The housing bust of 2007-2008 took its toll on Clarksville's housing market. Though other parts of the country suffered much more than Tennessee and Clarksville specifically, the housing market has recovered nicely thanks to years of record low interests rates. Looking at the overall appreciation for the last 3 to 4 years we see a 3-4% appreciation with some neighborhoods realizing even greater increases.
Why is this appreciation happening? It is a result of people finding jobs and getting back to living. Homeownership has always been important and when folks got in a financial pinch and had to let their homes got to foreclosure, short sales or abandonment selling, it pushed them into rentals or living with family. That has changed. People's incomes are coming back and the desire to own a home has never gone away.
These folks are returning to the marketplace and the housing inventory in Clarksville is being adsorbed. Just in the last few months, housing sales has stepped up and the backlog of homes has decreased by 15 to 20%. Going back to supply and demand of economics, you know the less product you have the higher the price will be. That is happening in Clarksville housing market as some homes are selling withing days of being on the market. If trends continue into the fall we could be looking at an extreme buyers market in some neighborhoods of Clarksville.
What is a buyer to do? The best advice is to contact me and lets see if now is the tiem for you to buy. I work with lenders that can help you find out if you can buy a home now. Waiting is likely to cost you more money. In fact next year I expect to see prices at least 5 percent more than 2016. But what if your credit is not quite good enough to close on a loan now? There are solutions and one of those is to go into a contract with a delayed closing. Many sellers are willing to give you a few months to raise your credit score or to pay off a few bills. It benefits the seller by having someone in the home that is caring of the yard and paying the utilities in addition to a monthly rent. You won't know until you give it a try. Contact me now to see if this is right for you.
If you would like to search for an affordable home in Clarksville then click here. There are still many good buys in Clarksville's real estate market available and one might be just what you are looking for. Call or text me at 931-320-6730 or contact me here.