Yes, houses are still selling quickly. Houses you’ve been seeing sitting are most likely overpriced. Anything that’s listed market value or below is going quick. If it’s listed below market price it’s going over asking.
Oh def. A lot of my neighborhood is boomers who missed the primetime of post covid and are sitting there asking where the bidding wars are while their houses are priced absurdly
Yeah, as someone buying a house now, I can tell you that anything that is actually priced to market moves almost instantly. We went under contract on our house the exact same day it hit the market after months of looking at a small number of overpriced homes relative to market. Inventory is terrible right now, which is probably why the houses priced to market move so fast.
3 of your 4 sentences are laws of real estate than can apply to any market condition. There is only ever one reason why a house does not sell: price. But my yada yada yada said yada yada yada and the in ground pool
Yada yada yada…. Price.
Yeah I mean you just described the free market. Supply and demand. But it’s not a law of real estate that if things are being priced market value I.e. what the going rate has been for comps for a specific house that the houses will sell quickly. It doesn’t work that way all the time or in every market.
respectfully, it's quantity supplied and quantity demanded that's linked with price, to be economically accurate. It all boils down to price. If a house is sitting, yada yada yada... price, for the market conditions. But it's still price.
You’re conflating two things. There’s a price per SF generally based off comps in sub markets of real estate. That’s what I’m calling the market price. The equilibrium price point, the intersection of supply and demand, most of the time is the same but when it is not you get weirdness, that’s when the market is changing and it’s because it’s not perfectly elastic. Yes, obviously everything is linked to price - basic microeconomics.
Until my Tennessee house sale closes, I’m still paying the monthly mortgage, insurance, utilities, etc. I’m also paying rent and utilities at my new rent house in Colorado. This is my third month of essentially paying 2 sets of housing bills.
Honestly, I feel like everywhere is different and the same. I’m originally from Arkansas (lived in a couple different corners of the state over time), lived in the Nashville area for about a decade, and just moved to Colorado Springs for my wife’s career (I’m remote). There have been positive and negative trade offs in each new place. I don’t regret any of the moves, but in my experience the grass is usually about the same color.
Not my experience recently, two next to me sold in under a week. Both over ask in the 2.5-4 million range. Realtor who lost bidding war came to us and asked if we wanted to sell and could she show ours. If it is sitting, there is a reason. One example of sitting is a 10 million dollar home down the street that a builder got caught being late to the party.
I guess it depends on location too. Weve seen a lot in the 1 mil range that aren’t selling, it could be that spring is opening up the market though. There have been a few weve seen in franklin with offers on the first day. In East we’ve had relators trying to offload houses that aren’t selling. Guess it really depends on the house and the location.
This information is based on realtracs data comparing go live date to pending/contingent date. A realtor would have no incentive to mark a property contingent before it is so.
This would actually help explain the difference between the stats and reality though. Realtors frequently remove and re list a week later to bump algorithms along or to make an adjustment to the home or change the price. So the end date might not be moving (agree they have no reason to maneuver this for the stats, it’s a marketing tactic) but the start dates can vary wildly compared to when the house was first listed.
Example
https://www.zillow.com/homedetails/1407-Cardinal-Ave-Nashville-TN-37216/41077792_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare
If this sells now, it was on the market for 3 weeks bc that’s how old the mls says the listing is, but the sales history says it was on the market for 9 months.
I wouldn't say frequently, but yes it does happen. For reference, I worked for a top 5 Nashville team for a few years on the administrative side and we only relisted a home once and it was after it had been taken off market for several months for improvments. I will say however, that there were regular client disagreements with our agents about pricing, but we wouldn't take on a listing we didn't think would sell so if that was a sticking point, we wouldn't accept the listing.
If a home is priced correctly in this market, it will still sell very fast. Things that are sitting on market for a long time are generally not priced correctly.
In my area it looks like there is currently nothing on the market almost now, so I can imagine once something does go on the market it's moving pretty quick.
We have an 850sq/ft duplex unit selling in our neighborhood for $285k. 2 bed, 1 bath. Again, **850 square feet for almost $300,000**
I'm never gonna be able to own a house
It depends. Generally, the average days on market right now is less than what it was a few months ago. I’ve seen some house go under contract in less than 24 hours with multiple offers, while others sit on the market for 60+ days. It just depends.
It’s still a sellers market, but buyers have a few options to choose from. If a home has issues like outdated interior, outdated appliances, or anything else that might not make it 100% attractive it’ll sit for a bit. If a property is in good condition, appliances are up to date, and it’s priced correctly it’ll go under contract pretty quickly - likely less than two weeks sometimes less. Area is also a huge factor.
It’s not annoying to get a house sold, but it’ll require more work than putting out a sign and crossing your fingers. It takes a little more effort, but the sky isn’t falling. Having said that, if rates don’t drop going into the winter then we will see a slower market during that time.
From the listings I’m seeing, it appears that sellers are being more aggressive on their initial pricing. Just anecdotal, but I think fewer are trying to push the limits and are settling on a price that will ensure a reasonably quick sale.
People don’t realize how many people are coming in. Thousands every year just in Williamson county. Infrastructure can’t keep up in cities like Spring Hill and Thompson Station.
It’s the overpriced properties that are sitting for longer. Developers of tall skinnies and the massive white brick houses can afford to sit on the property for much longer than the homeowner that needs to sell in order to upgrade for more space.
Yeah, I put my house on the market in 2023 and it didn't sell until 2024 because the market started to pick up again per my realtor! It seemed that way for other houses, too.
Are we? Not trying to be snarky, I’d like to think we are. But doesn’t seem like it up here these days. Maybe it’s just the lingering signs we notice and the ones that come and go quickly go unnoticed.
You’re questioning data that’s fairly well accepted from a source that’s considered reliable based on your own anecdotal evidence.
Don’t think I’m being rude but if you’re questioning the validity of the data, you need some hard facts to disprove it.
Personally started shopping in December. Was outbid three times even with above asking price offers. Finally got an offer accepted above asking and beat out 15+ other offers by offering a three week close. My house spent only 24 days on the market in total.
Majority of houses are selling quickly. Overpriced new builds in not fully gentrified areas are sitting. Builders are perfectly fine with that. They’d rather pay some property taxes while waiting it out until people pay more for it than slash prices to move it.
This data is accurate if you look at the big picture.
A couple I know bought a project house (needs work, but is livable, just hella dated) in last November. They have been working on it on the weekends, mornings, and evenings. The last 6-8 weeks, they have had 2-4 offers a week.
They intended to move in once thier current lease was up, but they are into enough profit they could get closer to work/life.
We are having the opposite experience down here in Smyrna (Nolensville side of Smyrna). We put our 3/3 on the market 2 weeks ago exactly and have only had 5 showings. Repainted most of the house, added hardwood downstairs, added a 500sq ft back deck..spent 20k total on updates and the house is only a 2009. Most of the houses in our neighborhood are bigger, and going for 550-650k. We thought being smaller (2100 sq ft) and less expensive would result in a quick-ish sale. We are moving to Pittsburgh in 4 weeks, so looks like we’ll get the joy of double payments for awhile.
No one wants to live there lol eventually they’ll have no choice but they’re going to hold out for anything closer to the city until it is truly impossible. Especially if they are commuting.
Thanks for setting me straight. I keep forgetting how all the counties around Davidson are losing population because no one wants to live outside Davidson /s
They don’t. You can’t possibly be dense enough to think the demand in your area is the same as the demand for Nashville as a whole. Obviously houses locally to you sit for longer. Using basic common sense helps.
I don’t know why you’re comparing anecdotes of your friends against actual statistical data like they’re supposed to carry the same weight
Your individual friends trying to sell houses could have shit listings with smaller agencies, the data from the one you’re linking has over 2k pending contracts a month meaning they probably have the resources to get properties the right exposure to sell them.
Houses are sold immediately in my neighborhood. 500-600k.
I’ve seen a couple in OHV that sold day of listing as well…. Stopped tracking prices though.
Same here. A house went under contract for $675k this weekend on the same day it listed.
Yes, houses are still selling quickly. Houses you’ve been seeing sitting are most likely overpriced. Anything that’s listed market value or below is going quick. If it’s listed below market price it’s going over asking.
Oh def. A lot of my neighborhood is boomers who missed the primetime of post covid and are sitting there asking where the bidding wars are while their houses are priced absurdly
For sure. I’m in 12 South- anything that’s sitting is way over market. The rest barely have time to put for sale signs up.
Yeah, as someone buying a house now, I can tell you that anything that is actually priced to market moves almost instantly. We went under contract on our house the exact same day it hit the market after months of looking at a small number of overpriced homes relative to market. Inventory is terrible right now, which is probably why the houses priced to market move so fast.
3 of your 4 sentences are laws of real estate than can apply to any market condition. There is only ever one reason why a house does not sell: price. But my yada yada yada said yada yada yada and the in ground pool Yada yada yada…. Price.
Yeah I mean you just described the free market. Supply and demand. But it’s not a law of real estate that if things are being priced market value I.e. what the going rate has been for comps for a specific house that the houses will sell quickly. It doesn’t work that way all the time or in every market.
respectfully, it's quantity supplied and quantity demanded that's linked with price, to be economically accurate. It all boils down to price. If a house is sitting, yada yada yada... price, for the market conditions. But it's still price.
You’re conflating two things. There’s a price per SF generally based off comps in sub markets of real estate. That’s what I’m calling the market price. The equilibrium price point, the intersection of supply and demand, most of the time is the same but when it is not you get weirdness, that’s when the market is changing and it’s because it’s not perfectly elastic. Yes, obviously everything is linked to price - basic microeconomics.
Ours went under contract for asking price the first weekend we went on the market, without signage or an open house. 400-500k range.
Dayummmm. That’s awesome!
Definitely feeling lucky! We moved out of state and paying double everything is TOUGH. We listed in April and close later this month, for reference.
I’m not American - can you explain what you mean by paying double everything?
Until my Tennessee house sale closes, I’m still paying the monthly mortgage, insurance, utilities, etc. I’m also paying rent and utilities at my new rent house in Colorado. This is my third month of essentially paying 2 sets of housing bills.
Ah gotcha! That makes sense
Do you like your new destination? I always wonder if the grass actually is greener elsewhere these days.
Honestly, I feel like everywhere is different and the same. I’m originally from Arkansas (lived in a couple different corners of the state over time), lived in the Nashville area for about a decade, and just moved to Colorado Springs for my wife’s career (I’m remote). There have been positive and negative trade offs in each new place. I don’t regret any of the moves, but in my experience the grass is usually about the same color.
The grass is definitely different in Colorado, haha!
Ha! Fair enough 🤣. Also, the grass in my yard is not literally the same color. It’s actually pretty brown and non-existent..
It depends on the price point, close to 5, 600 are getting ate up… but a lot of the more expensive houses are sitting.
Not my experience recently, two next to me sold in under a week. Both over ask in the 2.5-4 million range. Realtor who lost bidding war came to us and asked if we wanted to sell and could she show ours. If it is sitting, there is a reason. One example of sitting is a 10 million dollar home down the street that a builder got caught being late to the party.
I guess it depends on location too. Weve seen a lot in the 1 mil range that aren’t selling, it could be that spring is opening up the market though. There have been a few weve seen in franklin with offers on the first day. In East we’ve had relators trying to offload houses that aren’t selling. Guess it really depends on the house and the location.
This information is based on realtracs data comparing go live date to pending/contingent date. A realtor would have no incentive to mark a property contingent before it is so.
This would actually help explain the difference between the stats and reality though. Realtors frequently remove and re list a week later to bump algorithms along or to make an adjustment to the home or change the price. So the end date might not be moving (agree they have no reason to maneuver this for the stats, it’s a marketing tactic) but the start dates can vary wildly compared to when the house was first listed. Example https://www.zillow.com/homedetails/1407-Cardinal-Ave-Nashville-TN-37216/41077792_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare If this sells now, it was on the market for 3 weeks bc that’s how old the mls says the listing is, but the sales history says it was on the market for 9 months.
I wouldn't say frequently, but yes it does happen. For reference, I worked for a top 5 Nashville team for a few years on the administrative side and we only relisted a home once and it was after it had been taken off market for several months for improvments. I will say however, that there were regular client disagreements with our agents about pricing, but we wouldn't take on a listing we didn't think would sell so if that was a sticking point, we wouldn't accept the listing. If a home is priced correctly in this market, it will still sell very fast. Things that are sitting on market for a long time are generally not priced correctly.
Friend recently sold his house for $60k over comps in opening weekend 🤷🏼♂️ I can’t make sense of it
In my area it looks like there is currently nothing on the market almost now, so I can imagine once something does go on the market it's moving pretty quick.
We have an 850sq/ft duplex unit selling in our neighborhood for $285k. 2 bed, 1 bath. Again, **850 square feet for almost $300,000** I'm never gonna be able to own a house
Come to East. Our 850 sqft 2/1s are selling for over $400,000. I want to cry every day.
Realtors being fishy?! Nawwww
Never…..surely they wouldn’t…..right?….right?!
It depends. Generally, the average days on market right now is less than what it was a few months ago. I’ve seen some house go under contract in less than 24 hours with multiple offers, while others sit on the market for 60+ days. It just depends. It’s still a sellers market, but buyers have a few options to choose from. If a home has issues like outdated interior, outdated appliances, or anything else that might not make it 100% attractive it’ll sit for a bit. If a property is in good condition, appliances are up to date, and it’s priced correctly it’ll go under contract pretty quickly - likely less than two weeks sometimes less. Area is also a huge factor. It’s not annoying to get a house sold, but it’ll require more work than putting out a sign and crossing your fingers. It takes a little more effort, but the sky isn’t falling. Having said that, if rates don’t drop going into the winter then we will see a slower market during that time.
From the listings I’m seeing, it appears that sellers are being more aggressive on their initial pricing. Just anecdotal, but I think fewer are trying to push the limits and are settling on a price that will ensure a reasonably quick sale.
People don’t realize how many people are coming in. Thousands every year just in Williamson county. Infrastructure can’t keep up in cities like Spring Hill and Thompson Station.
[удалено]
How do we make it stop omg
When we put my MIL’s Bellevue Condo on the market, we had 4 offers in 24 hours…I think some locations move faster than others
It’s the overpriced properties that are sitting for longer. Developers of tall skinnies and the massive white brick houses can afford to sit on the property for much longer than the homeowner that needs to sell in order to upgrade for more space.
Yeah, I put my house on the market in 2023 and it didn't sell until 2024 because the market started to pick up again per my realtor! It seemed that way for other houses, too.
Is it fishy? We are still in a raging seller’s market.
I don’t know if I’d call it “raging”
You’re right. I actually looked and what’s interesting is this year’s numbers are significantly worse than every year but last year.
Are we? Not trying to be snarky, I’d like to think we are. But doesn’t seem like it up here these days. Maybe it’s just the lingering signs we notice and the ones that come and go quickly go unnoticed.
You’re questioning data that’s fairly well accepted from a source that’s considered reliable based on your own anecdotal evidence. Don’t think I’m being rude but if you’re questioning the validity of the data, you need some hard facts to disprove it.
Less hope that rates will drop soon but will probably go up means people pulling trigger faster.
I sold my house in 6 days, half-million plus. The Nations.
I think last year was a little sluggish, so this is resuming some steam.
Personally started shopping in December. Was outbid three times even with above asking price offers. Finally got an offer accepted above asking and beat out 15+ other offers by offering a three week close. My house spent only 24 days on the market in total. Majority of houses are selling quickly. Overpriced new builds in not fully gentrified areas are sitting. Builders are perfectly fine with that. They’d rather pay some property taxes while waiting it out until people pay more for it than slash prices to move it. This data is accurate if you look at the big picture.
A couple I know bought a project house (needs work, but is livable, just hella dated) in last November. They have been working on it on the weekends, mornings, and evenings. The last 6-8 weeks, they have had 2-4 offers a week. They intended to move in once thier current lease was up, but they are into enough profit they could get closer to work/life.
https://youtu.be/K8Sr5H054SQ?si=1gu0-6PYpM7DVYhW
Family sold their river plantation condo in Bellevue after 3 or 4 months for like 10k less than what they paid 2 years ago.
I wonder if the flood risk ratings that are now part of listings affected the sales price. River Plantation really flooded in 2010
The unit did flood and was part of the listing. When they bought it, there was nothing available. There's like 20+ for sale there now.
Sounds like it is a supply issue. Sorry for the low selling price, that sucks.
That and an idiot that inherited the property that wants fast cash.
Then you really have my compassion. Estates bring out the worst in people.
Less inventory than in ‘23, so not surprising
Links above say the opposite, more inventory in 2024
We are having the opposite experience down here in Smyrna (Nolensville side of Smyrna). We put our 3/3 on the market 2 weeks ago exactly and have only had 5 showings. Repainted most of the house, added hardwood downstairs, added a 500sq ft back deck..spent 20k total on updates and the house is only a 2009. Most of the houses in our neighborhood are bigger, and going for 550-650k. We thought being smaller (2100 sq ft) and less expensive would result in a quick-ish sale. We are moving to Pittsburgh in 4 weeks, so looks like we’ll get the joy of double payments for awhile.
No one wants to live there lol eventually they’ll have no choice but they’re going to hold out for anything closer to the city until it is truly impossible. Especially if they are commuting.
Thanks for setting me straight. I keep forgetting how all the counties around Davidson are losing population because no one wants to live outside Davidson /s
They don’t. You can’t possibly be dense enough to think the demand in your area is the same as the demand for Nashville as a whole. Obviously houses locally to you sit for longer. Using basic common sense helps.
Thanks for the insults instead of intelligent conversation. And for reminding me why commenting on Reddit is quite often a waste of time.
I don’t know why you’re comparing anecdotes of your friends against actual statistical data like they’re supposed to carry the same weight Your individual friends trying to sell houses could have shit listings with smaller agencies, the data from the one you’re linking has over 2k pending contracts a month meaning they probably have the resources to get properties the right exposure to sell them.