Collected data from the US census will tell you that Nashville has an increasing percentage of newcomers year by year. The United States Census Bureau currently holds a public record of Nashville’s population in 2018—which is nearly 700,000 people. From 2017’s figure, 667,560, it seems like more than 30,000 people have migrated to Nashville in a year. So, at press time, an average of 80 people move to the city every single day.
Nashville is a city with a record-low unemployment and an unbelievable number of tourists at any time of the year. It’s perfect for newcomers who want to move and start a new life.
If you’re thinking of relocating to Music City USA, you must already know about their southern hospitality. It’s part of the city’s charm and maybe the reason for the influx of transplants. Depending on where you’re coming from, buying a house in Nashville may or may not be a bargain. In 2006, you could buy a house in Nashville for the median price of $175,000. After more than a decade, that same house saw a dramatic increase. The median price today, according to Greater Nashville Realtors, sits at $305,950.
Without a doubt, buying a house in Nashville is a good investment. Stick with us to learn all you need to know to buy a home in Nashville in this Nashville home buying guide.
All You Need To Know About Buying a House in Nashville
If you’re a first-time homebuyer, you may not know how to buy a house or may need some advice specific to buying a home in Nashville. This comprehensive home buying guide has you covered. Let’s look at what you need to know.
Be Financially Ready
The housing market is very competitive. It’s not uncommon to have a bidding war for the home you choose. You might have a bidding war for your second and third choice as well, so you have to make all the right decisions every step of the way.
How do you get a leg up over the competition? Have your finances in order and have a pre-approval letter.
Before you start home shopping, put money aside for a down payment and for other costs you might incur later as a homeowner. You should also have enough savings to cover three months of your mortgage payment.
Once your finances are in order, get pre-approved for a mortgage loan. A pre-approval will show that you are qualified to secure a loan for a certain amount of money. This letter will show a seller that they don’t have to worry about the buyer being turned down for a mortgage loan. It will show you how much you can afford to spend on a home.
Check Out The Neighborhood
With the real estate market in Nashville being so competitive, you may find yourself settling on a home that is not your first choice. However, you still have lots of options to consider. Nashville is the capital and largest city of Tennessee. You can shop around and visit different neighborhoods while on the hunt.
If you’re unsure if the neighborhood is right for you, visit the neighborhood at different times of the day. If you see people outside, stop and ask some questions. The residents can tell you everything you need to know about how it’s like to live there. If possible, try to get a feel for the neighborhood and decide if you fit in there. See if you enjoy the area’s landmarks, shopping centers, food centers, parks, and other offerings. Allot time for research and experiment.
The most important things you need to consider when choosing a neighborhood are functionality and convenience. If you’re on a tight budget, then the cost of living should also be on your list of considerations.
Know The Main Features You Need
Know the main home features you need based on your current lifestyle. The biggest or most spacious house is not always the right house. You need something that can offer features and spaces you actually need. With that, brainstorm early and make a list. Write down your must-have features and check if the perfect house has most or all of them under one roof.
Here are some features you should consider:
- Number of bedrooms
- Number of floors
- Storages
- Size of the kitchen
- Garden, pool, and other outdoor features
- Flooring material
- Different types of closets
Work With a Professional
You need to work with several professionals before finding the house of your dreams. The most important person you should immediately tap is a Realtor. For one, using a Realtor has many advantages. They know the area. They know the market and can find you a home that meets all of your needs. They also know how to handle the problems that might pop up because chances are, they have dealt with the issue a number of times.
Aside from a Realtor, you may also seek help and assistance from professional mortgage brokers, financial advisors, real estate lawyers, and insurance providers. Some of them are optional additions to your team, but they can expedite the buying process.
Shop Around And Negotiate
Start touring homes that fit your price range. Home viewings are free and welcomed by potential sellers since they all went to sell their properties as soon as possible. Make a list of all the homes you’ll visit, preferably in the neighborhoods you want to live in, then schedule a meeting or home viewing with your Realtor.
While shopping around, jot down notes of your preferences and deal breakers to remember all the homes you’ve visited. You can also take pictures to help you remember clearly when it’s time to make a final decision. Check out the little details of the house that might lead to serious problems in the future, and ask the owner what he or she plans to do about it.
Let your Realtor handle the negotiation. You’ll have to negotiate the price, as well as the terms and conditions of buying the house. Put in an offer and see how it goes. Don’t make rash decisions even if you already have the money to buy the house. You’re a buyer, take all the time you need unless a really good property has multiple potential buyers.
Time Your Purchase And Move
Nashville is a great city for newcomers and new homeowners. Houses are selling very quickly here, but you need to always think twice before closing the deal. If you’ve finally found the perfect house and you’re ready to buy it, time your sale and move. You have to prepare for the transition, so talk to your real estate agent, financial advisor, and other professionals you consult with.
Before you move, make sure that the plan is in order. Ask yourself if you’re ready to make this big decision. If you’re ready and determined, things should go smoothly. For this reason, it is ideal for homebuyers to draft a timeline and a financial plan.
Your financial plan should include your initial expenses for buying the necessary things for the house, as well as the transportation costs for transferring your things. The timeline, meanwhile, should include the dates and schedule you need to follow for home viewing, sale or purchase, paperwork, and moving in.
Buy a House in Nashville
Now that you know everything about buying a house in Nashville, you can start your search. Do you know who can help you find the home of your dreams in the perfect neighborhood?
We at The Hach Group are here for you. Our goal is to help our clients enjoy all of the splendor that Nashville can offer. Contact us today.