The 2018 real estate market is shaping up to be a lot like the 2017 market—which is great for sellers. The housing inventory is low and the demand is high, which leaves Nashville buyers competing over the few houses that are available.
If you thought buying a Nashville house was difficult, it can feel almost impossible when the market is in favor of the sellers. These 5 tips can help you score the house of your dreams.
When houses are moving fast, you need to move even faster. It is not uncommon during a seller’s market for buyers to arrive at a house and find out an offer has already been accepted, even though the house is new on the market. Be ready to go look at houses you are interested in as soon as possible.
Before you start looking at Nashville houses, you need to get prepared. Find a mortgage lender and go through the steps of getting a pre-approval letter. This can be the difference in your offer getting picked over another offer.
Keep your lender up to date with all your current information so that when your offer is accepted, you can work through the mortgage process as quickly as possible.
Seller’s markets are not the time to submit lowball offers. Sellers are often receiving multiple offers and if your is the lowest, it will be ignored. If you want the Nashville house, you need to come in with your strongest offer so you will even be considered.
While you don’t want to submit a lowball offer, you also don’t want to go too high in an effort not to lose the house. Remember that if you are getting a mortgage for your house, it will have to appraise for enough. If you submit a bid that is too high just to get your offer accepted, you may not be able to purchase the house for that amount in the end, which means the sellers could move on to another offer.
Houses in the most desirable areas are going to be harder than ever to find. If you are struggling to find one in your area, consider widening your search area. You may be able to find a bigger house for less money if you look just outside of your original neighborhood.
However, if it’s important to you to be within walking distance of certain places or to keep your work commute short, make sure you don’t compromise on these areas if you will be unhappy later.
There are many contingencies that can be included in a purchase offer, however the more you include, the less appealing your offer looks to sellers. If they receive two offers and yours is loaded with more contingencies than the other offer, they will most likely choose to go with the offer that looks like a “done deal.”
Buying a Nashville house during a seller’s market may feel impossible, but it can be done. You need to focus on the right areas and be ready to move when the time is right. Know which things are the most important to you and focus on them. And then, when prepared to make a home offer, be look at it through the eyes of the seller. If it is a strong offer, then you will have a shot.