NASHVILLE, Tenn. (WKRN) — Real estate experts call it the strongest seller’s market in decades, but nobody said the process was easy.
Nowadays, in Nashville, it’s extremely easy to sell your home and get a heck of a price for it, but local realtors say their clients are having a hard time getting under contract on their new home.
Quite frankly, due to low inventory and high price points, it’s hard for current homeowners to move as quickly as they sell.
CoreLogic recently released their Home Price Index (HPI™) and HPI Forecast™, which finds that home price growth reached 10% in January. It’s the highest annual gain since 2013.
The hefty home prices are making Nashville more and more difficult for Nashvillians to afford.
“The hard thing for the locals is to kind of get their head around what’s happening,” said Jonathon Harris, CEO of Scout Realty. “There are so many people re-locating to town who have a quite a bit of money and so with the low-interest rate environment and relocation, home values are going through the roof, which makes it really hard to purchase a house if you have traditional financing in place.”
Harris has noticed 70-79% of the contracts they’re writing stem from multiple offer situations. He says if you want to win, you’ll need a cash offer. Harris says cash offers are three times more likely to beat out financed offers.
On March 16, 2021, Scout Realty is launching a solution that gets their clients to buy and move before they sell their previous home. In short, they plan to pay cash for their clients.
“As far as I know we’re the only brokerage that I know of in the country doing this,” Harris said. “As they go into the marketplace to buy a house we’re buying the house on their behalf to secure it for them, and when they’re ready based on financing or their home sales, then they’ll buy it from us for the same price we purchased it for.”
We’re told the typical time frame for holding a house for clients is 30 to 120 days.
Harris says he and his team are excited to help Nashvillians afford the ‘new Nashville’ and redefine the way homeowners sell their homes.
“If we are able to secure a property for you and let’s say you’re living in your existing house, maybe you wanna do renovations, paint, clean the carpet. You wanna move on your own timeline. Then you move into that new house, and when you’re in your new house, then you get your old house ready to sell,” Harris said. “Our program really makes things efficient, it gives our clients competitive advantage they get to avoid all that chaos and they save a lot of money.”
Instead of charging a commission on the seller side, Scout Realty says they charge their clients a fair, fixed fee. According to Scout Realty, the total number of dollars their clients have saved in commission to date is around $3,200,000.
If you would like to learn more or contact Scout Realty, you can email firstname.lastname@example.org or head to their website.
News 2 is reporting on Nashville’s historic growth and the growing pains that come with it. Click here for more Nashville 2021 reports.