How to decide if you should buy or sell in the current real estate market
Tennessee is a great place to live and lots of people have been moving there recently. But if you’re considering specific cities, there are some questions you need answered. First of all – is Sevierville a buyers or sellers market right now?
If you’re thinking of buying or selling a house, you should know whether you’ll have the upperhand in negotiations. In a sellers market, it can be tough to get an offer accepted. But in a buyers market, sellers may not make the kind of profits they’re hoping for.
That’s why it’s so important to know what’s happening in the market before you start making real estate deals. But either way, don’t feel demoralized, markets can change on a dime!
In the last few years, real estate markets across the country have been on fire. Everything was selling, inventory was low, and buyers were everywhere. As of 2022, that’s starting to change. Currently, markets are softening.
A recent report from the National Association of Realtors showed that pending home sales around the country dropped in the last few months. But what does that mean for you?
What’s a buyers market versus a sellers market?
To help you understand your real real estate options, here’s the difference between a buyers and sellers market.
A buyer’s market is when conditions move in favor of buyers. This can mean a lot of things, but a huge indicator is supply. When the supply for homes is greater than demand, it’s a buyers market.
On the other hand, a sellers market shows conditions that favor sellers. This often means low supply and high demand. When sellers have many offers, they’re in the advantage for negotiations.
Before you make any real estate transactions, you want to know if you’ll be at an advantage. So, is Sevierville a buyers or sellers market?
Is Sevierville a buyers or sellers market?
Like much of the country, supply in Sevierville is growing and demand is decreasing. But the whole economy is currently quite volatile. Market conditions have changed quickly in just the last few months.
Part of the shift from a sellers market to a buyers market is rising interest rates. Rate hikes from the Fed have pushed mortgage rates as high as 7%. These changes in the larger economy are making it more difficult for buyers to afford a home.
So, even though supply is up, there are also fewer buyers in the market. For this reason, it may be hard to tell if Sevierville is a buyers market or sellers market in 2022. Realtor.com shows supply outpacing demand, indicating a buyers market. Rocket Mortgage also shows a strong buyers market.
Most experts agree that Sevierville will continue to move in favor of buyers in the near future.
Buying a house in Sevierville
If you want to buy a house in Sevierville, this is a pretty good time to start house hunting. Supply is increasing and you’re more likely to find a home that you love.
Plus, if you’re looking for exclusive, off-market deals you won’t find on the MLS, you have options.