Hi MyMusicCityHome.com Fans!
I wanted to bring you a bit of an update on the market in the Nashville suburbs, more specifically the Northern and Eastern suburbs of Wilson, Sumner and Robertson counties.
If you take a look at the chart below of sales data around all site built homes in the above mentioned counties. You can see that due to Covid-19, In April 2020 there was a sharp turn down in PENDING sales (the red line.) These are contracts for homes that have been entered into but not closed (that process usually takes about 30 days.) In fact it was the lowest in 15 months. Now look at May 2020. A SHARP jump to 840 pended sales, the HIGHEST in 15 months! At the same time, the number of homes FOR SALE (new listings and existing,) is down about 14% over May 2019. This is creating the greatest SELLERS MARKET we have seen in quite some time. If you are a home seller, you will likely get a GREAT offer (or multiple offers) on your home if you choose to sell! If you are a buyer, you can expect to see a shortage of homes, and the good ones that come on the market are going to sell fast. The best way to prepare for that as a buyer is to be PRE-QUALIFIED for a loan (if you need one,) be ready to move quickly if you see something you like, and be prepared to pay close to, if not more than, asking price.
Let me know if you’d like a market evaluation of your home, or provide you advice on getting ready to purchase!
I’d be honored to be of assistance!