Why so Slow in the Greater Nashville Real Estate Market?

Why so Slow in the Greater Nashville Real Estate Market?

The greater Nashville real estate market is crawling

The greater Nashville real estate market is crawling

I have been discussing this very question with my colleagues a lot lately.

Nashville and other Middle Tennessee realtors have access to a private Facebook forum where we pose questions of relevance to one another or discuss real estate related topics.

Both in my office conversations and through my online social networks the slowing of showings has become a recurring theme.  Multiple offers still exist, but they are fewer and farther between and only in the lowest price ranges.

So why is this exactly?  And what can Sellers do to encourage more Buyers to come and look at their property?

My personal opinion is that this election season has thrown everything (and everyone) off a bit.  It’s not exactly “business as usual” in our Presidential election.

With a non-traditional candidate in the mix (Donald Trump), it’s my belief that there is some hesitancy to “move up” in the market.

Naturally, this leads to thinking about what a Seller in the greater Nashville real estate market can do to get their home sold.

I would look at 2 things:

  1. What can be done to improve the condition of your house?  Try to look around with an objective eye.  Does your home need paint?  Curb appeal?  A change of old fixtures to newer ones?
  2. Then, after addressing the condition of your house, consider reducing the price again.  If your house now LOOKS nicer, but costs a bit LESS, you become a “good deal” to Buyers.

If you either cannot or are not willing to do those two items, it may be time to consider withdrawing your house from the market until it becomes stronger again.

This is what my husband and I did nearly two months ago.  We renovated a home in Nashville, had it on the market, but only received offers we considered to be unacceptable.  So now we are living in it and have rented out our other home!  While this was not our initial plan, I feel confident that this is the best “move” in the end.

 

 

 

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