For Cookeville Home Buyers the Struggle is Real
Unless you’ve been living under a rock, you’ve probably heard that the real estate market in Cookeville is doing great. For those wishing to sell their home the market is fantastic. For buyers however, the struggle is real.
In 2016 the Upper Cumberland region saw very low inventory which lead to a median home price increase of almost $10k in one year. We also saw an increase in cash buyers in the market. Now as we head into 2017 the inventory is still very low. The low inventory and rising prices have affected all buyers, but first time buyers most of all.
First time buyers in the Cookeville area are generally shopping in a price range $120k or less, which is the price range with the very lowest inventory. To make matters even more difficult, first time buyers also often need sellers to help with closing costs on their behalf. Five years ago this was no problem. Today the first time buyer may find themselves bidding for a home against a cash buyer who’s paying 100% of their own closing costs. You can guess which offer the seller will accept.
Now, you may be wondering why you’d find so many cash buyers shopping in the starter home category. The answer is simple. The boomers are retiring and they are downsizing. They’ve often sold a house in an area with a higher cost of living and can easily pay cash for a home here in Cookeville.
So what’s a buyer to do in a fiercely competitive market? You have to be fast!
You need to be working with an agent who’s e-mailing and texting you about new listings as soon as they hit the market. It typically takes 3-4 days for new listings to show up on most websites, and in this market, they will likely already be under contract. In the 2017 Cookeville real estate market, buyers need a dedicated agent more than ever. If you are looking to buy this year, meet with an agent who will take the time to understand your needs and what you hope to find in a home. Choose someone who will have time for you and who uses technology to notify you immediately when those new homes hit the market. In short, choose an agent who cares about you and your dreams – someone who will make time for you.
Are you ready to buy a home in Cookeville or the surrounding area? Let’s talk about your needs and get you set up for lightning fast notifications when a new home hits the market that you might like.