There is low housing inventory in many regions. Supply is not sufficient for demand. This leads to an interesting experience for both buyers and sellers. Here is what the Franklin TN real estate inventory shortage means for consumers.
Insufficient inventory generates a competitive market for buyers. Newly listed properties will immediately receive a lot of activity. Listings will go under contract within a short time after more than one offer. In these circumstances, it is common for listings to receive above list price. What should buyers prepare for?
Home buyers need to be in a position to write up an offer. A pre-approval is typically necessary to do so. After viewing a listing, they must decide promptly. Even a single day may make a big difference. Finally, offers must be clean and simple. You could have just that one chance. There is little room to negotiate a discounted sales price unless the property has been listed for a long time frame and without competing bids.
An Ideal Position for Home Sellers
Sellers truly benefit in this market. It is stressful maintaining a house for showings, so fast sales make the process much less invasive. In multiple offer scenarios, sellers are also in a position of strength and may be more selective of buyers.
Sellers must not overprice in this market. Maximum sales prices are generally achieved from accurately pricing to begin with. Overpricing may end negatively in this, and in fact any, market.
Simultaneously buying and selling will be difficult right now. Although you will be able to quickly find a buyer for your existing house, it might take more time to secure a new house to purchase because of the scarce inventory. Having a flexible buyer will be helpful. You might also need to use interim housing to give you more time to find your next property.
What The Franklin TN Real Estate Inventory Shortage Means For Consumers
Overall, what the Franklin TN real estate inventory shortage means for consumers is a quick selling time but a potentially lengthy buying process. Home prices will also be greater. It is critical to understand the Franklin TN market when hoping to buy or sell. Also set realistic goals when it comes to both sale price and timing. Connecting with a local real estate professional will help you better understand the process.
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