Thanksgiving is on the horizon, a time of food, family, and turkey-induced power naps. It’s also that time to count our blessings and consider the things we are thankful for during the year. From a housing perspective, this year has certainly been…interesting.
That’s not to say that it’s all been negative — far from it. In fact, there are many signs of a market that’s settling in for more long-term viability, while new exciting avenues and opportunities are opening up for homeowner and homebuyer alike. It’s fitting because the holidays have always been about possibilities.
So as we look forward to 2024 let’s look at what is going on in Nashville real estate that can cause us to be grateful.
Home prices cooling (and inventory’s increasing)
Home prices have reached dizzying heights the last few years, which has made it difficult for first-time homebuyers to find a home of their own. Even those with a home who wanted to upgrade their space have had to make many concessions in this seller’s market. The market has shifted toward a balance between buyers and seller, as there are signs that home prices are ‘cooling off’.
Home buying contingencies are back
During the mad frenzy that was our post Covid market, buyers were forced to do away with almost all contingencies in order to “win” a house. But real estate professionals know that contingencies exist to protect buyers (and sellers). Inspections, appraisals and the like exist to allow buyers to exercise their due diligence when purchasing what could be their largest asset.
Now that inventory is up and average days on the market is increasing, buyers have the time and the leverage to complete their due diligence before buying.
Renovation resources
If you are planning either a large- or small-scale renovation of your home, one major obstacle you simply have to overcome is scheduling. The spring and summer months are the peak season for renovations while the weather is good and the sun is shining. Demand for workmen and building materials can taper off dramatically as the days get shorter and the temperature drops, however.
This makes fall, and even winter, the ideal time to book contractors and work crews for those updates or repairs. It winds up working out well for both you and them, as work can be scarce during the later months of the year, so it’s win-win for both parties involved — you get a more convenient renovation schedule, and they get work in the off season…something that both sides will welcome at this time of the year.
At the end of the day, the housing market is still in a good place: Homeowners still have plenty of home equity to work with, as well as a greater pool of resources to renovate and update their homes; homebuyers have increasingly more options to buy and a greater inventory to choose from in the market.
Taken together, that means that we have a housing environment where everyone involved has at least some advantages that they can use to bring about their own unique vision of homeownership.
We can all surely be thankful for that.
Sarah Milligan, 615-545-1133
www.sarahmilligan.com or [email protected]
As a second generation REALTOR®, Sarah Milligan knows the ins and outs of the real estate business. She is a top producing REALTOR® helping buyers, sellers, and investors in and around Nashville since 2007
