NASHVILLE, Tennessee (WTVF) – In a competitive market full of cash offers and thousands of bids above asking price, Nashville residents are simply hoping for a fair chance when it comes to buying a home.
“We couldn’t even get an appointment for some houses,” said Nashville resident Erin Wilburn. House hunting felt like a full-time job to her. “We’re sure we’ve lost several homes to out-of-state buyers who all had cash.”
She and her family started their house hunt last year.
They made nine offers for five houses before finally landing their home in West Meade.
“You see a lot of affordable houses being torn down and then a million dollar house being built in,” said Wilburn.
The process was exhausting.
“I think a lot of hope has been lost,” said Sean Miku, CEO of simpliHŌM. He and mortgage clerk Jeff Suter said just this week that they lost a $ 125,000 bid by asking.
“So they’re from LA, from New York with a cash offer to people here who might be buying a house for the first time or even buying a second, third time and they just don’t have the money in the bank to go. above list price, ”said Suter.
Over the past week, they’ve seen a 10% increase in the number of homes on the list, but demand has never been greater, with locals as well as buyers from cities like LA bidding on the same homes.
Miku said, “I don’t know if we’ll reach inventory balance before the buyers lose hope and quit, so that’s kind of a crisis I’m seeing right now.”
This year’s data shows that, on average, homes in Middle Tennessee are being sold for near or asking price. Projections indicate that prices could go even higher in the coming months.
For those fighting for a future home, they suggest having an experienced mortgage lender and real estate agent who are adept at making offers. Most importantly, they urge buyers not to lose hope. Wilburn said, “I think you should hunt your house now and be willing to make concessions.”