NASHVILLE, Tenn. (WKRN) – The housing market madness continues.
Interest rates and inventory remain at all time lows as people working from home look for more space.
It’s fueled what you could call “buying frenzy,” with multiple bidding wars and it’s forcing people to make decisions in a hurry, leading to buyers’ remorse.
“It’s tough on sellers right now, tough on buyers and tough on realtors,” Brian Copeland, President of Greater Nashville Realtors said. “The main thing we can do right now in any hot market is breathe.”
Gretchen Fitzsimmons, an agent with the Ashton Real Estate Group of RE/MAX Advantage, says she’s seen multiple incidences where there were 25 offers on a single house.
According to Greater Nashville Realtors, inventory is down around 50 percent.
At the end of February, there were 4,477 active listings. Last year, during that same time, there were more than 9,000 listings.
“At the end of the day, you want to be at peace with your offer,” Fitzsimmons said. “Sometimes you’ll have to lose out on two or three homes to get the one you want.”
Her best advice for those who feel like they’re in the frenzy is to never settle.
“I do feel like people should be picky, though there’s not a lot to pick from,” she said.
According to Fitzsimmons, the good news is people will start listing their houses more now that we’re into spring.
Even so, according to a Flyhomes survey, American homebuyers are still getting caught up in the current climate with one in four experiencing buyers’ remorse.
Some surveyed didn’t approve of the price they paid, while others didn’t like the size and/or location.
Copeland says in a hot real estate market with a lot of pressure, you have to do your due diligence.
“You have contingencies you can work into your contract that can include everything from checking for indigenous people, burial grounds, sinkholes, whether there was a gas station or any type of flood risk,” Copeland said. “All of those things are you can check in your due diligence and every standard Tennessee contract has that in there.”
When it comes to flooding, like we saw last weekend, Copeland has even more tips.
He suggests sellers and buyers check the FEMA website to see if you’re in a flood plain. In addition, you can check out a website called FloodFactor that gives you a flood rating for the property you own or are about to purchase.
Other tips include:
- Shop below your max budget so you can bid up.
- Explore neighborhoods to see if you can get an extra bang for your buck.
“You do the best you can do with your finances. Write a letter; do what you have to do to set yourself apart, but at the end of the day it’s out of your control.”
For those impacted by the flooding, the Greater Nashville Realtors is offering assistance. Reach out to Greater Nashville Realtors to get your application started.