In today’s real estate market, buyers shouldn’t shop for a home with the expectation they’ll be able to negotiate a lower sales price. In a typical housing market, buyers try to determine how much less than the asking price they can offer and still get the home. From there, the buyer and seller typically negotiate and agree on a revised price somewhere in the middle.
Wondering what can you buy for around $650,000 in Rutherford County?
2nd Quarter 2021 Issue Full Report: RedReport-2Q-2021.pdf
Home prices have increased significantly over the last year, which in turn has grown the net worth of homeowners. Appreciation and home equity are directly linked – as the value of a home increases, so does a homeowner’s equity. And with these recent gains, homeowners are witnessing their financial stability and well-being grow to record levels.
If an appraisal comes in below the contract price, the Buyer’s lender won’t loan them more than the house’s appraised value. That means there’s going to be a gap between the amount of loan the Buyer can secure and the contract price on the house.
See the full report here: RedReport-1Q-2021.pdf
Last March, many involved in the residential housing industry feared the market would be crushed under the pressure of a once-in-a-lifetime pandemic. Instead, real estate had one of its best years ever, especially in Middle TN! Home sales and prices were both up substantially over the year before across the nation. 2020 was so strong that many now fear the market’s exuberance mirrors that of the last housing boom and, as a result, concerned that we’re now headed for another crash.
However, there are many reasons this real estate market is nothing like 2008. Here are six visuals to show the dramatic differences.
Whether you’re buying your first home or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated. You may have to take personal or professional considerations into account, but only you can judge what impact those factors should have on your desire to move.
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