7 Signs the Market Is Beginning to Change

By
Real Estate Agent with Platinum Properties TN Broker: 208698

Clarksville, Tennessee's Market Is Changing

Homes for saleThis 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.

  1. Market inventory has increased in the last 2 months by 11%. There are over a 1000 active listings up from 890.
  2. Some sellers that haven't sold are pulling their homes off the market to rent them.
  3. I have started seeing selling bonuses added to boost sales.
  4. Agents are having more broker opens. These weren't necessary over the last few months.
  5. Price reductions are being announced and that means sellers need offers.
  6. 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.
  7. 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.

Posted by

 Centruy 21 Platinum Properties2130 Wilma Rudolph Blvd.

Clarksville, TN 37040

When you need Real Estate services in Clarksville TN

                  it would be my pleasure to assist you!                             

Debbie Reynolds
"The Real Debbie Reynolds"

Check out all Clarksville TN Real Estate on My Website

                   
                   
931-771-9070 Office | 931-320-6730 Cell

Clarksville TN Homes 

                 

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Gabe Sanders 07/06/2018 11:00 PM
  2. Kathy Streib 08/05/2018 04:54 PM
Topic:
Real Estate Market Trends
Location:
Tennessee Montgomery County Clarksville
Groups:
Posts to Localism
Market Updates
Hyper-Local
Tags:
inventory
clarksville
market changes

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Rainmaker
80,007
Alyse "Aly" Sands
Village Real Estate Services - Nashville, TN

I'm seeing this in Nashville, too.  In the suburbs where there are fewer resales and no affordable, new homes, they're selling within a few days but in the "inner core", where people were willing to pay very high prices last year and previous years, there are many new builds in the same price ranges as the resales.  Buyers don't seem to know the difference anymore between the more "desireable" historic parts of East Nashville and the outskirts so they're going for lower prices now.  I'm watching fabulous historic homes sit on the market and reduce their prices while more and more homes are being listed.  There are 12 to 20 Open Houses on any given day...too much!

Jun 28, 2018 06:21 AM #22
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for taking the time to prepare and share this market information.  It's most informative.

Jun 28, 2018 06:28 AM #23
Rainmaker
517,948
Ken Tracy
Keller Williams Realty Infinity - Naperville, IL
Helping clients buy and sell since 2005

Hi Debbie!  Certainly seen things slow a bit, which I hope is a healthy thing...

Guess we just have to keep our nose to the grindstone and working hard...

Thanks for writing!

Ken

Jun 28, 2018 09:22 AM #24
Rainmaker
2,023,248
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Very interesting. I'm always fascinated to read these reports on the current state of the market. 

Jun 28, 2018 09:46 AM #25
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Debbie-I love your post and report on the market. What I also love is that rather than a lot of numbers that are left for the reader to interpret, you've provided your thoughts based on your years of experience!!! 

Jun 28, 2018 10:51 AM #26
Rainmaker
487,475
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Hi Debbie, great points to consider. The market is changing in many places, not falling apart, but adjusting to different conditions. It's important for clients to have an agent who pays attention and knows the temperature of the market. 

Jun 28, 2018 11:42 AM #28
Rainmaker
1,396,040
Amanda S. Davidson
Amanda Davidson Real Estate Group - Alexandria, VA
Alexandria Virginia Homes For Sale

Debbie, you are on top of your market and always know what the latest trends are. This is an excellent post and one that I hope many buyers in your area read. It's important they contact you for the best representation. Knowing what the market is doing when it comes time to buy or sell is extremely important. 

Jun 28, 2018 02:03 PM #29
Rainmaker
571,331
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Hi, Debbie Reynolds 

Buyers in our market have suffered at the hands of seller for a long time. Buyers would welcome signs that the market is softening and, in fact, are pulling back a little in the hope that is the case. If enough buyers hesitate to make offers, the sellers will be forced to adjust. The rumor of a slowing market could become a self-fulfilling prophecy.

On the other hand, there is still a shortage of inventory that the recent bump-up in listings has not equalized. Eager buyers will only hold out so long. They will not let the perfect house get away. Houses that are well marketed, well presented and right priced will continue to sell strongly.

Jun 28, 2018 08:38 PM #30
Rainmaker
1,763,474
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

In our market , it all depends on the Price Point . Homes over $450,000 are sitting !!!!!!!

Jun 29, 2018 07:52 AM #31
Rainmaker
362,152
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL Real Estate GRI, SRES,GREEN,PSA

Debbie, great information of how the market in your area is being impacted.

With New Construction on the rise we will see that as an impact to sales price.

New Construction has the potential to determine an areas market value.

Thanks for sharing.

Jun 29, 2018 08:24 AM #32
Rainer
4,897
Kimberly McCall
Client Crate - Lenexa, KS
Tastefully branded and curated pop-by gift service

Great information!  Thank you for sharing.

Jun 29, 2018 08:29 AM #33
Rainer
84,499
Mike Kelly,CRS,CIPS
The MJKelly Team - Santa Rosa, CA
"One of Sonoma County's Natural Resources"

Our marketplace is in a state of flux. We had some enormous offers made from fire victims post October 2017. Those comps are like a meal being digested by a boa constrictor. They will eventually leave the comparable search parameters. However, we are still seeing agents putting properties on the market and stating all offers will be reviewed 7 to 10 days in the future. I think the 10 days is a bit much. You just need to be aware that your CMA has a "shelf" life. I did some CMA's some months ago and had to revise them down. The "irrational exhuberance" has left the market. Scarcity of product will drive home prices. Big sales in a tight inventory market with weak sales will alter the median home price. I'm not hanging my hat on increasing median home prices as a sign of anything BUT scarcity. 

Jun 29, 2018 03:55 PM #34
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Hi Mike, Many factors affect markets. What you all went through was terrible. I agree that 10 days wait on offer determination is a bit crazy and playing with people's lives.

Jun 29, 2018 08:12 PM #35
Rainmaker
458,315
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experience Agent in Kansas City Metro area

It's the same consensus in our office--the market is slowing down, except for a few areas where buyers want $250K or less.  There is too much inventory here in the $600K+ ranch with resale competing with new builds.  Hope we aren't headed for another crash!

Jun 29, 2018 09:19 PM #36
Rainmaker
925,079
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Very good list as evidence that your market is changing.  I just posted my market stats and see some similar inching up of inventory and longer days on market, but not in every city in the Phoenix Metro Area.  It's always good to know your stats!  Good job!

Jul 02, 2018 02:26 PM #37
Anonymous
Donna Benton

I am in the western area of Los Angeles. We are seeing DOM increases, price changes, more listings, and BOM's. Some places sell fast with multiple offers. Buyers are demanding more from the seller after inspections. Sellers were able to refuse buyer's requests. Now, they may find their house back on the market if they are not flexible.

Jul 04, 2018 10:58 AM #38
Rainmaker
1,763,474
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

#8 your Agent is restocking shelves at night at the local Walmart

Jul 05, 2018 11:27 AM #39
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453,548
Terrie Leighton
Ferrari-Lund Real Estate - Reno, NV
Reno Real Estate Agent ~ Selling Homes in Reno

Hi Debbie, thanks for the post. The same things are taking place here in Northern Nevada. We are feeling a slight shift in our seller's market as well. I appreciate the fact that buyers are not willing to pay higher than market values. 

Jul 05, 2018 03:39 PM #40
Rainmaker
2,907,821
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

That condition will differ in every market and in different neighborhoods and price ranges..wise agents keep an ear to the ground and an eye on the market.

Jul 07, 2018 02:19 AM #41
Anonymous
cveeramani

Wow, this is really interesting and very useful post, thanks for sharing.
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Jul 27, 2018 04:07 AM #42
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