What to Know About Buying a House in Nashville in 2023
Housing inventory is rising, and the market isn’t what it was last year! Here’s a few things you should know about buying a house in Nashville in 2023, and what the market’s effects mean for you right now.
1. Sellers are more inclined to negotiate
And this doesn’t mean just price, but on terms as well. More housing inventory = more choices for buyers, which means sellers can’t be quiiiite as firm as they were the last few years when housing inventory was lower and the market was absolutely crazy. This means offers under list price, and more favorable terms for buyers, are common things you’ll see in the Nashville housing market in 2023.
2. Contingent buyers are re-entering the market more easily
Like I said, sellers are more open to buyer’s terms, which means contingent buyers have a better chance at winning offers. (A “contingent” offers usually means the offer a buyer is putting on a new house depends on them selling their current home, but it can also mean contingent on loan approval, the home appraising, etc). Back in 2020/2021, and even a little bit in 2022, it was very hard to compete if you were a contingent buyer. Good news is, this is changing, and I’m seeing a lot more contingent offers get accepted lately!
3. Buyers have more time to consider their home choices
Most homes are lasting longer on market (anywhere from 2-3 weeks, where previously it was only a few days), which is a good thing for buyers! This means you have more time to really consider your options and think things over, instead of having to rush.
4. New construction homes have more inventory
Almost all new construction home builders have more inventory, and are offering "quick move-ins” - which are essentially new build homes that they’ve already built and are just waiting for a buyer. If you’ve been looking for new construction homes around Nashville, but don’t want a long wait time for it to be completed, this could be a great option for you!
So there you have it! There’s a few things you can expect to see when it comes to buying a house in Nashville in 2023. I hope this was helpful, and if you have any questions on the buying process or moving to Nashville, feel free to shoot me a message!