Are you a first time homeowner ready to buy a Nashville home? Then we promise you will want these 10 tips! So, grab a pen and get ready to take notes.
1. Know Your Budget
There’s a lot of added expenses with home ownership. You need to be prepared to factor in HOA fees, increased utility payments, property taxes, and insurance among other things. Be sure that you have a firm grasp on your budget before you even begin looking at houses.
2. Find A Mortgage Specialist
There are simply more house hunters than inventory in Nashville right now. Spend time working with a mortgage specialist to help you stand out from the crowd by getting pre-approved and knowing your options for mortgages. We highly recommend working with the Michael Brown team and you can read his tips on mortgages here.
3. Determine Your Down Payment
It’s very important to know just how much money you will have to put down for your first home. While 20% is your best possible option, there are additional loan and mortgage programs that are available. You wouldn’t want to put down all of your cash savings for a home, leaving you without an emergency fund.
4. Make Your Priority List
It’s also a good idea to get your priority list prepared before you start browsing listings. We believe flexibility is key when searching within a tight market like Nashville’s; however, if you absolutely know you can’t handle a 45 minute commute to work every day, don’t waste time looking in the wrong areas.
5. Do Some Research
A common mistake among first time homebuyers is not doing enough research on the market or areas where they want to move. Take time to decide where you want to live and drive by those places a different times of day. Look into the cost of homes in the area and be sure it’s within your range as well.
6. Be Realistic
Once you’ve done your priority list and some research, you should have a decent idea of what you can afford and where. That doesn’t mean you will still get everything you want. Most first time home buyers have to compromise on something: whether it’s on timeline, location, size or price. Be prepared to adjust expectations along the way.
7. Act Fast
How fast? Let’s just say homes are selling in Nashville without hitting the market. Those that do list are receiving multiple offers within hours. Hours!
8. Make A Strong Offer
At a different time home buyers could have made an offer for far less than the asking price. Not today. Offers now are almost always at or above asking price and include other components to sweeten the deal such as paying closing costs or allowing a longer timeline. If your offer isn’t strong, it most likely won’t even be considered.
9. Be Open-Minded
We know we said to have your priority list, but it’s possible you will have to make some adjustments to it. Without a doubt, a home can look different in person than it does online. Keep an open mind and be willing to look at properties that may not initially seem like they could work. Same can be said for looking in other areas than the ones you originally selected. Nashville has a number of changing and growing neighborhoods that are primed for first time homebuyers.
10. Work With A Trusted Agent
It goes without saying that buying a home in Nashville right now without an agent is almost impossible. Experienced agents are invaluable for their information and expertise in a tight market. Be sure that you find a good one you can trust and let them help make the whole process far less stressful!
Want to see if DeSelms Real Estate has the right Nashville home or agent for you? Call today at 615.550.5565 and let us see how we can help you find your Nashville home!