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Selling in a Buyer’s Market for Nashville TN
August 13, 2007 by Holly White · 2 Comments
Getting realistic about the market before putting the ‘for sale’ sign in the yard may save you and your family a little heartache. It’s a buyer’s market here in Nashville and that means there are more houses for sale, longer stretches on the market, and prices per square footage have slowed in places such as Hillsboro Village, Belmont, and East Nashville. According to the National Association of Realtors, homes are staying on the market for about four months.
If you are getting ready to sell, here are a few things to consider beforehand.
1. Recognize regional markets, meaning the market in Nashville may be different from the market in California. Seek the advice of professionals and stay informed about finance rates and mortgages.
2. Get your home inspected. Basic inspections range from 200 to 400 dollars and will give you a heads up of any major repairs that need to be taken care of especially if it is an older home.
3. Make your home standout. If the house is appealing, you have a better chance of being able to negotiate. Freshen the house with new coats of paint, pressure wash the driveways, clean the windows, get rid of junk, plant flowers and keep the yard manicured.
4. Interview Real estate agents. Select one with experience. For example, if your home is located in Belle Meade or Franklin, you may want a real estate agent with a proven track record of selling homes in that area. And during the interviewing process, ask each realtor what they would suggest you do before putting the house on the market and what they would highlight about the house on MLS.
5. Set a realistic price. You want people to come take a look at your house, potentially fall in love and just have to have this house. Overpricing houses in a buyer’s market is wasting everyone’s time. There is strategy to pricing and if you’re motivated to sell don’t overprice by 20 percent to leave wiggle room for negotiating, unless you’re willing to stay put.
Holly White has been in Real Estate related industries going back to 1995 and has experience in not only real estate sales, but also in mortgage finance and real estate appraisal. Holly has a huge love for music and moved to Nashville in 2003 to further progress a family business in the music industry and open a recording studio on Music Row called Sixteen Ton Recording Studios. During that time she has also managed to take Nashville by storm in real estate with RE/Max Elite.
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