Tuesday, February 25, 2020 - by Brandi Pearl Thompson, president, Greater Chattanooga Realtors
Wow! It seems to me and my fellowrRealtors that the spring selling and buying season has started earlier than usual this year! With a historically low housing inventory, it’s more important than ever to have all your ducks in a row when it comes to buying or selling property. Here are a few thoughts if you’re looking at buying a home that will help you stay competitive and achieve your goal.
Whether buying an investment property or your first home, prospective homeowners should ask themselves what their long-term goal is, and how does this property help me achieve the goal? This is a great time to involve your local Realtor because of their market knowledge.
Take the time to talk through these goals and see how they can help.
As you continue through this process, continue to ask more questions, such as, what is my goal in buying property? People may think they need to buy, but maybe the timing is off. Once you get through that process continue to ask more questions. Does buying this property move me forward, or is it a lateral move? Does this property stay in my budget? Does it help me financially, mentally and physically? Does it have a positive effect on my well-being?
Now that you have established your goal, you should ask more questions about paying for the property. Are you paying cash, or getting a loan? What is the best program out there? Many Realtors can recommend different financial institutions that can help in the home-buying process.
You have done the leg work up front to be prepared. You’ve found the property you want; now it’s time to place the offer. This market is one of the most competitive markets I have seen in my fifteen years as a realtor. It is common for homes that are priced right to receive multiple offers very quickly. In Tennessee, it is not required for an agent to call for highest and best in multiple offers unless the seller has instructed. When your agent makes the offer you will want to instruct the agent to ask if there are other offers on the table. This would allow you to make the highest and best offer from the start. Another item to consider is the terms in your offer. Your realtor can help navigate all the terms that could potentially appeal to the seller and can help you win the home. In this seller’s market, using these tactics can mean the difference between and accepted offer and disappointment.
Remember this market is moving fast. When in the market to buy a home, you will want to have your plan together so you can move quickly when you find your dream home.