East Nashville is a trendy neighborhood in one of Tennessee’s best cities. It is home to hip neighborhoods, state-of-the-art restaurants, and vibrant coffee shops, making it a highly desirable area for homebuyers and investors alike. However, the low inventory in this real estate market means listed homes usually receive many offers, and coveted homes easily sell for above their listing price. To help you navigate such a hot market, check out these tips.
Work with a Knowledgeable Real Estate Agent
In a multiple-offer scenario, do not go at it alone. Working with an agent is a huge determining factor in whether you will be on the losing or winning end.
An experienced agent will have great insight into the market, and can advise you accordingly to avoid overspending on a home. Besides, an agent will guide you through the bidding war, from helping you create an enticing offer to handling negotiations.
Know Your Numbers
Knowing your budget and what you can afford is essential for a successful home buying process. The best way to learn about your numbers is to partner with a lender to get pre-approved for the loan. Pre-approval informs sellers that you are serious, which gives you an edge.
Making an offer at the home’s asking price may not be satisfactory. Homes nowadays frequently sell for more than their asking price. An experienced realtor can help you understand the home’s market value and what other properties in the neighborhood are selling for.
Be Prepared to Move Fast
The speed and pace of sales are key considerations in today’s competitive housing market. When homes are selling quickly, it is crucial to keep up with the market and be prepared to act swiftly.
Your realtor will update you on new listings and will assist you in putting together your best offer as soon as you find the ideal home.
Make a Strong but Fair Offer
Putting your best offer on the table from the start is critical when competing with other offers. Leverage your agent’s knowledge to craft a solid offer and determine which strategies you can use to make your offer as appealing as possible.
One way to make your offer appealing is to waive some of the contingencies, which are the requirements you set that the home seller must fulfill for the deal to be finalized. However, East Nashville TN real estate agent Shane McCarty advises buyers not to waive some contingencies, such as a home inspection.
Be Flexible with the Seller’s Needs
While it sounds straightforward, many homebuyers and agents do not apply this trick. Being flexible with the seller’s needs can make your offer stand out, even if it is not the highest bid they have received.
You should begin by determining how fast the seller wants to close on this sale, whether they want a leaseback, desire a long escrow period because their next house is not ready yet, and more. Adjusting yourself to the seller’s needs shows that you are mindful of their concerns, and most of them are likely to return this favor.
Explore East Nashville Real Estate with Shane McCarty
If you are looking to buy a home in the bustling East Nashville Real Estate market, brace yourself for the competition by having an experienced real estate agent by your side. Well-known realtor Shane McCarty can guide you on the best homes for sale in East Nashville. Shane prides himself on having access to the finest listings in the area, and a record of success in many bidding wars. Call Shane McCarty for help negotiating your way into the home of your dreams.