It ain’t as easy as the generally uninformed public thinks it should be to buy a house or condominium in Nashville, TN.
The news will tell ya the market here is GREAT, and the statistics will show marked increases in volume of sales and robust appreciation over recent prior years.
Does this mean our market is “Healthy”?
First, in the interest of full disclosure, I must tell you that I am a Real Estate Principal Broker and Owner of a 20 agent firm Pareto Realty in the Heart of Green Hills (West Side of the city). In no way, shape, or form am I intending to discourage prospective Home Buyers from diving into this process because this market IS navigable. People close on houses every day. In fact, our volume of sales in 2016 year to date (8/20) has already exceeded our sales in ALL of 2015.
If anything, my wish is to ENCOURAGE home Buyers to dive in NOW . . . This market needs to keep on moving and as it does, it’ll gravitate towards a healthier 3-5 month supply of inventory..
As new buyers enter the market, many of them also bring inventory into the market as they list for sale their current houses. There are 2 primary factors at play that are upping the Ante daily for home buyers to take action NOW:
- the inevitability that Mortgage interest rates will rise.
- property values will increase precipitously.
With those 2 needles moving, the detrimental effects on the power of our money over time are exponential. Buy now to reap the benefit of more powerful money (low mortgage interest rate) AND while the property values are within reach for the house you wind up purchasing.
The “trick” for a buyer to succeed in this market is not a new one, and it boils down to to some, old fashioned wisdom.
- Be prepared! Get all your financial ducks in a row with down-payment liquid and safely at the ready – AND secure FULLY UNDERWRITTEN loan approval subject only to finding the right house and that house appraising.
- Be Flexible! Construct a variety of “contingency plans” in the event things don’t progress as expected. This goes with being prepared as it relates to thwarting the surprise monster. Have a plan in place to do an interim move and be ready to move in a minute or in months.
- Be diligent and available! During the search process, work with your REALTOR to find that right house and make yourself quintessentially available to jump when your REALTOR calls you and says: “I’ve got your house. Let’s go take a look”.
- Be confident! Every deal/negotiation is it’s own breed. Chances are that you will have to make offers on more than one property before winning a bid. Don’t allow those misses to get you down and worried because you ARE prepared and your ship WILL come in.
- Take ACTION! This is real stuff. there’s no time for hesitation when it comes to making an offer. In this market, REALTORS are learning ways to build in more time for Buyers to make their offers (Setting a Date and Time a few days after initial listing for presentation of any offers to the Seller). Use this time wisely to do as much diligence as possible in order to be able to present the cleanest offer even if it means visiting the house multiple times.
- Engage and trust the experts! I cannot imagine ANY person wanting to buy a house and not hiring a REALTOR. This process is complex enough already . . . and then add in the frenetic pace of the Nashville Real Estate Market . . . I would not advise ANY buyer to attempt this without the representation of a full time REALTOR.
- Be Nice! No matter how other people might behave, we always get farther faster by staying on the high road 🙂
So . . . having said all of that, the BEST time to BUY a house in Nashville is ASAP (As Soon As Possible).
As it happens . . . I have a team of AWESOME Real Estate Sales Professionals here at Pareto Realty who stand poised and ready to shepherd your through the process to find your next perfect roost. We have a unique team of specialists known as “The Vital Few“, and I personally (as Principal Broker) am always in the background coaching and consulting them as they work their magic of Herculean feats to get for their clients the houses they want Where and when they want them.
Register on Home Hunter to begin your House Hunt and to receive timely information regarding the state of the market.
Are you a REALTOR in Middle Tennessee wondering what I mean by “The Vital Few?”
Perhaps you qualify 🙂
there’s more about this here http://WhyJoinParetoRealty.com