Today I’m getting my crystal ball out to see if I can make some predictions about what’s likely to transpire in our market as the year progresses.
Typically, when school starts in August, our market starts to slow down. That routine slowdown never happened last year in Clarksville, Tennessee; we’ve been busy all the way through December. The market increased 11% last year, and 2020 started off just as busy.
As has been the case for some time now, houses that are priced correctly and in immaculate condition are flying off the market. Houses that need a little bit of work will still sell, but for slightly less after staying on the market a tad longer.
Right now, interest rates are still really low. At some point this year, we may see them start to rise, so if you’re a buyer on the fence, take advantage of rates while they’re favorable.
Sellers will like hearing that our market inventory remains low. We’re down to 781 active properties for sale, compared to 881 last year at the same time. If you’re selling, you’re as likely as ever to see multiple offers.
We’re also hearing more instances of investors taking their houses out of property management and listing them for sale to capitalize on the strong seller’s market. This, along with an increase in new construction, will help bring about more inventory and balance out the market.
2020 will be another great year for real estate. If you’re thinking about buying or selling this year, please give us a call. We’d be happy to sit down with you, review your particular situation, and help decide whether it’s the right time for you to act.