“It was the best of times, it was the worst of times…” Oh, wait. Charles Dickens was talking about the French Revolution, not Nashville home buying.
Spring is both the easiest and most challenging time to buy a Nashville home. The challenge is that there is a huge housing demand during this time of year in Nashville. The benefit, however, is that there are so many more options! You can feel confident that the home of your dreams is on the market now or will be soon.
With so many options, how does one go about navigating the market? Here are a few of Dwell Real Estate’s secrets to buying your perfect home in Springtime.
Sometimes homebuyers think that getting approved for a loan is a matter of simplicity. However, you might be approved for more or less money than you were initially thinking. You may also find that you’ll need more money if multiple offers are on the table. Overall, it makes your life easier and your shopping experience better and more accurate if you get approved prior to house hunting.
The more prepared in pre-approval you are, the more value you add to yourself and your buying appearance. You can move more rapidly if you have all of your documentation in line.
Get a solid understanding of what you need. Make a checklist and prioritize the items on that list; what do you need vs. what do you want? Understand that your list will shift and change based on your budget constraints and market trends. And remember that when you buy a Nashville home, you are also buying a Nashville neighborhood. Decide which one is right for you.
Consider things that might affect you, such as school zones, proximity to hospitals and workplaces, and the kind of social activity you’ll have.
Most people assume that in real estate, the main competition is among the sellers all trying to sell their homes. But as you’ll rapidly find (in Nashville’s market at least) the competition is actually fierce among buyers. We often deal with multiple offers on the same property. In Nashville, the buyer’s market is fierce.
The days of under-bidding are over! Be prepared to step into an offer with your best foot forward. (This is yet another reason why you should be pre-approved.)
Rising interest rates signal a strong economy, and consumers, with renewed confidence, are buying homes. Lots of them. This is what most people call a comeback. People who found themselves underwater on their homes are now starting to see those homes gain value. Consumer confidence is at an all-time high.
As home values increase, Trulia research has determined that in markets with the biggest home value gains, supply is tightest. The reason for this isn’t clear. One theory is that while homes are easy to sell in this environment, they are still difficult to buy. So even if people can sell for a good price, they would then be thrown into the same buyer pool as everyone else. A tactic that can improve your chances of success as a buyer this spring? Cast a wide net in your search, increasing your opportunities to land a home.
It’s never been more important to hire a real estate agent than in today’s market. It is crucial that you hire someone who is experienced in many types of transactions. You deserve to have a professional representing your best interests throughout the entire buying process.
A buyer’s agent will help you with your home search, required contractual paperwork, negotiations, inspections, and any other concerns that may come up. Additionally, a good tour guide understands market trends and how those trends will affect your personal real estate needs. Remember, it will cost you nothing to hire a buyer’s agent. The seller of your new, Nashville home will pay their commission, so you’ll lose nothing.
Don’t go it alone. A professional real estate agent takes on the headaches for you and navigates the confusion so you can focus on choosing your ideal, Nashville home.
This expertise was provided by Dwell Music City, your trusted authority on all things related to real estate in Nashville. It is our pleasure to answer any questions you may have. Contact us here for more information.