The big story in 2014 was a shortage of inventory, characterized by multiple offers, desperate buyers sneaking notes into neighbors’ mailboxes, and an abundance of cash deals.
However the stats don’t actually support this, at least in Davidson County. Here, with the exception of homes priced under $500,000, the inventory of homes in months is in the low double digits, not exactly a sellers market. (A balanced market is considered between five and six months.)
So this is a tale of two cities. In “hot” sections of town, newer homes, priced right are flying off the shelves. Elsewhere, a cooler climate.
ADVICE TO BUYERS
Don’t panic. There are houses out there. Maybe you need to consider a different neighborhood or an older home, adjust your wish list or budget. Be prepared for a multiple offer situation.
ADVICE TO SELLERS
Don’t assume. You may own one of those houses in a trendy neighborhood, but you still have to price it right. Don’t assume that your house, especially an older one, will sell without staging and a strategy.