OK Middle TN Home Buyers . . . You’re starting to lose your edge.
I know that’s tough news to take because you’ve been on TOP for at least 5 years now, but it’s true . . . y’all have bought more houses than have been listed this year . . . and the pickings are getting slim.
What does this mean?
Well, it may affect your “Wants and Needs” list in a yin/yang kinda way.
“Wants” are those things in a house that you’d love to have but aren’t deal killers if they’re not there (Like a swimming pool or fireplace in the Master Bedroom)
“Needs” are GOTTA HAVES – If they’re not there, you don’t want the house. In fact, these “needs” are usually things that will cause you to choose not to even look at a house (because they don’t show up in the MLS Listing).
When the Buyers hold all the cards (LOTS of houses on the market), the “Needs” list can be LOOOONG because there are so many houses to consider. Buyers actually need their “needs” for the purpose of “separating the wheat from the chaff” – They won’t even consider looking at a house unless it has all of their needs. The “wants” lists are short. That’s where we’ve been the past several years.
Uh-Oh!
Now with fewer choices (lower inventory) the Buyers must have shorter “needs” lists (resulting in longer “wants” Lists) if they really want to buy a house.
Buyers are finding themselves having to make some compromises – being OK with needing to do a little work – updating – adding on – no garage – smaller yard – older.
The tough part about all of this for us REALTORS is that we SO much want to find the PERFECT house for EVERY one of our Buyers – meaning that we pride ourselves in finding THE house with the MOST number of “Needs” at or below the prescribed price point WHERE the Buyers wants to live with a closing WHEN they want to close.
We SO hate having to tell a Buyer that it’s time to compromise . . . but the market . . . it’s ashifting . . . and unfortunately, that time has come.
Hey Buyers . . . don’t despair – We’re on the front end of this curve – We are NOT in a “Seller’s Market” (yet) and there are still some great houses available and coming on the market every day. Don’t be too picky because this window of opportunity is drifting closed more every day.
Rates are steady and LOW . . . and the weather here in Nashville is FABULOUS for house hunting.
Connect with your favorite Pareto Realty “Vital Few” REALTOR immediately to get in your new house before Christmas 🙂