Buyers Frustrated by the Nashville Market There is Hope!
It’s no secret that the Nashville real estate market is hot right now. Multiple offer situations are the norm, and Buyers are beyond frustrated. We have heard story after story of Buyers offering $50,000 to $100,000 over the list price and still not getting the contract. In a lot of cases there are over 20 offers on a property within 48 hrs of hitting the market and Buyers are removing all contingencies and offering well over the list price just to be considered. Trust me when I say these situations are heartbreaking for agents, but we know it doesn’t compare to the heartbreak and frustration our Buyer clients are experiencing.
So, what is the answer for Buyers who have lost out on contract after contract? What about a Buyer who isn’t in the position to offer over the purchase price on a property? One potential answer is New Construction. There are some great developments going up around Nashville right now, and if Buyers aren’t in a rush to move, they can get the most value for their money by going under contract on a new construction home or condo. With new construction, you will rarely be in a multiple-offer situation. The Seller just marks the home as sold once they get a contract, and sells the next available lot to the next buyer. With all the growth happening around Nashville, there are some great developments going up. Whether a buyer is looking for a cottage community with access to parks and trails, or a condo with amenities, there are new developments to meet those needs.
If Buyers or Agents are only looking on the MLS, they are missing out on these opportunities. New developments are usually not listed on the MLS until only a few units remain to be sold in the development and construction is complete. Most new construction is pre-sold; meaning, it is sold before it is finished, and often before construction even begins on the site. While it will take a few months longer to move into their new home, there are many upsides to this type of purchase. First, you are locking in the price. Even though closing is months away, you have locked in the price at today’s market value. Historically, as a developer sells lots/units, the prices get raised on the remaining units for sale. Many times, a Buyer closes with built-in equity the earlier in the development process they go under contract. Second, Buyers usually get the chance to make some finish selections and choose some upgrades to really make the home their own. And lastly, there are often incentives offered by the developer or preferred lender that may give Buyers some closing cost credits or upgrade credits.
Some new developments The CityLiving Group is representing include: High View Flats and Cottages, Edison Park, The James, Ashland Place, Elliott Germantown, and Becanni. Follow the link to each development’s website to see the sales line to call or fill out a contact form for more information. Our sales line is open 24/7. If you are a buyer working with an agent, we welcome your agent’s call and are happy to work with them as well. If you are not working with an agent, feel free to reach out to our sales line to talk to someone on our team who can get you the inside scoop on the developments we represent as well as others around Nashville.