Nashville real estate market got you down? You must be a buyer! It’s crazy out there. I am writing this for those of you at your wits end. Mad at your Realtor? Mad at yourself? You are not alone.
I am dealing with multiple buyers that have lost out on more than one house in the bidding process. Houses are selling faster than buyers can even get over to look at them. They are mad at their spouses, mad for not bidding enough, frustrated with me. It can be pretty stressful. The good news is, there is always another house out there. I know that’s not what you want to hear, but it’s true. The right one will hopefully come along and if you put it in perspective, maybe it will lessen the blow. Here are a few things I have learned over the past few months in this HOT market.
-Have a Realtor set you up an AUTOMATIC SEARCH. If your Realtor hasn’t initiated this, they aren’t really trying to help you, or they are better at stalking the MLS than me. Listings go active every day. Every hour. You can’t always be on the computer. An automatic search will send you a daily update of everything that hits the market in a 24hr period that matches your criteria, (price, area, sq ft, etc). This will keep you in the loop, in case your Realtor doesn’t see one list.
-Secondly, if you see one that is even slightly of interest, go look at it. Photos lie. Some pics make a house that is mediocre look fabulous. Sometimes those photos don’t even remotely show you how awesome a place is. It can go both ways. DON’T TRUST THE PHOTOS ALONE. Thats all I’m saying.
-If you do find a house you want to purchase and get in a multiple offer situation, decide what you are comfortable paying and how high you are willing to go. Try not to get caught up in simply winning. If the listing agent asks for the highest and best offer, MAKE YOURS. Think it over. What can you comfortably pay for this house? What work will be needed on top of that? Other people are doing the same thing.You never know what the other offers are. They are confidential. It may go for asking price, $1,000 over asking or $10,000 over asking. Your Realtor doesn’t know either. All you can do is try. If you give it your all and keep it within your realistic range, you can only say, it wasn’t meant for you, if you lose out. The sellers aren’t going to pick you because they just like you. They aren’t going to counter you if another offer is better, most likely. Don’t bet on that. Make your offer strong. If it goes for some crazy number way above what you were willing to pay, well more power to them. Not meant for you. Keep in mind, sometimes, the number isn’t even the deciding factor. Financing play a big part too.
I have been asked lately about cash versus financing. Cash is always king, but at the end of the day, is your offer with a loan is more, the seller may not care. They get paid the same way regardless, there is just a higher chance of an issue with a loan over cash, but let’s be real. Solid buyers close loans all the time. If you offer say $5,000 more than a cash buyer. Do you think the seller cares? Maybe. Maybe not. Everyone is different.
It rough out there, but remember Spring is coming, listings will hopefully pick up and if you are staying on top of things, finally finding that special house and getting it under contract will be worth it!
Let me know if I can help you.
Good Luck out there!!!!