As a real estate broker, I am often asked, “Where can I find a good deal?” Since it is a buyers market, “good deals” can be found all over Nashville. The key is to take advantage of the opportunity when it presents itself. Often buyers will pass on a very worthwhile purchase because they think something bigger and better will come along, only to be disappointed when they realize they missed out on a very good opportunity.
If you think you can purchase a home for pennies on the dollar in Nashville, you are sadly mistaken. Understanding the fundamentals that makes a good buying opportunity will help you when deciding to take advantage of it. Weather you are purchasing a foreclosed, HUD or existing home, if you are able to purchase it for 85-90% of its fair market value, the odds are in your favor that you are making a very good investment. Your agent should be able to provide you with the homes fair market value.
Since there is a shortage of qualified buyers in the market, sellers and their agents’ are coming up with creative ways to lure prospective buyers to their homes. Sellers are willing to pay all of the buyers closing cost and leave behind major appliances. Although it is very uncommon, I have seen some instances where a seller will include cars, gas cards, plasma televisions and vacations with the purchase of their home.
The Nashville market is strong when compared to other markets in Tennessee and the expectation of purchasing a home for less than 70% of its value does not happen here. The good news is that when purchasing a home, you and your agent will be in the pilot’s seat when negotiating the terms of your contract. Use this negotiating power to require the seller to leave home appliances and pay most of your closing cost. If the seller is not willing to comprise with the terms of the contract, a buyer has tons of options due to the large inventory of homes on the market.
Denise J. Beard is a Real Estate Broker with Crye-Leike, Realtors in Nashville, serving the Middle Tennessee area. She can be reached at 615-373-3456 or at www.denisejbeard.com. If you have a real estate question or a topic that you would liked covered, please e-mail Denise at denise@denisejbeard.com
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