July Real Estate Market Update: Davidson County

Thinking about selling your Nashville home in the Summer?  Right now, in Davidson County alone we have 2,348 homes on the market with average days of market sitting at 32.  Kids are out on summer break and families are going on vacation and getting ready to send their kids off to college.  So, if you’re selling or thinking of selling here are some helpful tips when selling in the summer when the housing market seems to slow down a bit here.

Nashville Real Estate Market Update | July 2019

#1 Don’t Reduce The Price

Instead of reducing the price of the home let’s say ten thousand dollars, which really isn’t enough of a reduction to make a big enough impact on the selling, an alternative would be to give a credit for the buyer to buy down their interest rate.  If you can buy the rate down, a buyer can save a significant amount over the life of the loan and also more buyers will be able to qualify to purchase your home by utilizing this strategy.

#2 Price Your Home Accordingly

If you’re over priced you are limiting the amount of buyers who can afford your home. As the cost of a home goes up, the amount of buyers who can qualify goes down. That’s why we see the lower priced homes going more quickly typically with multiple offers and bidding wars. The homes that are more expensive tend to sit longer because not as many people can qualify for the larger monthly mortgage payment. 

#3 Make Sure You Have Extensive Marketing

Now, this is really important. Be sure you have a plethora of high-quality pictures, use lots of videos and have an extensive online presence. While there’s over 23-hundred homes in Davidson Country on the market, there more than 11-thousand across Middle Tennessee. That’s a lot of competition, so you want to make sure your home doesn’t get lost in the mix. As buyers are going through pictures and looking at the marketing, they are going to see the homes first that look the best. If you’re home isn’t marketed properly, it may never be seen because buyers are looking at homes that “look the best online.” I just had a buyer tell me they won’t even look at a home if the first few pictures online don’t capture their attention. So, just putting the house on the MLS and doing an open house isn’t enough. Studies show that buyers do extensive research online when purchasing a home, so it’s essential that you house has a massive on-line digital marketing strategy.  Learn more about my digital marketing strategies here

#4 Be Sure Your Home Is In Show-Ready Condition

Not only does it need to be in show-ready condition, but you also need to make sure it’s available for showings as much as possible. When a buyer is ready….You and your home needs to be ready too. I know it can be frustrating letting a buyer in on a moments notice, but with the market slower than normal you need to be as accommodating as possible, we don’t want you losing out on potential buyers. Hope this was helpful and as always feel free to reach out to me so I can tell you more about how I’m on the cutting edge of real estate technology and innovation which ultimately equates to saving you time by selling your home faster and putting more money into your pocket.

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