Real Estate by Debbie Reynolds: 7 Signs the Market Is Beginning to Change

7 Signs the Market Is Beginning to Change

Clarksville, Tennessee's Market Is Changing

Homes for saleThis past year the market has been crazy and homes have not been staying on the market but a few days. Multiple offers became the norm and though that is still the case in many situations and neighborhoods, there are other listings that are beginning to market age and need price corrections.


Some sellers are asking why their homes are not selling and the answer is that buyers are not paying over-market prices any longer. Most buyers need financing and in Clarksville that financing is typically government financing. Appraisals have begun to come in under sale prices and buyers are not agreeing to pay the difference. This is forcing the seller to adjust the price downward. The word is getting out and it is changing the market.

 

Builders responded months ago to the inventory shortage and have been building like crazy. The inventory is growing. Buyers that want a particular home must still move fast and be ready to make a strong offer but there are now new finished homes for the picking.

Check out these other signs that the market is beginning to change from a sizzling hot market to just hot.

  1. Market inventory has increased in the last 2 months by 11%. There are over a 1000 active listings up from 890.
  2. Some sellers that haven't sold are pulling their homes off the market to rent them.
  3. I have started seeing selling bonuses added to boost sales.
  4. Agents are having more broker opens. These weren't necessary over the last few months.
  5. Price reductions are being announced and that means sellers need offers.
  6. REO and Foreclosures were selling in a day or two after hitting the market. Prices climbed and now investors are not as willing to pay those top prices and pay over listing prices. Rehab costs have skyrocketed.
  7. Days of the market has increased by several weeks to nearly 3 months now.

We are in the selling season, sales should be at their best but these signs mean a cooling is beginning to take place. It is time to be watchful and start looking closely at the market in Clarksville. Buyers may begin to have more choices and opportunities.

For real estate in Clarksville TN, contact The Real Debbie Reynolds at 931-320-6730.

 Centruy 21 Platinum Properties2130 Wilma Rudolph Blvd.

Clarksville, TN 37040

When you need Real Estate services in Clarksville TN

                  it would be my pleasure to assist you!                             

Debbie Reynolds
"The Real Debbie Reynolds"

Check out all Clarksville TN Real Estate on My Website

                   
                   
931-771-9070 Office | 931-320-6730 Cell

Clarksville TN Homes 

                 

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Comment balloon 40 commentsDebbie Reynolds • June 27 2018 03:18AM

Comments

Wow - surprising news for June and not at all what we're experiencing here in NJ. Good luck navigating uncharted territory!

Posted by Wayne and Jean Marie Zuhl, The Last Names You'll Ever Need in Real Estate (Samsel & Associates) 5 months ago

Hi Debbie... great post. Because we have such a shortage of inventory (especially in homes priced under $350K and more so under $275K), we are not seeing an increase in DOM. But in higher priced homes, they are definitely sitting longer on the market even without inventory increases.

Posted by Nina Hollander, Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor (Coldwell Banker Residential Brokerage | Charlotte, NC) 5 months ago

Yes, I'm seeing the signs of changes lurking in the marketplace as well, Debbie.  Hold on to your seats, folks.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 5 months ago

Good morning, Debbie Reynolds the market IS changing....homes are lingering longer and need price adjustments.... 

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) 5 months ago

This is good news for families moving to the area.

It is a wonderful time to purchase a home.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) 5 months ago

Debbie, it is so important to recognize when the market is shifting, even if it is a slight shift.  We are seeing more inventory too, and less buyers out.

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) 5 months ago

I'm so with you - I've been sensing a shift for nearly two months. Special homes, priced well are selling - the others are staying on the market longer, and longer. D 

Posted by Debb Janes EcoBroker and Bernie Stea JD, REALTORS® in Clark County, WA (ViewHomes of Clark County - Nature As Neighbors) 5 months ago

Debbie,

We are seeing a similar shift, even in a well priced home, negotiating has begun to lower the price.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) 5 months ago

Good morning Debbie - certainly the market reactions and you are starting to see more supply.  Some areas like ours don't have much building.

Posted by Grant Schneider, Your Coach Helping You Create Successful Outcomes (Performance Development Strategies) 5 months ago

It seems that the market can change from day to day, yet it still takes some time to realize that it has happened.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) 5 months ago

Debbie our market has also changed this year from high to low inventory, and a significant reduction of days on the market, along with more multiple offers.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) 5 months ago

I definitely see the shifting happening in northern California. Last May, I had more price reductions than normal, and buyers are pushing back.

Posted by Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents, Put 40 years of experience to work for you (Lyon Real Estate) 5 months ago

I have also seen other changes, like buyers asking for :almost silly" repairs. Like on a $600,000 house asking for fencepost to be replaced??? 
Just stupid things that I seen back in 07, 08, only then I didnt know what it meant, now I know. I personally sold my home last month - renting while I build on land we bought 4 years ago. 

Posted by LUVA Real Estate Lance Owens (RS), Getting transactions done, when nobody else can! (LUVA Real Estate ) 5 months ago

Our market is still crazy after losing 5,100 homes to the Tubbs fire last October.

Posted by Cynthia Larsen, Independent Broker Serving Sonoma County, CA (Safe Haven Realty) 5 months ago

Just had this conversation with one of our local lenders.  Definitely, there’s a shift.  Rates have slightly inched up, too..

Posted by Carol Tunis, Carol Tunis...a "HouseSold" name! (Florida Homes Realty & Mortgage) 5 months ago

Every market is different. We're not seeing it yet in Cary, NC, and no immediate expectations of our market supply significantly exceeding demand; however, I do anticipate that the rate at which prices are increasing will moderate, and builder profit margins will thin.

Posted by Scott Korbin 5 months ago

Thank you, Debbie. We are at an inventory shortage here in Los Angeles. Your list will be very helpful.

Posted by Clint Lohr 5 months ago

Thank you, Debbie. We are at an inventory shortage here in Los Angeles. Your list will be very helpful.

Posted by Clint Lohr (Keller Williams Los Feliz) 5 months ago

Thank you, Debbie.  You could be describing our market in the Washington, DC metro area.  In some locales, tight inventory, multiple offers for some listings and but many beginning to accrue DOM.  We have seen this type of market before and often it's a blip that flattens out to a market in equilibrium.  Hopefully, this is a similar occurence; a market working for sellers and buyers.

Posted by Cherylann Johnson-Anthony, "Benefit From My Experience" (REMAX United Real Estate) 5 months ago

Hi Debbie

I'll be looking at our stats closely, but my sense is we are seeing an easing in our market - inventory IS creeping up (but still low), we are seeing some more price reducations, and days on the market is shifting up a little. We are also into summer and vacations so it's hard to say what part of the shift is impacted by the time of year.

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) 5 months ago

I'm seeing this in Nashville, too.  In the suburbs where there are fewer resales and no affordable, new homes, they're selling within a few days but in the "inner core", where people were willing to pay very high prices last year and previous years, there are many new builds in the same price ranges as the resales.  Buyers don't seem to know the difference anymore between the more "desireable" historic parts of East Nashville and the outskirts so they're going for lower prices now.  I'm watching fabulous historic homes sit on the market and reduce their prices while more and more homes are being listed.  There are 12 to 20 Open Houses on any given day...too much!

Posted by Alyse "Aly" Sands (Village Real Estate Services) 5 months ago

Thank you for taking the time to prepare and share this market information.  It's most informative.

Posted by Jim Crawford, Jim Crawford Atlanta Best Listing Agents & REALTOR (Crye-Leike REALTORS®) 5 months ago

Hi Debbie!  Certainly seen things slow a bit, which I hope is a healthy thing...

Guess we just have to keep our nose to the grindstone and working hard...

Thanks for writing!

Ken

Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) 5 months ago

Very interesting. I'm always fascinated to read these reports on the current state of the market. 

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) 5 months ago

Debbie-I love your post and report on the market. What I also love is that rather than a lot of numbers that are left for the reader to interpret, you've provided your thoughts based on your years of experience!!! 

Posted by Kathy Streib, Home Stager - Palm Beach County,FL -561-914-6224 (Room Service Home Staging) 5 months ago

Hi Debbie, great points to consider. The market is changing in many places, not falling apart, but adjusting to different conditions. It's important for clients to have an agent who pays attention and knows the temperature of the market. 

Posted by Dan Tabit (Keller Williams Bellevue) 5 months ago

Debbie, you are on top of your market and always know what the latest trends are. This is an excellent post and one that I hope many buyers in your area read. It's important they contact you for the best representation. Knowing what the market is doing when it comes time to buy or sell is extremely important. 

Posted by Amanda S. Davidson, Alexandria Virginia Homes For Sale (Amanda Davidson Real Estate Group) 5 months ago

Hi, Debbie Reynolds 

Buyers in our market have suffered at the hands of seller for a long time. Buyers would welcome signs that the market is softening and, in fact, are pulling back a little in the hope that is the case. If enough buyers hesitate to make offers, the sellers will be forced to adjust. The rumor of a slowing market could become a self-fulfilling prophecy.

On the other hand, there is still a shortage of inventory that the recent bump-up in listings has not equalized. Eager buyers will only hold out so long. They will not let the perfect house get away. Houses that are well marketed, well presented and right priced will continue to sell strongly.

Posted by John Juarez, ePRO, SRES, GRI, PMN (The Medford Real Estate Team) 5 months ago

In our market , it all depends on the Price Point . Homes over $450,000 are sitting !!!!!!!

Posted by Michael J. Perry, Lancaster, PA Relo Specialist (KW Elite ) 5 months ago

Debbie, great information of how the market in your area is being impacted.

With New Construction on the rise we will see that as an impact to sales price.

New Construction has the potential to determine an areas market value.

Thanks for sharing.

Posted by John Wiley, Lee County, FL Real Estate GRI, SRES,GREEN,PSA (Right Move Real Estate Group- EXP Realty) 5 months ago

Great information!  Thank you for sharing.

Posted by Kimberly McCall, Tastefully branded and curated pop-by gift service (Client Crate) 5 months ago

Our marketplace is in a state of flux. We had some enormous offers made from fire victims post October 2017. Those comps are like a meal being digested by a boa constrictor. They will eventually leave the comparable search parameters. However, we are still seeing agents putting properties on the market and stating all offers will be reviewed 7 to 10 days in the future. I think the 10 days is a bit much. You just need to be aware that your CMA has a "shelf" life. I did some CMA's some months ago and had to revise them down. The "irrational exhuberance" has left the market. Scarcity of product will drive home prices. Big sales in a tight inventory market with weak sales will alter the median home price. I'm not hanging my hat on increasing median home prices as a sign of anything BUT scarcity. 

Posted by Mike Kelly,CRS,CIPS, "One of Sonoma County's Natural Resources" (The MJKelly Team) 5 months ago

Hi Mike, Many factors affect markets. What you all went through was terrible. I agree that 10 days wait on offer determination is a bit crazy and playing with people's lives.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) 5 months ago

It's the same consensus in our office--the market is slowing down, except for a few areas where buyers want $250K or less.  There is too much inventory here in the $600K+ ranch with resale competing with new builds.  Hope we aren't headed for another crash!

Posted by Mary Hutchison, SRES, ABR, Experience Agent in Kansas City Metro area (Better Homes and Gardens Real Estate-Kansas City Homes) 5 months ago

Very good list as evidence that your market is changing.  I just posted my market stats and see some similar inching up of inventory and longer days on market, but not in every city in the Phoenix Metro Area.  It's always good to know your stats!  Good job!

Posted by Jan Green, HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN (Value Added Service, 602-620-2699) 5 months ago

I am in the western area of Los Angeles. We are seeing DOM increases, price changes, more listings, and BOM's. Some places sell fast with multiple offers. Buyers are demanding more from the seller after inspections. Sellers were able to refuse buyer's requests. Now, they may find their house back on the market if they are not flexible.

Posted by Donna Benton 5 months ago

#8 your Agent is restocking shelves at night at the local Walmart

Posted by Michael J. Perry, Lancaster, PA Relo Specialist (KW Elite ) 5 months ago

Hi Debbie, thanks for the post. The same things are taking place here in Northern Nevada. We are feeling a slight shift in our seller's market as well. I appreciate the fact that buyers are not willing to pay higher than market values. 

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) 5 months ago

That condition will differ in every market and in different neighborhoods and price ranges..wise agents keep an ear to the ground and an eye on the market.

Posted by Sally K. & David L. Hanson, WI Realtors - Luxury - Divorce (EXP Realty 414-525-0563) 5 months ago

Wow, this is really interesting and very useful post, thanks for sharing.
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