What Does Nashville, TN Look Like For First Time Home Buyers?

We wanted to get some insights from Nashville real estate professionals that would be helpful for first time home buyers in their city. Here are the three questions we asked and their detailed responses.

  • Q1. What’s the biggest fear you hear about from first time buyers about the process, and how do you respond to it?
  • Q2. When you bought your own first home, what did you learn about the process?
  • Q3. Is now a good time to be a first time buyer? Why or why not?

Jeremy Jeter
TN Real Estate Group
615-712-4277

Q1: The biggest fear that I am hearing from first-time homebuyers in Nashville is the lack of inventory, especially under 400K, and the competitive marketplace that comes with that including multiple offers and bidding wars. I tell all first-time homebuyers, whether it is me or another agent, to make sure that the agent is experienced with these situations. A seasoned agent who has dealt with the scenarios taking place in the Nashville market right now can make all the difference in securing the property for the client. As an 11 year real estate veteran, working both in Florida and in Nashville, I have seen and heard just about everything!
Q2: When I bought my first home, which was in the Nations neighborhood in Nashville in 2008, the biggest thing I learned was my wife always gets what she wants! No, in all seriousness, I think the biggest thing for us was taking the leap of faith to make an investment in a neighborhood that we felt could turn things around and become a desirable place to live instead of taking the safe route and spending more money to be in an already established neighborhood. The move paid big dividends when we sold that house in 2014. The lesson learned was to try to separate the personal attachment of buying your own house and treat it like a business decision. We were able to soften the blow of being first time homebuyers by spending less money on a great house in a neighborhood that had not seen re-development yet and ride the wave of much more rapid appreciation.
Q3: I think it is a great time to be a first time buyer. Rates are at historic lows, it doesn’t get any better for a first timer. Cheap money equals more house at a lower payment. As I mentioned before, with the right agent, anything is possible. Don’t let the market environment scare you!

Harrison Williams of Keller Williams

(615) 804-8898

Twitter: @MiddletnRealtor
Facebook Page
Real estate website: harrisonwilliams.yourkwagent.com

Harrison Williams RealtorA1: The biggest fear a lot of first time homebuyers have about the process actually pertains to obtaining a loan through a lender. A lot of times they’re unsure as to how much they can qualify for and how much house they can really buy.

I walk my clients through what they can expect and then put them in touch with my awesome local lenders, because obtaining pre-approval before submitting an offer on a house is key.

A2: I learned how important it is to partner with people who know what they’re doing. There are so many “professionals” out there, but at the end of the day you want somebody you can trust to help you navigate the real estate process.

Buying a house is a major investment and there are a lot of moving parts. If I could do it over again personally, I would interview multiple real estate agents and find someone that I best connected with who I felt could get me what I was looking for.

A3: It’s a great time to be a first time buyer! Interest rates are still really low right now, and while a fraction of a point may not seem like much, it really can affect your monthly payments and can dictate the price point of a home for which you can actually purchase.

If you’re a renter, then at the end of the day you have nothing to show for all of the money you’ve pumped into your housing accommodations; when you buy a home, you have something that you actually have equity in and can call your own!

Scott Cornett affiliated broker with Parks in the Gulch

Nashville Realtor Scott CornettPhone: (615)522-5100
Real Estate Website: ispeaknashville.com
Twitter: @ispeaknashville
building community in the urban core

A1. For most, it’s making a bad investment. i think the whole process for first-time buyers is overwhelming because of the moving parts. it’s key in my role to make sure i’m educating them along the entire way.

A2. I was 23 when I bought my first place. I had a sweet retired man who did real estate part time. I have great memories of that experience with him although he mostly only showed me properties in his neighborhood which was never where I wanted to live.

Given my price range he kept telling me that’s where I could afford. Being a Realtor now and having lived in the city for a long time, I know there were many other options then.

It’s good to keep asking questions. I think it’s also good to work with someone who does it full time.

A3. I just wrote 11 offers with one first-time homebuyer this summer. That may be a record.

8 or 9 of them being multiple offers. It’s become really competitive in Nashville but interest rates are still low and if you have realistic expectations about where the market is right now, it’s still a great time to own a piece of the american dream.

Are You A First Time Buyer In Nashville?

What are your concerns about buying in TN right now? Do you need some direction on loans or on the purchase process? Fire away and we’ll get you some answers added to this post!