Home sellers in Rutherford County are getting almost 100 percent of their asking prices with an average days in the market of around 60 days based on a report published by Red Report for this month.
According to DNJ, based on the said report Steven Dotson, president of Red Realty and issuer of the Red Report said that the county's closed-to-listing price ratio is 98.59 percent with days on market at 56 days in 2015. In comparison, he said that the listing-to-closed ratio was 97.96 percent in 2014, which is lower than the 100.96 percent seen in 2006, but things are different now.
Dotson also said, "We had more closing cost being paid by sellers in 2006, so the 100.96 percent figure could be attributed a little to the different financing models we had in 2006 that allowed sellers to pay more closing cost than allowed today."
In 2006, the days on the market data shows 59 days while 2014 has 68 days. In 2015, it is down by 3 days at 56 days. It was noted though that the fall has begun and so does a slowdown.
Dotson said, "September brought the seasonal slowdown that we usually see every year and will probably continue through the winter months until spring selling season arrives. Year to year we continue to see sales higher, prices rising and inventories lower."
The closing in September were reportedly 10 percent less than August but compared to the same month last year it is still higher by 13 percent. Moreover pending sales from August to September are down by 9 percent in Rutherford County.
According to DNJ, Greater Nashville Association of Realtors President Cindy Stanton on the other hand believes that the real estate market will still do well come winter months saying, "With so many factors remaining unchanged, we are confident the fourth quarter will be a favorable one for our housing market. A recent report from RealtyTrac showed that because of low interest rates and market conditions, buying the average home now is 48 percent more affordable than pre-recession in 2006."
