The current Middle Tennessee real estate market started early this spring and the increased activity makes it even more important to price your home to sell say the LCT Team of experts.
Current Middle TN Real Estate Market – Price Your Home To Sell
Before entering the home selling or buying market, it’s crucial to understand we are not in the same environment of the last two years. We’ve been spoiled says Parks Realty’s Williamson County Managing Broker Matt Ligon.
“I’ve been working in the real estate industry for 30 years and we are currently in a good market. However, it is nothing like the past year or so where you could list a home on MLS and receive multiple offers by the end of the day,” Ligon said.
It’s always been important to price your home correctly but even more so today, he explains. “We’re seeing a more traditional market where there aren’t multiple offers and homes are on the market for more days than previously. Inventory is still below what is considered a balanced market with six months of inventory. Davidson and surrounding counties have around 2.7 months of inventory across most price ranges. However, sellers are remembering what their neighbors sold for last year and we are having to explain there aren’t as many buyers, cash buyers and interest rates are higher,” Ligon said.
“If a home is sitting on the market for three or four weeks, it could be overpriced. If you’ve had 12 to 16 showings, you should have an offer. If not, evaluate price and condition. Mostly important, educate yourself and your clients to find the right price because a Zillow search is unrealistic and inaccurate,” he said.
Ligon says a good Realtor is going to help you price appropriately, create a good marketing plan and make sure the home is show ready for day one. “The first showing is online. The second showing is in person so it’s important to be prepared. A smart agent will have you prepared, escort you through the inspection period, and get you to closing,” he said.
LCT Team Tips On Pricing Your Home To Sell
The first step in pricing a home for LCT Team Realtor Amy Pappas is to get a first-hand understanding of a home’s current condition, recent upgrades and to view the home from the eye of a potential buyer.
LCT Team Realtor Megan Jones Campbell agrees a thorough tour of the home is important. “I like to see it, smell it and check out the location. Is it near power lines or located in a flood zone?”
Online research is the next step. A comparative market (CMA) analysis is run. Megan says she also researches comparable homes recently listed, under contract and sold. This information is then presented to the client to help determine price. Amy likes to be strategic while balancing how aggressive a client wants to be with pricing.
“There are a lot of challenges which comes into play when you overprice a home. It can be a real detriment adding days on the market which may have potential buyers questioning the home’s condition. It then takes a significant price drop to get attention. These are some of the reasons I like to work carefully with the client to find a price which won’t leave any money on the table,” Amy says.
Communication and education are key says Megan as well as a smart marketing plan.
“From professional photos and videos to marketing materials, advertising and social media, there are a lot of elements to successfully selling a home which is why starting with a well-researched, competitive price is essential,” Megan said.
Contemplating A New Home – We’d Love To Help
Just named Parks Realty’s top real estate team once again, our team is made up of natives from Williamson and Maury Counties to Nashvillians and several others who made their way here as fast as they could! With decades of cumulative experience, if you are thinking of selling or buying and want to work with top Middle Tennessee real estate experts, we’d love to help you! RealTrends WJS’s 2022 #1 medium sized team in Tennessee by sales volume, the team was honored by Greater Nashville House & Home as 2023 Favorite Realtors. Known for commitment, professionalism and attention-to-detail, we go above and beyond to help our buying and selling clients with an expansive real estate network and proven sales and marketing formula. Contact us today at 615-595-5883. Check us out on Instagram, Facebook, Tik Tok and subscribe to the real estate and community news today here.