More available houses helps out buyers in housing market

JACKSON, Tenn. — Over the past two years, the housing markets have hit historical lows and highs in the number of houses sold and average prices.

This was the beginning of what many relators called “The Sellers Market.”

“Prices were going sky high. There were multiple offer situations on almost every listing, and a lot of those were going way over asking price,” said Jodie Parrish, a broker and owner RE/MAX.

But since then, the market has began to drop partially due to more available houses, bringing more power to the buyers.

“I think we have 190 houses on the market right now in Madison County, but at one point we had gotten down to like 20,” Parrish said.

If you have been waiting for the market to bust before buying, you may be waiting a while. Increasing industries like Blue Oval and Tyson are bringing more people into West Tennessee in search of homes, keeping local demand high.

“I think things are going to slow down and settle down a little bit, you know, level out and get on a normal basis like it used to be. But I don’t think it’s going to bust,” Parrish said.

However, while many did skip the appraisal and inspection steps in 2022 and 2021 in order to secure their houses faster, Parrish recommends these steps in order to get the most out of your money.

“One thing I tell my buyers is you need to have a home inspection done, and you really want to have an appraisal because you don’t want to spend more than a house is worth,” Parrish said.

And if you’re looking to sell your home, no worry. There is still demand, but it’s better to list your house earlier than later, especially with spring being one of the best times of the year to buy.

“I tell people I start doing my marketing in January. I’m now taking listings. I like people to get their houses on the market as early as possible,” Parrish said.

If you’re looking to buy a house soon, Parrish recommends finding a realtor you can trust and a good local lender.

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