Spring is around the corner and the days will be getting longer. That means people are getting ready to move whether they know it or not. Most people tend to move due to family or job changes, health reasons, increases in rent, and/or other major life events. “Panic buyers” since the start of the pandemic have changing needs.
Buyers/Renters:
The good news for buyers is that they have the opportunity to shop around right now as they have more room for reasonable negotiations. Inspections and due diligence periods aren’t as rushed as they have been the past two years. Serious buyers have their boxes packed and are ready to go. The Nashville market feels much more balanced than it has in years, which is a plus for everyone.
Although the market is looking up, there are still challenges. Buyers may feel that they missed out on record-low interest rates. Feeling defeated, they continue to rent, but your customers who are renting are likely experiencing rent increases.
However, what we can do is ask renters if they see themselves staying in Nashville for the next five to seven years and if they plan to buy a home. If the answer is yes, then you just opened the door to help those renters become homeowners. You can get them off the fence, understand their situation, stay in touch and become a trusted resource. Remind them what their equity could be in just two years. With some listings and new construction offering buyer incentives, give your customers resources for financing options that may work for them.
Sellers:
For your sellers, on the other hand, showcasing and pricing the property correctly is key. You should plan to go the extra mile with updates, pre-listing repairs, staging and content. There is always another house in the area that the same people are looking at, so make your listing stand out above the rest and the buyers will come. Splurge for the professional floor plan, video, 3D walkthroughs, and “the works!” It will pay for itself and your sellers will love you (and refer you).
I predict a very busy spring. It’s a great time to encourage any sellers waiting in the wings to get active. There are plenty of buyers out there ready to go!
Emilee Warner is a REALTOR with Village Real Estate East Nashville. Emilee serves on the Housing Affordability Committee, RPAC Committee, and as Greater Nashville Realtors Ambassador for her brokerage. Emilee received Greater Nashville Realtors Gold Award for her business success in 2021.
