Springtime real estate buying and selling observations for the Nashville region come solidly from a Nashville native. Realtor and broker Jamie Shea, with Berkshire Hathaway HomeServices Woodmont Realty in Brentwood, has been in the real estate business for nearly 25 years.
"Buyers currently, and will continue to have, more opportunities this year. Not only with house choices, but being able to negotiate some items. Items like asking for inspection repairs, and home warranties are coming back," he says.
With rising inventories and longer days on the market, many local real estate agents agree that present conditions will be easier for buyers.
During the last few years, Jamie says the list prices on homes seemed more like a starting bid at an auction and “highest and best” was the common theme. Now, he says sellers are willing to negotiate with buyers as is typical in a normal market. "Most buyers were having to take houses ‘as is’ and only doing inspections to make sure there were no major issues with the house. I personally saw buyers on my listings waive home inspections and appraisals, a tactic I would never advise," Jamie shares.
Getting home properties into 'great condition' and pricing them accurately will be key to making sales. Sellers now are sometimes paying closing costs for buyers and being more negotiable on price.
Jamie believes the Nashville market is definitely balancing out. "It could not sustain the astronomical price increases forever."
He also confirms that new builds will remain a necessity as they almost always have, adding that the Middle Tennessee market is continuing to grow, and is still a target for major companies moving to the area. "Builders have shifted their marketing, and buyers are able to negotiate and design the home they want. In some areas, builders previously were taking a 'take it or leave it' approach as they knew the inventory was so low and to keep up with demand."
"All this being said," asserts Jamie, "home prices will continue to increase but not as sharply as in past few years. Sellers, however, need to adjust expectations on marketing and selling their home. Instead of listing your home, getting multiple offers, and being under contract in the first weekend, you may be on the market for a bit. You know, like a stable market."
In 1998, Jamie started appraising residential properties. Following in his uncle's footsteps, in 2006, he decided to take the leap and go into real estate sales. With a background in appraisals, it was a natural transition. After working as an affiliate broker for several years, Jamie decided that the next step was to obtain his broker's license. He received it in 2016, and has since received several designations including: Graduate Realtor Institute (GRI), Certified Residential Specialist (CRS), Accredited Buyer's Representative (ABR).
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