NASHVILLE, Tenn. (WKRN) — The temperature outside isn’t the only thing heating up lately. So is Nashville’s housing market.
We know what you’re thinking – how in the world could this market get even more chaotic?
“Spring is actually the hottest time of the year. April, May and June tend to be the 2-3 busiest months of the year,” said Robert Drimmer, a broker with the Drimmer Group of Compass Real Estate.
Zillow reported the typical home in Greater Nashville is now worth $315,414, up 10.2% year over year. Remeber, it is springtime in a sellers market in a city that’s gaining popularity and fast.
Good news here, though, experts believe the market could be heading toward a re-balancing and a much-needed supply fix.
“I think the Nashville market is only going to get stronger and stronger to be honest. I think we are on a trajectory right now that cannot be stopped.” Drimmer continued, “I think even if you’re buying now at what you consider to be the top, then I think you’re going to see a new top coming in the coming years.”
Drimmer said though you may be discouraged, keep going because summertime may be your best bet for buying a home.
“You can often sneak in and pick up a house that may not have 50 offers on it on a 4th of July weekend, Memorial Day, Labor day. If you’re staying in town this summer, then keep looking. And, look during those holidays because there will be inventory on the market, and those buyers will be out of town,” Drimmer said.
According to a recent housing market update from CoreLogic, as of May 1, new listings were up 18% nationwide. Meanwhile, total listings are still down more than 50%.
It seems the inventory shortage is easing up ever so slightly, “Just here in the last couple of weeks, I have definitely seen an uptick in inventory, which is great. That’s what we were hoping for and expecting,” Drimmer said, adding whatever inventory is available still gets swept up quickly with those low interest rates creating high interest in home buying.
If you are looking for homes that have been on the market for more than 14 days, he said those homes are 76%t more likely to take a reduced price.
“Consider homes that are somewhat of a fixer-upper. Maybe you need to do a kitchen remodel, or bathroom remodel, painting, flooring, those homes have a tendency to sell at about a 30% less price per square foot than homes that are completely remodeled,” he continued, “And, you can go in and make it your dream home by selecting the finishes you want.”