Home buyers in the Clarksville-Montgomery County area enjoyed plenty of inventory compared to their counterparts in the Nashville area until recent years.
Prior to 2016, there was always a surplus of homes to choose from in Clarksville. When home buyers found a home they liked, they could “sit on it” for a while, ensuring buying the home was the right decision for them. At times, home buyers in Clarksville-Montgomery County could see a home for the first time and go back 30 days later to see the same home with the price of the home having been reduced. Or the home buyer could write a low offer knowing if rejected they could always come back to the home if need be. That has all changed.
Enter 2017! The market in Clarksville-Montgomery Country really began to heat up fast in 2017 causing days on market to drop and multiple offers to become more common place. Not only was this a new concept to the home buyers, but also to their realtors.
“I have never seen the Clarksville-Montgomery County market like this since I’ve been practicing here. Typically we ask sellers to cover all closing costs and even exclude earnest money. Now it’s best to advise the buyer to adjust their offer to limit the amount of closing costs the seller is paying either out of the buyer’s pocket or bumping up the offer price to make up the difference. Earnest money is a must these days! Also, buyers need to make an offer right away. They cannot afford to wait anymore.” said Erich “Rak” Sorensen, Realtor.
Looking at the numbers from the first and second quarters of 2017 shows the crunch home buyers are currently feeling. Between the first and second quarter of 2017 there was a 20% drop in the amount of time homes were for sale on the market. The average sales price went from $172,066 to $184,939 and the amount of homes sold increased by 30% in this same period. “I expect these patterns to continue throughout the year and into next year. There are a lot of people moving to Clarksville-Montgomery County and with affordable home prices we are seeing people coming up from the Nashville area”, said Erich “Rak” Sorensen, Realtor.
Sellers and listing agents have taken notice of the current trend and are adjusting their marketing strategies accordingly. In the not-so-distant past, a seller in Clarksville-Montgomery County had to price aggressively even offering up closing costs and home warranties in the advertising. Now, as long as the home is in good condition and shows well, homes are being listed and at top dollar with the expectation of multiple offers.
Erich “Rak” Sorensen, Realtor said, “Now when I list a client’s home I am expecting multiple offers. If we get multiple offers, my clients net more money and that is my ultimate goal”. If you are looking to buy a home in Clarksville-Montgomery County, get ready to be aggressive with your offer because you will lose the home to another buyer if you are not.
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