Market Report January 2023

Market Report: Janary 2023

Housingwire offers this perspective.…

“The red-hot housing market of the past 2 ½ years was characterized by sub-three percent mortgage rates, fast-paced bidding wars and record-low inventory. But more recently, market conditions have done an about-face. . . . now is the opportunity for everyone to become re-educated about what a ‘typical’ housing market looks like.”

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 16 years to get the results they deserve so that they can move on to their next chapter with ease.

 

Real Estate Market Highlights:   (Sumner Co.)

Single-Family

Home Stats

2022 YTD 2023 YTD 2022 vs.

2023

Analysis
         
Average Sales Price $467K $506K We are seeing home prices reductions everywhere. This is a good thing. The market is normalizing.
Days on Market 5 13 Days on market to UNDEr CONTRACT has gone from weeks to  poss. A month. Be Patient!
Average.Price Per Sq. Foot $203 $213 Cost to build is increasing but builders are offering incentives. We slowly seeing a decline since June 2022

SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652

Market Report: December 2022

The housing crash of 2008 left 9 million people out of a home due to foreclosure. This was, in part, due to relaxed lenders loaning too much money to people that couldn’t afford the payment. Thankfully now foreclosures are the lowest they have been since the MBA started tracking them in 1979! This is mainly because of the last 2 years where homeowners had a considerable amount of appreciation. Foreclosures nationwide are up from last year but still much lower than pre-pandemic. Many were concerned that the forbearance program would stir up many more foreclosures but that fear did not materialize. It actually gave homeowners the time to get their finances in order or work out a plan with their lender

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 16 years to get the results they deserve so that they can move on to their next chapter with ease.

 

Real Estate Market Highlights:   (Sumner Co.)

Single-Family

Home Stats

2021 YTD 2022 YTD 2021 vs.

2022

Analysis
         
Average Sales Price $454K $574K We are seeing home prices drop in order to get under contract
Days on Market 3 11 Days on market has gone from days to weeks
Average.Price Per Sq. Foot $200 $215 Cost to build is increasing but builders are offering incentives

SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652

November 2022 Sumner County Market Report

Market Report: November 2022

The market is not crazy. We need to stop using that term. The real estate market is complex and competitive. We needed home prices to cool off so we can get back to a normal price point. If you watched any of my videos I did warn you in the first quarter that this hike in home values was not going to last.

It’s a sellers market based on inventory but I will tell you one thing….buyers are putting up a good fight. They are coming in asking lower, wanting closing costs and will be getting a home inspection and expect repairs.  Hands down buying is still better than renting if you are considering one or the other. Rent has gone up 7.2% over the past year and 72% of landlords plan on raising rent again over the next year according to the Realtor.Com article recently printed.

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 16 years to get the results they deserve so that they can move on to their next chapter with ease.

 

Real Estate Market Highlights:   (Sumner Co.)

Single-Family

Home Stats

2021 YTD 2022 YTD 2021 vs.

2022

Analysis
         
Average Sales Price $446K $447K Last years appreciation : 18%

Current appreciation: 8-10%

Normal Appreciation is: 3.5%

New Listings 476 454 Sellers market which means still a housing shortage
Average.Price Per Sq. Foot $193 $218 Builders are trying to catch up to the demand. Contractors are months out, unless you call me.

SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652

October 2022 Sumner County Market Report

The market has shifted…and it’s not sitting well with some sellers.

Should of , would have, could have. We can drive ourselves crazy thinking these thoughts. Let me tell you this. …appreciation has gone up 290% over the past 30 years! Your home is still worth more than what it was worth 2.5 years ago, pre-covid. That is the positive outlook we need to consider.

Competition is not as fierce and buyers actually have a chance to view, think about specifics that meet their needs and then make an offer. What are buyers asking for? EVERYTHING — closing costs, repairs, warranties and sellers to buy down their rate. Mortgage rates are expected to stabilize and between all types of loans for an average of 5.4% by the end of 2022 but right now we are seeing 7.25 rates….still not horrible.

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 16 years to get the results they deserve so that they can move on to their next chapter with ease.

 

Real Estate Market Highlights:   (Sumner Co.)

Single-Family

Home Stats

2021 YTD 2022 YTD 2021 vs.

2022

Analysis
         
Average Sales Price $449K $493K Last years appreciation : 18%

Current appreciation: 8-10%

Normal Appreciation is: 3.5%

New Listings 504 534 Sellers market which means still a housing shortage
Average.Price Per Sq. Foot $189 $215 Builders are trying to catch up to the demand. Contractors are months out, unless you call me.

SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652

September 2022 Sumner County Market Report

The market has shifted….and that’s a good thing!

Do not get confused by the verbiage. Deceleration and Depreciation are two different things.  Our market is showing deceleration which means that homes are still appreciating just at a much slower pace than this time last year. I noticed the shift with my buyers and sellers in June, it’s like it happened overnight.

 

Competition has changed as well and buyers are not seeing as fierce competition with offer making as they did just two months ago. With that being said the FEDS must get inflation under control. Over the next 12- 18 months experts are saying that we will see a lowering of mortgage interest rates if history is going to repeat itself. Riding this out as a consumer and worker is going to get worse before it gets better.  This is why it’s a  great opportunity to still buy while prices are coming down to more normal levels, rates are slowly adjusting down and will continue to do so. As that happens, if you were one of the ones when rates spiked, then over the next 12 months will be  a great time to refinance. Ask me about the trusted lenders I use.

 

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 16 years to get the results they deserve so that they can move on to their next chapter with ease.

 

Real Estate Market Highlights:   NASHVILLE (DAVIDSON COUNTY)

Single-Family

Home Stats

2021 YTD 2022 YTD 2021 vs.

2022

Analysis
         
Average Sales Price $531K $630K 18.6% Last years appreciation : 18%

Current appreciation: 8-10%

Normal Appreciation is: 3.5%

New Listings 1326 1000 24.1% There is a housing shortage.

We are short approx. 100K homes nationwide!!

Average.Price Per Sq. Foot $238 $275 23.5% Even with lumber costs leveling out builders are full speed ahead

SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652

August 2022 Sumner County Market Report

Market Report: August 2022

 

Demand for our area remains high, but we are seeing a deceleration in the housing market.

What does that look like? There are three reasons why it’s still a great time to buy in a shifting market. 1.) Less multiple offers to compete with. In April sellers were seeing 5 offers on their home whereas now in July there is an average of 2+ offers. 2.) Offers are not going over list price and there are more options available. 3.) Mortgage Interest rates dropped from 6% to 5.5% last week according to Scott at the The Mortgage Firm.

 

Despite the slow down it is still a sellers market. We are still in an inventory shortage BUT inventory is rising.  That means it is still a sellers market but more homes are available due to the  housing market shift. Sellers are having to make price reductions in order to get offers much less showings. There are not as many bidding wars either, those buyers are not making offers way over list price. Those days are about gone!

 

Buyers are still searching but competition is not as fierce. Buyers are getting home warranties paid, closing costs covered and repairs done by sellers which was unheard of just 3 months ago.

 

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 16 years to get the results they deserve so that they can move on to their next chapter with ease.

Real Estate Market Highlights:  Sumner August

Single-Family

Home Stats

2021 YTD 2022 YTD 2021 vs.

2022

Analysis
         
Average Sales Price $419K $518K 23% Last years appreciation : 18%

Current appreciation: 8-10%

A normal market is: 3.5%

New Listings 486 479 1.4% Inventory is slowing…still a sellers market
Average.Price Per Sq. Foot $183 $226 23.5% Some homes have sold as high as $265  sq. foot.

SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652

July 2022 Sumner County Market Report

Demand for our area remains high, but we are seeing a deceleration in the housing market.

What does that look like? The outcomes of recent contracts prove that we are at a turning point.  The four homes my clients have under contract saw fewer showings and less multiple offers,  sellers paid for buyers home warranties and gave money at closing in lieu of repairs- that is something you would not have seen 2 months ago! As soon as my FHA buyers can land a home on the first offer that will be the tell all sign that the real estate market is shifting.

Despite the slow down it is still a sellers market. We are still in an inventory shortage.

Buyers more than ever are trying to get in a home before rates get too much higher than 6%. Remember- same inventory, fewer sales means more months supply which means we’ll have more homes on the market for longer. Listings are up nationwide about 6% from this time last year.

Buyers are still searching but competition is not as fierce.

Buyer frenzy has slowed making it possible for offers to be accepted on the first try without as much competition. It could also be that sellers are not quite wanting to accept the shift and pricing their homes higher and then having to lower after several rejected offers.

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 16 years to get the results they deserve so that they can move on to their next chapter with ease.

Real Estate Market Highlights:  JULY

Single-Family

Home Stats

2021 YTD 2022 YTD 2021 vs.

2022

Analysis
         
Average Sales Price $419K $509K 11% Last years appreciation : 18%

Current appreciation: 8-10%

A normal market is: 3.5%

New Listings 486 536 22.7% Inventory is slowing…still a sellers market
Price Per Sq. Foot $181 $224 23.8% Some homes have sold as high as $265  sq. foot.

SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652

June 2022 Sumner County Market Report

Market Report: JUNE 2022

Demand for our area remains high, but we are seeing a deceleration in the housing market.

The news can be daunting but I follow some of the leading experts in economics, banking and real estate and the market shift is not as scary as the news makes it out to be.  Here is what you need to know.

Despite rising prices, homes are not moving as fast!

The last two years in real estate have been record breaking! Record low mortgage rates and millennials as our next buyers peaked the homebuying influx causing buyer demand.  And at the same time, there weren’t enough homes available to purchase thanks to many years of UNDERBUILDING and sellers who held off on listing homes due to the health crisis.

Buyers are still searching, and the competition is still very much alive.

This combination of record-high demand and record-low supply,and that it wasn’t going to be sustainable, the latest data shows a market shift to PRE-pandemic- not a crash nor a correction–

Realtor.com says:

We are at a turning point….headed back to how things were before the pandemic.

 If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 16 years to get the results they deserve so that they can move on to their next chapter with ease.

Real Estate Market Highlights:  JUNE

Single-Family

Home Stats

2021 YTD 2022 YTD 2021 vs.

2022

Analysis
         
Average Sales Price $397K $534K 34% Last years appreciation : 18%

Current appreciation: 8-10%

A normal market is: 3.5%

New Listings 435 496 3.14% Lowest in home Inventory since 1999.
Price Per Sq. Foot $172 $223 30.4% Some homes have sold as high as $265  sq. foot.

 

SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652

May 2022 Sumner County Market Report

Market Report: May 2022 

Demand for our area remains high, and it’s having a positive effect on prices.

National data shows that home sales have been on the rise since January which means more options for buyers in the low inventory market. According to Realtor.com the growth is expected to continue.

Despite rising prices, homes continue to move fast!

Homes are selling faster so you must act quick. Since January the national average days on market has gone from 19 days to 16 and in our local area of Middle Tenn the average resale home days on market is about 3 days.  Although a bit intimidating it’s the one market that you could buy without a sale of home contingency because your current home will sell just as fast, although you do need a real estate expert to help navigate you thru the timeline and deadlines of those dates, that is crucial.

Buyers are searching now, and we expect competition to stick around.

Be ready and write the strongest offer possible. An offer I wrote just today looked like this. Thirty thousand over list price, no appraisal, no inspection contingency (although I do not advise that) and all cash closing in two weeks.

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 15 years to get the results they deserve so that they can move on to their next chapter with ease. Real Estate Market Highlights:  May

Single-Family

Home Stats

2021 YTD 2022 YTD 2021 vs.

2022

Analysis
         
Average Sales Price $384,873 $509K 32% Home prices have increased almost by $40K in some counties since Jan.
New Listings 441 447 3.5% Lowest in home Inventory since 1999.
Price Per Sq. Foot $172 $221 28.5% Condo price increase has eliminated several home buyers the past couple months

 

SimpliHOM Realty OFFICE: 855-856-9466 Website: AmberCarlson.Com Lic#306652

April 2022 Sumner County Market Report

Market Report:

Demand for our area remains high, and it’s having a positive effect on prices.

As much as buyers want to check all the boxes when buying a home, some are realizing that they may have to do without some things. Buying new construction and closing in 5 months have agents and their buyers discussing their finances with the lender BEFORE going under contract so there are no surprises with their monthly payment before closing.

Despite rising prices, homes continue to move fast!

List price higher than it should be? It’s your market sellers but working offers month in and month out has proven to not always be the better route. List competitively and you will have more offers to choose from. Listing too high will still get you quite a few showings but possibly less offers to choose from. Price it right.

 Buyers are searching now, and we expect competition to stick around…

The most rewarding part of real estate is watching the homeowner get the keys to their home. Recently I’ve witnessed numerous clients get into their first home with VA benefits or THDA/USDA (first time home buyers) and bring little to nothing down at the closing table. Home ownership is a reality. Those tax refund checks could be the start to get you closer to owning your own home.

If you’re thinking about buying or selling in the next 12 months, now is the time to get a plan in place. I understand the financial and logistical complexity of a move. We sold our home with twin toddlers, so I know firsthand how important it is to have a trusted partner to help manage the details while you stay focused on keeping your daily life on the rails. That’s why I’ve made it my mission to provide my clients with the knowledge and tools needed to prepare themselves for this transition. And thanks to a proven process that works, I’ve had the pleasure of helping 100’s of clients over the past 15 years to get the results they deserve so that they can move on to their next chapter with ease.

Real Estate Market Highlights:  March Numbers

Single-Family Home Stats  2021 YTD 2022 YTD 2021 vs. 2022 Analysis
         
Average Sales Price $395,873 $534K 35% Being up 16% appreciation has your home value up over $100K from this time last year.
New Listings 474 394 ↓-16.9% Lowest in home Inventory since 1999. BEST week to list is mid April
Price Per Sq. Foot $165         $217  31.5% Condos in Sumner Co: 3 bed 2 bath Start at $324K now and are going up

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652