There are many indications that the Nashville real estate market is shifting. I recently experienced this with some clients who are looking to buy a house in the Hillsboro/West End neighborhood. Two weeks ago, we sorted through all of the available homes in their price range ($300,000-400,000), with a move-in ready condition (meaning a clean house with kitchen and bathroom updates), and a location that is convenient to Vanderbilt University. We selected eight homes to view while they are in town this upcoming weekend. However, as I was scheduling the showings for them on Monday, I noticed that seven of the eight houses were contracted already!
Additionally, I recently wrote an offer on a condo that had two other offers already. This condo has the right location, correct pricing and move-in ready condition.
I shared this experience with the CityLiving Team and they have similar experiences. Look at what the other CityLiving Realtors are saying…
I have clients who found a house that has only been listed for 12 days. When I contacted the listing agent, I found that they have already received one offer and were expecting a second. As always, I think it all comes down to price, location and condition. This home is a renovated ranch in Crieve Hall that is priced competitively for the neighborhood. The renovations were tasteful and not over the top for the neighborhood. I am closing on a similar home this week and I have another buyer looking for the same type of property.
I’ve been involved in 5 multiple offer situations since December. Prior to that, I don’t think I had a multiple offer situation since early 2008. Competition drives multiple offers and competition is a sign of a good market for good homes that are well priced and show well. All of these homes fit that description, just like Marti said. Nothing can be left undone with homes these days. If you have sellers, everything needs to be polished before putting it on the market and it needs to be priced to match the competition.
I’ve had 2 back up offers written on our listings in the last 10 days. They were the first back up offers I’ve seen in quite some time. I’ve also noticed (as have my buyers) that good listings are being grabbed up quickly.