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?
TN Real Estate Group
Harrison Williams of Keller Williams
A1: 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
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?