Breakdown of home sales in Sumner County TN – September 2022

Sumner County TN Market Report – September 2022

Is it a Buyer’s Market or Seller’s Market in Sumner County TN?

Sumner County TN Market Report 922

What’s the Difference in a Buyer’s or Seller’s Market?

It’s really very simple.  It all boils down to supply vs demand.

Arrow signs pointing to supply vs demand
It’s Always a Matter of Supply vs Demand

A Buyer’s Market is in place when options favor the buyer, and a seller’s market offers options to favor the seller.

Many things can affect a change in these markets.  Among the most obvious will be the economy and interest rates.  When jobs are plentiful and interest rates are low, homes tend to sell better and for a higher price.  When this changes, homes won’t sell as readily.  Also, if there’s a large factory coming into the area, people will naturally need homes resulting in less inventory.  On the flip side, if factories and businesses are shutting down, then there will be more homes on the market and usually for a  lower price point.

Keep an eye on the local real estate market to spot these changes.  When there is less than 4 months inventory, you’re in a seller’s market.  A balanced market would typically be 5-6 months of inventory available.  A buyer’s market will exist when there is in excess of 6 months of inventory.  Your Realtor will be able to give you this information.  If you’re in Middle Tennessee, call me 615-428-8500.  I’ll be happy to help you.

 

 

How to Navigate Buyer’s and Seller’s Markets

Tips for Buying in a Buyer’s Market

  • Consider your ‘wants’ list and search for homes that fit your needs.
  • You will have more time to decide
  • You can usually buy for less than the asking price.
  • Many sellers offer a carpet or appliance allowance at closing.
  • Don’t hesitate to ask for concessions.  These could be help with closing costs, a home warranty, more stringent inspections, etc.  Perhaps even a favorite piece of furniture?

This is your best time to buy a home.  You have a lot more negotiating room when you’re in a  Buyer’s Market.

Tips for Buying in a Seller’s Market

  • Have your pre-approval letter (or even a pre-underwriting letter) in hand to present with your offer…or pay cash.
  • Know what you want and be ready to make quick decisions when you find what you are looking for.
  • Know that there may be bidding wars.  Be prepared to make your best offer.  Offers may be well over the asking price.
  • Offer more earnest money
  • If you can, offer a quick close
  • Keep the contract clean with contingencies to a minimum
  • Ask for fewer repairs

Many people will make the offer with a pass/fail inspection report.  You can set an amount in the offer and if estimated repairs are higher, then you’re not obligated to purchase.

A personal note from Pam Rumley
Buying a New Home is one of the largest financial transactions most of us will make in our lifetime, and ‘due diligence’ is so very important during this time. And sadly, most of us aren’t even aware of real estate agency laws. No one tells us. I’ve written an article on this very legal subject and it would be well worth your while to read over it. I want you to at least be aware of your choices when buying a new home! Please feel free to call my private line 615-428-8500 with questions or if I can help you in any way! I look forward to hearing from you.

Is it a Buyer's Market or Seller's Market in Sumner County TN Real Estate

Breakdown of home sales in Sumner County TN - September 2022

Accent Properties
Published:2022-10-25
Modified:2022-10-25
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