Like the presidential race, Nashville’s real estate market is incredibly competitive right now. You’ll always have an edge with the proper planning– whether you’re on the buyer’s or seller’s side. All this action means floating around without a plan will likely leave you behind… please clap.As you know, Nashville’s last 24 months of growth has been astounding. People moving here in mass, cranes in the sky everywhere, and real estate prices going up! I’m constantly finding myself answering the question, “Is Nashville nuts right now?” My answer is… yes for some and no for others.
I answer no because there is serious demand due to our population growth and our housing shortage. Simply, supply cannot keep up with demand.
It’s yes because of some of the insane density projects (multiple houses on small tracts of land). Outsider money is paying seemingly outrageous amounts for development deals.
As always, I feel that each client’s needs and wants are individual and every real estate deal in Nashville right now needs to be carefully considered. If you or a friend needs some advice on buying a home, give me a call at 615-292-9696 x23.
How do you judge a good Homeowners Insurance agent? By and large, you should look for the following when trying to distinguish between a so-so agent and a GREAT agent:
- Conducts an “Accurate and Honest Needs” assessment
- Willing to discuss your situation
- Reviews all of your insurance options and recommends the best fit for your needs
- Helps you achieve your financial goals
- Educates you about insurance and allows you to make an informed decision
- Handles policy changes, questions, and claims professionally and timely
- Keeps you informed of industry and policy changes
All items above boil down to one thing: COMMUNICATION!
People usually prefer different levels of communication–look for an agent on your wavelength, and make it clear what level of communication you expect.
Happy home buying!
A homeowners insurance policy is required when buying your home. Often times, if you do not already have a homeowners insurance agent because you currently rent, your lender will have a few recommendations from your area. Even if you DO already have a provider, it doesn’t hurt to check that you’re still getting the best possible terms when buying a new home.
You should know that the home insurance world is a self-regulated industry. This means that each company sets their own standards, which are then monitored by the state. Integrity, service, standards, and quality varies by agent and company.
Insurance policies can also differ greatly. There are “Cash Value” policies and “Replacement Cost” policies. The former policy is less expensive month-to-month, but if your home experiences unexpected storms, theft, or alien invasion, you will be at a loss. Replacement Cost policies offer better protection, and will ensure you and your home valuables are covered. You should always check with your agent what level of coverage is best for where you live.
There are a lot of decisions to make when buying a home, and I hope this helped!
All my best,
P.S. THBC official site is looking so great, I cant wait to share!
Unfortunately, a lot of misinformation is spreading around about your credit score. Considering the quality of your credit score could impact whether you are able to qualify for a mortgage and buy a home, ensuring your score is healthy should be at the front of everyone’s minds. The following are a few common credit myths:
My credit score is ONLY impacted by the loans I’ve taken out.
FALSE! If you have bills in your name, such as from major utility companies, phone companies, etc, delinquent payments can be reported to the Credit Bureau and put a big ding in your credit score.
I paid back my delinquent payments to get my score back to where it was.
NOT POSSIBLE! Your credit score is a measurement of how well you’ve paid debts on time. Even if you’ve paid off a late payment, the damage has been done. The only way to raise it back up is to make many more payments in full on time in the future… It takes time.
Having a zero balance on my credit card every statement helps raise my credit score.
NOT HOW IT WORKS! Unfortunately, you need to use credit to get credit. A safe bet to raise your credit score is to have about 20% of your total credit limit charged on your credit card, while ALSO paying your monthly payment on time.
The more credit cards, the better!
NOT REALLY. Unless you have AMAZING credit already, sending out a ton of credit card applications will actually hurt your score. Each application and denial counts against your score. Try and have a credit card from a major company, like Visa, American Express, Discover, or Mastercard after you are confident you’ll be approved.
Also, I should note that places that give you free credit scores often use their own, made up index to give you an inflated score so that you have a more positive relationship with their services… If they are offering you a service for free, they will be selling your information so that they can make a profit. Stick with AnnualCreditReport.com to get your score from the three biggest US Credit reporting agencies–the median of these three scores are what ALL mortgage lenders use to qualify you for a loan.
The Home Buyer Class is open for early registration!
When you find a home you want to buy, you usually need to coordinate with your lender, buyer’s agent, seller, and the seller’s agent to complete your offer. In the meantime, if there is a delay between any of these entities, it is possible for YOUR dream house to get sold to someone else!
So how do you prevent this? Something called earnest money. Earnest money is money paid to confirm a contract. This needs to be a written agreement, as verbal agreements are not legally binding.
In the Earnest Money agreement, all terms are specified. Typically, there is an initial offer and a final offer. Buyer’s agents will have the necessary forms.
Don’t worry about the deposit costing you extra! The money deposit is held until the offer becomes a contract. The check will be deposited at that time, AND the money is credited to the closing costs!
The Home Buyer Class is open for early registration!