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Tips for Thriving in the Nashville Housing Market
- Develop A Plan Through Budgeting
Before you start looking at houses, sit down with your Loan Officer and Realtor to discuss your finances. Of course your lender will need documents such as W-2’s, tax returns, paycheck stub, etc. However, it’s just as important for your Realtor to know how much cash you have access to in order to close the deal. When you put this step first, it increases the success of your home buying experience. In this competitive market, you have to be able to provide proof of funds. This gives sellers confidence in your offer, and allows the lender to comb through all the documents to process your file.
- Lean On A Real Estate Professional
Building rapport with a Realtor in the beginning is key to knowing what to expect in the buying or selling process. Since your Realtor knows your price point, they will help you look for options for you and/or your family. Talk to your Realtor about the market before you start putting in offers. This allows you to know what type of offers are being accepted or rejected. This gives perspective of the process.
- Make A Strong and Fair Offer
According to the latest Realtors Confidence Index from NAR, 40% of offers today are above the list price. In such a competitive market, emotions can run high. Your agent can help you understand the market value of the home and recent sales trends in the area. Before you sign any documents be sure to thoroughly understand what you are signing. Take the time to understand contingencies and deadlines. Trust and knowledge amongst everyone in this transaction is vital for success in this market.
Written by: Kasey Freeman, Realtor