NASHVILLE, Tenn. (WTVF) — After years of skyrocketing housing prices and homes being purchased, in some cases, just hours after being put on the market, we've entered a new era.
Some homes now last several days or even weeks on the market before they're sold.
Realtors say the housing market is a different world than two years ago when interest rates were at record lows.
Now, with higher interest rates, homes are staying on the market longer, giving potential home buyers more time to make a decision and negotiate.
No more, they say, do you stand a chance at getting a home only if you have an all-cash offer.
Also a change — the practice of writing letters to the seller during a bidding war is now frowned upon. Realtors say it has potential legal pitfalls related to the Fair Housing Act.
One thing that hasn't changed, realtors say is making sure you are pre-qualified and well-qualified for a loan, so you and an agent know exactly what your price range is.
"They'll assign you a budget number, you're qualified to buy this much house, and that lets you and your Realtor to go out and set a range you can look in for home buying," said Nathan Weinberg, Greater Nashville Realtors Member.
