. There are over a 1000 active listings up from 890.
- Some sellers that haven't sold are pulling their homes off the market to rent them.
- I have started seeing selling bonuses added to boost sales.
- Agents are having more broker opens. These weren't necessary over the last few months.
- Price reductions are being announced and that means sellers need offers.
- REO and Foreclosures were selling in a day or two after hitting the market. Prices climbed and now investors are not as willing to pay those top prices and pay over listing prices. Rehab costs have skyrocketed.
- Days of the market has increased by several weeks to nearly 3 months now.
We are in the selling season, sales should be at their best but these signs mean a cooling is beginning to take place. It is time to be watchful and start looking closely at the market in Clarksville. Buyers may begin to have more choices and opportunities.
For real estate in Clarksville TN, contact The Real Debbie Reynolds at 931-320-6730.