Crucial Changes in Our Area’s Market

The national news may sound grim, but there are positives to this market.

Is the sky falling in real estate? With all of the bad news, you might be wondering if there is any good news at all. I have all the latest numbers for the Tennessee and North Georgia markets, and I’ll help you understand some of the positives and negatives we’re seeing in the current climate.

To begin with, pending home sales are down by 35%, which is a little scary. That’s the lowest level we’ve seen in seven years. It’s important to remember, however, that things are a trade-off in real estate. A year ago, we saw very few homes available for sale, and buyers had to pay well above asking price to get them. Yes, interest rates are hovering in the range of 7% to 8%, but there are homes available, and sellers are paying concessions. That means there is finally room in the market for negotiation, which is a blessing for homebuyers. Among those concessions, sellers are paying for buyers to buy down the interest rate, which can ease some of those concerns.

“With all of the bad news, you might be surprised to learn there are bright spots in our market."

Mortgage applications are down to the lowest levels since 2014, which is

another blessing in disguise. Remember that this allows buyers to competeon their interest rate and negotiate with lenders.

On the other hand, listings have been on the rise, with roughly a three-month

supply nationally and in our local market. That means buyers have more

options and more room to negotiate with sellers. Homes that were selling

in one week are down about 30% from last year but are still selling quickly,

so sellers need to be prepared for their homes to spend 30 days on the

market rather than 30 minutes.

Speaking of sellers, it’s also important to note that homes are closing for

98% of their list price recently. The days of selling for 104% of list price are

gone, so sellers should be prepared for that as well.

If you are a buyer or a seller looking to make a move in this market,

you need to have someone in your corner from the Charlotte

Mabry team. We have the expertise to help you navigate the current market.Reach out to us by phone or email, and we’ll be delighted to help you out.