Bill Diebenow Properties

The residential market revved hot in January because of 2 factors: steady buyer demand came up against low inventory . The Business Journal summarizes the latest Housing Market Update from Redfin. "Many sellers seem to be waiting until spring, so the inventory shortage is especially intense right now, leading to a renewed surge of bidding wars and buyers making offers that waive inspection and financing contingencies." New listings fell 12%, the largest drop since June 2020, dragging the total number of homes for sale to another new low. 45% of homes this month found a buyer within two weeks of being on the market nationally. 35% of homes are going under contract within a week. This speedy sales cycle leaves the active listings down 29% from January 2021. (Watch the brief video below for benefits of selling or buying during the winter-spring transition.) Offseason Intensity Traditionally offseason times in the housing market, including winter months, are no longer truly slow....

The Sun Belt dominates Zillow’s list of hottest housing markets (click for article) for the second year in a row. The housing market in 2022 is expected to remain hot overall. And Nashville looks to be among the leaders (anticipated at #6). The Zillow author points out that many of the same trends that drove the market to new heights are still firmly in place. Price Growth Home value growth in 2021 consistently broke records, both nationally and in many local markets. This growth has been fueled by historically low mortgage interest rates, pandemic-influenced decisions on where households want to live, and demographic shifts – both from aging millennials and retiring/downsizing boomers – that have all combined to keep housing demand very high. At the same time, inventory of available housing has been limited, as builders play catch-up after years of underbuilding and sellers list their homes in fewer numbers. Inventory & Velocity Both restrictive supply overall – fewer sellers wi...

Rental increases reached a dramatic level in 2021. According to ApartmentList.com  (click for article), “Over the course of calendar year 2021, the national median rent increased by a staggering 17.8%. To put that in context, annual rent growth averaged just 2.3% in the pre-pandemic years from 2017-2019.”  Middle TN's local markets recorded Nashville up 21.3%, Franklin 26.4% and Spring Hill 28% over this past 12-month period. That's stunning! Realtor.com projects prices for vacant units will grow 7.1% in the next 12 months. If you’re a renter facing rising rental costs, you might wonder what alternatives you have. If so, consider homeownership. One of the many benefits of homeownership is it provides a stable monthly cost you can lock in for the duration of your loan. As Lawrence Yun, Chief Economist at the National Association of Realtors (NAR), says, “...fast-rising rents and increasing consumer prices, may have some prospective buyers seeking the protection of a fixed, cons...