If you’ve decided that it’s time to look at buying a house in the Nashville area this year, you’re not alone. Many real estate professionals expect the recent trend of increasing home sales in Nashville to remain strong in the remaining months. Large numbers of transplants to the area and lower inventory means things could get interesting as well. Here are 10 quick tips for first time homebuyers in Nashville:
- Get pre-approved – By going through the pre-approval process, potential homeowners will have a better understanding of their credit scores and how much house will fit into their budget.
- Understand closing costs – Knowing how much you need for a down payment and how much house you can afford are still only part of the total cost of buying a house. Make sure you understand how much closing costs are and how you will pay for them.
- Use a local lender – This really ties in with getting pre-approved. It’s important to work with a Nashville lender because they will be the most knowledgeable of the Nashville real estate market. The team at Churchill Mortgage offers top notch service.
- Get familiar with the area – Before even looking at houses, get familiar with the Nashville area neighborhoods as well as the surrounding areas. Each one will have its own “personality” and chances are more than one would be a good fit.
- Look at everything – Once you’ve become familiar with the Nashville area, look at every possible home within your budget that’s available where you want to live. Too many first time homebuyers fail to compare multiple houses.
- Establish your “absolutes” – Since the Nashville real estate market is expected to get busier in the spring, there should be more houses for sale soon. Before looking at any of them, decide what is ABSOLUTELY necessary – how many bedrooms, bathrooms, a garage etc.
- Eliminate the “House Hunter” mentality – While stainless steel appliances and neutral color palettes may be ideal, don’t let poor wallpaper get in the way of a great home. Look at bigger things like the condition of the home, its floor plan, and the community amenities it offers. Appliances and wallpaper are easily replaced. And then go back to your “absolutes” and see how many the house fulfills.
- Be ready to act quickly – With the limited inventory in the Nashville area right now, most home buyers need to be prepared to act quickly or risk losing the house to another homebuyer.
- Be prepared to negotiate – Now that the housing market has recovered significantly, home sellers are prepared to negotiate more than ever. Don’t expect lowball offers to go over well. Rather, talk with your real estate agent or REALTOR about making the right offer and how to handle a counteroffer.
- Use an experienced REALTOR – Using an experienced REALTOR or real estate agent makes a tremendous difference for home buyers in any market, and Nashville is no exception. First time home buyers especially need a local agent who knows the market and how to handle it. Use a real estate company that has a top-notch reputation for meeting expectations and satisfying clients.
In the past few years the real estate market has truly bounced back in most areas of the country. Nashville in particular has seen increased numbers in both home buying and selling, and the housing market shows no signs of slowing. Use these 10 quick tips for first time homebuyers in Nashville to help you get started.
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