This past year the market has been crazy and homes have not been staying on the market but a few days. Multiple offers became the norm and though that is still the case in many situations and neighborhoods, there are other listings that are beginning to market age and need price corrections.
Some sellers are asking why their homes are not selling and the answer is that buyers are not paying over-market prices any longer. Most buyers need financing and in Clarksville that financing is typically government financing. Appraisals have begun to come in under sale prices and buyers are not agreeing to pay the difference. This is forcing the seller to adjust the price downward. The word is getting out and it is changing the market.
Is this the beginning of a downturn, or the harbinger of a burst real estate bubble?
No bubble can keep on expanding forever. When will the real estate bubble pop?