You may believe that real estate agents are the only ones who must keep tabs on the real estate market trends. Yet, that's far from the truth. If you're thinking about buying or selling a home in the Tennessee market, you must keep an eye on the trends.
Market fluctuations can put a dent on getting the best deal when buying or selling a home. While the job market, economy, and interest rates may influence the market, there's no one size fits all formula. Every market reacts differently to these factors.
Don't know what to expect? We'll tell you the expected performance of the Tennessee real estate market in 2019. Read on for your guide to real estate in the Volunteer State.
2019 Real Estate Market Forecast for Tennessee
The Tennessee real estate market has been a prime destination for investors during the last five-plus years. This trend isn't expected to change any time soon. The affordability and profitability of Tennessee properties make it ideal for any real estate investor, seller or buyer.
The median listed home price is around $245,100 which is less than the US median. During the last year, the market experienced an 8.2% increase in value. In 2019, home prices are expected to rise by 5.2%.
During this year, the high rate appreciation of property values should slow down due to the availability of more options for buyers. The Tennessee real estate market is currently more of a seller's market even with its affordable property prices.
The top demand cities for 2019 are Nashville followed by Chattanooga. Both cities have remained affordable for investment properties while keeping a steady demand from buyers.
When Is the Best Time to Sell a House in Tennessee in 2019?
While you can sell your home anytime during the year, we recommend you time the market to get the best deal. It might be the first time you hear this , but you can boost your homeselling profits and sell your home faster if you list it at the right time.
Typically, the best time to sell a house is during the spring season. Yet, this may differ depending on your market. An example is how the Nashville market provides more flexibility than Chattanooga if you want to sell for the best price.
If your house is in Nashville, you should sell your home from March until August or October until December to boost your homeselling profits. The top month is May earning homesellers an average of 3.14% more. When a homeseller is looking to sell fast, they should sell their home from April until October.
In the Chattanooga market, it's better to list your home between May until July or November until December to boost your profits. June is the top month with an 8.32% increase in homeselling earnings. When it comes to selling homes fast in this city, you may sell your home from May until September or November until December.
Timing the market is more difficult than you may think. We recommend consulting an experienced real estate agent before listing your property. An expert can provide insight into how to boost your homeselling profits by timing your market.
When Is the Best Time to Buy a House in Tennessee in 2019?
It might come as a surprise but, the time of the year can help you get the best deal on your new home. These fluctuations may vary depending on the market.
As a home buyer, you may have more options if you choose to buy during the spring or summer seasons but, it comes with a price. More buyers are in the market looking for their dream home so you may be competing against several offers and end up paying a premium for your house.
You may get lucky if you beat the herd and buy your home on Christmas Day or Easter Sunday. Experts found that these days are the best days of the year to buy a home since people are busy focused on their festivities.
If you're looking to have options and get the best deal, you should consider buying after the summer season clears out. You may enjoy the cool fall weather while catching great bargains on your new home. Many houses have been on the market for a while and sellers are getting impatient.
In Tennessee, buyers who bought their home in October paid on average 2.6% less than the home market value. But, don't count out the months from November until January yet.
Most sellers need to leave their houses before the holidays to settle in their new homes. These circumstances give buyers room to negotiate and get even heftier discounts on their home purchase.
Whether you're buying or selling a home in Tennessee, you should consider partnering with a Clever Partner Agent. If you're a homeseller, our agents will provide full-service agency. They'll take care of everything from taking high definition photos of your home to showing your property to potential buyers.
The benefit of hiring one of our Clever Partner Agents is that our realtors agreed to charge a flat fee or less than the standard commission depending on the sale price. If you're a home buyer, our agents can help you find your dream house. Clever Partner Agents will schedule on-demand showings to find your dream home faster.
Our Partner Agents also have agreed to give you a portion of their commission as home buyer rebates. Whether you hire a Clever Partner Agent to help you buy or sell your home, you get the best bargain without sacrificing service quality.
After you complete our form, one of our representatives will call you to learn more about your needs. After our call, we'll connect you with the best local Partner Agent to help you in your home buying or selling journey.