Realtors say homeowners ready to sell should do it now

JACKSON, Tenn. — Realtors say inventory is extremely low for all people moving to Madison County and hoping to buy a home.

Katie Hale is a realtor through Town and Country Realty and says she’s had a busy year trying to find a place for future homeowners to live.

“It’s not just new construction, midtown, or existing homes. It’s a little bit of everything, and it’s a healthy market we’re in,” Hale said.

Currently, realtors say the housing market is in the hands of the seller. Many homes going up for sale are coming off the market in a week’s time.

“If you’re putting your house on the market, you kind of have the upper leg at this point,” Hale said. “In the past, buyers have had so much to pick from, and that’s starting to change now. It’s really important for the seller to be educated on the market and find out how much homes around them are selling for.”

For the buyer, realtors say it’s important to be ready to make an offer, even before you see a potential house. That means potential buyers should be pre-approved. Being pre-approved allows you to be more competitive with other buyers if you already have that step out of the way.

There’s also some homework for the seller. They need to meet with their realtor and have a comparative market analysis done. Hale said sellers need to be aware of the inventory on the market and how much other people are asking for similar homes.

Nationally, the prices of homes are rising. With more people looking to buy, sellers can be more selective with their price point. Less than 2 percent of homes are currently on the market, which is the lowest since the 1980s. Most home buyers in Madison County are looking to spend between $130,000 and $160,000 on their new property.