For the last few years, residential property sales have increased at historic rates, and home prices rose to the point where some Tennessee buyers were unable to afford homes. After a lengthy period of a highly competitive residential real estate market, there are signs that this could be shifting in the opposite direction. Some experts believe that current trends are indicating that a housing market crash is already happening or could happen in the near future.
Are there too many homes for sale?
For a period, there were too many buyers and not enough inventory. This led to an extremely competitive market where buyers often had to go well over their budgets just to be considered. Now, indications point to there being too many homes and not enough buyers. This will likely lead to a sharp drop in home prices.
Builders who were not long ago trying to keep up with demand may be facing large amounts of unsold inventory. While this may not be great news for sellers, it could allow buyers to purchase homes at more reasonable prices. Those who have been waiting to buy a home in Tennessee may determine that now is a good time to move forward.
Protecting the interests of buyers
Even with changes in the market that favor buyers, it is still in the interests of each buyer to be intentional about the protection of his or her interests at each step. When buying a home, it is prudent to have legal counsel throughout the residential real estate transaction process. Legal guidance may help one avoid complications and setbacks when buying a home.