As we move into the fall season, many home sellers consider whether to wait until spring to sell their home. While it may be true that there is a 32 percent increase in inventory in the Greater Nashville area over this time last year, much of that increase reflects new home construction and condos. For buyers looking in established neighborhoods, particularly at the entry level, the supply of options is much more limited, so owners who put their homes in that market can count on steady and robust interest at any time of year.
It’s also true that price increases are cooling, and homes are seeing slightly longer days on the market before closing, but there are still thousands of residences sold each month in the region, due to a consistent influx of new residents, along with those who need to move for a job, financial concerns, or want to take advantage of a less competitive market and expand their living space or downsize. Fall and winter are still strong for selling a home and finding a replacement.
To plan a home sale correctly in our current market, it’s essential to talk with a Realtor and come up with ways to create inviting curb appeal when the trees are bare, and shrubs are dormant. Budgeting for repairs, staging and storage should also be part of that conversation.
When planning a list price, in addition to similar sales sold in your immediate neighborhood, sellers should ask their Realtor for a more in-depth look at all the active competition on a broader swath of the area – what else can buyers purchase for the same price? Even though new construction is different from a midcentury modern, for example, most buyers will consider both if within their budget.
Sellers can interview Realtors they are considering and ask them to provide a history of their sales in the neighborhood – do they know your specific market well? It’s important to also ask about pricing – how successful is the Realtor at advising clients on pricing, and what percentage of their sales close at, or close to list price? Looking at their average days on the market can also be an indicator of their professional expertise, as well. Your Realtor will also discuss pricing based on the condition of home, active competition and closed sales.
Asking these questions of a Realtor can prevent a for sale sign from sitting in your yard for months, aging your home in the market, and ultimately bringing a much lower price. And for savvy buyers, hiring a Realtor with pricing and neighborhood expertise to navigate this shift in the market will benefit you, as well.