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

March 2022 Sumner County Market Report

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

Average rate of appreciation for homes the last quarter hovered around 4.15%. Over the past YEAR we have had 16% appreciation in Tennessee. Rates will continue to increase over the next few quarters so do not delay if you are planning on moving soon.

Despite rising prices, homes continue to move fast!

Many analysts predicted homes prices to reduce dramatically but that is not the case. Price appreciation has slowed but has not declined as anticipated. Selma Hepp, Deputy Chief economist at Corelogic stated this, “After some signs of  slowing home price growth….monthly price growth re-accelerated again, indicating that home buyers have not yet thrown in the towel. 

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

Multiple offers are still very much a thing and making the strongest offer is for the serious buyers no doubt. You MUST get in the game if you want a shot at winning the offer . As your Realtor I ask that you trust me. I’ve been writing offers in the crazy market for the past 2 years. I know what will win an offer and what will not.

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 this 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: Sumner Co. January

Single-Family Home Stats  2021 YTD 2022 YTD 2021 vs. 2022 Analysis
         
Average Sales Price $370K $478K 29.2% Being up 16% appreciation has your home value up over $100K from this time last year.
New Listings 430 323 ↓-24.9% Lowest in home Inventory since 1999. That’s  changing. COMING SOONS are around the corner
Price Per Sq. Foot $164         $210  28% Nashville is HOT….Newer, 2 bedroom condo’s downtown last month SOLD for an average of $301 a sq. foot

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652

January 2022 Sumner County Market Report

Market Report:

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

While home prices and mortgage rates are rising so are monthly rents. Annual rent growth was more than 3X that of a year earlier. Todd Teta, chief Product Officer at ATTOM Data, says: “…Home Ownership still remains the more affordable option for average workers in a majority of the country because it still takes up a smaller portion of their pay.”

Despite rising prices, homes continue to move fast!

As stated previously in my Market Reports, waiting is going to cost you. With the rates rising slowly over the  next year, you are looking at approximately an $118 increase in your mortgage by waiting till this time next year to buy.  Even with the rates rising, that is not slowing down the multiple offer competition. There are still plenty of buyers ready to buy and not enough inventory on the market.

 

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

Across the nation we are still experiencing a shortage. We dropped 14% in inventory as a nation from this time last year. Unsold inventory sits at 1.8 months supply. Inventory hasn’t been this low since 1999. SELLERS….you have the upper hand but I will still say BUYERS are the ones setting the price point.  Offers that are over asking, waiving/gapping the appraisal and being flexible with closing dates are the ones winning the offer in most cases

 

Real Estate Market Highlights: Sumner Co. January

Single-Family Home Stats  2021 YTD 2022 YTD 2021 vs. 2022 Analysis(month2month)
         
Average Sales Price $373K $469K 25.7% Record breaking increase in home prices.
New Listings 459 301 ↓-34.4% Lowest in home Inventory since 1999
Price Per Sq. Foot $157         $202  28.7 %  Really hard to build a home or less than $200 a sq.foot due labor shortage and supply cost increase

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652

December 2021 Sumner County Market Report

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

According to Danille Hale, chief economist at Realtor.Com states that,

“Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search area and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first time buyer ages of 26-35 heading into 2022, we expect the market to remain competitive.”

 

Despite rising prices, homes continue to move fast, still!

Builders are trying to keep up with demand and sellers are trying to keep up with offers. Book your viewing quickly, as soon as it lists, and get your offer in ASAP– a seller can stop all showings at any time and finalize on the best offer before the deadline shown on the MLS if they so choose.

 

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

My biggest influx in buyers came the month of December. I drove over 600 miles the week of New Years Eve showing property all the way from Cheatham, Wilson  to Williamson County.

 

Real Estate Market Highlights: SUMNER COUNTY- December

Single-Family Home Stats  2020 YTD 2021 YTD 2020 vs. 2021 Analysis(month2month)
         
Homes for Sale 906 367 ↓59.5% Now that the holidays are over you will start to see a pick up in new listings.
New Listings 358 268 down

27.4%

New December Listings: 213 are already Under Contract
Closed Sales 397         369  7.1 %  369 single family homes Closed last month (DEC.) in Sumner Co. Average Days on Market 13 days!

New Construction- 81 DOM

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652

November 2021 Sumner County Market Report

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

Living on your own and wanting to buy…the dream can become a reality. “Almost 28% of homeowners are solo persons and the number is rising,” according to Freddie Mac.

Despite rising prices, homes continue to move fast, still!

A few things a solo homeowner needs to consider is this: Know your down payment, know your credit score and know what your needs are. Most agents will not even show you a property unless you have spoken to a lender and are pre approved. It is also a must have from the seller to buyer before letting you view. Be prepared.

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

Take rising rates into consideration when budgeting so there are no surprises when rates increase.

 

Real Estate Market Highlights: SUMNER COUNTY- NOVEMBER

Single-Family Home Stats  2020 YTD 2021 YTD 2020 vs. 2021 Analysis(month2month)
         
Homes for Sale 1059 466 ↓56% Heading into our slower months we are NOT showing a drop in housing inventory
New Listings 376 307 down

18.4%

Novembers Listings: 308 are already Under Contract
Closed Sales 304         386   24 %  386 single family homes Closed last month (NOV.) in Sumner Co. Average Days on Market 12 days! New COnstruction makes DOM 81 days

SimpliHOM Realty  OFFICE: 855-856-9466

Website: AmberCarlson.Com  Lic#306652