With an abundance of buyers and shortage of inventory the stories around Nashville real estate have reached myth-like proportions. So, the question for home buyer here now is: should you wait to buy a home?
The answer, of course, is complicated. For some home buyers, hitting the pause button may absolutely be the right move. For others, it is delaying the inevitable with no guarantee that inventory will increase or mortgage rates won’t rise. To determine if you should keep looking or call off the search, consider these factors:
If you’ve been saving and feel you have 20% to put down plus at the minimum are pre-qualified, then wasting money on rent may no longer make sense. This indicates your credit is good, debt low and assets are high enough for you to ease your way into home ownership.
If you have only begun flirting with the idea of buying a home, you may need to take care of some other things first. Start here before solidifying a decision. When your finances are in order is truly the only time to seriously consider purchasing a home. After all, the mortgage is only piece of the financial puzzle. Home ownership comes with additional expense you will need to be prepared to tackle.
Are you stable in your employment as well as your commitment to the Nashville area? Then definitely consider the pros of home ownership here. However, if you’ve recently moved and aren’t positive that you plan on staying for the next couple of years or if your job situation is fragile, hold off for now.
If you are dead set on living in one particular neighborhood in Nashville and there are never any houses that hit the market, you might be in trouble. This is equally true if you a set price range but insist on ALL your priorities being met. If you are flexible with timelines, price range, location or condition of the home you are far more likely to find and snag a Nashville home right now. After all, when inventory is low and multiple buyers are vying for the same homes, it requires both patience and flexibility for home buyers!
We understand the desire to buy a Nashville home, but also the frustration that can come if you are not prepared for it. Determining if you should wait or hop in now is a big decision. We’re here to help if you have any additional questions about whether now is the time for you or if you should wait until later. Give us a call at DeSelms Real Estate 615.550.5565 and let one of our experienced agents guide you through the process!