Real estate sales are still strong across Middle Tennessee, but there was a slight decrease in the number of closings from October 2017 to October 2018.
According to figures from the association, there were 3,216 closings reported for the month of October; that’s a 1.6 percent decrease from the 3,267 closings reported for October 2017.
President of Greater Nashville REALTORS, Sher Powers, tells us that’s really good news for buyers.
She said, “I think it means something wonderful that they’ve been looking forward to for probably the last couple of years, which is more inventory and sellers who are going to be more flexible on negotiating.”
For sellers, we’re told this news means things are leveling off.
Powers says she believes closings have decreased primarily due to “buyer fatigue.”
“I think buyers have had fatigue over going into the battle to buy a property and competing with 10 or 12 people for a house. And over time I think with social media and with people becoming coached by their realtors, they’re learning to wait and watch,” said Powers.
According to Powers, there’s more opportunity for buyers purchasing homes over the fall and winter, with the increase in inventory of 3,000 single family homes, as well as almost double the number of condos that were available at this same time last year.
News 2 tracks the historic growth in Middle Tennessee with our special Nashville 2018 reports. Click here to learn more.