2022 was an exciting year in real estate — and while we at Scout are excited for all that 2023 has to offer, we’re aware that there are still lingering fears and unknowns for buyers when it comes to navigating the current market. To help alleviate those fears and unknowns, we asked our Realtors to answer the most common questions consumers are searching related to buying a home. So pull up a chair, grab some tea, and get ready to buy your next (or first) home with ease using the tips below!
How do you WIN in the Nashville market right now?
“It’s really important to know what’s coming before it hits the market, so staying close to Realtor ‘coming soon’ forums is a great way to stay informed. I would also say any opportunity to waive contingencies is going to position a buyer better. For example, moving from a standard inspection to a pass/fail is a great way to provide a more competitive offer without sacrificing your ability to do your own due diligence as a buyer. Any opportunity to provide an appraisal contingency gap will net you better odds when competing in the market as well.” – Matt Vaughn
“Understanding the local markets within the Nashville area and having an agent that is equipped to go to bat for their clients in any negotiated situation.” – Dawson Huff
What tips do you have for local buyers ready to buy their next home?
“Have extra cash on hand, look lower than your max because you will probably have to bid over. Mentally prepare yourself for the likely possibility that you will probably have to put in multiple offers. Manage expectations by looking at each house and each offer teaches you something more for the next house.” – Traci Huff
“Get pre-approved before you ever start looking! It’s really important to have a good idea of how you’re going to obtain financing and who that’s going to be through. Don’t underestimate the power of shopping lenders and their rates. The more creative you can be with your financing, the more competitive you can be in the market in its current state.” – Matt Vaughn
What tips do you have for first time home buyers?
“As first time homebuyers, make sure you have an agent that helps you understand the ins-and-outs of the process and equips you with tools to make a decision with confidence. There’s a lot that goes into purchasing a home and it can be stressful. Having more knowledge will help you feel more comfortable about making a good financial decision.” – Dawson Huff
“Know the comps (comparable properties) in the neighborhood you are looking at before you start looking, get pre-approved, and really make sure you understand your down payment options and what closing costs could be.” – Traci Huff
How do I compete in a multiple offer situation?
“Learn as much as I can about the seller’s pain points. Writing accommodations in the offer to meet seller needs can often WIN the contract.” – Peter Noble
“Feel confident you are putting your best foot forward; that is all you can do — and be proud of it! You can only control your financial state not others” – Traci Huff
Where do buyers even begin if they want to buy a home?
“I believe the first conversation should be with your current lender and a conversation with a different, local lender. First things first, you need to know if it’s the right financial time for you to buy, and if so, what is your ideal budget.” – Peter Noble
“Start with contacting a realtor and schedule a buyer consultation. They will be able to help guide you through the process and they’ll be able to make introductions to lenders to help you get pre-approved.” – Matt Vaughn
BONUS: Triple your odds of winning the first home you put an offer on!
Make a cash offer with our cash. Cash offers are 3x more likely to be accepted over traditionally financed offers. Whether you’re a first-time homebuyer or a current homeowner, you have options. Scout’s Buy-For-You program upgrades your offer to cash, allowing you to beat out the competition, and even buy your next home before you sell.
Check out more information on Scout’s Buy-For-You program here.