Real estate agent sees market cooling off - WSMV News 4

Real estate agent sees market cooling off

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(WSMV file photo) (WSMV file photo)
NASHVILLE, TN (WSMV) -

If you've been house shopping lately in Nashville or its surrounding cities, you know the perfect house only stays on the market for days, and in some cases, hours.

Some realtors are now saying the market is cooling off and giving buyers a more level playing field.

"I would say for the last two and a half to four years it's been a hot sellers’ market. And now these last 30 to 45 days I'm personally starting to see a slowdown, and it's kind of slowly shifting back to a neutral market," real estate agent Kim Cunliffe said.

The shift to a neutral market means more buyers will have a chance to find homes without being forced to pay over listing price and rushing to make an offer.

Instead of homes getting as many as 15 offers within the first few days of being on the market, Cunliffe is seeing homes often getting two or three offers after a month.

Cunliffe attributes the slight shift in the market in part to buyers getting sick of fighting over homes only to get outbid.

"Buyers are kicking back a little more on home inspection and they're asking for more repairs. We're seeing some contracts fall through during inspection because the buyer and seller can't come to terms," Cunliffe explained.

Libby Dorris has watched her neighbors struggle to sell their homes for months.

"One has been on the market since March and the other since July," Dorris said.

She welcomes the change to a more neutral market.

"Things do need to level out at some particular point just having been through what we saw when we first moved here and saw prices going up so much," Dorris said.

Cunliffe told News 4 that homes are still getting multiple offers quickly if they are priced right. She called this new trend a welcome change for buyers who have been struggling to find affordable housing. 

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