Real estate experts say middle Tennessee homes sell nearly 50% faster than last year
NASHVILLE, Tenn. —
Real estate experts called Nashville’s housing market pace unprecedented on Thursday, after data shows mid-state homes are selling nearly 50 percent faster than last year.
Despite tough competition in and around Nashville, millennials are getting a foot in the door with some creativity.
Sumner County is now home for Dickson homeowner Nick Miller. The 30-year-old and his girlfriend of two years, Courtney Richards, just purchased their dream home.
“I put my house on the market, and two days later I got an offer and they wanted me close two weeks from then on," Miller said. "I didn’t have anywhere to go.”
Two days later, Miller and Richards found their dream home in Hendersonville. It’s just one example of homes moving 49 percent quicker in the middle Tennessee compared to a year ago, according to the couple’s Nashville real estate agency Remax Advantage.
Managing broker/owner Debra Beagle said competition is stiff at all price points with low inventory. Many millennials are keeping up with parents putting down their refinanced homes.
“Pulling equity from their homes and giving their kids cash to even be competitive in the multiple offer situations," Beagle said.
“The people buying my home are currently financed through their parents and paying them back,” Miller said. “It’s easier to say I owe my parents money than it is to say I owe this huge bank money so it’s a good way to do things for sure.”
Millennial first-time buyers are also getting creative using technology to compete, according to industry analysts.
“Use Social media and like all the internet websites to your advantage," Courtney Richards said. "That’s how we were. I was mapping out houses and sending them to our realtor Kelly.”
“Having a great agent working on your behalf to help you win the home of your dreams," Beagle said.
Sometimes realtors even help with the woman of your dreams, like Miller’s agent helping him to propose during a routine home inspection on Thursday.
Beagle said the agent at her office wrote “WILL YOU MARRY ME?” on the bathroom mirror.
“She was scrambling for red lipstick and went over this afternoon and did that," Beagle said.
“I knew pretty quick that she was the one for me, but I just hadn’t found the right time to propose," Miller said of his now-finance, Richards. "I definitely didn’t want to move in the house without her having the ring.”
The engaged couple says it will close on both homes three weeks from today.