What happened to the Buyers Market - I've had the pleasure of working with buyers lately who are relocating to Franklin from Georgia, and we have viewed several nice homes and some not so good. Unfortunately, the husband we here for 2 weeks before his wife could get away from her job. During that time. we viewed 23 homes in person that looked good online, he reduced the list to 5 homes for his wife to see.
If you could only imagine the reaction I got when I told him that all of them were under contract just one week after we looked at them. Normally i would say that we could have more inventory coming on that might be acceptable, but it's just not happening. The neighborhood that appeals to them the most is showing a 99 percent list to sales price ratio for the last 6 month.
I think the great buyers market is gone in the more popular neighborhoods.
This posting and the contents written here are the intellectual property and opinions of Larry Brewer of Benchmark Realty. Providing real estate services to clients in Nashville, Brentwood, Franklin, Spring Hill, Green Hills, Murfreesboro, and the middle Tennessee area
We need the balance of it all. Buyers need to move with a purpose when buying and sellers need to assist in the process. I fondly remember that every home I ever looked at with the intention of buying was always purchased by me...no problem. I did that several times. When I wanted something, I went and got it..I would love to see that market come back! Thank you Larry
The times, they are a changing! Those rock-bottom deals are soon going to be over, and your market well on the way to recovery. Its no surprise that the basic element of economy "Supply vs. Demand" is changing the tide for your market.
Richie - I have been expecting this change for some time now, but the buyers will have a hard time adjusting, especially the ones who have been sitting on the fence.
Wendy - the rock bottom deals are already gone here in Franklin. Now you need to get ahead of the rising prices that are already happeing.
Larry - It's happening here too. Buyers cannot wait and come back to see the home 2-4 more times, it'll be gone by then.
I think in some areas we now have a balanced market, in others it's still a buyers market. I feel for the buyers who think they will roll into Green Hills or Franklin and be able to cherry pick great homes and be the only one interested. Those days are gone.
Larry, I realize this is an old post but this is exactly what I am experiencing here in Tampa too. I started emailing real estate reports to show the realities of the market. Buyers still think they can offer 10-15% under asking price, no matter that the list to sale ratio is 96%. In some cases this is possible but in most it is not. I am very accommodating but at this point I think I am doing my buyers a disservice by even showing them homes that are above their price range, knowing very well that they will not get the house if they offer less.
This is why I love this profession - it can be frustrating and exciting at the same time.
Jane - It's always the case of customers being behind the time, but that's because they llsten to the media instead of us.